VRC 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.
VRC PROJECTS
Largest movements
- Cash +€47,514
up €47,514 (+58.2%), from €81,570 to €129,084
mainly Net result for the year (+€108,997) and Tax, wage and social debts (+€9,614)
- Receivables after one year +€45,000
new in 2025: €45,000
- Receivables within one year +€26,541
up €26,541 (+63.5%), from €41,810 to €68,351
- Profit (loss) carried forward +€108,997
up €108,997 (+139.9%), from €77,914 to €186,911
- Tax, wage and social debts +€9,614
up €9,614 (+28.1%), from €34,168 to €43,781
- Gross operating margin +€42,213
up €42,213 (+41.6%), from €101,365 to €143,578
- Taxes +€10,341
up €10,341 (+50.8%), from €20,360 to €30,702
- Financial income +€1,626
up €1,626 (+9303.0%), from €17 to €1,644
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 | €134,254 | €252,226 | +€117,972 | +87.9% |
| Fixed assets | 21/28 | €7,646 | €5,958 | -€1,688 | -22.1% |
| Tangible fixed assets | 22/27 | €7,646 | €5,958 | -€1,688 | -22.1% |
| Plant, machinery and equipment | 23 | €7,111 | €5,670 | -€1,441 | -20.3% |
| Furniture and vehicles | 24 | €535 | €288 | -€247 | -46.1% |
| Current assets | 29/58 | €126,608 | €246,268 | +€119,660 | +94.5% |
| Amounts receivable after more than one year | 29 | - | €45,000 | +€45,000 | |
| Other amounts receivable | 291 | - | €45,000 | +€45,000 | |
| Amounts receivable within one year | 40/41 | €41,810 | €68,351 | +€26,541 | +63.5% |
| Trade receivables | 40 | €41,810 | €68,351 | +€26,541 | +63.5% |
| Cash at bank and in hand | 54/58 | €81,570 | €129,084 | +€47,514 | +58.2% |
| Deferred charges and accrued income | 490/1 | €3,228 | €3,833 | +€605 | +18.7% |
| Total equity and liabilities | 10/49 | €134,254 | €252,226 | +€117,972 | +87.9% |
| Equity | 10/15 | €89,814 | €198,811 | +€108,997 | +121.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,900 | €8,900 | = | 0.0% |
| Distributable reserves | 133 | €8,900 | €8,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,914 | €186,911 | +€108,997 | +139.9% |
| Amounts payable | 17/49 | €44,440 | €53,415 | +€8,975 | +20.2% |
| Amounts payable within one year | 42/48 | €44,440 | €53,415 | +€8,975 | +20.2% |
| Trade debts | 44 | €2,366 | €2,815 | +€450 | +19.0% |
| Suppliers | 440/4 | €2,366 | €2,815 | +€450 | +19.0% |
| Taxes, remuneration and social security | 45 | €34,168 | €43,781 | +€9,614 | +28.1% |
| Taxes | 450/3 | €34,168 | €43,781 | +€9,614 | +28.1% |
| Other amounts payable | 47/48 | €7,907 | €6,819 | -€1,088 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,433 | €2,643 | +€1,210 | +84.5% |
| Other operating charges | 640/8 | €64 | €238 | +€174 | +272.7% |
| Gross operating margin | 9900 | €101,365 | €143,578 | +€42,213 | +41.6% |
| Operating profit (loss) | 9901 | €99,868 | €140,697 | +€40,829 | +40.9% |
| Financial income | 75/76B | €17 | €1,644 | +€1,626 | +9303.0% |
| Recurring financial income | 75 | €17 | €1,644 | +€1,626 | +9303.0% |
| Financial charges | 65/66B | €1,647 | €2,641 | +€994 | +60.3% |
| Recurring financial charges | 65 | €1,647 | €2,641 | +€994 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €98,238 | €139,699 | +€41,461 | +42.2% |
| Income taxes | 67/77 | €20,360 | €30,702 | +€10,341 | +50.8% |
| Profit (loss) for the period | 9904 | €77,878 | €108,997 | +€31,119 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,878 | €108,997 | +€31,119 | +40.0% |
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 1 October 2026 via checked.be.