VD Build: 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.
VD Build
Largest movements
- Receivables within one year +€8,788
up €8,788 (+13.1%), from €67,103 to €75,891
of which Trade receivables: +€9,292
- Trade debts +€29,664
up €29,664 (+138%), from €21,489 to €51,153
- Reserves -€12,384
down €12,384 (-16.0%), from €77,427 to €65,043
- Advances received -€7,339
no longer reported in 2025 (was €7,339)
- Tax, wage and social debts -€2,224
down €2,224 (-50.6%), from €4,395 to €2,171
- Gross operating margin -€25,963
down €25,963, from €14,965 to -€10,998
- Taxes -€3,147
no longer reported in 2025 (was €3,147)
- Write-downs +€1,310
new in 2025: €1,310
- Financial charges -€1,114
down €1,114 (-83.2%), from €1,338 to €224
of which Non-recurring financial charges: -€1,269
- Other operating charges -€395
down €395 (-31.0%), from €1,274 to €879
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.
Derived cash bridge
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 | €110,750 | €118,467 | +€7,717 | +7.0% |
| Fixed assets | 21/28 | €2,454 | €1,752 | -€702 | -28.6% |
| Tangible fixed assets | 22/27 | €2,454 | €1,752 | -€702 | -28.6% |
| Plant, machinery and equipment | 23 | €591 | €355 | -€236 | -39.9% |
| Furniture and vehicles | 24 | €1,863 | €1,396 | -€466 | -25.0% |
| Current assets | 29/58 | €108,295 | €116,715 | +€8,419 | +7.8% |
| Amounts receivable within one year | 40/41 | €67,103 | €75,891 | +€8,788 | +13.1% |
| Trade receivables | 40 | €38,334 | €47,626 | +€9,292 | +24.2% |
| Other amounts receivable | 41 | €28,769 | €28,265 | -€504 | -1.8% |
| Cash at bank and in hand | 54/58 | €39,529 | €38,652 | -€877 | -2.2% |
| Deferred charges and accrued income | 490/1 | €1,663 | €2,172 | +€509 | +30.6% |
| Total equity and liabilities | 10/49 | €110,750 | €118,467 | +€7,717 | +7.0% |
| Equity | 10/15 | €77,527 | €65,143 | -€12,384 | -16.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €77,427 | €65,043 | -€12,384 | -16.0% |
| Distributable reserves | 133 | €77,427 | €65,043 | -€12,384 | -16.0% |
| Amounts payable | 17/49 | €33,223 | €53,324 | +€20,101 | +60.5% |
| Amounts payable within one year | 42/48 | €33,223 | €53,324 | +€20,101 | +60.5% |
| Trade debts | 44 | €21,489 | €51,153 | +€29,664 | +138% |
| Suppliers | 440/4 | €21,489 | €51,153 | +€29,664 | +138% |
| Advances received on contracts in progress | 46 | €7,339 | - | -€7,339 | |
| Taxes, remuneration and social security | 45 | €4,395 | €2,171 | -€2,224 | -50.6% |
| Taxes | 450/3 | €4,395 | €2,171 | -€2,224 | -50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €471 | €702 | +€232 | +49.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,310 | +€1,310 | |
| Other operating charges | 640/8 | €1,274 | €879 | -€395 | -31.0% |
| Gross operating margin | 9900 | €14,965 | -€10,998 | -€25,963 | |
| Operating profit (loss) | 9901 | €13,220 | -€13,889 | -€27,109 | |
| Financial income | 75/76B | €1,750 | €1,730 | -€20 | -1.2% |
| Recurring financial income | 75 | €1,409 | €1,680 | +€271 | +19.3% |
| Non-recurring financial income | 76B | €342 | €50 | -€292 | -85.4% |
| Financial charges | 65/66B | €1,338 | €224 | -€1,114 | -83.2% |
| Recurring financial charges | 65 | €69 | €224 | +€155 | +224% |
| Non-recurring financial charges | 66B | €1,269 | - | -€1,269 | |
| Profit (loss) for the period before taxes | 9903 | €13,632 | -€12,384 | -€26,016 | |
| Income taxes | 67/77 | €3,147 | - | -€3,147 | |
| Profit (loss) for the period | 9904 | €10,485 | -€12,384 | -€22,869 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,485 | -€12,384 | -€22,869 |
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 13 October 2026 via checked.be.