VT 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.
VT PROJECTS
Largest movements
- Cash -€15,210
down €15,210 (-17.3%), from €87,692 to €72,482
mainly Debts after one year (-€16,900) and Contributions, distributions and other (-€12,000)
- Tangible fixed assets -€13,292
down €13,292 (-5.1%), from €263,086 to €249,793
of which Land and buildings: -€6,800
- Receivables within one year +€5,858
up €5,858 (+169.8%), from €3,450 to €9,309
of which Other amounts receivable: +€7,738
- Debts after one year -€16,900
down €16,900 (-8.2%), from €205,473 to €188,573
- Profit (loss) carried forward -€8,210
down €8,210 (-7.9%), from €103,723 to €95,514
- Gross operating margin -€38,974
down €38,974 (-59.5%), from €65,523 to €26,549
- Taxes -€9,279
down €9,279 (-72.5%), from €12,790 to €3,512
- Depreciation -€4,116
down €4,116 (-23.6%), from €17,408 to €13,292
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 | €376,088 | €350,638 | -€25,450 | -6.8% |
| Fixed assets | 21/28 | €263,086 | €249,793 | -€13,292 | -5.1% |
| Tangible fixed assets | 22/27 | €263,086 | €249,793 | -€13,292 | -5.1% |
| Land and buildings | 22 | €244,087 | €237,288 | -€6,800 | -2.8% |
| Plant, machinery and equipment | 23 | €1,304 | €1,108 | -€196 | -15.0% |
| Furniture and vehicles | 24 | €17,695 | €11,398 | -€6,297 | -35.6% |
| Current assets | 29/58 | €113,002 | €100,845 | -€12,157 | -10.8% |
| Amounts receivable within one year | 40/41 | €3,450 | €9,309 | +€5,858 | +169.8% |
| Trade receivables | 40 | €3,450 | €1,570 | -€1,880 | -54.5% |
| Other amounts receivable | 41 | - | €7,738 | +€7,738 | |
| Cash at bank and in hand | 54/58 | €87,692 | €72,482 | -€15,210 | -17.3% |
| Deferred charges and accrued income | 490/1 | €21,860 | €19,054 | -€2,805 | -12.8% |
| Total equity and liabilities | 10/49 | €376,088 | €350,638 | -€25,450 | -6.8% |
| Equity | 10/15 | €124,183 | €115,974 | -€8,210 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,723 | €95,514 | -€8,210 | -7.9% |
| Amounts payable | 17/49 | €251,905 | €234,665 | -€17,240 | -6.8% |
| Amounts payable after more than one year | 17 | €205,473 | €188,573 | -€16,900 | -8.2% |
| Financial debts | 170/4 | €205,473 | €188,573 | -€16,900 | -8.2% |
| Amounts payable within one year | 42/48 | €46,432 | €46,092 | -€340 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €16,868 | €20,127 | +€3,259 | +19.3% |
| Trade debts | 44 | €5,685 | €4,491 | -€1,194 | -21.0% |
| Suppliers | 440/4 | €5,685 | €4,491 | -€1,194 | -21.0% |
| Taxes, remuneration and social security | 45 | €10,832 | €8,113 | -€2,719 | -25.1% |
| Taxes | 450/3 | €9,159 | €6,440 | -€2,719 | -29.7% |
| Remuneration and social security | 454/9 | €1,673 | €1,673 | = | 0.0% |
| Other amounts payable | 47/48 | €13,047 | €13,361 | +€314 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,408 | €13,292 | -€4,116 | -23.6% |
| Other operating charges | 640/8 | €2,002 | €1,938 | -€63 | -3.2% |
| Gross operating margin | 9900 | €65,523 | €26,549 | -€38,974 | -59.5% |
| Operating profit (loss) | 9901 | €46,113 | €11,318 | -€34,795 | -75.5% |
| Financial charges | 65/66B | €4,192 | €4,016 | -€176 | -4.2% |
| Recurring financial charges | 65 | €4,192 | €4,016 | -€176 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €41,921 | €7,302 | -€34,619 | -82.6% |
| Income taxes | 67/77 | €12,790 | €3,512 | -€9,279 | -72.5% |
| Profit (loss) for the period | 9904 | €29,130 | €3,790 | -€25,340 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,130 | €3,790 | -€25,340 | -87.0% |
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 10 October 2026 via checked.be.