VDH 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.
VDH CONSTRUCT
Largest movements
- Receivables after one year +€225,000
new in 2025: €225,000
- Receivables within one year -€50,716
down €50,716 (-37.4%), from €135,750 to €85,034
of which Trade receivables: -€35,974
- Tangible fixed assets -€23,029
down €23,029 (-24.5%), from €93,957 to €70,928
of which Leasing and similar rights: -€16,348
- Cash -€15,637
down €15,637 (-52.8%), from €29,636 to €13,999
mainly Receivables after one year (-€225,000) and Trade debts (-€43,817)
- Other debts +€174,491
up €174,491 (+217%), from €80,371 to €254,862
- Trade debts -€43,817
down €43,817 (-45.8%), from €95,583 to €51,766
- Debts after one year -€12,409
down €12,409 (-28.3%), from €43,907 to €31,498
- Tax, wage and social debts +€7,579
up €7,579 (+177%), from €4,275 to €11,854
- Profit (loss) carried forward +€6,906
up €6,906 (+15,695%), from €44 to €6,950
- Gross operating margin +€65,285
up €65,285 (+856%), from €7,630 to €72,915
- Depreciation +€24,398
up €24,398 (+1,923%), from €1,269 to €25,667
- Taxes +€10,604
new in 2025: €10,604
- Financial charges -€1,587
down €1,587 (-27.4%), from €5,788 to €4,201
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 | €260,740 | €395,946 | +€135,206 | +51.9% |
| Fixed assets | 21/28 | €93,957 | €70,928 | -€23,029 | -24.5% |
| Tangible fixed assets | 22/27 | €93,957 | €70,928 | -€23,029 | -24.5% |
| Plant, machinery and equipment | 23 | €12,572 | €8,797 | -€3,775 | -30.0% |
| Furniture and vehicles | 24 | €12,367 | €8,499 | -€3,868 | -31.3% |
| Leasing and similar rights | 25 | €67,366 | €51,018 | -€16,348 | -24.3% |
| Other tangible fixed assets | 26 | €1,652 | €2,614 | +€962 | +58.2% |
| Current assets | 29/58 | €166,783 | €325,018 | +€158,235 | +94.9% |
| Amounts receivable after more than one year | 29 | - | €225,000 | +€225,000 | |
| Trade receivables | 290 | - | €225,000 | +€225,000 | |
| Amounts receivable within one year | 40/41 | €135,750 | €85,034 | -€50,716 | -37.4% |
| Trade receivables | 40 | €90,608 | €54,634 | -€35,974 | -39.7% |
| Other amounts receivable | 41 | €45,142 | €30,400 | -€14,742 | -32.7% |
| Cash at bank and in hand | 54/58 | €29,636 | €13,999 | -€15,637 | -52.8% |
| Deferred charges and accrued income | 490/1 | €1,397 | €985 | -€412 | -29.5% |
| Total equity and liabilities | 10/49 | €260,740 | €395,946 | +€135,206 | +51.9% |
| Equity | 10/15 | €18,644 | €25,550 | +€6,906 | +37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44 | €6,950 | +€6,906 | +15,695% |
| Amounts payable | 17/49 | €242,096 | €370,396 | +€128,300 | +53.0% |
| Amounts payable after more than one year | 17 | €43,907 | €31,498 | -€12,409 | -28.3% |
| Financial debts | 170/4 | €43,907 | €31,498 | -€12,409 | -28.3% |
| Amounts payable within one year | 42/48 | €191,220 | €330,609 | +€139,389 | +72.9% |
| Current portion of amounts payable after more than one year | 42 | €10,991 | €12,127 | +€1,136 | +10.3% |
| Trade debts | 44 | €95,583 | €51,766 | -€43,817 | -45.8% |
| Suppliers | 440/4 | €95,583 | €51,766 | -€43,817 | -45.8% |
| Taxes, remuneration and social security | 45 | €4,275 | €11,854 | +€7,579 | +177% |
| Taxes | 450/3 | €4,275 | €11,854 | +€7,579 | +177% |
| Other amounts payable | 47/48 | €80,371 | €254,862 | +€174,491 | +217% |
| Accrued charges and deferred income | 492/3 | €6,969 | €8,289 | +€1,320 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,269 | €25,667 | +€24,398 | +1,923% |
| Other operating charges | 640/8 | €897 | €692 | -€205 | -22.9% |
| Gross operating margin | 9900 | €7,630 | €72,915 | +€65,285 | +856% |
| Operating profit (loss) | 9901 | €5,464 | €46,556 | +€41,092 | +752% |
| Financial income | 75/76B | €1 | €155 | +€154 | +15,400% |
| Recurring financial income | 75 | €1 | €155 | +€154 | +15,400% |
| Financial charges | 65/66B | €5,788 | €4,201 | -€1,587 | -27.4% |
| Recurring financial charges | 65 | €5,788 | €4,201 | -€1,587 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€323 | €42,510 | +€42,833 | |
| Income taxes | 67/77 | - | €10,604 | +€10,604 | |
| Profit (loss) for the period | 9904 | -€323 | €31,906 | +€32,229 | |
| Profit (loss) for the period to be appropriated | 9905 | -€323 | €31,906 | +€32,229 |
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.