VAB CONSTRUCT: 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.
VAB CONSTRUCT
Largest movements
- Receivables within one year +€274,087
up €274,087 (+1532.7%), from €17,883 to €291,970
of which Trade receivables: +€270,925
- Cash +€4,137
new in 2025: €4,137
mainly Other debts (+€84,722) and Net result for the year (+€70,645)
- Other debts +€84,722
up €84,722 (+5265.7%), from €1,609 to €86,331
- Profit (loss) carried forward +€70,645
up €70,645, from -€119 to €70,526
- Trade debts +€64,863
new in 2025: €64,863
- Tax, wage and social debts +€59,694
up €59,694 (+5099.4%), from €1,171 to €60,865
of which Remuneration and social security: +€40,000
- Current portion of long-term debt +€5,762
new in 2025: €5,762
- Gross operating margin +€130,439
new in 2025: €130,439
- Staff costs +€41,836
new in 2025: €41,836
- Taxes +€16,527
new in 2025: €16,527
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
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 | €17,983 | €296,407 | +€278,424 | +1548.3% |
| Fixed assets | 21/28 | €100 | €100 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €17,883 | €296,307 | +€278,424 | +1556.9% |
| Amounts receivable within one year | 40/41 | €17,883 | €291,970 | +€274,087 | +1532.7% |
| Trade receivables | 40 | €15,658 | €286,583 | +€270,925 | +1730.3% |
| Other amounts receivable | 41 | €2,225 | €5,387 | +€3,162 | +142.1% |
| Cash at bank and in hand | 54/58 | - | €4,137 | +€4,137 | |
| Deferred charges and accrued income | 490/1 | - | €200 | +€200 | |
| Total equity and liabilities | 10/49 | €17,983 | €296,407 | +€278,424 | +1548.3% |
| Equity | 10/15 | €7,941 | €78,586 | +€70,645 | +889.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119 | €70,526 | +€70,645 | |
| Amounts payable | 17/49 | €10,042 | €217,820 | +€207,779 | +2069.2% |
| Amounts payable within one year | 42/48 | €8,542 | €217,820 | +€209,279 | +2450.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,762 | +€5,762 | |
| Financial debts | 43 | €5,762 | - | -€5,762 | |
| Credit institutions | 430/8 | €5,762 | - | -€5,762 | |
| Trade debts | 44 | - | €64,863 | +€64,863 | |
| Suppliers | 440/4 | - | €64,863 | +€64,863 | |
| Taxes, remuneration and social security | 45 | €1,171 | €60,865 | +€59,694 | +5099.4% |
| Taxes | 450/3 | €1,171 | €20,865 | +€19,694 | +1682.4% |
| Remuneration and social security | 454/9 | - | €40,000 | +€40,000 | |
| Other amounts payable | 47/48 | €1,609 | €86,331 | +€84,722 | +5265.7% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Remuneration, social security and pensions | 62 | - | €41,836 | +€41,836 | |
| Other operating charges | 640/8 | - | €1,161 | +€1,161 | |
| Gross operating margin | 9900 | - | €130,439 | +€130,439 | |
| Operating profit (loss) | 9901 | - | €87,442 | +€87,442 | |
| Financial charges | 65/66B | - | €270 | +€270 | |
| Recurring financial charges | 65 | - | €270 | +€270 | |
| Profit (loss) for the period before taxes | 9903 | - | €87,172 | +€87,172 | |
| Income taxes | 67/77 | - | €16,527 | +€16,527 | |
| Profit (loss) for the period | 9904 | - | €70,645 | +€70,645 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €70,645 | +€70,645 |
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.