VS-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.
VS-PROJECTS
Largest movements
- Cash -€30,919
down €30,919 (-31.6%), from €97,901 to €66,982
mainly Contributions, distributions and other (-€21,540) and Receivables within one year (-€9,176)
- Receivables within one year +€9,176
up €9,176 (+121.3%), from €7,564 to €16,740
of which Trade receivables: +€5,205
- Tangible fixed assets -€1,469
down €1,469 (-3.8%), from €38,726 to €37,258
- Reserves -€13,395
down €13,395 (-12.8%), from €104,553 to €91,158
of which Distributable reserves: -€13,395
- Tax, wage and social debts -€8,639
down €8,639 (-91.4%), from €9,449 to €810
- Gross operating margin -€23,933
down €23,933 (-62.1%), from €38,531 to €14,598
- Taxes -€8,399
down €8,399 (-72.4%), from €11,605 to €3,206
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 | €144,886 | €121,873 | -€23,013 | -15.9% |
| Fixed assets | 21/28 | €38,726 | €37,258 | -€1,469 | -3.8% |
| Tangible fixed assets | 22/27 | €38,726 | €37,258 | -€1,469 | -3.8% |
| Land and buildings | 22 | €38,726 | €37,258 | -€1,469 | -3.8% |
| Current assets | 29/58 | €106,160 | €84,615 | -€21,544 | -20.3% |
| Amounts receivable within one year | 40/41 | €7,564 | €16,740 | +€9,176 | +121.3% |
| Trade receivables | 40 | €7,080 | €12,285 | +€5,205 | +73.5% |
| Other amounts receivable | 41 | €484 | €4,455 | +€3,971 | +820.6% |
| Cash at bank and in hand | 54/58 | €97,901 | €66,982 | -€30,919 | -31.6% |
| Deferred charges and accrued income | 490/1 | €695 | €894 | +€199 | +28.6% |
| Total equity and liabilities | 10/49 | €144,886 | €121,873 | -€23,013 | -15.9% |
| Equity | 10/15 | €124,553 | €111,158 | -€13,395 | -10.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €104,553 | €91,158 | -€13,395 | -12.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €102,553 | €89,158 | -€13,395 | -13.1% |
| Amounts payable | 17/49 | €20,333 | €10,715 | -€9,618 | -47.3% |
| Amounts payable within one year | 42/48 | €19,395 | €9,987 | -€9,409 | -48.5% |
| Trade debts | 44 | €121 | €212 | +€91 | +74.8% |
| Suppliers | 440/4 | €121 | €212 | +€91 | +74.8% |
| Taxes, remuneration and social security | 45 | €9,449 | €810 | -€8,639 | -91.4% |
| Taxes | 450/3 | €9,449 | €810 | -€8,639 | -91.4% |
| Other amounts payable | 47/48 | €9,825 | €8,965 | -€860 | -8.8% |
| Accrued charges and deferred income | 492/3 | €938 | €729 | -€210 | -22.3% |
| Non-recurring operating income | 76A | €27,500 | - | -€27,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,469 | €1,469 | = | 0.0% |
| Other operating charges | 640/8 | €683 | €667 | -€16 | -2.3% |
| Gross operating margin | 9900 | €38,531 | €14,598 | -€23,933 | -62.1% |
| Operating profit (loss) | 9901 | €36,380 | €12,463 | -€23,917 | -65.7% |
| Financial charges | 65/66B | €1,280 | €1,111 | -€169 | -13.2% |
| Recurring financial charges | 65 | €1,280 | €1,111 | -€169 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €35,100 | €11,351 | -€23,748 | -67.7% |
| Income taxes | 67/77 | €11,605 | €3,206 | -€8,399 | -72.4% |
| Profit (loss) for the period | 9904 | €23,495 | €8,145 | -€15,349 | -65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,495 | €8,145 | -€15,349 | -65.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.