VV PROJECT: 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.
VV PROJECT
Largest movements
- Receivables within one year -€199,418
down €199,418 (-42.6%), from €467,680 to €268,263
of which Other amounts receivable: -€170,229
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Cash -€46,984
down €46,984 (-53.8%), from €87,404 to €40,420
mainly Debts after one year (-€246,042) and Current portion of long-term debt (-€36,626)
- Tangible fixed assets +€21,416
up €21,416 (+1.8%), from €1.2m to €1.2m
of which Plant, machinery and equipment: +€14,993
- Debts after one year -€246,042
down €246,042 (-34.7%), from €709,324 to €463,282
- Current portion of long-term debt -€36,626
down €36,626 (-44.3%), from €82,668 to €46,042
- Accrued charges and deferred income -€29,026
down €29,026 (-86.7%), from €33,480 to €4,454
- Gross operating margin -€174,777
down €174,777 (-80.4%), from €217,492 to €42,715
- Depreciation -€53,611
down €53,611 (-93.9%), from €57,103 to €3,493
- Financial income +€22,248
up €22,248 (+2672.4%), from €833 to €23,081
- Financial charges -€9,493
down €9,493 (-22.3%), from €42,495 to €33,002
- Other operating charges +€7,862
up €7,862 (+114.8%), from €6,846 to €14,708
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 | €2,076,633 | €1,792,339 | -€284,295 | -13.7% |
| Fixed assets | 21/28 | €1,212,240 | €1,233,656 | +€21,416 | +1.8% |
| Tangible fixed assets | 22/27 | €1,165,677 | €1,187,092 | +€21,416 | +1.8% |
| Land and buildings | 22 | €1,165,677 | €1,165,677 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €14,993 | +€14,993 | |
| Furniture and vehicles | 24 | - | €6,423 | +€6,423 | |
| Financial fixed assets | 28 | €46,563 | €46,563 | = | 0.0% |
| Current assets | 29/58 | €864,393 | €558,683 | -€305,710 | -35.4% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,647 | €0 | -€1,647 | -100.0% |
| Stocks | 30/36 | €1,647 | €0 | -€1,647 | -100.0% |
| Amounts receivable within one year | 40/41 | €467,680 | €268,263 | -€199,418 | -42.6% |
| Trade receivables | 40 | €180,000 | €150,812 | -€29,188 | -16.2% |
| Other amounts receivable | 41 | €287,680 | €117,451 | -€170,229 | -59.2% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €87,404 | €40,420 | -€46,984 | -53.8% |
| Deferred charges and accrued income | 490/1 | €7,662 | €0 | -€7,662 | -100.0% |
| Total equity and liabilities | 10/49 | €2,076,633 | €1,792,339 | -€284,295 | -13.7% |
| Equity | 10/15 | €1,172,370 | €1,186,964 | +€14,594 | +1.2% |
| Contributions | 10/11 | €414,600 | €414,600 | = | 0.0% |
| Reserves | 13 | €757,770 | €772,364 | +€14,594 | +1.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €757,770 | €772,364 | +€14,594 | +1.9% |
| Amounts payable | 17/49 | €904,263 | €605,374 | -€298,889 | -33.1% |
| Amounts payable after more than one year | 17 | €709,324 | €463,282 | -€246,042 | -34.7% |
| Financial debts | 170/4 | €709,324 | €463,282 | -€246,042 | -34.7% |
| Amounts payable within one year | 42/48 | €161,459 | €137,638 | -€23,821 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €82,668 | €46,042 | -€36,626 | -44.3% |
| Trade debts | 44 | €8,038 | €20,228 | +€12,190 | +151.7% |
| Suppliers | 440/4 | €8,038 | €20,228 | +€12,190 | +151.7% |
| Taxes, remuneration and social security | 45 | €431 | €0 | -€431 | -100.0% |
| Taxes | 450/3 | €431 | €0 | -€431 | -100.0% |
| Other amounts payable | 47/48 | €70,323 | €71,368 | +€1,045 | +1.5% |
| Accrued charges and deferred income | 492/3 | €33,480 | €4,454 | -€29,026 | -86.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,103 | €3,493 | -€53,611 | -93.9% |
| Other operating charges | 640/8 | €6,846 | €14,708 | +€7,862 | +114.8% |
| Gross operating margin | 9900 | €217,492 | €42,715 | -€174,777 | -80.4% |
| Operating profit (loss) | 9901 | €153,543 | €24,515 | -€129,028 | -84.0% |
| Financial income | 75/76B | €833 | €23,081 | +€22,248 | +2672.4% |
| Recurring financial income | 75 | €833 | €23,081 | +€22,248 | +2672.4% |
| Financial charges | 65/66B | €42,495 | €33,002 | -€9,493 | -22.3% |
| Recurring financial charges | 65 | €42,495 | €33,002 | -€9,493 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €111,881 | €14,594 | -€97,287 | -87.0% |
| Profit (loss) for the period | 9904 | €111,881 | €14,594 | -€97,287 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €111,881 | €14,594 | -€97,287 | -87.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.