VDH CONSTRUCTION: 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.
VDH CONSTRUCTION
Largest movements
- Cash -€39,376
down €39,376 (-40.0%), from €98,478 to €59,102
mainly Contributions, distributions and other (-€37,500) and Debts after one year (-€30,812)
- Tangible fixed assets -€25,334
down €25,334 (-8.0%), from €317,022 to €291,688
of which Furniture and vehicles: -€22,509
- Receivables within one year -€15,336
down €15,336 (-38.3%), from €40,079 to €24,744
of which Trade receivables: -€19,612
- Reserves -€37,500
down €37,500 (-17.5%), from €214,375 to €176,875
- Other debts +€32,659
up €32,659 (+674.6%), from €4,841 to €37,500
- Debts after one year -€30,812
down €30,812 (-19.6%), from €157,216 to €126,403
- Trade debts -€20,488
down €20,488 (-83.4%), from €24,561 to €4,073
- Tax, wage and social debts -€15,480
no longer reported in 2025 (was €15,480)
of which Taxes: -€13,686
- Gross operating margin -€69,418
down €69,418 (-48.7%), from €142,401 to €72,983
- Staff costs -€18,949
down €18,949 (-22.1%), from €85,766 to €66,817
- Taxes -€13,686
no longer reported in 2025 (was €13,686)
- Financial income -€3,508
down €3,508 (-14.4%), from €24,292 to €20,784
of which Non-recurring financial income: -€2,357
- Depreciation +€1,884
up €1,884 (+6.9%), from €27,155 to €29,039
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 | €466,716 | €381,982 | -€84,734 | -18.2% |
| Formation expenses | 20 | €986 | €737 | -€250 | -25.3% |
| Fixed assets | 21/28 | €326,363 | €297,399 | -€28,965 | -8.9% |
| Tangible fixed assets | 22/27 | €317,022 | €291,688 | -€25,334 | -8.0% |
| Land and buildings | 22 | €190,000 | €190,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €23,175 | €20,349 | -€2,826 | -12.2% |
| Furniture and vehicles | 24 | €103,848 | €81,339 | -€22,509 | -21.7% |
| Financial fixed assets | 28 | €9,341 | €5,711 | -€3,630 | -38.9% |
| Current assets | 29/58 | €139,366 | €83,846 | -€55,520 | -39.8% |
| Amounts receivable within one year | 40/41 | €40,079 | €24,744 | -€15,336 | -38.3% |
| Trade receivables | 40 | €31,308 | €11,696 | -€19,612 | -62.6% |
| Other amounts receivable | 41 | €8,772 | €13,048 | +€4,276 | +48.7% |
| Cash at bank and in hand | 54/58 | €98,478 | €59,102 | -€39,376 | -40.0% |
| Deferred charges and accrued income | 490/1 | €809 | - | -€809 | |
| Total equity and liabilities | 10/49 | €466,716 | €381,982 | -€84,734 | -18.2% |
| Equity | 10/15 | €233,862 | €183,192 | -€50,670 | -21.7% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €214,375 | €176,875 | -€37,500 | -17.5% |
| Distributable reserves | 133 | €214,375 | €176,875 | -€37,500 | -17.5% |
| Profit (loss) carried forward | 14 | €13,237 | €67 | -€13,170 | -99.5% |
| Amounts payable | 17/49 | €232,854 | €198,789 | -€34,065 | -14.6% |
| Amounts payable after more than one year | 17 | €157,216 | €126,403 | -€30,812 | -19.6% |
| Financial debts | 170/4 | €157,216 | €126,403 | -€30,812 | -19.6% |
| Amounts payable within one year | 42/48 | €75,038 | €72,386 | -€2,652 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €30,156 | €30,813 | +€657 | +2.2% |
| Trade debts | 44 | €24,561 | €4,073 | -€20,488 | -83.4% |
| Suppliers | 440/4 | €24,561 | €4,073 | -€20,488 | -83.4% |
| Taxes, remuneration and social security | 45 | €15,480 | - | -€15,480 | |
| Taxes | 450/3 | €13,686 | - | -€13,686 | |
| Remuneration and social security | 454/9 | €1,794 | - | -€1,794 | |
| Other amounts payable | 47/48 | €4,841 | €37,500 | +€32,659 | +674.6% |
| Accrued charges and deferred income | 492/3 | €600 | - | -€600 | |
| Remuneration, social security and pensions | 62 | €85,766 | €66,817 | -€18,949 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,155 | €29,039 | +€1,884 | +6.9% |
| Other operating charges | 640/8 | €1,962 | €2,024 | +€61 | +3.1% |
| Non-recurring operating charges | 66A | - | €5,143 | +€5,143 | |
| Gross operating margin | 9900 | €142,401 | €72,983 | -€69,418 | -48.7% |
| Operating profit (loss) | 9901 | €27,518 | -€30,039 | -€57,556 | |
| Financial income | 75/76B | €24,292 | €20,784 | -€3,508 | -14.4% |
| Recurring financial income | 75 | €1,335 | €184 | -€1,152 | -86.2% |
| Non-recurring financial income | 76B | €22,957 | €20,600 | -€2,357 | -10.3% |
| Financial charges | 65/66B | €4,495 | €3,914 | -€580 | -12.9% |
| Recurring financial charges | 65 | €4,445 | €3,914 | -€530 | -11.9% |
| Non-recurring financial charges | 66B | €50 | - | -€50 | |
| Profit (loss) for the period before taxes | 9903 | €47,315 | -€13,170 | -€60,484 | |
| Income taxes | 67/77 | €13,686 | - | -€13,686 | |
| Profit (loss) for the period | 9904 | €33,629 | -€13,170 | -€46,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,629 | -€13,170 | -€46,798 |
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 8 October 2026 via checked.be.