VD Project & 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 Project & Construct
Largest movements
- Cash +€35,716
up €35,716 (+400%), from €8,938 to €44,654
mainly Net result for the year (+€32,668) and Other debts (+€15,075)
- Receivables within one year -€4,424
down €4,424 (-25.4%), from €17,417 to €12,993
of which Trade receivables: -€3,105
- Receivables after one year +€2,144
up €2,144 (+3.0%), from €71,400 to €73,544
- Other debts +€15,075
up €15,075 (+217%), from €6,950 to €22,025
- Reserves +€14,000
up €14,000 (+50.0%), from €28,000 to €42,000
- Tax, wage and social debts +€8,817
up €8,817 (+257%), from €3,435 to €12,252
- Advances received -€3,055
no longer reported in 2025 (was €3,055)
- Trade debts -€2,193
down €2,193 (-46.9%), from €4,677 to €2,484
- Gross operating margin +€10,091
up €10,091 (+27.1%), from €37,230 to €47,321
- Taxes +€3,030
up €3,030 (+27.7%), from €10,953 to €13,983
- Financial income +€1,380
up €1,380 (+335%), from €411 to €1,791
- Other operating charges -€963
down €963 (-45.9%), from €2,098 to €1,136
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 | €159,830 | €192,345 | +€32,514 | +20.3% |
| Fixed assets | 21/28 | €60,943 | €60,531 | -€412 | -0.7% |
| Tangible fixed assets | 22/27 | €943 | €531 | -€412 | -43.7% |
| Furniture and vehicles | 24 | €943 | €531 | -€412 | -43.7% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €98,888 | €131,814 | +€32,927 | +33.3% |
| Amounts receivable after more than one year | 29 | €71,400 | €73,544 | +€2,144 | +3.0% |
| Other amounts receivable | 291 | €71,400 | €73,544 | +€2,144 | +3.0% |
| Amounts receivable within one year | 40/41 | €17,417 | €12,993 | -€4,424 | -25.4% |
| Trade receivables | 40 | €16,051 | €12,946 | -€3,105 | -19.3% |
| Other amounts receivable | 41 | €1,366 | €47 | -€1,319 | -96.6% |
| Cash at bank and in hand | 54/58 | €8,938 | €44,654 | +€35,716 | +400% |
| Deferred charges and accrued income | 490/1 | €1,132 | €623 | -€509 | -45.0% |
| Total equity and liabilities | 10/49 | €159,830 | €192,345 | +€32,514 | +20.3% |
| Equity | 10/15 | €48,199 | €62,866 | +€14,668 | +30.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €42,000 | +€14,000 | +50.0% |
| Distributable reserves | 133 | €28,000 | €42,000 | +€14,000 | +50.0% |
| Profit (loss) carried forward | 14 | €199 | €866 | +€668 | +336% |
| Amounts payable | 17/49 | €111,632 | €129,478 | +€17,847 | +16.0% |
| Amounts payable after more than one year | 17 | €92,650 | €92,650 | = | 0.0% |
| Other amounts payable | 178/9 | €92,650 | €92,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,118 | €36,761 | +€18,644 | +103% |
| Trade debts | 44 | €4,677 | €2,484 | -€2,193 | -46.9% |
| Suppliers | 440/4 | €4,677 | €2,484 | -€2,193 | -46.9% |
| Advances received on contracts in progress | 46 | €3,055 | - | -€3,055 | |
| Taxes, remuneration and social security | 45 | €3,435 | €12,252 | +€8,817 | +257% |
| Taxes | 450/3 | €3,435 | €12,252 | +€8,817 | +257% |
| Other amounts payable | 47/48 | €6,950 | €22,025 | +€15,075 | +217% |
| Accrued charges and deferred income | 492/3 | €864 | €67 | -€797 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294 | €412 | +€118 | +40.2% |
| Other operating charges | 640/8 | €2,098 | €1,136 | -€963 | -45.9% |
| Gross operating margin | 9900 | €37,230 | €47,321 | +€10,091 | +27.1% |
| Operating profit (loss) | 9901 | €34,838 | €45,773 | +€10,935 | +31.4% |
| Financial income | 75/76B | €411 | €1,791 | +€1,380 | +335% |
| Recurring financial income | 75 | €411 | €1,791 | +€1,380 | +335% |
| Financial charges | 65/66B | €1,092 | €913 | -€179 | -16.4% |
| Recurring financial charges | 65 | €1,092 | €913 | -€179 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €34,157 | €46,651 | +€12,494 | +36.6% |
| Income taxes | 67/77 | €10,953 | €13,983 | +€3,030 | +27.7% |
| Profit (loss) for the period | 9904 | €23,204 | €32,668 | +€9,464 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,204 | €32,668 | +€9,464 | +40.8% |
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 15 October 2026 via checked.be.