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VCT Construct

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Private limited companyfounded 2016active for 10 yearsVinkenlaan 34, 9820 Merelbeke-Melle, BelgiumKBO/BCE: BE 0647.857.159

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 30-04-2026 PDF all 9 filings

Turnover
≈ €360,000
Estimated: probably between €260,000 and €640,000
Total assets
€408,931▼ 11.0%
2024 · €459,447
Net result
€44,601▼ 57.3%
2024 · €104,331
Working capital
-€126,039
2024 · €31,546
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 14% lower than in 2024. It is the second fall in a row.

Operating result€53,157 2025 Net result€44,601 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€22,461-€43,862▲ 95.3%€52,581▲ 19.9%€52,558=€33,716▼ 35.9%€68,688▲ 104%€61,629▼ 10.3%€53,157▼ 13.7%
Net result€16,456-€34,152▲ 108%€41,006above the sector's middle half▲ 20.1%€40,897above the sector's middle half▼ 0.3%€25,458within the sector's middle half▼ 37.7%€53,178above the sector's middle half▲ 109%€104,331above the sector's middle half▲ 96.2%€44,601above the sector's middle half▼ 57.3%
Equity€62,402-€95,754▲ 53.4%€135,160above the sector's middle half▲ 41.2%€174,457above the sector's middle half▲ 29.1%€45,918within the sector's middle half▼ 73.7%€97,430within the sector's middle half▲ 112%€201,761above the sector's middle half▲ 107%€126,362above the sector's middle half▼ 37.4%
Total assets€103,273-€129,501▲ 25.4%€161,148within the sector's middle half▲ 24.4%€223,451within the sector's middle half▲ 38.7%€193,191within the sector's middle half▼ 13.5%€205,317within the sector's middle half▲ 6.3%€459,447above the sector's middle half▲ 124%€408,931above the sector's middle half▼ 11.0%
Debt€40,870-€33,747▼ 17.4%€25,987▼ 23.0%€48,995▲ 88.5%€147,272▲ 201%€107,886▼ 26.7%€257,685▲ 139%€282,569▲ 9.7%
Working capital€55,986-€87,535▲ 56.4%€132,692above the sector's middle half▲ 51.6%€150,207above the sector's middle half▲ 13.2%€15,539within the sector's middle half▼ 89.7%€68,886within the sector's middle half▲ 343%€31,546within the sector's middle half▼ 54.2%-€126,039below the sector's middle half
Solvency60.4%-73.9%▲ 13.5pp83.9%above the sector's middle half▲ 9.9pp78.1%above the sector's middle half▼ 5.8pp23.8%within the sector's middle half▼ 54.3pp47.5%within the sector's middle half▲ 23.7pp43.9%within the sector's middle half▼ 3.5pp30.9%within the sector's middle half▼ 13.0pp
Current ratio2.60-3.66▲ 1.066.11above the sector's middle half▲ 2.446.26above the sector's middle half▲ 0.161.11within the sector's middle half▼ 5.161.64within the sector's middle half▲ 0.531.67within the sector's middle half▲ 0.030.25below the sector's middle half▼ 1.41
Return on assets (ROA)15.9%-26.4%▲ 10.4pp25.4%above the sector's middle half▼ 0.9pp18.3%above the sector's middle half▼ 7.1pp13.2%within the sector's middle half▼ 5.1pp25.9%above the sector's middle half▲ 12.7pp22.7%above the sector's middle half▼ 3.2pp10.9%within the sector's middle half▼ 11.8pp
above within below The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €408,931
Fixed assets €366,265 ▼ 3.8%
Current assets €42,666 ▼ 45.9%
Equity and liabilities €408,931
Equity €126,362 ▼ 37.4%
Debt €282,569 ▲ 9.7%
Debt's share of the balance-sheet total rises from 56.1% to 69.1%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€65,764▼
2024 · €75,325
Cash flow
€57,208▼
2024 · €118,027
Debt to equity
2.24▲
2024 · 1.28
ROE
35.3%▼
2024 · 51.7%
Interest coverage
6.62▼
2024 · 8.06
Debt ≤ 1 year
€168,705▲
2024 · €47,313
Debt > 1 year
€108,450▼
2024 · €208,450
Income taxes
€17,899▲
2024 · €15,450
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Securities and guarantees

on own assets and for others
Item20212022202320242025
Pledge on other assets, amount secured€52,618€32,378€21,854€11,331€114,140
Carrying value of the other pledged assets€42,901€32,378€21,854€11,331€364,140

