V.S. CONSTRUCTIVE: what changed
Two fiscal 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.S. CONSTRUCTIVE
Largest movements
- Tangible fixed assets -€34,165
down €34,165 (-21.4%), from €159,296 to €125,132
of which Plant, machinery and equipment: -€17,710
- Cash +€20,762
up €20,762 (+336.1%), from €6,178 to €26,940
mainly Depreciation (+€38,585) and Other debts (+€21,595)
- Receivables within one year -€11,722
down €11,722 (-34.8%), from €33,683 to €21,961
of which Trade receivables: -€14,557
- Stocks and contracts -€6,993
down €6,993 (-32.8%), from €21,307 to €14,314
- Reserves -€33,530
down €33,530 (-45.6%), from €73,460 to €39,930
- Debts after one year -€30,907
down €30,907 (-30.0%), from €103,065 to €72,158
- Other debts +€21,595
up €21,595 (+4677.5%), from €462 to €22,057
- Tax, wage and social debts +€9,676
up €9,676 (+9351.2%), from €103 to €9,779
of which Remuneration and social security: +€5,526
- Current portion of long-term debt -€3,571
down €3,571 (-10.4%), from €34,477 to €30,907
- Gross operating margin +€12,341
up €12,341 (+39.6%), from €31,176 to €43,517
- Staff costs +€9,394
new in 2025: €9,394
- Depreciation +€2,695
up €2,695 (+7.5%), from €35,891 to €38,585
- Financial income +€2,127
up €2,127 (+286.4%), from €743 to €2,870
- Financial charges -€1,082
down €1,082 (-15.9%), from €6,795 to €5,713
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 | €224,596 | €190,732 | -€33,864 | -15.1% |
| Fixed assets | 21/28 | €159,296 | €125,132 | -€34,165 | -21.4% |
| Tangible fixed assets | 22/27 | €159,296 | €125,132 | -€34,165 | -21.4% |
| Land and buildings | 22 | €1,812 | €1,606 | -€205 | -11.3% |
| Plant, machinery and equipment | 23 | €103,545 | €85,835 | -€17,710 | -17.1% |
| Furniture and vehicles | 24 | €53,940 | €37,691 | -€16,249 | -30.1% |
| Current assets | 29/58 | €65,300 | €65,600 | +€300 | +0.5% |
| Stocks and contracts in progress | 3 | €21,307 | €14,314 | -€6,993 | -32.8% |
| Stocks | 30/36 | €21,307 | €14,314 | -€6,993 | -32.8% |
| Amounts receivable within one year | 40/41 | €33,683 | €21,961 | -€11,722 | -34.8% |
| Trade receivables | 40 | €32,012 | €17,455 | -€14,557 | -45.5% |
| Other amounts receivable | 41 | €1,671 | €4,506 | +€2,834 | +169.6% |
| Cash at bank and in hand | 54/58 | €6,178 | €26,940 | +€20,762 | +336.1% |
| Deferred charges and accrued income | 490/1 | €4,131 | €2,385 | -€1,746 | -42.3% |
| Total equity and liabilities | 10/49 | €224,596 | €190,732 | -€33,864 | -15.1% |
| Equity | 10/15 | €80,960 | €47,430 | -€33,530 | -41.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €73,460 | €39,930 | -€33,530 | -45.6% |
| Distributable reserves | 133 | €73,460 | €39,930 | -€33,530 | -45.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €143,636 | €143,302 | -€335 | -0.2% |
| Amounts payable after more than one year | 17 | €103,065 | €72,158 | -€30,907 | -30.0% |
| Financial debts | 170/4 | €103,065 | €72,158 | -€30,907 | -30.0% |
| Amounts payable within one year | 42/48 | €40,571 | €71,143 | +€30,572 | +75.4% |
| Current portion of amounts payable after more than one year | 42 | €34,477 | €30,907 | -€3,571 | -10.4% |
| Trade debts | 44 | €5,528 | €8,400 | +€2,872 | +52.0% |
| Suppliers | 440/4 | €5,528 | €8,400 | +€2,872 | +52.0% |
| Taxes, remuneration and social security | 45 | €103 | €9,779 | +€9,676 | +9351.2% |
| Taxes | 450/3 | €103 | €4,253 | +€4,150 | +4010.8% |
| Remuneration and social security | 454/9 | - | €5,526 | +€5,526 | |
| Other amounts payable | 47/48 | €462 | €22,057 | +€21,595 | +4677.5% |
| Remuneration, social security and pensions | 62 | - | €9,394 | +€9,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,891 | €38,585 | +€2,695 | +7.5% |
| Other operating charges | 640/8 | €1,107 | €1,223 | +€116 | +10.5% |
| Gross operating margin | 9900 | €31,176 | €43,517 | +€12,341 | +39.6% |
| Operating profit (loss) | 9901 | -€5,822 | -€5,686 | +€136 | +2.3% |
| Financial income | 75/76B | €743 | €2,870 | +€2,127 | +286.4% |
| Recurring financial income | 75 | €743 | €2,870 | +€2,127 | +286.4% |
| Financial charges | 65/66B | €6,795 | €5,713 | -€1,082 | -15.9% |
| Recurring financial charges | 65 | €6,795 | €5,713 | -€1,082 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,874 | -€8,530 | +€3,344 | +28.2% |
| Income taxes | 67/77 | €103 | €0 | -€103 | -100.0% |
| Profit (loss) for the period | 9904 | -€11,977 | -€8,530 | +€3,448 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,977 | -€8,530 | +€3,448 | +28.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.