VDC 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.
VDC Construct
Largest movements
- Tangible fixed assets +€318,439
up €318,439 (+1451.1%), from €21,945 to €340,385
of which Land and buildings: +€322,379
- Stocks and contracts -€248,299
down €248,299 (-32.5%), from €764,161 to €515,862
of which Stocks: -€249,699
- Cash +€185,903
up €185,903 (+311.1%), from €59,754 to €245,657
mainly Other debts (+€352,551) and Stocks and contracts (+€248,299)
- Receivables within one year +€106,158
up €106,158 (+2100.6%), from €5,054 to €111,212
of which Trade receivables: +€98,781
- Other debts +€352,551
up €352,551 (+52.0%), from €677,988 to €1.0m
- Trade debts -€164,969
no longer reported in 2025 (was €164,969)
- Profit (loss) carried forward +€89,896
up €89,896, from -€53,023 to €36,873
- Tax, wage and social debts +€68,781
new in 2025: €68,781
- Accrued charges and deferred income +€12,556
new in 2025: €12,556
- Gross operating margin +€139,966
up €139,966 (+2868.9%), from €4,879 to €144,845
- Financial charges +€23,098
up €23,098 (+937.2%), from €2,464 to €25,562
- Depreciation +€11,735
up €11,735 (+400.4%), from €2,930 to €14,665
- Taxes +€10,853
new in 2025: €10,853
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 | €851,934 | €1,215,480 | +€363,545 | +42.7% |
| Formation expenses | 20 | €1,007 | €580 | -€427 | -42.4% |
| Fixed assets | 21/28 | €21,945 | €340,385 | +€318,439 | +1451.1% |
| Tangible fixed assets | 22/27 | €21,945 | €340,385 | +€318,439 | +1451.1% |
| Land and buildings | 22 | - | €322,379 | +€322,379 | |
| Plant, machinery and equipment | 23 | €21,945 | €18,006 | -€3,939 | -18.0% |
| Current assets | 29/58 | €828,982 | €874,515 | +€45,533 | +5.5% |
| Stocks and contracts in progress | 3 | €764,161 | €515,862 | -€248,299 | -32.5% |
| Stocks | 30/36 | €764,161 | €514,462 | -€249,699 | -32.7% |
| Contracts in progress | 37 | - | €1,400 | +€1,400 | |
| Amounts receivable within one year | 40/41 | €5,054 | €111,212 | +€106,158 | +2100.6% |
| Trade receivables | 40 | €1,726 | €100,507 | +€98,781 | +5722.6% |
| Other amounts receivable | 41 | €3,328 | €10,705 | +€7,377 | +221.7% |
| Cash at bank and in hand | 54/58 | €59,754 | €245,657 | +€185,903 | +311.1% |
| Deferred charges and accrued income | 490/1 | €14 | €1,785 | +€1,771 | +13080.6% |
| Total equity and liabilities | 10/49 | €851,934 | €1,215,480 | +€363,545 | +42.7% |
| Equity | 10/15 | €8,977 | €103,604 | +€94,627 | +1054.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | - | €4,731 | +€4,731 | |
| Non-distributable reserves | 130/1 | - | €4,731 | +€4,731 | |
| Legal reserve | 130 | - | €4,731 | +€4,731 | |
| Profit (loss) carried forward | 14 | -€53,023 | €36,873 | +€89,896 | |
| Amounts payable | 17/49 | €842,957 | €1,111,876 | +€268,918 | +31.9% |
| Amounts payable within one year | 42/48 | €842,957 | €1,099,320 | +€256,362 | +30.4% |
| Trade debts | 44 | €164,969 | - | -€164,969 | |
| Suppliers | 440/4 | €164,969 | - | -€164,969 | |
| Taxes, remuneration and social security | 45 | - | €68,781 | +€68,781 | |
| Taxes | 450/3 | - | €68,781 | +€68,781 | |
| Other amounts payable | 47/48 | €677,988 | €1,030,539 | +€352,551 | +52.0% |
| Accrued charges and deferred income | 492/3 | - | €12,556 | +€12,556 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,930 | €14,665 | +€11,735 | +400.4% |
| Other operating charges | 640/8 | €778 | €656 | -€122 | -15.7% |
| Gross operating margin | 9900 | €4,879 | €144,845 | +€139,966 | +2868.9% |
| Operating profit (loss) | 9901 | €1,171 | €129,524 | +€128,353 | +10965.5% |
| Financial income | 75/76B | €2,027 | €1,518 | -€509 | -25.1% |
| Recurring financial income | 75 | €2,027 | €1,518 | -€509 | -25.1% |
| Financial charges | 65/66B | €2,464 | €25,562 | +€23,098 | +937.2% |
| Recurring financial charges | 65 | €2,464 | €25,562 | +€23,098 | +937.2% |
| Profit (loss) for the period before taxes | 9903 | €733 | €105,480 | +€104,746 | +14284.8% |
| Income taxes | 67/77 | - | €10,853 | +€10,853 | |
| Profit (loss) for the period | 9904 | €733 | €94,627 | +€93,894 | +12804.8% |
| Profit (loss) for the period to be appropriated | 9905 | €733 | €94,627 | +€93,894 | +12804.8% |
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.