VVH 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.
VVH PROJECTS
Largest movements
- Cash -€46,736
down €46,736 (-77.6%), from €60,232 to €13,496
mainly Other debts (-€40,799) and Contributions, distributions and other (-€13,332)
- Tangible fixed assets -€12,848
down €12,848 (-59.9%), from €21,448 to €8,600
of which Furniture and vehicles: -€12,319
- Receivables within one year +€1,822
up €1,822 (+15.8%), from €11,548 to €13,370
of which Other amounts receivable: +€1,766
- Other debts -€40,799
down €40,799 (-63.9%), from €63,835 to €23,036
- Current portion of long-term debt -€10,701
down €10,701 (-74.6%), from €14,342 to €3,641
- Debts after one year -€3,641
no longer reported in 2025 (was €3,641)
- Tax, wage and social debts -€2,133
down €2,133 (-32.0%), from €6,655 to €4,523
of which Remuneration and social security: -€3,967
- Gross operating margin -€5,769
down €5,769 (-14.8%), from €39,058 to €33,289
- Taxes -€984
down €984 (-18.5%), from €5,308 to €4,325
- Financial charges -€691
down €691 (-66.5%), from €1,040 to €349
- Other operating charges +€527
new in 2025: €527
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 | €94,493 | €36,709 | -€57,784 | -61.2% |
| Fixed assets | 21/28 | €21,448 | €8,600 | -€12,848 | -59.9% |
| Tangible fixed assets | 22/27 | €21,448 | €8,600 | -€12,848 | -59.9% |
| Plant, machinery and equipment | 23 | €1,523 | €993 | -€530 | -34.8% |
| Furniture and vehicles | 24 | €19,926 | €7,607 | -€12,319 | -61.8% |
| Current assets | 29/58 | €73,044 | €28,109 | -€44,936 | -61.5% |
| Amounts receivable within one year | 40/41 | €11,548 | €13,370 | +€1,822 | +15.8% |
| Trade receivables | 40 | - | €56 | +€56 | |
| Other amounts receivable | 41 | €11,548 | €13,314 | +€1,766 | +15.3% |
| Cash at bank and in hand | 54/58 | €60,232 | €13,496 | -€46,736 | -77.6% |
| Deferred charges and accrued income | 490/1 | €1,265 | €1,243 | -€22 | -1.7% |
| Total equity and liabilities | 10/49 | €94,493 | €36,709 | -€57,784 | -61.2% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €89,493 | €31,709 | -€57,784 | -64.6% |
| Amounts payable after more than one year | 17 | €3,641 | - | -€3,641 | |
| Financial debts | 170/4 | €3,641 | - | -€3,641 | |
| Amounts payable within one year | 42/48 | €85,696 | €31,200 | -€54,496 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €14,342 | €3,641 | -€10,701 | -74.6% |
| Trade debts | 44 | €863 | - | -€863 | |
| Suppliers | 440/4 | €863 | - | -€863 | |
| Taxes, remuneration and social security | 45 | €6,655 | €4,523 | -€2,133 | -32.0% |
| Taxes | 450/3 | €2,529 | €4,363 | +€1,834 | +72.5% |
| Remuneration and social security | 454/9 | €4,127 | €160 | -€3,967 | -96.1% |
| Other amounts payable | 47/48 | €63,835 | €23,036 | -€40,799 | -63.9% |
| Accrued charges and deferred income | 492/3 | €156 | €509 | +€353 | +227% |
| Remuneration, social security and pensions | 62 | €2,010 | €1,920 | -€90 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,901 | €12,848 | -€52 | -0.4% |
| Other operating charges | 640/8 | - | €527 | +€527 | |
| Gross operating margin | 9900 | €39,058 | €33,289 | -€5,769 | -14.8% |
| Operating profit (loss) | 9901 | €24,147 | €17,994 | -€6,153 | -25.5% |
| Financial income | 75/76B | €2 | €11 | +€9 | +462% |
| Recurring financial income | 75 | €2 | €11 | +€9 | +462% |
| Financial charges | 65/66B | €1,040 | €349 | -€691 | -66.5% |
| Recurring financial charges | 65 | €1,040 | €349 | -€691 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €23,109 | €17,657 | -€5,452 | -23.6% |
| Income taxes | 67/77 | €5,308 | €4,325 | -€984 | -18.5% |
| Profit (loss) for the period | 9904 | €17,801 | €13,332 | -€4,469 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,801 | €13,332 | -€4,469 | -25.1% |
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 17 October 2026 via checked.be.