VAD-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.
VAD-CONSTRUCT
Largest movements
- Stocks and contracts -€1.2m
down €1.2m (-37.8%), from €3.2m to €2.0m
- Receivables within one year +€203,403
up €203,403 (+27.5%), from €740,292 to €943,695
of which Other amounts receivable: +€212,424
- Current portion of long-term debt -€1.7m
no longer reported in 2025 (was €1.7m)
- Other debts +€403,531
up €403,531 (+27751.6%), from €1,454 to €404,985
- Debts after one year +€393,129
up €393,129 (+18.3%), from €2.1m to €2.5m
- Trade debts -€58,039
down €58,039 (-33.5%), from €173,462 to €115,423
- Gross operating margin +€92,871
up €92,871, from -€31,432 to €61,439
- Staff costs -€62,778
down €62,778 (-83.2%), from €75,490 to €12,713
- Financial charges +€26,571
up €26,571 (+2239.8%), from €1,186 to €27,758
- Financial income +€4,506
up €4,506 (+69.2%), from €6,516 to €11,023
- Depreciation -€3,738
down €3,738 (-16.1%), from €23,241 to €19,503
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 | €4,261,234 | €3,237,898 | -€1.0m | -24.0% |
| Fixed assets | 21/28 | €101,193 | €86,370 | -€14,823 | -14.6% |
| Intangible fixed assets | 21 | €19,613 | €17,332 | -€2,280 | -11.6% |
| Tangible fixed assets | 22/27 | €77,041 | €64,498 | -€12,543 | -16.3% |
| Plant, machinery and equipment | 23 | €6,216 | €3,197 | -€3,019 | -48.6% |
| Furniture and vehicles | 24 | €12,360 | €7,909 | -€4,452 | -36.0% |
| Other tangible fixed assets | 26 | €58,465 | €53,392 | -€5,072 | -8.7% |
| Financial fixed assets | 28 | €4,540 | €4,540 | = | 0.0% |
| Current assets | 29/58 | €4,160,040 | €3,151,528 | -€1.0m | -24.2% |
| Amounts receivable after more than one year | 29 | €202,000 | €187,886 | -€14,114 | -7.0% |
| Other amounts receivable | 291 | €202,000 | €187,886 | -€14,114 | -7.0% |
| Stocks and contracts in progress | 3 | €3,190,875 | €1,984,627 | -€1.2m | -37.8% |
| Stocks | 30/36 | €3,190,875 | €1,984,627 | -€1.2m | -37.8% |
| Amounts receivable within one year | 40/41 | €740,292 | €943,695 | +€203,403 | +27.5% |
| Trade receivables | 40 | €279,803 | €270,783 | -€9,020 | -3.2% |
| Other amounts receivable | 41 | €460,489 | €672,912 | +€212,424 | +46.1% |
| Cash at bank and in hand | 54/58 | €6,643 | €10,285 | +€3,643 | +54.8% |
| Deferred charges and accrued income | 490/1 | €20,230 | €25,034 | +€4,804 | +23.7% |
| Total equity and liabilities | 10/49 | €4,261,234 | €3,237,898 | -€1.0m | -24.0% |
| Equity | 10/15 | €168,516 | €176,926 | +€8,410 | +5.0% |
| Contributions | 10/11 | €183,000 | €183,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,484 | -€6,074 | +€8,410 | +58.1% |
| Amounts payable | 17/49 | €4,092,718 | €3,060,973 | -€1.0m | -25.2% |
| Amounts payable after more than one year | 17 | €2,142,954 | €2,536,083 | +€393,129 | +18.3% |
| Financial debts | 170/4 | €2,142,954 | €2,536,083 | +€393,129 | +18.3% |
| Amounts payable within one year | 42/48 | €1,947,241 | €524,889 | -€1.4m | -73.0% |
| Current portion of amounts payable after more than one year | 42 | €1,737,131 | - | -€1.7m | |
| Financial debts | 43 | €12,636 | - | -€12,636 | |
| Credit institutions | 430/8 | €12,636 | - | -€12,636 | |
| Trade debts | 44 | €173,462 | €115,423 | -€58,039 | -33.5% |
| Suppliers | 440/4 | €173,462 | €115,423 | -€58,039 | -33.5% |
| Taxes, remuneration and social security | 45 | €22,558 | €4,481 | -€18,077 | -80.1% |
| Taxes | 450/3 | €11,714 | €818 | -€10,896 | -93.0% |
| Remuneration and social security | 454/9 | €10,844 | €3,664 | -€7,181 | -66.2% |
| Other amounts payable | 47/48 | €1,454 | €404,985 | +€403,531 | +27751.6% |
| Accrued charges and deferred income | 492/3 | €2,522 | - | -€2,522 | |
| Remuneration, social security and pensions | 62 | €75,490 | €12,713 | -€62,778 | -83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,241 | €19,503 | -€3,738 | -16.1% |
| Other operating charges | 640/8 | €3,655 | €3,938 | +€283 | +7.7% |
| Gross operating margin | 9900 | -€31,432 | €61,439 | +€92,871 | |
| Operating profit (loss) | 9901 | -€133,818 | €25,286 | +€159,104 | |
| Financial income | 75/76B | €6,516 | €11,023 | +€4,506 | +69.2% |
| Recurring financial income | 75 | €6,516 | €11,023 | +€4,506 | +69.2% |
| Financial charges | 65/66B | €1,186 | €27,758 | +€26,571 | +2239.8% |
| Recurring financial charges | 65 | €1,186 | €27,758 | +€26,571 | +2239.8% |
| Profit (loss) for the period before taxes | 9903 | -€128,488 | €8,551 | +€137,039 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€128,628 | €8,410 | +€137,037 | |
| Profit (loss) for the period to be appropriated | 9905 | -€128,628 | €8,410 | +€137,037 |
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.