V.L.C. 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.L.C. CONSTRUCT
Largest movements
- Receivables within one year -€66,830
down €66,830 (-17.3%), from €385,876 to €319,046
of which Other amounts receivable: -€36,381
- Stocks and contracts -€39,259
down €39,259 (-100.0%), from €39,259 to €0
- Trade debts -€77,883
down €77,883 (-76.0%), from €102,443 to €24,560
- Tax, wage and social debts -€20,459
down €20,459 (-15.0%), from €136,136 to €115,677
- Short-term financial debts -€14,000
down €14,000 (-20.0%), from €70,000 to €56,000
- Profit (loss) carried forward +€12,184
up €12,184 (+11.5%), from -€106,401 to -€94,217
- Current portion of long-term debt -€6,328
down €6,328 (-100.0%), from €6,328 to €0
- Financial charges +€26,589
up €26,589 (+143.8%), from €18,488 to €45,077
of which Financial charges: +€26,860
- Gross operating margin +€17,872
up €17,872 (+39.9%), from €44,758 to €62,630
- Other operating charges +€1,185
up €1,185 (+735.3%), from €161 to €1,346
- Taxes -€723
down €723 (-100.0%), from €723 to €0
- Depreciation -€712
down €712 (-16.3%), from €4,355 to €3,643
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.
Cash bridge derived
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 | €432,246 | €322,957 | -€109,290 | -25.3% |
| Fixed assets | 21/28 | €5,060 | €1,417 | -€3,643 | -72.0% |
| Tangible fixed assets | 22/27 | €5,060 | €1,417 | -€3,643 | -72.0% |
| Plant, machinery and equipment | 23 | €656 | €156 | -€500 | -76.2% |
| Furniture and vehicles | 24 | €4,404 | €1,261 | -€3,143 | -71.4% |
| Current assets | 29/58 | €427,186 | €321,539 | -€105,647 | -24.7% |
| Stocks and contracts in progress | 3 | €39,259 | €0 | -€39,259 | -100.0% |
| Stocks | 30/36 | €39,259 | €0 | -€39,259 | -100.0% |
| Amounts receivable within one year | 40/41 | €385,876 | €319,046 | -€66,830 | -17.3% |
| Trade receivables | 40 | €280,266 | €249,817 | -€30,448 | -10.9% |
| Other amounts receivable | 41 | €105,610 | €69,229 | -€36,381 | -34.4% |
| Cash at bank and in hand | 54/58 | €2,051 | €2,493 | +€442 | +21.5% |
| Total equity and liabilities | 10/49 | €432,246 | €322,957 | -€109,290 | -25.3% |
| Equity | 10/15 | €79,088 | €91,271 | +€12,184 | +15.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €123,488 | €123,488 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €120,390 | €120,390 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,401 | -€94,217 | +€12,184 | +11.5% |
| Amounts payable | 17/49 | €353,159 | €231,685 | -€121,473 | -34.4% |
| Amounts payable within one year | 42/48 | €353,159 | €231,685 | -€121,473 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €6,328 | €0 | -€6,328 | -100.0% |
| Financial debts | 43 | €70,000 | €56,000 | -€14,000 | -20.0% |
| Credit institutions | 430/8 | €70,000 | €56,000 | -€14,000 | -20.0% |
| Trade debts | 44 | €102,443 | €24,560 | -€77,883 | -76.0% |
| Suppliers | 440/4 | €102,443 | €24,560 | -€77,883 | -76.0% |
| Advances received on contracts in progress | 46 | €38,251 | €35,448 | -€2,803 | -7.3% |
| Taxes, remuneration and social security | 45 | €136,136 | €115,677 | -€20,459 | -15.0% |
| Taxes | 450/3 | €136,136 | €115,677 | -€20,459 | -15.0% |
| Non-recurring operating income | 76A | - | €173 | +€173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,355 | €3,643 | -€712 | -16.3% |
| Other operating charges | 640/8 | €161 | €1,346 | +€1,185 | +735.3% |
| Non-recurring operating charges | 66A | - | €380 | +€380 | |
| Gross operating margin | 9900 | €44,758 | €62,630 | +€17,872 | +39.9% |
| Operating profit (loss) | 9901 | €40,242 | €57,261 | +€17,019 | +42.3% |
| Financial income | 75/76B | €10 | €0 | -€10 | -100.0% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100.0% |
| Non-recurring financial income | 76B | €10 | €0 | -€10 | -100.0% |
| Financial charges | 65/66B | €18,488 | €45,077 | +€26,589 | +143.8% |
| Recurring financial charges | 65 | €18,217 | €45,077 | +€26,860 | +147.4% |
| Non-recurring financial charges | 66B | €271 | €0 | -€271 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €21,764 | €12,184 | -€9,580 | -44.0% |
| Income taxes | 67/77 | €723 | €0 | -€723 | -100.0% |
| Profit (loss) for the period | 9904 | €21,040 | €12,184 | -€8,856 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,040 | €12,184 | -€8,856 | -42.1% |
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 11 October 2026 via checked.be.