VVD 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.
VVD PROJECTS
Largest movements
- Stocks and contracts -€36,236
down €36,236 (-32.2%), from €112,665 to €76,429
- Receivables after one year +€5,533
up €5,533 (+88.3%), from €6,266 to €11,799
- Cash +€2,349
up €2,349 (+161%), from €1,456 to €3,805
mainly Stocks and contracts (+€36,236) and Receivables within one year (+€879)
- Reserves -€30,202
down €30,202 (-30.5%), from €99,020 to €68,818
- Gross operating margin -€25,191
down €25,191 (-560%), from -€4,495 to -€29,686
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.
Derived cash bridge
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 | €121,715 | €92,661 | -€29,054 | -23.9% |
| Current assets | 29/58 | €121,715 | €92,661 | -€29,054 | -23.9% |
| Amounts receivable after more than one year | 29 | €6,266 | €11,799 | +€5,533 | +88.3% |
| Other amounts receivable | 291 | €6,266 | €11,799 | +€5,533 | +88.3% |
| Stocks and contracts in progress | 3 | €112,665 | €76,429 | -€36,236 | -32.2% |
| Stocks | 30/36 | €112,665 | €76,429 | -€36,236 | -32.2% |
| Amounts receivable within one year | 40/41 | €1,279 | €400 | -€879 | -68.7% |
| Trade receivables | 40 | €0 | €400 | +€400 | |
| Other amounts receivable | 41 | €1,279 | €0 | -€1,279 | -100% |
| Cash at bank and in hand | 54/58 | €1,456 | €3,805 | +€2,349 | +161% |
| Deferred charges and accrued income | 490/1 | €49 | €227 | +€178 | +365% |
| Total equity and liabilities | 10/49 | €121,715 | €92,661 | -€29,054 | -23.9% |
| Equity | 10/15 | €117,620 | €87,418 | -€30,202 | -25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,020 | €68,818 | -€30,202 | -30.5% |
| Distributable reserves | 133 | €99,020 | €68,818 | -€30,202 | -30.5% |
| Amounts payable | 17/49 | €4,095 | €5,243 | +€1,148 | +28.0% |
| Amounts payable after more than one year | 17 | €4,000 | €4,038 | +€38 | +1.0% |
| Other amounts payable | 178/9 | €4,000 | €4,038 | +€38 | +1.0% |
| Amounts payable within one year | 42/48 | €72 | €1,044 | +€972 | +1,350% |
| Trade debts | 44 | €72 | €552 | +€480 | +666% |
| Suppliers | 440/4 | €72 | €552 | +€480 | +666% |
| Taxes, remuneration and social security | 45 | - | €492 | +€492 | |
| Taxes | 450/3 | - | €492 | +€492 | |
| Accrued charges and deferred income | 492/3 | €23 | €161 | +€138 | +591% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | -€4,495 | -€29,686 | -€25,191 | -560% |
| Operating profit (loss) | 9901 | -€4,621 | -€29,814 | -€25,193 | -545% |
| Financial income | 75/76B | €49 | €227 | +€178 | +365% |
| Recurring financial income | 75 | €49 | €227 | +€178 | +365% |
| Financial charges | 65/66B | €685 | €616 | -€69 | -10.1% |
| Recurring financial charges | 65 | €685 | €616 | -€69 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,257 | -€30,202 | -€24,945 | -475% |
| Profit (loss) for the period | 9904 | -€5,257 | -€30,202 | -€24,945 | -475% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,257 | -€30,202 | -€24,945 | -475% |
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 14 October 2026 via checked.be.