VDW 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.
VDW Construct
Largest movements
- Cash -€41,499
down €41,499 (-79.3%), from €52,313 to €10,814
mainly Investment in fixed assets (net) (-€80,536) and Other debts (-€42,791)
- Receivables within one year -€38,349
down €38,349 (-35.4%), from €108,187 to €69,838
of which Trade receivables: -€40,036
- Financial fixed assets +€15,113
new in 2025: €15,113
- Tangible fixed assets +€13,661
up €13,661 (+2.7%), from €500,202 to €513,863
of which Furniture and vehicles: +€30,418
- Other debts -€42,791
down €42,791 (-31.1%), from €137,564 to €94,773
- Trade debts +€20,058
new in 2025: €20,058
- Profit (loss) carried forward -€13,631
down €13,631, from €12,374 to -€1,257
- Tax, wage and social debts -€11,812
down €11,812 (-42.2%), from €27,976 to €16,164
- Gross operating margin -€55,198
down €55,198 (-47.6%), from €115,923 to €60,725
- Taxes -€8,087
down €8,087 (-99.5%), from €8,129 to €42
- Depreciation -€1,337
down €1,337 (-2.5%), from €53,100 to €51,763
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 | €662,075 | €612,056 | -€50,019 | -7.6% |
| Fixed assets | 21/28 | €500,202 | €528,975 | +€28,773 | +5.8% |
| Tangible fixed assets | 22/27 | €500,202 | €513,863 | +€13,661 | +2.7% |
| Land and buildings | 22 | €411,489 | €395,619 | -€15,870 | -3.9% |
| Plant, machinery and equipment | 23 | €4,233 | €3,345 | -€887 | -21.0% |
| Furniture and vehicles | 24 | €84,480 | €114,898 | +€30,418 | +36.0% |
| Other tangible fixed assets | 26 | €0 | - | -€0 | |
| Financial fixed assets | 28 | - | €15,113 | +€15,113 | |
| Current assets | 29/58 | €161,873 | €83,081 | -€78,792 | -48.7% |
| Amounts receivable within one year | 40/41 | €108,187 | €69,838 | -€38,349 | -35.4% |
| Trade receivables | 40 | €55,603 | €15,567 | -€40,036 | -72.0% |
| Other amounts receivable | 41 | €52,584 | €54,271 | +€1,687 | +3.2% |
| Cash at bank and in hand | 54/58 | €52,313 | €10,814 | -€41,499 | -79.3% |
| Deferred charges and accrued income | 490/1 | €1,373 | €2,429 | +€1,056 | +76.9% |
| Total equity and liabilities | 10/49 | €662,075 | €612,056 | -€50,019 | -7.6% |
| Equity | 10/15 | €145,911 | €132,280 | -€13,631 | -9.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €127,337 | €127,337 | = | 0.0% |
| Distributable reserves | 133 | €127,337 | €127,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,374 | -€1,257 | -€13,631 | |
| Amounts payable | 17/49 | €516,164 | €479,776 | -€36,388 | -7.0% |
| Amounts payable after more than one year | 17 | €301,644 | €298,091 | -€3,553 | -1.2% |
| Financial debts | 170/4 | €301,644 | €298,091 | -€3,553 | -1.2% |
| Amounts payable within one year | 42/48 | €213,131 | €181,686 | -€31,446 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €47,590 | €50,690 | +€3,100 | +6.5% |
| Trade debts | 44 | - | €20,058 | +€20,058 | |
| Suppliers | 440/4 | - | €20,058 | +€20,058 | |
| Taxes, remuneration and social security | 45 | €27,976 | €16,164 | -€11,812 | -42.2% |
| Taxes | 450/3 | €27,976 | €16,164 | -€11,812 | -42.2% |
| Other amounts payable | 47/48 | €137,564 | €94,773 | -€42,791 | -31.1% |
| Accrued charges and deferred income | 492/3 | €1,389 | - | -€1,389 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,100 | €51,763 | -€1,337 | -2.5% |
| Other operating charges | 640/8 | €2,214 | €2,444 | +€230 | +10.4% |
| Gross operating margin | 9900 | €115,923 | €60,725 | -€55,198 | -47.6% |
| Operating profit (loss) | 9901 | €60,609 | €6,519 | -€54,090 | -89.2% |
| Financial income | 75/76B | €868 | €898 | +€30 | +3.5% |
| Recurring financial income | 75 | €868 | €898 | +€30 | +3.5% |
| Financial charges | 65/66B | €21,846 | €21,006 | -€840 | -3.8% |
| Recurring financial charges | 65 | €21,846 | €21,006 | -€840 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €39,631 | -€13,589 | -€53,220 | |
| Income taxes | 67/77 | €8,129 | €42 | -€8,087 | -99.5% |
| Profit (loss) for the period | 9904 | €31,502 | -€13,631 | -€45,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,502 | -€13,631 | -€45,133 |
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 11 October 2026 via checked.be.