VC-Build: 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.
VC-Build
Largest movements
- Receivables after one year +€300,000
new in 2025: €300,000
- Receivables within one year -€60,177
down €60,177 (-74.5%), from €80,786 to €20,609
of which Trade receivables: -€74,450
- Stocks and contracts +€53,937
up €53,937 (+16.2%), from €332,438 to €386,376
of which Stocks: +€66,937
- Cash +€27,787
up €27,787 (+1030.1%), from €2,698 to €30,485
mainly Debts after one year (+€283,778) and Other debts (+€104,608)
- Tangible fixed assets +€15,900
up €15,900 (+24.4%), from €65,096 to €80,996
of which Plant, machinery and equipment: +€25,420
- Debts after one year +€283,778
up €283,778 (+674.2%), from €42,091 to €325,870
of which Other amounts payable: +€300,000
- Other debts +€104,608
up €104,608 (+53.1%), from €197,123 to €301,731
- Reserves -€76,818
down €76,818 (-39.3%), from €195,643 to €118,825
of which Distributable reserves: -€76,818
- Trade debts +€31,459
up €31,459 (+935.4%), from €3,363 to €34,823
- Gross operating margin -€10,484
down €10,484 (-25.1%), from -€41,722 to -€52,205
- Depreciation +€1,634
up €1,634 (+8.9%), from €18,375 to €20,008
- Other operating charges +€657
up €657 (+56.0%), from €1,173 to €1,829
- Financial income -€591
down €591 (-90.4%), from €654 to €63
- Financial charges -€582
down €582 (-17.0%), from €3,419 to €2,838
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 | €484,016 | €827,598 | +€343,583 | +71.0% |
| Fixed assets | 21/28 | €65,096 | €80,996 | +€15,900 | +24.4% |
| Tangible fixed assets | 22/27 | €65,096 | €80,996 | +€15,900 | +24.4% |
| Plant, machinery and equipment | 23 | €2,829 | €28,249 | +€25,420 | +898.5% |
| Furniture and vehicles | 24 | €5,600 | €11,947 | +€6,347 | +113.3% |
| Leasing and similar rights | 25 | €56,668 | €40,800 | -€15,868 | -28.0% |
| Current assets | 29/58 | €418,919 | €746,602 | +€327,683 | +78.2% |
| Amounts receivable after more than one year | 29 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Stocks and contracts in progress | 3 | €332,438 | €386,376 | +€53,937 | +16.2% |
| Stocks | 30/36 | €302,438 | €369,376 | +€66,937 | +22.1% |
| Contracts in progress | 37 | €30,000 | €17,000 | -€13,000 | -43.3% |
| Amounts receivable within one year | 40/41 | €80,786 | €20,609 | -€60,177 | -74.5% |
| Trade receivables | 40 | €74,450 | €0 | -€74,450 | -100.0% |
| Other amounts receivable | 41 | €6,336 | €20,609 | +€14,273 | +225.3% |
| Cash at bank and in hand | 54/58 | €2,698 | €30,485 | +€27,787 | +1030.1% |
| Deferred charges and accrued income | 490/1 | €2,997 | €9,133 | +€6,135 | +204.7% |
| Total equity and liabilities | 10/49 | €484,016 | €827,598 | +€343,583 | +71.0% |
| Equity | 10/15 | €214,243 | €137,425 | -€76,818 | -35.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,643 | €118,825 | -€76,818 | -39.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €193,783 | €116,965 | -€76,818 | -39.6% |
| Amounts payable | 17/49 | €269,773 | €690,173 | +€420,400 | +155.8% |
| Amounts payable after more than one year | 17 | €42,091 | €325,870 | +€283,778 | +674.2% |
| Financial debts | 170/4 | €42,091 | €25,870 | -€16,222 | -38.5% |
| Other amounts payable | 178/9 | - | €300,000 | +€300,000 | |
| Amounts payable within one year | 42/48 | €219,131 | €355,753 | +€136,622 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €15,448 | €16,222 | +€774 | +5.0% |
| Trade debts | 44 | €3,363 | €34,823 | +€31,459 | +935.4% |
| Suppliers | 440/4 | €3,363 | €34,823 | +€31,459 | +935.4% |
| Taxes, remuneration and social security | 45 | €3,198 | €2,978 | -€220 | -6.9% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €3,198 | €2,978 | -€220 | -6.9% |
| Other amounts payable | 47/48 | €197,123 | €301,731 | +€104,608 | +53.1% |
| Accrued charges and deferred income | 492/3 | €8,550 | €8,550 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,375 | €20,008 | +€1,634 | +8.9% |
| Other operating charges | 640/8 | €1,173 | €1,829 | +€657 | +56.0% |
| Gross operating margin | 9900 | -€41,722 | -€52,205 | -€10,484 | -25.1% |
| Operating profit (loss) | 9901 | -€61,269 | -€74,043 | -€12,774 | -20.8% |
| Financial income | 75/76B | €654 | €63 | -€591 | -90.4% |
| Recurring financial income | 75 | €654 | €63 | -€591 | -90.4% |
| Financial charges | 65/66B | €3,419 | €2,838 | -€582 | -17.0% |
| Recurring financial charges | 65 | €3,419 | €2,838 | -€582 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€64,035 | -€76,818 | -€12,783 | -20.0% |
| Profit (loss) for the period | 9904 | -€64,035 | -€76,818 | -€12,783 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,035 | -€76,818 | -€12,783 | -20.0% |
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 8 October 2026 via checked.be.