VDW construct group: 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 group
Largest movements
- Receivables within one year +€169,820
up €169,820 (+162.4%), from €104,538 to €274,358
of which Trade receivables: +€107,760
- Stocks and contracts +€76,000
new in 2025: €76,000
- Tangible fixed assets +€35,465
up €35,465 (+14.9%), from €238,419 to €273,884
of which Plant, machinery and equipment: +€39,747
- Cash -€10,826
down €10,826 (-9.6%), from €112,348 to €101,522
mainly Receivables within one year (-€169,820) and Investment in fixed assets (net) (-€115,962)
- Trade debts +€121,191
up €121,191 (+433.8%), from €27,936 to €149,127
- Reserves +€117,410
up €117,410 (+63.0%), from €186,251 to €303,661
- Short-term financial debts +€64,244
new in 2025: €64,244
- Accrued charges and deferred income -€27,282
down €27,282 (-98.3%), from €27,760 to €477
- Tax, wage and social debts -€12,692
down €12,692 (-23.0%), from €55,272 to €42,580
of which Taxes: -€10,073
- Gross operating margin +€138,174
up €138,174 (+54.2%), from €254,969 to €393,143
- Staff costs +€66,827
up €66,827 (+177.5%), from €37,647 to €104,474
- Depreciation +€42,319
up €42,319 (+125.9%), from €33,608 to €75,927
- Taxes +€9,520
up €9,520 (+27.1%), from €35,181 to €44,702
- Other operating charges +€4,087
up €4,087 (+190.1%), from €2,150 to €6,237
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 | €458,923 | €735,805 | +€276,882 | +60.3% |
| Fixed assets | 21/28 | €240,174 | €280,209 | +€40,035 | +16.7% |
| Intangible fixed assets | 21 | - | €4,570 | +€4,570 | |
| Tangible fixed assets | 22/27 | €238,419 | €273,884 | +€35,465 | +14.9% |
| Plant, machinery and equipment | 23 | €36,660 | €76,408 | +€39,747 | +108.4% |
| Furniture and vehicles | 24 | €86,077 | €110,146 | +€24,069 | +28.0% |
| Leasing and similar rights | 25 | €112,124 | €84,153 | -€27,971 | -24.9% |
| Other tangible fixed assets | 26 | €3,558 | €3,178 | -€379 | -10.7% |
| Financial fixed assets | 28 | €1,755 | €1,755 | = | 0.0% |
| Current assets | 29/58 | €218,749 | €455,596 | +€236,847 | +108.3% |
| Stocks and contracts in progress | 3 | - | €76,000 | +€76,000 | |
| Contracts in progress | 37 | - | €76,000 | +€76,000 | |
| Amounts receivable within one year | 40/41 | €104,538 | €274,358 | +€169,820 | +162.4% |
| Trade receivables | 40 | €87,501 | €195,261 | +€107,760 | +123.2% |
| Other amounts receivable | 41 | €17,037 | €79,097 | +€62,059 | +364.3% |
| Cash at bank and in hand | 54/58 | €112,348 | €101,522 | -€10,826 | -9.6% |
| Deferred charges and accrued income | 490/1 | €1,863 | €3,716 | +€1,853 | +99.5% |
| Total equity and liabilities | 10/49 | €458,923 | €735,805 | +€276,882 | +60.3% |
| Equity | 10/15 | €188,751 | €306,161 | +€117,410 | +62.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €186,251 | €303,661 | +€117,410 | +63.0% |
| Distributable reserves | 133 | €186,251 | €303,661 | +€117,410 | +63.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €270,172 | €429,645 | +€159,473 | +59.0% |
| Amounts payable after more than one year | 17 | €118,675 | €120,511 | +€1,837 | +1.5% |
| Financial debts | 170/4 | €118,675 | €120,511 | +€1,837 | +1.5% |
| Amounts payable within one year | 42/48 | €123,738 | €308,656 | +€184,918 | +149.4% |
| Current portion of amounts payable after more than one year | 42 | €35,547 | €36,305 | +€758 | +2.1% |
| Financial debts | 43 | - | €64,244 | +€64,244 | |
| Other loans | 439 | - | €64,244 | +€64,244 | |
| Trade debts | 44 | €27,936 | €149,127 | +€121,191 | +433.8% |
| Suppliers | 440/4 | €27,936 | €149,127 | +€121,191 | +433.8% |
| Taxes, remuneration and social security | 45 | €55,272 | €42,580 | -€12,692 | -23.0% |
| Taxes | 450/3 | €51,108 | €41,035 | -€10,073 | -19.7% |
| Remuneration and social security | 454/9 | €4,163 | €1,545 | -€2,618 | -62.9% |
| Other amounts payable | 47/48 | €4,983 | €16,400 | +€11,417 | +229.1% |
| Accrued charges and deferred income | 492/3 | €27,760 | €477 | -€27,282 | -98.3% |
| Remuneration, social security and pensions | 62 | €37,647 | €104,474 | +€66,827 | +177.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,608 | €75,927 | +€42,319 | +125.9% |
| Other operating charges | 640/8 | €2,150 | €6,237 | +€4,087 | +190.1% |
| Non-recurring operating charges | 66A | €7,045 | €9,765 | +€2,720 | +38.6% |
| Gross operating margin | 9900 | €254,969 | €393,143 | +€138,174 | +54.2% |
| Operating profit (loss) | 9901 | €174,520 | €196,741 | +€22,221 | +12.7% |
| Financial income | 75/76B | €2,440 | €0 | -€2,440 | -100.0% |
| Recurring financial income | 75 | €2,440 | €0 | -€2,440 | -100.0% |
| Financial charges | 65/66B | €14,850 | €14,629 | -€221 | -1.5% |
| Recurring financial charges | 65 | €14,850 | €14,629 | -€221 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €162,109 | €182,111 | +€20,002 | +12.3% |
| Income taxes | 67/77 | €35,181 | €44,702 | +€9,520 | +27.1% |
| Profit (loss) for the period | 9904 | €126,928 | €137,410 | +€10,482 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €126,928 | €137,410 | +€10,482 | +8.3% |
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 10 October 2026 via checked.be.