VDB - 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.
VDB - CONSTRUCT
Largest movements
- Cash +€2.7m
up €2.7m (+428.6%), from €628,246 to €3.3m
mainly Net result for the year (+€1.6m) and Investment in fixed assets (net) (+€505,614)
- Financial fixed assets -€998,414
no longer reported in 2025 (was €998,414)
- Receivables within one year -€486,768
down €486,768 (-95.9%), from €507,542 to €20,774
of which Other amounts receivable: -€487,978
- Tangible fixed assets +€395,410
up €395,410 (+33.3%), from €1.2m to €1.6m
of which Land and buildings: +€405,333
- Reserves +€1.5m
up €1.5m (+46.7%), from €3.3m to €4.8m
- Financial income +€1.2m
up €1.2m (+236.5%), from €503,740 to €1.7m
- Gross operating margin -€181,609
down €181,609 (-50.3%), from €361,346 to €179,737
- Depreciation +€54,255
up €54,255 (+125.8%), from €43,136 to €97,390
- Financial charges -€35,210
down €35,210 (-88.0%), from €39,994 to €4,784
- Taxes +€34,125
up €34,125 (+24.4%), from €139,932 to €174,056
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 | €3,440,005 | €5,020,964 | +€1.6m | +46.0% |
| Fixed assets | 21/28 | €2,184,081 | €1,581,077 | -€603,004 | -27.6% |
| Tangible fixed assets | 22/27 | €1,185,667 | €1,581,077 | +€395,410 | +33.3% |
| Land and buildings | 22 | €1,175,744 | €1,581,077 | +€405,333 | +34.5% |
| Furniture and vehicles | 24 | €9,924 | - | -€9,924 | |
| Financial fixed assets | 28 | €998,414 | - | -€998,414 | |
| Current assets | 29/58 | €1,255,924 | €3,439,887 | +€2.2m | +173.9% |
| Amounts receivable within one year | 40/41 | €507,542 | €20,774 | -€486,768 | -95.9% |
| Trade receivables | 40 | €19,360 | €20,570 | +€1,210 | +6.3% |
| Other amounts receivable | 41 | €488,182 | €204 | -€487,978 | -100.0% |
| Current investments | 50/53 | €120,136 | €98,474 | -€21,662 | -18.0% |
| Cash at bank and in hand | 54/58 | €628,246 | €3,320,640 | +€2.7m | +428.6% |
| Total equity and liabilities | 10/49 | €3,440,005 | €5,020,964 | +€1.6m | +46.0% |
| Equity | 10/15 | €3,386,687 | €4,922,054 | +€1.5m | +45.3% |
| Contributions | 10/11 | €98,600 | €98,600 | = | 0.0% |
| Reserves | 13 | €3,288,087 | €4,823,454 | +€1.5m | +46.7% |
| Distributable reserves | 133 | €3,288,087 | €4,823,454 | +€1.5m | +46.7% |
| Amounts payable | 17/49 | €53,318 | €98,910 | +€45,592 | +85.5% |
| Amounts payable within one year | 42/48 | €53,318 | €98,910 | +€45,592 | +85.5% |
| Trade debts | 44 | €156 | €1,348 | +€1,192 | +763.4% |
| Suppliers | 440/4 | €156 | €1,348 | +€1,192 | +763.4% |
| Taxes, remuneration and social security | 45 | €53,131 | €97,531 | +€44,400 | +83.6% |
| Taxes | 450/3 | €49,978 | €94,522 | +€44,544 | +89.1% |
| Remuneration and social security | 454/9 | €3,153 | €3,009 | -€144 | -4.6% |
| Other amounts payable | 47/48 | €31 | €31 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,136 | €97,390 | +€54,255 | +125.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,500 | - | -€7,500 | |
| Other operating charges | 640/8 | €176 | €12,215 | +€12,039 | +6840.1% |
| Gross operating margin | 9900 | €361,346 | €179,737 | -€181,609 | -50.3% |
| Operating profit (loss) | 9901 | €310,534 | €70,132 | -€240,402 | -77.4% |
| Financial income | 75/76B | €503,740 | €1,695,076 | +€1.2m | +236.5% |
| Recurring financial income | 75 | €503,740 | €1,695,076 | +€1.2m | +236.5% |
| Financial charges | 65/66B | €39,994 | €4,784 | -€35,210 | -88.0% |
| Recurring financial charges | 65 | €39,994 | €4,784 | -€35,210 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €774,280 | €1,760,424 | +€986,144 | +127.4% |
| Income taxes | 67/77 | €139,932 | €174,056 | +€34,125 | +24.4% |
| Profit (loss) for the period | 9904 | €634,348 | €1,586,367 | +€952,019 | +150.1% |
| Profit (loss) for the period to be appropriated | 9905 | €634,348 | €1,586,367 | +€952,019 | +150.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.