Vredan Projects: what changed
What changed
Vredan Projects
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€365,153
2024 · €516,219-€151,066
Equity
€1.3m
2024 · €1.3m-€34,847
Cash
€314,185
2024 · €240,701+€73,485
Balance sheet total
€2.5m
2024 · €2.2m+€384,752
Largest movements
Assets
- Tangible fixed assets +€206,087
up €206,087 (+15.5%), from €1.3m to €1.5m
of which Plant, machinery and equipment: +€263,123
- Receivables within one year +€104,614
up €104,614 (+19.4%), from €539,096 to €643,709
of which Other amounts receivable: +€269,744
- Cash +€73,485
up €73,485 (+30.5%), from €240,701 to €314,185
mainly Net result for the year (+€365,153) and Trade debts (+€321,518)
Equity and liabilities
- Trade debts +€321,518
up €321,518 (+8,844%), from €3,636 to €325,154
- Other debts +€155,860
up €155,860 (+104%), from €149,536 to €305,397
- Profit (loss) carried forward -€134,847
down €134,847 (-10.6%), from €1.3m to €1.1m
- Debts after one year -€103,107
down €103,107 (-17.6%), from €584,703 to €481,595
- Reserves +€100,000
new in 2025: €100,000
Income statement
- Financial income -€107,591
down €107,591 (-49.2%), from €218,569 to €110,978
- Depreciation +€29,393
up €29,393 (+24.1%), from €122,007 to €151,400
- Gross operating margin -€26,925
down €26,925 (-5.1%), from €531,375 to €504,450
- Taxes -€10,920
down €10,920 (-11.9%), from €92,036 to €81,115
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€516,219
Gross operating margin
-€26,925
Depreciation
-€29,393
Other operating charges
+€33
Financial income
-€107,591
Financial charges
+€1,889
Taxes
+€10,920
Result 2025
€365,153
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€932,795
Investment
-€357,488
Financing
-€501,823
Cash 2024
€240,701
From operations (derived)
+€932,795
Net result for the year
+€365,153
Depreciation
+€151,400
Receivables within one year
-€104,614
Deferred charges and accrued income
-€566
Trade debts
+€321,518
Tax, wage and social debts
+€3,484
Other debts
+€155,860
Accrued charges and deferred income
+€40,560
Investment (derived)
-€357,488
Investment in fixed assets (net)
-€357,488
Financing
-€501,823
Debts after one year
-€103,107
Current portion of long-term debt
+€1,385
Short-term financial debts
-€101
Contributions, distributions and other
-€400,000
Cash 2025
€314,185
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,164,158 | €2,548,910 | +€384,752 | +17.8% |
| Fixed assets | 21/28 | €1,380,553 | €1,586,640 | +€206,087 | +14.9% |
| Tangible fixed assets | 22/27 | €1,330,553 | €1,536,640 | +€206,087 | +15.5% |
| Land and buildings | 22 | €1,075,900 | €1,035,822 | -€40,079 | -3.7% |
| Plant, machinery and equipment | 23 | €175,363 | €438,487 | +€263,123 | +150% |
| Furniture and vehicles | 24 | €12,979 | €8,292 | -€4,687 | -36.1% |
| Leasing and similar rights | 25 | €45,870 | €35,732 | -€10,138 | -22.1% |
| Other tangible fixed assets | 26 | €20,440 | €18,307 | -€2,132 | -10.4% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €783,605 | €962,270 | +€178,664 | +22.8% |
| Amounts receivable within one year | 40/41 | €539,096 | €643,709 | +€104,614 | +19.4% |
| Trade receivables | 40 | €323,111 | €157,980 | -€165,131 | -51.1% |
| Other amounts receivable | 41 | €215,985 | €485,729 | +€269,744 | +125% |
| Cash at bank and in hand | 54/58 | €240,701 | €314,185 | +€73,485 | +30.5% |
| Deferred charges and accrued income | 490/1 | €3,809 | €4,375 | +€566 | +14.9% |
| Total equity and liabilities | 10/49 | €2,164,158 | €2,548,910 | +€384,752 | +17.8% |
| Equity | 10/15 | €1,296,175 | €1,261,327 | -€34,847 | -2.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | - | €100,000 | +€100,000 | |
| Distributable reserves | 133 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | €1,266,175 | €1,131,327 | -€134,847 | -10.6% |
| Amounts payable | 17/49 | €867,983 | €1,287,583 | +€419,599 | +48.3% |
| Amounts payable after more than one year | 17 | €584,703 | €481,595 | -€103,107 | -17.6% |
| Financial debts | 170/4 | €584,703 | €481,595 | -€103,107 | -17.6% |
| Amounts payable within one year | 42/48 | €275,182 | €757,329 | +€482,147 | +175% |
| Current portion of amounts payable after more than one year | 42 | €101,722 | €103,107 | +€1,385 | +1.4% |
| Financial debts | 43 | €20,288 | €20,187 | -€101 | -0.5% |
| Credit institutions | 430/8 | €20,288 | €20,187 | -€101 | -0.5% |
| Trade debts | 44 | €3,636 | €325,154 | +€321,518 | +8,844% |
| Suppliers | 440/4 | €3,636 | €325,154 | +€321,518 | +8,844% |
| Taxes, remuneration and social security | 45 | - | €3,484 | +€3,484 | |
| Taxes | 450/3 | - | €3,484 | +€3,484 | |
| Other amounts payable | 47/48 | €149,536 | €305,397 | +€155,860 | +104% |
| Accrued charges and deferred income | 492/3 | €8,099 | €48,659 | +€40,560 | +501% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,007 | €151,400 | +€29,393 | +24.1% |
| Other operating charges | 640/8 | €1,848 | €1,815 | -€33 | -1.8% |
| Gross operating margin | 9900 | €531,375 | €504,450 | -€26,925 | -5.1% |
| Operating profit (loss) | 9901 | €407,520 | €351,235 | -€56,285 | -13.8% |
| Financial income | 75/76B | €218,569 | €110,978 | -€107,591 | -49.2% |
| Recurring financial income | 75 | €218,569 | €110,978 | -€107,591 | -49.2% |
| Financial charges | 65/66B | €17,834 | €15,945 | -€1,889 | -10.6% |
| Recurring financial charges | 65 | €17,834 | €15,945 | -€1,889 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €608,255 | €446,268 | -€161,987 | -26.6% |
| Income taxes | 67/77 | €92,036 | €81,115 | -€10,920 | -11.9% |
| Profit (loss) for the period | 9904 | €516,219 | €365,153 | -€151,066 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €516,219 | €365,153 | -€151,066 | -29.3% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.