VD 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.
VD CONSTRUCT
Largest movements
- Receivables within one year +€65,297
up €65,297 (+375%), from €17,391 to €82,688
of which Trade receivables: +€71,532
- Tangible fixed assets -€30,089
down €30,089 (-9.7%), from €311,110 to €281,021
of which Furniture and vehicles: -€23,535
- Cash +€19,978
up €19,978 (+454%), from €4,398 to €24,376
mainly Net result for the year (+€69,639) and Depreciation (+€37,185)
- Profit (loss) carried forward +€61,733
no longer reported in 2025 (was -€61,733)
- Debts after one year -€22,466
down €22,466 (-10.2%), from €221,229 to €198,763
- Reserves +€7,906
up €7,906 (+10.0%), from €79,367 to €87,273
- Tax, wage and social debts +€5,627
up €5,627 (+123%), from €4,583 to €10,210
of which Taxes: +€5,120
- Gross operating margin +€79,848
up €79,848 (+184%), from €43,417 to €123,266
- Depreciation +€5,201
up €5,201 (+16.3%), from €31,983 to €37,185
- Taxes +€4,147
up €4,147 (+2,097%), from €198 to €4,345
- Staff costs +€1,765
up €1,765 (+402%), from €439 to €2,203
- Financial charges -€1,325
down €1,325 (-12.9%), from €10,253 to €8,929
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 | €333,930 | €389,167 | +€55,237 | +16.5% |
| Fixed assets | 21/28 | €311,110 | €281,021 | -€30,089 | -9.7% |
| Tangible fixed assets | 22/27 | €311,110 | €281,021 | -€30,089 | -9.7% |
| Land and buildings | 22 | €196,670 | €195,276 | -€1,395 | -0.7% |
| Plant, machinery and equipment | 23 | €47,395 | €42,236 | -€5,160 | -10.9% |
| Furniture and vehicles | 24 | €67,044 | €43,509 | -€23,535 | -35.1% |
| Current assets | 29/58 | €22,820 | €108,146 | +€85,326 | +374% |
| Amounts receivable within one year | 40/41 | €17,391 | €82,688 | +€65,297 | +375% |
| Trade receivables | 40 | €10,655 | €82,186 | +€71,532 | +671% |
| Other amounts receivable | 41 | €6,736 | €502 | -€6,234 | -92.6% |
| Cash at bank and in hand | 54/58 | €4,398 | €24,376 | +€19,978 | +454% |
| Deferred charges and accrued income | 490/1 | €1,032 | €1,082 | +€51 | +4.9% |
| Total equity and liabilities | 10/49 | €333,930 | €389,167 | +€55,237 | +16.5% |
| Equity | 10/15 | €22,634 | €92,273 | +€69,639 | +308% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,367 | €87,273 | +€7,906 | +10.0% |
| Distributable reserves | 133 | €79,367 | €87,273 | +€7,906 | +10.0% |
| Profit (loss) carried forward | 14 | -€61,733 | - | +€61,733 | |
| Amounts payable | 17/49 | €311,296 | €296,894 | -€14,402 | -4.6% |
| Amounts payable after more than one year | 17 | €221,229 | €198,763 | -€22,466 | -10.2% |
| Financial debts | 170/4 | €221,229 | €198,763 | -€22,466 | -10.2% |
| Amounts payable within one year | 42/48 | €90,068 | €98,131 | +€8,063 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €21,656 | €22,466 | +€810 | +3.7% |
| Trade debts | 44 | €888 | €2,567 | +€1,680 | +189% |
| Suppliers | 440/4 | €888 | €2,567 | +€1,680 | +189% |
| Taxes, remuneration and social security | 45 | €4,583 | €10,210 | +€5,627 | +123% |
| Taxes | 450/3 | €4,583 | €9,702 | +€5,120 | +112% |
| Remuneration and social security | 454/9 | - | €508 | +€508 | |
| Other amounts payable | 47/48 | €62,941 | €62,888 | -€53 | -0.1% |
| Remuneration, social security and pensions | 62 | €439 | €2,203 | +€1,765 | +402% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,983 | €37,185 | +€5,201 | +16.3% |
| Other operating charges | 640/8 | €1,024 | €1,236 | +€212 | +20.7% |
| Non-recurring operating charges | 66A | €61,585 | - | -€61,585 | |
| Gross operating margin | 9900 | €43,417 | €123,266 | +€79,848 | +184% |
| Operating profit (loss) | 9901 | -€51,614 | €82,641 | +€134,255 | |
| Financial income | 75/76B | €332 | €271 | -€61 | -18.4% |
| Recurring financial income | 75 | €332 | €271 | -€61 | -18.4% |
| Financial charges | 65/66B | €10,253 | €8,929 | -€1,325 | -12.9% |
| Recurring financial charges | 65 | €10,253 | €8,929 | -€1,325 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€61,536 | €73,984 | +€135,519 | |
| Income taxes | 67/77 | €198 | €4,345 | +€4,147 | +2,097% |
| Profit (loss) for the period | 9904 | -€61,733 | €69,639 | +€131,372 | |
| Profit (loss) for the period to be appropriated | 9905 | -€61,733 | €69,639 | +€131,372 |
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.