VR 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.
VR PROJECTS
Largest movements
- Receivables within one year -€36,865
down €36,865 (-52.2%), from €70,572 to €33,707
of which Trade receivables: -€37,081
- Cash +€18,425
up €18,425 (+61.7%), from €29,852 to €48,277
mainly Receivables within one year (+€36,865) and Deferred charges and accrued income (+€4,121)
- Deferred charges and accrued income -€4,121
down €4,121 (-22.6%), from €18,251 to €14,129
- Current investments +€4,003
up €4,003 (+35.1%), from €11,394 to €15,397
- Tangible fixed assets -€3,939
down €3,939 (-18.8%), from €20,907 to €16,969
- Trade debts -€15,754
down €15,754 (-59.5%), from €26,482 to €10,728
- Tax, wage and social debts -€3,267
down €3,267 (-44.8%), from €7,299 to €4,032
- Profit (loss) carried forward -€2,186
down €2,186, from €0 to -€2,186
- Other debts -€1,626
down €1,626 (-9.2%), from €17,621 to €15,996
- Gross operating margin -€30,622
down €30,622 (-79.6%), from €38,467 to €7,845
- Taxes -€5,534
down €5,534 (-66.5%), from €8,326 to €2,792
- Depreciation -€2,355
down €2,355 (-37.4%), from €6,294 to €3,939
- Financial charges -€988
down €988 (-26.2%), from €3,769 to €2,782
- Financial income +€696
up €696 (+513.5%), from €136 to €831
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 | €150,975 | €128,478 | -€22,497 | -14.9% |
| Fixed assets | 21/28 | €20,907 | €16,969 | -€3,939 | -18.8% |
| Tangible fixed assets | 22/27 | €20,907 | €16,969 | -€3,939 | -18.8% |
| Plant, machinery and equipment | 23 | €1,710 | €1,239 | -€471 | -27.5% |
| Furniture and vehicles | 24 | €5,266 | €3,371 | -€1,895 | -36.0% |
| Other tangible fixed assets | 26 | €13,932 | €12,359 | -€1,573 | -11.3% |
| Current assets | 29/58 | €130,068 | €111,510 | -€18,558 | -14.3% |
| Amounts receivable within one year | 40/41 | €70,572 | €33,707 | -€36,865 | -52.2% |
| Trade receivables | 40 | €58,580 | €21,498 | -€37,081 | -63.3% |
| Other amounts receivable | 41 | €11,992 | €12,208 | +€216 | +1.8% |
| Current investments | 50/53 | €11,394 | €15,397 | +€4,003 | +35.1% |
| Cash at bank and in hand | 54/58 | €29,852 | €48,277 | +€18,425 | +61.7% |
| Deferred charges and accrued income | 490/1 | €18,251 | €14,129 | -€4,121 | -22.6% |
| Total equity and liabilities | 10/49 | €150,975 | €128,478 | -€22,497 | -14.9% |
| Equity | 10/15 | €99,573 | €97,387 | -€2,186 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,973 | €80,973 | = | 0.0% |
| Distributable reserves | 133 | €80,973 | €80,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€2,186 | -€2,186 | |
| Amounts payable | 17/49 | €51,402 | €31,092 | -€20,310 | -39.5% |
| Amounts payable within one year | 42/48 | €51,402 | €30,756 | -€20,646 | -40.2% |
| Trade debts | 44 | €26,482 | €10,728 | -€15,754 | -59.5% |
| Suppliers | 440/4 | €26,482 | €10,728 | -€15,754 | -59.5% |
| Taxes, remuneration and social security | 45 | €7,299 | €4,032 | -€3,267 | -44.8% |
| Taxes | 450/3 | €7,299 | €4,032 | -€3,267 | -44.8% |
| Other amounts payable | 47/48 | €17,621 | €15,996 | -€1,626 | -9.2% |
| Accrued charges and deferred income | 492/3 | - | €336 | +€336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,294 | €3,939 | -€2,355 | -37.4% |
| Other operating charges | 640/8 | €1,334 | €1,351 | +€17 | +1.3% |
| Gross operating margin | 9900 | €38,467 | €7,845 | -€30,622 | -79.6% |
| Operating profit (loss) | 9901 | €30,839 | €2,556 | -€28,283 | -91.7% |
| Financial income | 75/76B | €136 | €831 | +€696 | +513.5% |
| Recurring financial income | 75 | €136 | €831 | +€696 | +513.5% |
| Financial charges | 65/66B | €3,769 | €2,782 | -€988 | -26.2% |
| Recurring financial charges | 65 | €3,769 | €2,782 | -€988 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €27,205 | €605 | -€26,600 | -97.8% |
| Income taxes | 67/77 | €8,326 | €2,792 | -€5,534 | -66.5% |
| Profit (loss) for the period | 9904 | €18,880 | -€2,186 | -€21,066 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,880 | -€2,186 | -€21,066 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.