VDM 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.
VDM Construct
Largest movements
- Cash -€34,855
down €34,855 (-87.0%), from €40,082 to €5,227
mainly Trade debts (-€27,932) and Net result for the year (-€16,234)
- Tangible fixed assets -€6,732
down €6,732 (-38.2%), from €17,632 to €10,900
of which Furniture and vehicles: -€6,905
- Receivables within one year -€6,600
down €6,600 (-93.9%), from €7,026 to €426
of which Trade receivables: -€7,026
- Trade debts -€27,932
down €27,932 (-84.3%), from €33,153 to €5,221
- Profit (loss) carried forward -€16,234
new in 2025: -€16,234
- Tax, wage and social debts -€10,110
no longer reported in 2025 (was €10,110)
- Other debts +€6,221
new in 2025: €6,221
- Gross operating margin -€41,038
down €41,038, from €33,497 to -€7,542
- Taxes -€5,322
no longer reported in 2025 (was €5,322)
- Depreciation +€1,926
up €1,926 (+30.1%), from €6,408 to €8,334
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 | €65,549 | €17,494 | -€48,055 | -73.3% |
| Fixed assets | 21/28 | €17,632 | €10,900 | -€6,732 | -38.2% |
| Tangible fixed assets | 22/27 | €17,632 | €10,900 | -€6,732 | -38.2% |
| Plant, machinery and equipment | 23 | €2,672 | €2,845 | +€173 | +6.5% |
| Furniture and vehicles | 24 | €14,961 | €8,056 | -€6,905 | -46.2% |
| Current assets | 29/58 | €47,917 | €6,594 | -€41,323 | -86.2% |
| Amounts receivable within one year | 40/41 | €7,026 | €426 | -€6,600 | -93.9% |
| Trade receivables | 40 | €7,026 | - | -€7,026 | |
| Other amounts receivable | 41 | - | €426 | +€426 | |
| Cash at bank and in hand | 54/58 | €40,082 | €5,227 | -€34,855 | -87.0% |
| Deferred charges and accrued income | 490/1 | €809 | €941 | +€132 | +16.3% |
| Total equity and liabilities | 10/49 | €65,549 | €17,494 | -€48,055 | -73.3% |
| Equity | 10/15 | €22,287 | €6,052 | -€16,234 | -72.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €21,287 | €21,287 | = | 0.0% |
| Distributable reserves | 133 | €21,287 | €21,287 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€16,234 | -€16,234 | |
| Amounts payable | 17/49 | €43,263 | €11,442 | -€31,821 | -73.6% |
| Amounts payable within one year | 42/48 | €43,263 | €11,442 | -€31,821 | -73.6% |
| Trade debts | 44 | €33,153 | €5,221 | -€27,932 | -84.3% |
| Suppliers | 440/4 | €33,153 | €5,221 | -€27,932 | -84.3% |
| Taxes, remuneration and social security | 45 | €10,110 | - | -€10,110 | |
| Taxes | 450/3 | €10,110 | - | -€10,110 | |
| Other amounts payable | 47/48 | - | €6,221 | +€6,221 | |
| Remuneration, social security and pensions | 62 | €219 | - | -€219 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,408 | €8,334 | +€1,926 | +30.1% |
| Other operating charges | 640/8 | €206 | €246 | +€40 | +19.2% |
| Gross operating margin | 9900 | €33,497 | -€7,542 | -€41,038 | |
| Operating profit (loss) | 9901 | €26,664 | -€16,121 | -€42,785 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €56 | €113 | +€57 | +101% |
| Recurring financial charges | 65 | €56 | €113 | +€57 | +101% |
| Profit (loss) for the period before taxes | 9903 | €26,608 | -€16,234 | -€42,842 | |
| Income taxes | 67/77 | €5,322 | - | -€5,322 | |
| Profit (loss) for the period | 9904 | €21,287 | -€16,234 | -€37,521 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,287 | -€16,234 | -€37,521 |
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 29 October 2026 via checked.be.