V & D CONSTRUCT: 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.
V & D CONSTRUCT
Largest movements
- Receivables within one year -€12,109
down €12,109 (-28.4%), from €42,690 to €30,581
of which Trade receivables: -€10,146
- Cash -€4,869
down €4,869 (-35.7%), from €13,652 to €8,783
mainly Net result for the year (-€35,874) and Tax, wage and social debts (-€9,390)
- Tangible fixed assets +€2,789
up €2,789 (+35.9%), from €7,765 to €10,554
of which Plant, machinery and equipment: +€1,865
- Profit (loss) carried forward -€35,874
down €35,874 (-152%), from -€23,599 to -€59,473
- Trade debts +€22,581
up €22,581 (+143%), from €15,821 to €38,402
- Tax, wage and social debts -€9,390
down €9,390 (-96.6%), from €9,719 to €329
of which Remuneration and social security: -€8,750
- Other debts +€8,674
up €8,674 (+4,342%), from €200 to €8,874
- Gross operating margin -€49,039
down €49,039, from €26,672 to -€22,367
- Other operating charges -€5,563
down €5,563 (-89.5%), from €6,214 to €651
- Financial charges +€2,361
up €2,361 (+30.6%), from €7,724 to €10,085
- Depreciation +€412
up €412 (+15.4%), from €2,681 to €3,093
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 | €89,980 | €75,971 | -€14,009 | -15.6% |
| Fixed assets | 21/28 | €10,315 | €13,104 | +€2,789 | +27.0% |
| Tangible fixed assets | 22/27 | €7,765 | €10,554 | +€2,789 | +35.9% |
| Land and buildings | 22 | - | €1,087 | +€1,087 | |
| Plant, machinery and equipment | 23 | €3,585 | €5,450 | +€1,865 | +52.0% |
| Furniture and vehicles | 24 | €4,180 | €4,017 | -€163 | -3.9% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €79,665 | €62,868 | -€16,798 | -21.1% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,690 | €30,581 | -€12,109 | -28.4% |
| Trade receivables | 40 | €30,436 | €20,290 | -€10,146 | -33.3% |
| Other amounts receivable | 41 | €12,254 | €10,291 | -€1,963 | -16.0% |
| Cash at bank and in hand | 54/58 | €13,652 | €8,783 | -€4,869 | -35.7% |
| Deferred charges and accrued income | 490/1 | €3,323 | €3,504 | +€180 | +5.4% |
| Total equity and liabilities | 10/49 | €89,980 | €75,971 | -€14,009 | -15.6% |
| Equity | 10/15 | €64,241 | €28,367 | -€35,874 | -55.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,239 | €69,239 | = | 0.0% |
| Distributable reserves | 133 | €69,239 | €69,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,599 | -€59,473 | -€35,874 | -152% |
| Amounts payable | 17/49 | €25,739 | €47,605 | +€21,865 | +84.9% |
| Amounts payable within one year | 42/48 | €25,739 | €47,605 | +€21,865 | +84.9% |
| Trade debts | 44 | €15,821 | €38,402 | +€22,581 | +143% |
| Suppliers | 440/4 | €15,821 | €38,402 | +€22,581 | +143% |
| Taxes, remuneration and social security | 45 | €9,719 | €329 | -€9,390 | -96.6% |
| Taxes | 450/3 | €969 | €329 | -€640 | -66.1% |
| Remuneration and social security | 454/9 | €8,750 | - | -€8,750 | |
| Other amounts payable | 47/48 | €200 | €8,874 | +€8,674 | +4,342% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,681 | €3,093 | +€412 | +15.4% |
| Other operating charges | 640/8 | €6,214 | €651 | -€5,563 | -89.5% |
| Non-recurring operating charges | 66A | €8,916 | - | -€8,916 | |
| Gross operating margin | 9900 | €26,672 | -€22,367 | -€49,039 | |
| Operating profit (loss) | 9901 | €8,861 | -€26,111 | -€34,972 | |
| Financial income | 75/76B | €396 | €596 | +€200 | +50.5% |
| Recurring financial income | 75 | €396 | €596 | +€200 | +50.5% |
| Financial charges | 65/66B | €7,724 | €10,085 | +€2,361 | +30.6% |
| Recurring financial charges | 65 | €7,724 | €10,085 | +€2,361 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €1,533 | -€35,600 | -€37,133 | |
| Income taxes | 67/77 | €266 | €274 | +€7 | +2.8% |
| Profit (loss) for the period | 9904 | €1,267 | -€35,874 | -€37,141 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,267 | -€35,874 | -€37,141 |
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 31 October 2026 via checked.be.