VSP Projects: 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.
VSP Projects
Largest movements
- Receivables within one year +€40,605
up €40,605 (+2196.8%), from €1,848 to €42,453
of which Trade receivables: +€41,148
- Cash +€29,724
up €29,724 (+1865.7%), from €1,593 to €31,317
mainly Net result for the year (+€50,895) and Tax, wage and social debts (+€13,148)
- Tangible fixed assets +€5,315
new in 2025: €5,315
- Reserves +€38,300
new in 2025: €38,300
- Tax, wage and social debts +€13,148
new in 2025: €13,148
- Profit (loss) carried forward +€12,595
up €12,595, from -€12,595 to €0
- Other debts +€11,608
up €11,608 (+80.3%), from €14,450 to €26,058
- Gross operating margin +€74,322
up €74,322, from -€12,466 to €61,856
- Taxes +€9,605
new in 2025: €9,605
- Depreciation +€685
new in 2025: €685
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 | €3,855 | €79,506 | +€75,651 | +1962.5% |
| Fixed assets | 21/28 | - | €5,315 | +€5,315 | |
| Tangible fixed assets | 22/27 | - | €5,315 | +€5,315 | |
| Furniture and vehicles | 24 | - | €5,315 | +€5,315 | |
| Current assets | 29/58 | €3,855 | €74,191 | +€70,336 | +1824.6% |
| Amounts receivable within one year | 40/41 | €1,848 | €42,453 | +€40,605 | +2196.8% |
| Trade receivables | 40 | €1,305 | €42,453 | +€41,148 | +3152.5% |
| Other amounts receivable | 41 | €543 | €0 | -€543 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,593 | €31,317 | +€29,724 | +1865.7% |
| Deferred charges and accrued income | 490/1 | €413 | €422 | +€8 | +2.0% |
| Total equity and liabilities | 10/49 | €3,855 | €79,506 | +€75,651 | +1962.5% |
| Equity | 10/15 | -€10,595 | €40,300 | +€50,895 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €38,300 | +€38,300 | |
| Distributable reserves | 133 | - | €38,300 | +€38,300 | |
| Profit (loss) carried forward | 14 | -€12,595 | €0 | +€12,595 | |
| Amounts payable | 17/49 | €14,450 | €39,206 | +€24,756 | +171.3% |
| Amounts payable within one year | 42/48 | €14,450 | €39,206 | +€24,756 | +171.3% |
| Taxes, remuneration and social security | 45 | - | €13,148 | +€13,148 | |
| Taxes | 450/3 | - | €13,148 | +€13,148 | |
| Other amounts payable | 47/48 | €14,450 | €26,058 | +€11,608 | +80.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €685 | +€685 | |
| Other operating charges | 640/8 | €106 | €608 | +€503 | +476.4% |
| Gross operating margin | 9900 | -€12,466 | €61,856 | +€74,322 | |
| Operating profit (loss) | 9901 | -€12,572 | €60,563 | +€73,134 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €24 | €63 | +€40 | +168.9% |
| Recurring financial charges | 65 | €24 | €63 | +€40 | +168.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,595 | €60,500 | +€73,095 | |
| Income taxes | 67/77 | - | €9,605 | +€9,605 | |
| Profit (loss) for the period | 9904 | -€12,595 | €50,895 | +€63,490 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,595 | €50,895 | +€63,490 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.