VadeBo-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.
VadeBo-Construct
Largest movements
- Receivables within one year +€123,792
up €123,792 (+96.4%), from €128,479 to €252,271
of which Trade receivables: +€132,873
- Stocks and contracts +€15,118
up €15,118 (+29.3%), from €51,513 to €66,631
- Tangible fixed assets -€9,656
down €9,656 (-26.6%), from €36,263 to €26,607
of which Plant, machinery and equipment: -€5,658
- Deferred charges and accrued income +€7,945
up €7,945 (+67.2%), from €11,819 to €19,764
- Other debts +€88,191
up €88,191 (+33.8%), from €260,857 to €349,048
- Tax, wage and social debts +€21,100
up €21,100 (+67.0%), from €31,513 to €52,613
of which Remuneration and social security: +€11,181
- Trade debts +€19,112
up €19,112 (+10.2%), from €187,106 to €206,218
- Profit (loss) carried forward +€12,965
up €12,965 (+3.9%), from -€329,212 to -€316,247
- Gross operating margin +€246,061
up €246,061 (+64.3%), from €382,406 to €628,467
- Staff costs +€235,889
up €235,889 (+66.5%), from €354,690 to €590,579
- Other operating charges -€13,343
down €13,343 (-87.0%), from €15,333 to €1,990
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 | €267,191 | €406,428 | +€139,238 | +52.1% |
| Fixed assets | 21/28 | €42,676 | €33,020 | -€9,656 | -22.6% |
| Tangible fixed assets | 22/27 | €36,263 | €26,607 | -€9,656 | -26.6% |
| Plant, machinery and equipment | 23 | €30,317 | €24,660 | -€5,658 | -18.7% |
| Furniture and vehicles | 24 | €5,945 | €1,947 | -€3,998 | -67.2% |
| Financial fixed assets | 28 | €6,413 | €6,413 | = | 0.0% |
| Current assets | 29/58 | €224,515 | €373,408 | +€148,893 | +66.3% |
| Stocks and contracts in progress | 3 | €51,513 | €66,631 | +€15,118 | +29.3% |
| Stocks | 30/36 | €51,513 | €66,631 | +€15,118 | +29.3% |
| Amounts receivable within one year | 40/41 | €128,479 | €252,271 | +€123,792 | +96.4% |
| Trade receivables | 40 | €119,398 | €252,271 | +€132,873 | +111.3% |
| Other amounts receivable | 41 | €9,081 | €0 | -€9,081 | -100.0% |
| Cash at bank and in hand | 54/58 | €32,704 | €34,742 | +€2,039 | +6.2% |
| Deferred charges and accrued income | 490/1 | €11,819 | €19,764 | +€7,945 | +67.2% |
| Total equity and liabilities | 10/49 | €267,191 | €406,428 | +€139,238 | +52.1% |
| Equity | 10/15 | -€314,952 | -€301,987 | +€12,965 | +4.1% |
| Contributions | 10/11 | €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% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€329,212 | -€316,247 | +€12,965 | +3.9% |
| Amounts payable | 17/49 | €582,142 | €708,415 | +€126,273 | +21.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €582,142 | €707,879 | +€125,737 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €102,666 | €100,000 | -€2,666 | -2.6% |
| Trade debts | 44 | €187,106 | €206,218 | +€19,112 | +10.2% |
| Suppliers | 440/4 | €187,106 | €206,218 | +€19,112 | +10.2% |
| Taxes, remuneration and social security | 45 | €31,513 | €52,613 | +€21,100 | +67.0% |
| Taxes | 450/3 | €906 | €10,825 | +€9,918 | +1094.2% |
| Remuneration and social security | 454/9 | €30,607 | €41,788 | +€11,181 | +36.5% |
| Other amounts payable | 47/48 | €260,857 | €349,048 | +€88,191 | +33.8% |
| Accrued charges and deferred income | 492/3 | €0 | €536 | +€536 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €354,690 | €590,579 | +€235,889 | +66.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,483 | €12,006 | -€2,478 | -17.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,333 | €1,990 | -€13,343 | -87.0% |
| Non-recurring operating charges | 66A | €21,874 | €0 | -€21,874 | -100.0% |
| Gross operating margin | 9900 | €382,406 | €628,467 | +€246,061 | +64.3% |
| Operating profit (loss) | 9901 | -€23,974 | €23,893 | +€47,867 | |
| Financial income | 75/76B | €119 | €59 | -€60 | -50.6% |
| Recurring financial income | 75 | €119 | €59 | -€60 | -50.6% |
| Financial charges | 65/66B | €12,226 | €10,987 | -€1,239 | -10.1% |
| Recurring financial charges | 65 | €12,226 | €10,987 | -€1,239 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,081 | €12,965 | +€49,046 | |
| Profit (loss) for the period | 9904 | -€36,081 | €12,965 | +€49,046 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,081 | €12,965 | +€49,046 |
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.