VP PROJECTS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VP PROJECTS
Largest movements
- Stocks and contracts +€444,838
up €444,838 (+75.9%), from €585,987 to €1.0m
- Cash -€48,015
down €48,015 (-86.0%), from €55,844 to €7,830
mainly Stocks and contracts (-€444,838) and Deferred charges and accrued income (-€1,259)
- Other debts +€253,633
up €253,633 (+57.2%), from €443,527 to €697,160
- Debts after one year +€112,110
up €112,110 (+41.7%), from €269,040 to €381,150
- Trade debts +€19,811
up €19,811 (+97.2%), from €20,374 to €40,185
- Gross operating margin -€93,061
down €93,061 (-83.6%), from €111,334 to €18,273
- Financial charges -€46,441
down €46,441 (-90.9%), from €51,064 to €4,623
- Taxes -€8,981
down €8,981 (-99.5%), from €9,025 to €44
- Depreciation +€1,308
up €1,308 (+12.9%), from €10,120 to €11,427
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €856,563 | €1,243,875 | +€387,312 | +45.2% |
| Fixed assets | 21/28 | €213,945 | €203,013 | -€10,932 | -5.1% |
| Tangible fixed assets | 22/27 | €213,945 | €203,013 | -€10,932 | -5.1% |
| Land and buildings | 22 | €213,945 | €202,654 | -€11,291 | -5.3% |
| Plant, machinery and equipment | 23 | - | €359 | +€359 | |
| Current assets | 29/58 | €642,618 | €1,040,862 | +€398,244 | +62.0% |
| Stocks and contracts in progress | 3 | €585,987 | €1,030,825 | +€444,838 | +75.9% |
| Stocks | 30/36 | €585,987 | €1,030,825 | +€444,838 | +75.9% |
| Amounts receivable within one year | 40/41 | €787 | €948 | +€161 | +20.5% |
| Trade receivables | 40 | - | €364 | +€364 | |
| Other amounts receivable | 41 | €787 | €584 | -€203 | -25.8% |
| Cash at bank and in hand | 54/58 | €55,844 | €7,830 | -€48,015 | -86.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,259 | +€1,259 | |
| Total equity and liabilities | 10/49 | €856,563 | €1,243,875 | +€387,312 | +45.2% |
| Equity | 10/15 | €103,965 | €104,022 | +€57 | +0.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €102,465 | €102,522 | +€57 | +0.1% |
| Distributable reserves | 133 | €102,465 | €102,522 | +€57 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €752,598 | €1,139,853 | +€387,255 | +51.5% |
| Amounts payable after more than one year | 17 | €269,040 | €381,150 | +€112,110 | +41.7% |
| Financial debts | 170/4 | €269,040 | €381,150 | +€112,110 | +41.7% |
| Amounts payable within one year | 42/48 | €483,558 | €758,703 | +€275,145 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €10,461 | €10,890 | +€429 | +4.1% |
| Trade debts | 44 | €20,374 | €40,185 | +€19,811 | +97.2% |
| Suppliers | 440/4 | €20,374 | €40,185 | +€19,811 | +97.2% |
| Taxes, remuneration and social security | 45 | €9,195 | €10,467 | +€1,273 | +13.8% |
| Taxes | 450/3 | €9,195 | €10,467 | +€1,273 | +13.8% |
| Other amounts payable | 47/48 | €443,527 | €697,160 | +€253,633 | +57.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,120 | €11,427 | +€1,308 | +12.9% |
| Other operating charges | 640/8 | €2,595 | €2,274 | -€321 | -12.4% |
| Gross operating margin | 9900 | €111,334 | €18,273 | -€93,061 | -83.6% |
| Operating profit (loss) | 9901 | €98,619 | €4,572 | -€94,047 | -95.4% |
| Financial income | 75/76B | €0 | €152 | +€151 | +32157.4% |
| Recurring financial income | 75 | €0 | €152 | +€151 | +32157.4% |
| Financial charges | 65/66B | €51,064 | €4,623 | -€46,441 | -90.9% |
| Recurring financial charges | 65 | €51,064 | €4,623 | -€46,441 | -90.9% |
| Profit (loss) for the period before taxes | 9903 | €47,556 | €101 | -€47,455 | -99.8% |
| Income taxes | 67/77 | €9,025 | €44 | -€8,981 | -99.5% |
| Profit (loss) for the period | 9904 | €38,530 | €57 | -€38,473 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,530 | €57 | -€38,473 | -99.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.