VDP & C°: 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.
What changed
VDP & C°
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€11,099
2024 · €16,146-€27,245
Equity
€325,154
2024 · €336,254-€11,099
Cash
€42,958
2024 · €50,593-€7,635
Balance sheet total
€1.2m
2024 · €1.3m-€95,148
Largest movements
Assets
- Tangible fixed assets -€87,263
down €87,263 (-7.1%), from €1.2m to €1.1m
of which Land and buildings: -€56,573
Equity and liabilities
- Debts after one year -€59,744
down €59,744 (-11.0%), from €545,335 to €485,591
- Reserves -€47,683
down €47,683 (-70.5%), from €67,662 to €19,978
of which Distributable reserves: -€47,683
- Tax, wage and social debts -€43,430
down €43,430 (-29.0%), from €149,521 to €106,091
of which Taxes: -€45,540
- Profit (loss) carried forward +€36,584
new in 2025: €36,584
- Current portion of long-term debt +€22,684
up €22,684 (+28.4%), from €79,881 to €102,566
Income statement
- Financial charges +€16,832
up €16,832 (+80.6%), from €20,881 to €37,713
- Other operating charges +€16,094
up €16,094 (+276%), from €5,830 to €21,924
- Depreciation -€15,896
down €15,896 (-16.1%), from €98,941 to €83,045
- Gross operating margin -€9,390
down €9,390 (-1.8%), from €530,271 to €520,881
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.
Result 2024
€16,146
Gross operating margin
-€9,390
Staff costs
-€3,347
Depreciation
+€15,896
Other operating charges
-€16,094
Financial charges
-€16,832
Taxes
+€2,523
Result 2025
-€11,099
raises the resultlowers the result
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.
From operations
+€23,481
Investment
+€5,944
Financing
-€37,060
Cash 2024
€50,593
From operations (derived)
+€23,481
Net result for the year
-€11,099
Depreciation
+€83,045
Stocks and contracts
-€1,953
Receivables within one year
+€936
Deferred charges and accrued income
-€458
Trade debts
+€12,163
Tax, wage and social debts
-€43,430
Advances received
-€1,178
Other debts
-€14,544
Investment (derived)
+€5,944
Investment in fixed assets (net)
+€5,944
Financing
-€37,060
Debts after one year
-€59,744
Current portion of long-term debt
+€22,684
Cash 2025
€42,958
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,317,682 | €1,222,534 | -€95,148 | -7.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €1,226,177 | €1,137,189 | -€88,988 | -7.3% |
| Intangible fixed assets | 21 | €1,725 | €0 | -€1,725 | -100% |
| Tangible fixed assets | 22/27 | €1,224,307 | €1,137,043 | -€87,263 | -7.1% |
| Land and buildings | 22 | €1,119,514 | €1,062,942 | -€56,573 | -5.1% |
| Plant, machinery and equipment | 23 | €40,411 | €31,958 | -€8,453 | -20.9% |
| Furniture and vehicles | 24 | €39,311 | €23,388 | -€15,922 | -40.5% |
| Leasing and similar rights | 25 | €25,071 | €18,756 | -€6,315 | -25.2% |
| Financial fixed assets | 28 | €146 | €146 | = | 0.0% |
| Current assets | 29/58 | €91,504 | €85,345 | -€6,159 | -6.7% |
| Stocks and contracts in progress | 3 | €11,840 | €13,793 | +€1,953 | +16.5% |
| Stocks | 30/36 | €11,840 | €13,793 | +€1,953 | +16.5% |
| Amounts receivable within one year | 40/41 | €21,233 | €20,297 | -€936 | -4.4% |
| Trade receivables | 40 | €21,233 | €15,870 | -€5,363 | -25.3% |
| Other amounts receivable | 41 | €0 | €4,427 | +€4,427 | |
| Cash at bank and in hand | 54/58 | €50,593 | €42,958 | -€7,635 | -15.1% |
| Deferred charges and accrued income | 490/1 | €7,838 | €8,296 | +€458 | +5.8% |
| Total equity and liabilities | 10/49 | €1,317,682 | €1,222,534 | -€95,148 | -7.2% |
| Equity | 10/15 | €336,254 | €325,154 | -€11,099 | -3.3% |
| Contributions | 10/11 | €268,592 | €268,592 | = | 0.0% |
| Reserves | 13 | €67,662 | €19,978 | -€47,683 | -70.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €65,802 | €18,118 | -€47,683 | -72.5% |
| Profit (loss) carried forward | 14 | - | €36,584 | +€36,584 | |
| Amounts payable | 17/49 | €981,428 | €897,380 | -€84,049 | -8.6% |
| Amounts payable after more than one year | 17 | €545,335 | €485,591 | -€59,744 | -11.0% |
| Financial debts | 170/4 | €545,335 | €485,591 | -€59,744 | -11.0% |
| Amounts payable within one year | 42/48 | €436,093 | €411,789 | -€24,304 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €79,881 | €102,566 | +€22,684 | +28.4% |
| Trade debts | 44 | €69,904 | €82,067 | +€12,163 | +17.4% |
| Suppliers | 440/4 | €69,904 | €82,067 | +€12,163 | +17.4% |
| Advances received on contracts in progress | 46 | €1,178 | €0 | -€1,178 | -100% |
| Taxes, remuneration and social security | 45 | €149,521 | €106,091 | -€43,430 | -29.0% |
| Taxes | 450/3 | €101,995 | €56,455 | -€45,540 | -44.6% |
| Remuneration and social security | 454/9 | €47,526 | €49,636 | +€2,110 | +4.4% |
| Other amounts payable | 47/48 | €135,610 | €121,065 | -€14,544 | -10.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €17,953 | +€17,953 | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €378,611 | €381,958 | +€3,347 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,941 | €83,045 | -€15,896 | -16.1% |
| Other operating charges | 640/8 | €5,830 | €21,924 | +€16,094 | +276% |
| Gross operating margin | 9900 | €530,271 | €520,881 | -€9,390 | -1.8% |
| Operating profit (loss) | 9901 | €46,889 | €33,953 | -€12,935 | -27.6% |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Financial charges | 65/66B | €20,881 | €37,713 | +€16,832 | +80.6% |
| Recurring financial charges | 65 | €20,881 | €37,713 | +€16,832 | +80.6% |
| Profit (loss) for the period before taxes | 9903 | €26,008 | -€3,759 | -€29,768 | |
| Income taxes | 67/77 | €9,863 | €7,340 | -€2,523 | -25.6% |
| Profit (loss) for the period | 9904 | €16,146 | -€11,099 | -€27,245 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,146 | -€11,099 | -€27,245 |
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 16 October 2026 via checked.be.