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€54,379-€7,312€1,599-
Financial fixed assets---€364,140-
Depreciation and write-downs of the year€11,671€11,411€12,071€13,696€12,607

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet Code20242025
Assets
Total assets20/58€459,447€408,931▼
Fixed assets21/28€380,587€366,265▼
Tangible fixed assets22/27€16,447€2,125▼
Plant, machinery and equipment23€0-
Furniture and vehicles24€16,447€2,125▼
Financial fixed assets28€364,140€364,140=
Current assets29/58€78,859€42,666▼
Amounts receivable within one year40/41€10,588€11,502▲
Trade receivables40€10,588€9,697▼
Other amounts receivable41-€1,805
Cash at bank and in hand54/58€67,423€30,225▼
Deferred charges and accrued income490/1€849€939▲
Equity and liabilities
Total equity and liabilities10/49€459,447€408,931▼
Equity10/15€201,761€126,362▼
Contributions10/11€18,600€18,600=
Reserves13€183,161€107,762▼
Distributable reserves133€183,161€107,762▼
Profit (loss) carried forward14€0€0=
Amounts payable17/49€257,685€282,569▲
Amounts payable after more than one year17€208,450€108,450▼
Financial debts170/4€208,450€108,450▼
Amounts payable within one year42/48€47,313€168,705▲
Current portion of amounts payable after more than one year42€25,690€25,690=
Trade debts44€2,500€1,516▼
Suppliers440/4€2,500€1,516▼
Taxes, remuneration and social security45€9,978€14,997▲
Taxes450/3€9,978€14,997▲
Other amounts payable47/48€9,145€126,502▲
Accrued charges and deferred income492/3€1,922€5,414▲
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13,696€12,607▼
Other operating charges640/8€1,979€1,682▼
Non-recurring operating charges66A-€1,715
Gross operating margin9900€77,304€69,161▼
Operating profit (loss)9901€61,629€53,157▼
Financial income75/76B€67,500€19,278▼
Recurring financial income75€67,500€19,278▼
Financial charges65/66B€9,348€9,935▲
Recurring financial charges65€9,348€9,935▲
Profit (loss) for the period before taxes9903€119,781€62,500▼
Income taxes67/77€15,450€17,899▲
Profit (loss) for the period9904€104,331€44,601▼
Profit (loss) for the period to be appropriated9905€104,331€44,601▼
Appropriation of the result
Profit (loss) to be appropriated9906€104,331€44,601▼
Transfer from equity791/2-€120,000
Transfer to equity691/2€104,331€44,601▼
To other reserves6921€104,331€44,601▼
Profit to be distributed694/7€0€120,000▲
Return on contributions (dividend)694€0€120,000▲

The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 30-04-2026.

