VC-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.
VC-CONSTRUCT
Largest movements
- Cash +€49,567
up €49,567 (+152.6%), from €32,483 to €82,050
mainly Trade debts (+€38,768) and Stocks and contracts (+€20,927)
- Tangible fixed assets +€29,025
up €29,025 (+98.4%), from €29,486 to €58,511
of which Furniture and vehicles: +€35,372
- Stocks and contracts -€20,927
down €20,927 (-72.1%), from €29,043 to €8,115
of which Contracts in progress: -€25,000
- Trade debts +€38,768
up €38,768 (+148.6%), from €26,084 to €64,851
- Debts after one year +€19,112
new in 2025: €19,112
- Reserves +€7,037
up €7,037 (+16.6%), from €42,420 to €49,457
of which Distributable reserves: +€7,037
- Other debts -€5,316
down €5,316 (-22.5%), from €23,575 to €18,259
- Current portion of long-term debt +€5,116
new in 2025: €5,116
- Depreciation +€3,264
up €3,264 (+31.4%), from €10,389 to €13,654
- Taxes -€1,459
down €1,459 (-31.1%), from €4,685 to €3,226
- Gross operating margin -€1,177
down €1,177 (-3.9%), from €30,053 to €28,876
- Other operating charges -€861
down €861 (-17.9%), from €4,798 to €3,937
- Staff costs +€357
up €357 (+101.9%), from €350 to €708
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 | €209,568 | €269,139 | +€59,571 | +28.4% |
| Fixed assets | 21/28 | €29,486 | €58,511 | +€29,025 | +98.4% |
| Tangible fixed assets | 22/27 | €29,486 | €58,511 | +€29,025 | +98.4% |
| Land and buildings | 22 | €10,136 | €9,199 | -€936 | -9.2% |
| Plant, machinery and equipment | 23 | €13,114 | €7,703 | -€5,411 | -41.3% |
| Furniture and vehicles | 24 | €6,236 | €41,609 | +€35,372 | +567.2% |
| Current assets | 29/58 | €180,083 | €210,629 | +€30,546 | +17.0% |
| Stocks and contracts in progress | 3 | €29,043 | €8,115 | -€20,927 | -72.1% |
| Stocks | 30/36 | €4,043 | €8,115 | +€4,073 | +100.7% |
| Contracts in progress | 37 | €25,000 | - | -€25,000 | |
| Amounts receivable within one year | 40/41 | €116,674 | €118,116 | +€1,442 | +1.2% |
| Trade receivables | 40 | €103,585 | €103,990 | +€405 | +0.4% |
| Other amounts receivable | 41 | €13,090 | €14,126 | +€1,037 | +7.9% |
| Cash at bank and in hand | 54/58 | €32,483 | €82,050 | +€49,567 | +152.6% |
| Deferred charges and accrued income | 490/1 | €1,883 | €2,348 | +€465 | +24.7% |
| Total equity and liabilities | 10/49 | €209,568 | €269,139 | +€59,571 | +28.4% |
| Equity | 10/15 | €138,755 | €145,792 | +€7,037 | +5.1% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €42,420 | €49,457 | +€7,037 | +16.6% |
| Tax-exempt reserves | 132 | €10,027 | €10,027 | = | 0.0% |
| Distributable reserves | 133 | €32,393 | €39,430 | +€7,037 | +21.7% |
| Profit (loss) carried forward | 14 | €90,035 | €90,035 | = | 0.0% |
| Amounts payable | 17/49 | €70,813 | €123,347 | +€52,534 | +74.2% |
| Amounts payable after more than one year | 17 | - | €19,112 | +€19,112 | |
| Financial debts | 170/4 | - | €19,112 | +€19,112 | |
| Amounts payable within one year | 42/48 | €64,093 | €97,515 | +€33,422 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,116 | +€5,116 | |
| Financial debts | 43 | €3,846 | - | -€3,846 | |
| Credit institutions | 430/8 | €3,846 | - | -€3,846 | |
| Trade debts | 44 | €26,084 | €64,851 | +€38,768 | +148.6% |
| Suppliers | 440/4 | €26,084 | €64,851 | +€38,768 | +148.6% |
| Taxes, remuneration and social security | 45 | €10,588 | €9,289 | -€1,300 | -12.3% |
| Taxes | 450/3 | €10,588 | €9,289 | -€1,300 | -12.3% |
| Other amounts payable | 47/48 | €23,575 | €18,259 | -€5,316 | -22.5% |
| Accrued charges and deferred income | 492/3 | €6,720 | €6,720 | = | 0.0% |
| Non-recurring operating income | 76A | - | €2,893 | +€2,893 | |
| Remuneration, social security and pensions | 62 | €350 | €708 | +€357 | +101.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,389 | €13,654 | +€3,264 | +31.4% |
| Other operating charges | 640/8 | €4,798 | €3,937 | -€861 | -17.9% |
| Gross operating margin | 9900 | €30,053 | €28,876 | -€1,177 | -3.9% |
| Operating profit (loss) | 9901 | €14,515 | €10,577 | -€3,938 | -27.1% |
| Financial income | 75/76B | €9 | €48 | +€39 | +446.1% |
| Recurring financial income | 75 | €9 | €48 | +€39 | +446.1% |
| Financial charges | 65/66B | €141 | €362 | +€221 | +156.0% |
| Recurring financial charges | 65 | €141 | €362 | +€221 | +156.0% |
| Profit (loss) for the period before taxes | 9903 | €14,382 | €10,263 | -€4,120 | -28.6% |
| Income taxes | 67/77 | €4,685 | €3,226 | -€1,459 | -31.1% |
| Profit (loss) for the period | 9904 | €9,698 | €7,037 | -€2,661 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,698 | €7,037 | -€2,661 | -27.4% |
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.