V.G.D. CONSTRUCT: what changed
V.G.D. CONSTRUCT
Largest movements
- Receivables within one year +€27,272
up €27,272 (+114%), from €24,016 to €51,288
of which Trade receivables: +€27,705
- Cash +€2,496
up €2,496 (+18.2%), from €13,709 to €16,205
mainly Trade debts (+€17,604) and Accrued charges and deferred income (+€6,003)
- Trade debts +€17,604
up €17,604 (+283%), from €6,224 to €23,828
- Accrued charges and deferred income +€6,003
new in 2025: €6,003
- Other debts +€3,366
new in 2025: €3,366
- Profit (loss) carried forward +€3,103
up €3,103 (+18.0%), from €17,210 to €20,314
- Purchases and services +€63,961
up €63,961 (+24.2%), from €264,284 to €328,246
- Turnover +€46,791
up €46,791 (+16.4%), from €284,484 to €331,275
- Gross operating margin -€14,380
down €14,380 (-72.2%), from €19,914 to €5,534
- Taxes -€3,322
down €3,322 (-66.4%), from €5,000 to €1,679
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,325 | €68,289 | +€29,964 | +78.2% |
| Fixed assets | 21/28 | €90 | €90 | = | 0.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €38,235 | €68,199 | +€29,964 | +78.4% |
| Amounts receivable within one year | 40/41 | €24,016 | €51,288 | +€27,272 | +114% |
| Trade receivables | 40 | €21,563 | €49,268 | +€27,705 | +128% |
| Other amounts receivable | 41 | €2,453 | €2,021 | -€433 | -17.6% |
| Cash at bank and in hand | 54/58 | €13,709 | €16,205 | +€2,496 | +18.2% |
| Deferred charges and accrued income | 490/1 | €510 | €706 | +€196 | +38.4% |
| Total equity and liabilities | 10/49 | €38,325 | €68,289 | +€29,964 | +78.2% |
| Equity | 10/15 | €17,510 | €20,614 | +€3,103 | +17.7% |
| Contributions | 10/11 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,210 | €20,314 | +€3,103 | +18.0% |
| Amounts payable | 17/49 | €20,814 | €47,675 | +€26,861 | +129% |
| Amounts payable within one year | 42/48 | €20,814 | €41,672 | +€20,858 | +100% |
| Trade debts | 44 | €6,224 | €23,828 | +€17,604 | +283% |
| Suppliers | 440/4 | €6,224 | €23,828 | +€17,604 | +283% |
| Taxes, remuneration and social security | 45 | €14,590 | €14,478 | -€112 | -0.8% |
| Taxes | 450/3 | €5,390 | €4,378 | -€1,012 | -18.8% |
| Remuneration and social security | 454/9 | €9,200 | €10,100 | +€900 | +9.8% |
| Other amounts payable | 47/48 | - | €3,366 | +€3,366 | |
| Accrued charges and deferred income | 492/3 | - | €6,003 | +€6,003 | |
| Turnover | 70 | €284,484 | €331,275 | +€46,791 | +16.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €264,284 | €328,246 | +€63,961 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,323 | - | -€1,323 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €19,914 | €5,534 | -€14,380 | -72.2% |
| Operating profit (loss) | 9901 | €18,204 | €5,134 | -€13,070 | -71.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +400% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Financial charges | 65/66B | €281 | €352 | +€71 | +25.4% |
| Recurring financial charges | 65 | €281 | €352 | +€71 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €17,923 | €4,782 | -€13,141 | -73.3% |
| Income taxes | 67/77 | €5,000 | €1,679 | -€3,322 | -66.4% |
| Profit (loss) for the period | 9904 | €12,923 | €3,103 | -€9,819 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,923 | €3,103 | -€9,819 | -76.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.