VP PROJECTS: what changed
Two financial 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
- Tangible fixed assets +€5,514
new in 2025: €5,514
- Receivables within one year +€4,154
up €4,154 (+706%), from €588 to €4,742
of which Trade receivables: +€3,140
- Deferred charges and accrued income +€3,024
up €3,024 (+550%), from €550 to €3,574
- Cash +€2,487
up €2,487 (+129%), from €1,922 to €4,409
mainly Net result for the year (+€14,798) and Tax, wage and social debts (+€1,781)
- Reserves +€12,118
new in 2025: €12,118
- Profit (loss) carried forward +€2,680
no longer reported in 2025 (was -€2,680)
- Tax, wage and social debts +€1,781
up €1,781 (+716%), from €249 to €2,029
- Other debts -€1,752
down €1,752 (-31.9%), from €5,492 to €3,740
- Trade debts +€352
new in 2025: €352
- Gross operating margin +€16,220
up €16,220 (+431%), from €3,767 to €19,986
- Taxes +€3,986
new in 2025: €3,986
- Depreciation +€629
new in 2025: €629
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.
Derived cash bridge
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 | €3,060 | €18,240 | +€15,179 | +496% |
| Fixed assets | 21/28 | - | €5,514 | +€5,514 | |
| Tangible fixed assets | 22/27 | - | €5,514 | +€5,514 | |
| Furniture and vehicles | 24 | - | €5,514 | +€5,514 | |
| Current assets | 29/58 | €3,060 | €12,726 | +€9,665 | +316% |
| Amounts receivable within one year | 40/41 | €588 | €4,742 | +€4,154 | +706% |
| Trade receivables | 40 | €588 | €3,728 | +€3,140 | +534% |
| Other amounts receivable | 41 | - | €1,014 | +€1,014 | |
| Cash at bank and in hand | 54/58 | €1,922 | €4,409 | +€2,487 | +129% |
| Deferred charges and accrued income | 490/1 | €550 | €3,574 | +€3,024 | +550% |
| Total equity and liabilities | 10/49 | €3,060 | €18,240 | +€15,179 | +496% |
| Equity | 10/15 | -€2,680 | €12,118 | +€14,798 | |
| Reserves | 13 | - | €12,118 | +€12,118 | |
| Distributable reserves | 133 | - | €12,118 | +€12,118 | |
| Profit (loss) carried forward | 14 | -€2,680 | - | +€2,680 | |
| Amounts payable | 17/49 | €5,741 | €6,122 | +€381 | +6.6% |
| Amounts payable within one year | 42/48 | €5,741 | €6,122 | +€381 | +6.6% |
| Trade debts | 44 | - | €352 | +€352 | |
| Suppliers | 440/4 | - | €352 | +€352 | |
| Taxes, remuneration and social security | 45 | €249 | €2,029 | +€1,781 | +716% |
| Taxes | 450/3 | €249 | €2,029 | +€1,781 | +716% |
| Other amounts payable | 47/48 | €5,492 | €3,740 | -€1,752 | -31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €629 | +€629 | |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €3,767 | €19,986 | +€16,220 | +431% |
| Operating profit (loss) | 9901 | €3,261 | €18,837 | +€15,576 | +478% |
| Financial charges | 65/66B | €50 | €53 | +€3 | +6.8% |
| Recurring financial charges | 65 | €50 | €53 | +€3 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €3,212 | €18,784 | +€15,573 | +485% |
| Income taxes | 67/77 | - | €3,986 | +€3,986 | |
| Profit (loss) for the period | 9904 | €3,212 | €14,798 | +€11,587 | +361% |
| Profit (loss) for the period to be appropriated | 9905 | €3,212 | €14,798 | +€11,587 | +361% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.