VSF PROJECT ENGINEERING: what changed
Two financial 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.
VSF PROJECT ENGINEERING
Largest movements
- Cash +€16,879
up €16,879 (+11.3%), from €149,559 to €166,438
mainly Net result for the year (+€22,965) and Receivables within one year (+€15,044)
- Receivables within one year -€15,044
down €15,044 (-48.1%), from €31,259 to €16,214
- Reserves +€22,965
up €22,965 (+23.7%), from €96,919 to €119,884
- Other debts -€22,474
down €22,474 (-36.0%), from €62,348 to €39,874
- Gross operating margin +€796
up €796 (+2.0%), from €39,509 to €40,305
- Taxes +€684
up €684 (+5.9%), from €11,660 to €12,344
- Financial charges -€608
down €608 (-19.5%), from €3,126 to €2,517
- Other operating charges -€530
down €530 (-32.6%), from €1,625 to €1,095
- Depreciation +€456
up €456 (+49.0%), from €932 to €1,388
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 | €185,208 | €187,182 | +€1,974 | +1.1% |
| Fixed assets | 21/28 | €3,917 | €4,040 | +€123 | +3.1% |
| Tangible fixed assets | 22/27 | €3,917 | €4,040 | +€123 | +3.1% |
| Land and buildings | 22 | €2,460 | €1,693 | -€767 | -31.2% |
| Furniture and vehicles | 24 | €1,457 | €2,347 | +€890 | +61.1% |
| Current assets | 29/58 | €181,291 | €183,142 | +€1,851 | +1.0% |
| Amounts receivable within one year | 40/41 | €31,259 | €16,214 | -€15,044 | -48.1% |
| Trade receivables | 40 | €31,259 | €16,214 | -€15,044 | -48.1% |
| Cash at bank and in hand | 54/58 | €149,559 | €166,438 | +€16,879 | +11.3% |
| Deferred charges and accrued income | 490/1 | €473 | €489 | +€16 | +3.4% |
| Total equity and liabilities | 10/49 | €185,208 | €187,182 | +€1,974 | +1.1% |
| Equity | 10/15 | €98,919 | €121,884 | +€22,965 | +23.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €96,919 | €119,884 | +€22,965 | +23.7% |
| Distributable reserves | 133 | €96,919 | €119,884 | +€22,965 | +23.7% |
| Amounts payable | 17/49 | €86,290 | €65,298 | -€20,991 | -24.3% |
| Amounts payable within one year | 42/48 | €85,040 | €64,048 | -€20,991 | -24.7% |
| Trade debts | 44 | €3,301 | €3,964 | +€664 | +20.1% |
| Suppliers | 440/4 | €3,301 | €3,964 | +€664 | +20.1% |
| Taxes, remuneration and social security | 45 | €19,391 | €20,210 | +€819 | +4.2% |
| Taxes | 450/3 | €19,391 | €20,210 | +€819 | +4.2% |
| Other amounts payable | 47/48 | €62,348 | €39,874 | -€22,474 | -36.0% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €932 | €1,388 | +€456 | +49.0% |
| Other operating charges | 640/8 | €1,625 | €1,095 | -€530 | -32.6% |
| Gross operating margin | 9900 | €39,509 | €40,305 | +€796 | +2.0% |
| Operating profit (loss) | 9901 | €36,952 | €37,821 | +€869 | +2.4% |
| Financial income | 75/76B | €0 | €5 | +€5 | +2605.6% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +2605.6% |
| Financial charges | 65/66B | €3,126 | €2,517 | -€608 | -19.5% |
| Recurring financial charges | 65 | €3,126 | €2,517 | -€608 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €33,826 | €35,309 | +€1,483 | +4.4% |
| Income taxes | 67/77 | €11,660 | €12,344 | +€684 | +5.9% |
| Profit (loss) for the period | 9904 | €22,166 | €22,965 | +€799 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,166 | €22,965 | +€799 | +3.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.