VANDECO 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.
What changed
VANDECO CONSTRUCT
NACE 43.990, Other specialised construction activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€172,918
2024 · €77,591+€95,328
Equity
€760,940
2024 · €586,721+€174,218
Cash
-
2024 · €1,149-€1,149
Balance sheet total
€1.3m
2024 · €1.0m+€260,109
Largest movements
Assets
- Receivables within one year +€304,493
up €304,493 (+41.8%), from €728,319 to €1.0m
of which Other amounts receivable: +€286,273
- Tangible fixed assets -€31,736
down €31,736 (-11.6%), from €274,595 to €242,859
of which Furniture and vehicles: -€18,989
Equity and liabilities
- Profit (loss) carried forward +€174,218
up €174,218 (+30.0%), from €580,521 to €754,740
- Accrued charges and deferred income +€83,444
new in 2025: €83,444
- Trade debts -€66,655
down €66,655 (-46.9%), from €142,216 to €75,561
- Tax, wage and social debts +€54,313
up €54,313 (+140.4%), from €38,678 to €92,991
of which Taxes: +€44,905
- Short-term financial debts +€40,026
up €40,026 (+347.9%), from €11,504 to €51,529
Income statement
- Turnover +€2.8m
new in 2025: €2.8m
- Purchases and services +€2.5m
new in 2025: €2.5m
- Gross operating margin +€150,143
up €150,143 (+85.3%), from €176,119 to €326,262
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.
Result 2024
€77,591
Gross operating margin
+€150,143
Staff costs
-€27,118
Depreciation
-€1,272
Other operating charges
-€2,279
Financial income
-€543
Financial charges
+€1,349
Taxes
-€24,953
Result 2025
€172,918
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.
From operations
-€16,329
Investment
-€908
Financing
+€16,089
Cash 2024
€1,149
From operations (derived)
-€16,329
Net result for the year
+€172,918
Depreciation
+€32,644
Stocks and contracts
+€11,500
Receivables within one year
-€304,493
Trade debts
-€66,655
Tax, wage and social debts
+€54,313
Accrued charges and deferred income
+€83,444
Investment (derived)
-€908
Investment in fixed assets (net)
-€908
Financing
+€16,089
Debts after one year
-€27,656
Current portion of long-term debt
+€2,420
Short-term financial debts
+€40,026
Contributions, distributions and other
+€1,300
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,016,663 | €1,276,772 | +€260,109 | +25.6% |
| Fixed assets | 21/28 | €274,695 | €242,959 | -€31,736 | -11.6% |
| Tangible fixed assets | 22/27 | €274,595 | €242,859 | -€31,736 | -11.6% |
| Land and buildings | 22 | €173,084 | €168,357 | -€4,727 | -2.7% |
| Plant, machinery and equipment | 23 | €119 | - | -€119 | |
| Furniture and vehicles | 24 | €54,810 | €35,821 | -€18,989 | -34.6% |
| Other tangible fixed assets | 26 | €46,582 | €38,681 | -€7,900 | -17.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €741,968 | €1,033,813 | +€291,845 | +39.3% |
| Stocks and contracts in progress | 3 | €12,500 | €1,000 | -€11,500 | -92.0% |
| Stocks | 30/36 | €12,500 | €1,000 | -€11,500 | -92.0% |
| Amounts receivable within one year | 40/41 | €728,319 | €1,032,813 | +€304,493 | +41.8% |
| Trade receivables | 40 | €471,042 | €489,263 | +€18,221 | +3.9% |
| Other amounts receivable | 41 | €257,277 | €543,550 | +€286,273 | +111.3% |
| Cash at bank and in hand | 54/58 | €1,149 | - | -€1,149 | |
| Total equity and liabilities | 10/49 | €1,016,663 | €1,276,772 | +€260,109 | +25.6% |
| Equity | 10/15 | €586,721 | €760,940 | +€174,218 | +29.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €580,521 | €754,740 | +€174,218 | +30.0% |
| Amounts payable | 17/49 | €429,942 | €515,832 | +€85,891 | +20.0% |
| Amounts payable after more than one year | 17 | €202,968 | €175,311 | -€27,656 | -13.6% |
| Financial debts | 170/4 | €202,968 | €175,311 | -€27,656 | -13.6% |
| Amounts payable within one year | 42/48 | €226,974 | €257,077 | +€30,103 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €30,076 | €32,496 | +€2,420 | +8.0% |
| Financial debts | 43 | €11,504 | €51,529 | +€40,026 | +347.9% |
| Credit institutions | 430/8 | €11,504 | €51,529 | +€40,026 | +347.9% |
| Trade debts | 44 | €142,216 | €75,561 | -€66,655 | -46.9% |
| Suppliers | 440/4 | €142,216 | €75,561 | -€66,655 | -46.9% |
| Taxes, remuneration and social security | 45 | €38,678 | €92,991 | +€54,313 | +140.4% |
| Taxes | 450/3 | €33,364 | €78,269 | +€44,905 | +134.6% |
| Remuneration and social security | 454/9 | €5,314 | €14,721 | +€9,407 | +177.0% |
| Other amounts payable | 47/48 | €4,500 | €4,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €83,444 | +€83,444 | |
| Turnover | 70 | - | €2,834,246 | +€2.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,510,171 | +€2.5m | |
| Remuneration, social security and pensions | 62 | €22,112 | €49,230 | +€27,118 | +122.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,372 | €32,644 | +€1,272 | +4.1% |
| Other operating charges | 640/8 | €3,034 | €5,313 | +€2,279 | +75.1% |
| Gross operating margin | 9900 | €176,119 | €326,262 | +€150,143 | +85.3% |
| Operating profit (loss) | 9901 | €119,600 | €239,074 | +€119,474 | +99.9% |
| Financial income | 75/76B | €543 | - | -€543 | |
| Recurring financial income | 75 | €543 | - | -€543 | |
| Financial charges | 65/66B | €13,505 | €12,156 | -€1,349 | -10.0% |
| Recurring financial charges | 65 | €13,505 | €12,156 | -€1,349 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €106,638 | €226,918 | +€120,281 | +112.8% |
| Income taxes | 67/77 | €29,047 | €54,000 | +€24,953 | +85.9% |
| Profit (loss) for the period | 9904 | €77,591 | €172,918 | +€95,328 | +122.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,591 | €172,918 | +€95,328 | +122.9% |
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.