Line20182019202020212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5,968€7,291€7,509€11,671€11,411€12,071€13,696€12,607▼ 7.9%
Other operating charges640/8---€6,654€1,719€1,764€1,979€1,682▼ 15.0%
Non-recurring operating charges66A-------€1,715-
Gross operating margin9900€29,209€52,243€61,302€70,883€46,846€82,523€77,304€69,161▼ 10.5%
Operating profit (loss)9901€22,461€43,862€52,581€52,558€33,716€68,688€61,629€53,157▼ 13.7%
Financial income75/76B---€1€295€0€67,500€19,278▼ 71.4%
Recurring financial income75€0€94€0€1€295€0€67,500€19,278▼ 71.4%
Financial charges65/66B---€136€207€175€9,348€9,935▲ 6.3%
Recurring financial charges65€347€193€209€136€207€175€9,348€9,935▲ 6.3%
Profit (loss) for the period before taxes9903€22,114€43,763€52,371€52,423€33,804€68,513€119,781€62,500▼ 47.8%
Income taxes67/77€5,659€9,611€11,365€11,527€8,346€15,335€15,450€17,899▲ 15.9%
Profit (loss) for the period9904€16,456€34,152€41,006€40,897€25,458€53,178€104,331€44,601▼ 57.3%
Profit (loss) for the period to be appropriated9905€16,374€34,070€41,006€40,897€25,458€53,178€104,331€44,601▼ 57.3%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€103,273€129,501€161,148€223,451€193,191€205,317€459,447€408,931▼ 11.0%
Formation expenses20€0--------
Fixed assets21/28€12,399€9,078€2,469€44,714€33,303€28,544€380,587€366,265▼ 3.8%
Intangible fixed assets21€0--------
Tangible fixed assets22/27€12,399€9,078€2,469€44,714€33,303€28,544€16,447€2,125▼ 87.1%
Plant, machinery and equipment23---€1,430€843€256€0--
Furniture and vehicles24---€43,283€32,460€28,288€16,447€2,125▼ 87.1%
Financial fixed assets28€0-----€364,140€364,140=
Current assets29/58€90,873€120,423€158,679€178,738€159,888€176,772€78,859€42,666▼ 45.9%
Stocks and contracts in progress3€0--------
Amounts receivable within one year40/41€15,800€21,364€15,575€12,470€15,842€18,762€10,588€11,502▲ 8.6%
Trade receivables40---€12,470€13,188€18,762€10,588€9,697▼ 8.4%
Other amounts receivable41---€0€2,654€0-€1,805-
Current investments50/53€0--------
Cash at bank and in hand54/58€73,776€98,370€142,387€165,359€143,182€157,206€67,423€30,225▼ 55.2%
Deferred charges and accrued income490/1---€909€864€805€849€939▲ 10.6%
Equity and liabilities
Total equity and liabilities10/49€103,273€129,501€161,148€223,451€193,191€205,317€459,447€408,931▼ 11.0%
Equity10/15€62,402€95,754€135,160€174,457€45,918€97,430€201,761€126,362▼ 37.4%
Contributions10/11€6,200€6,200-€6,200€18,600€18,600€18,600€18,600=
Reserves13€56,202€89,554€128,960€168,257€27,318€78,830€183,161€107,762▼ 41.2%
Non-distributable reserves130/1---€1,860€0----
Reserves not available under the articles1311---€1,860€0----
Distributable reserves133---€166,397€27,318€78,830€183,161€107,762▼ 41.2%
Profit (loss) carried forward14€0--€0€0€0€0€0-
Provisions and deferred taxes16€0--------
Amounts payable17/49€40,870€33,747€25,987€48,995€147,272€107,886€257,685€282,569▲ 9.7%
Amounts payable after more than one year17€5,983€859€0€20,464€2,923€0€208,450€108,450▼ 48.0%
Financial debts170/4---€20,464€2,923€0€208,450€108,450▼ 48.0%
Amounts payable within one year42/48€34,887€32,888€25,987€28,530€144,349€107,886€47,313€168,705▲ 257%
Current portion of amounts payable after more than one year42---€17,541€17,541€2,923€25,690€25,690=
Trade debts44€268€5,605€856€1,143€838€1,190€2,500€1,516▼ 39.4%
Suppliers440/4---€1,143€838€1,190€2,500€1,516▼ 39.4%
Taxes, remuneration and social security45---€8,960€7,462€10,712€9,978€14,997▲ 50.3%
Taxes450/3---€8,960€7,462€10,712€9,978€14,997▲ 50.3%
Remuneration and social security454/9---€0-----
Other amounts payable47/48---€886€118,509€93,061€9,145€126,502▲ 14×
Accrued charges and deferred income492/3------€1,922€5,414▲ 182%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€16,456€34,152€41,006€40,897€25,458€53,178€104,331€44,601▼ 57.3%
+ Depreciation and write-downs630€5,968€7,291€7,509€11,671€11,411€12,071€13,696€12,607▼ 7.9%
Operating cash flow (approximation)€22,423€41,443€48,516€52,568€36,869€65,249€118,027€57,208▼ 51.5%
Investment in fixed assets (approximation)--€3,970-€900-€53,916€0-€7,312-€365,739€1,715-
Change in cash-€24,595€44,017€22,972-€22,178€14,024-€89,783-€37,198▲ 58.6%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (9)
Financial year Type Filed Reference Document
31-12-2025 micro format 30-04-2026 2026-00097742 PDF
31-12-2024 micro format 20-03-2025 2025-00051298 PDF
31-12-2023 micro format 23-05-2024 2024-00094446 PDF
31-12-2022 micro format 05-06-2023 2023-00106547 PDF
31-12-2021 micro format 20-07-2022 2022-20207094 PDF
31-12-2020 micro format 06-04-2021 2021-09700051 PDF
31-12-2019 micro format 16-04-2020 2020-09200378 PDF
31-12-2018 micro format 15-07-2019 2019-32600574 PDF
31-12-2017 micro format 27-04-2018 2018-11300008 PDF

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