VRS 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.
VRS Projects
Largest movements
- Receivables within one year +€52,032
up €52,032 (+114.4%), from €45,490 to €97,522
of which Trade receivables: +€63,763
- Deferred charges and accrued income -€8,163
down €8,163 (-80.6%), from €10,131 to €1,968
- Cash +€7,560
up €7,560 (+9.5%), from €79,773 to €87,332
mainly Net result for the year (+€32,630) and Tax, wage and social debts (+€12,790)
- Reserves +€32,000
up €32,000 (+80.0%), from €40,000 to €72,000
- Tax, wage and social debts +€12,790
up €12,790 (+134.7%), from €9,495 to €22,286
- Other debts +€9,976
new in 2025: €9,976
- Trade debts -€4,140
down €4,140 (-38.7%), from €10,706 to €6,566
- Taxes +€3,188
up €3,188 (+33.6%), from €9,495 to €12,683
- Gross operating margin +€2,094
up €2,094 (+4.1%), from €51,031 to €53,125
- Depreciation +€1,151
up €1,151 (+21.8%), from €5,280 to €6,431
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 | €163,599 | €214,856 | +€51,257 | +31.3% |
| Fixed assets | 21/28 | €28,206 | €28,034 | -€172 | -0.6% |
| Tangible fixed assets | 22/27 | €17,706 | €17,534 | -€172 | -1.0% |
| Plant, machinery and equipment | 23 | €7,518 | €5,258 | -€2,260 | -30.1% |
| Furniture and vehicles | 24 | €10,188 | €12,275 | +€2,088 | +20.5% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €135,393 | €186,822 | +€51,429 | +38.0% |
| Amounts receivable within one year | 40/41 | €45,490 | €97,522 | +€52,032 | +114.4% |
| Trade receivables | 40 | €30,623 | €94,385 | +€63,763 | +208.2% |
| Other amounts receivable | 41 | €14,868 | €3,137 | -€11,731 | -78.9% |
| Cash at bank and in hand | 54/58 | €79,773 | €87,332 | +€7,560 | +9.5% |
| Deferred charges and accrued income | 490/1 | €10,131 | €1,968 | -€8,163 | -80.6% |
| Total equity and liabilities | 10/49 | €163,599 | €214,856 | +€51,257 | +31.3% |
| Equity | 10/15 | €143,398 | €176,028 | +€32,630 | +22.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €72,000 | +€32,000 | +80.0% |
| Distributable reserves | 133 | €40,000 | €72,000 | +€32,000 | +80.0% |
| Profit (loss) carried forward | 14 | €98,398 | €99,028 | +€630 | +0.6% |
| Amounts payable | 17/49 | €20,201 | €38,828 | +€18,627 | +92.2% |
| Amounts payable within one year | 42/48 | €20,201 | €38,828 | +€18,627 | +92.2% |
| Trade debts | 44 | €10,706 | €6,566 | -€4,140 | -38.7% |
| Suppliers | 440/4 | €10,706 | €6,566 | -€4,140 | -38.7% |
| Taxes, remuneration and social security | 45 | €9,495 | €22,286 | +€12,790 | +134.7% |
| Taxes | 450/3 | €9,495 | €22,286 | +€12,790 | +134.7% |
| Other amounts payable | 47/48 | - | €9,976 | +€9,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,280 | €6,431 | +€1,151 | +21.8% |
| Other operating charges | 640/8 | €1,684 | €1,302 | -€382 | -22.7% |
| Gross operating margin | 9900 | €51,031 | €53,125 | +€2,094 | +4.1% |
| Operating profit (loss) | 9901 | €44,066 | €45,392 | +€1,325 | +3.0% |
| Financial income | 75/76B | €25 | €1 | -€25 | -97.9% |
| Recurring financial income | 75 | €25 | €1 | -€25 | -97.9% |
| Financial charges | 65/66B | €70 | €79 | +€9 | +13.2% |
| Recurring financial charges | 65 | €70 | €79 | +€9 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €44,022 | €45,313 | +€1,291 | +2.9% |
| Income taxes | 67/77 | €9,495 | €12,683 | +€3,188 | +33.6% |
| Profit (loss) for the period | 9904 | €34,526 | €32,630 | -€1,897 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,526 | €32,630 | -€1,897 | -5.5% |
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.