VD CONSTRUCT: 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.
VD CONSTRUCT
Largest movements
- Cash +€106,945
up €106,945 (+180.7%), from €59,200 to €166,145
mainly Net result for the year (+€93,803) and Depreciation (+€50,724)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets -€31,734
down €31,734 (-8.9%), from €355,560 to €323,826
of which Furniture and vehicles: -€31,209
- Reserves +€28,000
up €28,000 (+7.8%), from €360,500 to €388,500
of which Distributable reserves: +€28,000
- Other debts +€16,262
up €16,262 (+17.3%), from €93,816 to €110,078
- Tax, wage and social debts +€13,750
up €13,750 (+220.7%), from €6,231 to €19,981
- Debts after one year -€13,420
down €13,420 (-22.8%), from €58,870 to €45,451
- Short-term financial debts -€8,328
down €8,328 (-38.3%), from €21,748 to €13,420
- Gross operating margin +€25,993
up €25,993 (+17.0%), from €152,527 to €178,520
- Taxes +€6,925
up €6,925 (+31.0%), from €22,323 to €29,248
- Depreciation +€4,565
up €4,565 (+9.9%), from €46,159 to €50,724
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 | €576,671 | €606,969 | +€30,299 | +5.3% |
| Fixed assets | 21/28 | €355,560 | €323,826 | -€31,734 | -8.9% |
| Tangible fixed assets | 22/27 | €355,560 | €323,826 | -€31,734 | -8.9% |
| Land and buildings | 22 | €269,219 | €252,506 | -€16,714 | -6.2% |
| Plant, machinery and equipment | 23 | €2,596 | €18,785 | +€16,189 | +623.6% |
| Furniture and vehicles | 24 | €83,745 | €52,535 | -€31,209 | -37.3% |
| Current assets | 29/58 | €221,111 | €283,143 | +€62,032 | +28.1% |
| Stocks and contracts in progress | 3 | €47,882 | €52,380 | +€4,498 | +9.4% |
| Stocks | 30/36 | €47,882 | €52,380 | +€4,498 | +9.4% |
| Amounts receivable within one year | 40/41 | €61,232 | €61,731 | +€499 | +0.8% |
| Trade receivables | 40 | €58,442 | €61,651 | +€3,209 | +5.5% |
| Other amounts receivable | 41 | €2,790 | €80 | -€2,710 | -97.1% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €59,200 | €166,145 | +€106,945 | +180.7% |
| Deferred charges and accrued income | 490/1 | €2,797 | €2,888 | +€90 | +3.2% |
| Total equity and liabilities | 10/49 | €576,671 | €606,969 | +€30,299 | +5.3% |
| Equity | 10/15 | €379,943 | €407,646 | +€27,702 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €360,500 | €388,500 | +€28,000 | +7.8% |
| Tax-exempt reserves | 132 | €26,500 | €26,500 | = | 0.0% |
| Distributable reserves | 133 | €334,000 | €362,000 | +€28,000 | +8.4% |
| Profit (loss) carried forward | 14 | €843 | €546 | -€298 | -35.3% |
| Amounts payable | 17/49 | €196,727 | €199,324 | +€2,596 | +1.3% |
| Amounts payable after more than one year | 17 | €58,870 | €45,451 | -€13,420 | -22.8% |
| Financial debts | 170/4 | €58,870 | €45,451 | -€13,420 | -22.8% |
| Amounts payable within one year | 42/48 | €131,652 | €148,279 | +€16,627 | +12.6% |
| Financial debts | 43 | €21,748 | €13,420 | -€8,328 | -38.3% |
| Credit institutions | 430/8 | €21,748 | €13,420 | -€8,328 | -38.3% |
| Trade debts | 44 | €9,856 | €4,800 | -€5,056 | -51.3% |
| Suppliers | 440/4 | €9,856 | €4,800 | -€5,056 | -51.3% |
| Taxes, remuneration and social security | 45 | €6,231 | €19,981 | +€13,750 | +220.7% |
| Taxes | 450/3 | €6,231 | €19,981 | +€13,750 | +220.7% |
| Other amounts payable | 47/48 | €93,816 | €110,078 | +€16,262 | +17.3% |
| Accrued charges and deferred income | 492/3 | €6,205 | €5,594 | -€611 | -9.8% |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,159 | €50,724 | +€4,565 | +9.9% |
| Other operating charges | 640/8 | €2,319 | €2,125 | -€193 | -8.3% |
| Gross operating margin | 9900 | €152,527 | €178,520 | +€25,993 | +17.0% |
| Operating profit (loss) | 9901 | €104,049 | €125,672 | +€21,622 | +20.8% |
| Financial income | 75/76B | €1,154 | €2,202 | +€1,048 | +90.8% |
| Recurring financial income | 75 | €1,154 | €2,202 | +€1,048 | +90.8% |
| Financial charges | 65/66B | €5,311 | €4,823 | -€488 | -9.2% |
| Recurring financial charges | 65 | €1,848 | €4,823 | +€2,975 | +161.0% |
| Non-recurring financial charges | 66B | €3,463 | - | -€3,463 | |
| Profit (loss) for the period before taxes | 9903 | €99,893 | €123,050 | +€23,158 | +23.2% |
| Income taxes | 67/77 | €22,323 | €29,248 | +€6,925 | +31.0% |
| Profit (loss) for the period | 9904 | €77,570 | €93,803 | +€16,233 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,570 | €93,803 | +€16,233 | +20.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.