VdB Infra: 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.
VdB Infra
Largest movements
- Tangible fixed assets +€154,553
up €154,553 (+185.0%), from €83,525 to €238,078
of which Land and buildings: +€194,498
- Receivables within one year +€22,760
up €22,760 (+75.4%), from €30,168 to €52,928
of which Trade receivables: +€20,947
- Cash -€3,103
down €3,103 (-26.4%), from €11,759 to €8,656
mainly Investment in fixed assets (net) (-€194,498) and Receivables within one year (-€22,760)
- Other debts +€175,836
up €175,836 (+379.1%), from €46,377 to €222,213
- Profit (loss) carried forward +€24,093
up €24,093 (+244.9%), from €9,836 to €33,929
- Current portion of long-term debt -€16,643
down €16,643 (-54.7%), from €30,407 to €13,764
- Debts after one year -€13,764
down €13,764 (-56.8%), from €24,216 to €10,452
- Tax, wage and social debts +€5,105
up €5,105 (+1134.4%), from €450 to €5,555
- Taxes +€5,532
new in 2025: €5,532
- Financial charges -€5,472
down €5,472 (-71.4%), from €7,664 to €2,193
- Gross operating margin +€4,764
up €4,764 (+5.7%), from €84,181 to €88,945
- Depreciation -€4,186
down €4,186 (-9.5%), from €44,130 to €39,945
- Other operating charges -€3,236
down €3,236 (-43.8%), from €7,383 to €4,146
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 | €125,452 | €299,662 | +€174,209 | +138.9% |
| Fixed assets | 21/28 | €83,525 | €238,078 | +€154,553 | +185.0% |
| Tangible fixed assets | 22/27 | €83,525 | €238,078 | +€154,553 | +185.0% |
| Land and buildings | 22 | - | €194,498 | +€194,498 | |
| Plant, machinery and equipment | 23 | €3,861 | €787 | -€3,075 | -79.6% |
| Furniture and vehicles | 24 | €52,841 | €34,242 | -€18,599 | -35.2% |
| Leasing and similar rights | 25 | €26,822 | €8,552 | -€18,271 | -68.1% |
| Current assets | 29/58 | €41,927 | €61,584 | +€19,656 | +46.9% |
| Amounts receivable within one year | 40/41 | €30,168 | €52,928 | +€22,760 | +75.4% |
| Trade receivables | 40 | €29,350 | €50,296 | +€20,947 | +71.4% |
| Other amounts receivable | 41 | €819 | €2,631 | +€1,813 | +221.5% |
| Cash at bank and in hand | 54/58 | €11,759 | €8,656 | -€3,103 | -26.4% |
| Total equity and liabilities | 10/49 | €125,452 | €299,662 | +€174,209 | +138.9% |
| Equity | 10/15 | €14,836 | €38,929 | +€24,093 | +162.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,836 | €33,929 | +€24,093 | +244.9% |
| Amounts payable | 17/49 | €110,616 | €260,733 | +€150,117 | +135.7% |
| Amounts payable after more than one year | 17 | €24,216 | €10,452 | -€13,764 | -56.8% |
| Financial debts | 170/4 | €24,216 | €10,452 | -€13,764 | -56.8% |
| Amounts payable within one year | 42/48 | €86,400 | €250,280 | +€163,880 | +189.7% |
| Current portion of amounts payable after more than one year | 42 | €30,407 | €13,764 | -€16,643 | -54.7% |
| Trade debts | 44 | €9,167 | €8,749 | -€418 | -4.6% |
| Suppliers | 440/4 | €9,167 | €8,749 | -€418 | -4.6% |
| Taxes, remuneration and social security | 45 | €450 | €5,555 | +€5,105 | +1134.4% |
| Taxes | 450/3 | €450 | €5,555 | +€5,105 | +1134.4% |
| Other amounts payable | 47/48 | €46,377 | €222,213 | +€175,836 | +379.1% |
| Remuneration, social security and pensions | 62 | €14,023 | €13,252 | -€771 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,130 | €39,945 | -€4,186 | -9.5% |
| Other operating charges | 640/8 | €7,383 | €4,146 | -€3,236 | -43.8% |
| Gross operating margin | 9900 | €84,181 | €88,945 | +€4,764 | +5.7% |
| Operating profit (loss) | 9901 | €18,646 | €31,603 | +€12,957 | +69.5% |
| Financial income | 75/76B | €193 | €214 | +€22 | +11.2% |
| Recurring financial income | 75 | €193 | €214 | +€22 | +11.2% |
| Financial charges | 65/66B | €7,664 | €2,193 | -€5,472 | -71.4% |
| Recurring financial charges | 65 | €7,664 | €2,193 | -€5,472 | -71.4% |
| Profit (loss) for the period before taxes | 9903 | €11,174 | €29,624 | +€18,450 | +165.1% |
| Income taxes | 67/77 | - | €5,532 | +€5,532 | |
| Profit (loss) for the period | 9904 | €11,174 | €24,093 | +€12,919 | +115.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,174 | €24,093 | +€12,919 | +115.6% |
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 9 October 2026 via checked.be.