VF-Construct: what changed
VF-Construct
Largest movements
- Cash -€66,514
down €66,514 (-75.6%), from €87,968 to €21,454
mainly Trade debts (-€96,372) and Investment in fixed assets (net) (-€28,368)
- Receivables within one year +€16,278
up €16,278 (+83.5%), from €19,493 to €35,771
of which Trade receivables: +€18,017
- Tangible fixed assets -€15,864
down €15,864 (-3.7%), from €430,492 to €414,628
of which Land and buildings: -€15,149
- Stocks and contracts +€12,987
up €12,987 (+120%), from €10,847 to €23,834
of which Contracts in progress: +€12,500
- Trade debts -€96,372
down €96,372 (-84.8%), from €113,604 to €17,232
- Other debts +€33,210
new in 2025: €33,210
- Profit (loss) carried forward +€26,745
up €26,745 (+18.3%), from €146,361 to €173,106
- Debts after one year -€16,687
down €16,687 (-8.7%), from €192,748 to €176,061
- Gross operating margin +€29,764
up €29,764 (+27.4%), from €108,757 to €138,521
- Taxes +€12,571
up €12,571 (+260%), from €4,843 to €17,414
- Depreciation +€8,605
up €8,605 (+24.2%), from €35,627 to €44,232
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €548,800 | €495,687 | -€53,113 | -9.7% |
| Fixed assets | 21/28 | €430,492 | €414,628 | -€15,864 | -3.7% |
| Tangible fixed assets | 22/27 | €430,492 | €414,628 | -€15,864 | -3.7% |
| Land and buildings | 22 | €380,905 | €365,756 | -€15,149 | -4.0% |
| Plant, machinery and equipment | 23 | €28,310 | €31,512 | +€3,202 | +11.3% |
| Furniture and vehicles | 24 | €21,277 | €17,360 | -€3,917 | -18.4% |
| Current assets | 29/58 | €118,308 | €81,059 | -€37,249 | -31.5% |
| Stocks and contracts in progress | 3 | €10,847 | €23,834 | +€12,987 | +120% |
| Stocks | 30/36 | €5,847 | €6,334 | +€487 | +8.3% |
| Contracts in progress | 37 | €5,000 | €17,500 | +€12,500 | +250% |
| Amounts receivable within one year | 40/41 | €19,493 | €35,771 | +€16,278 | +83.5% |
| Trade receivables | 40 | €14,060 | €32,077 | +€18,017 | +128% |
| Other amounts receivable | 41 | €5,433 | €3,695 | -€1,738 | -32.0% |
| Cash at bank and in hand | 54/58 | €87,968 | €21,454 | -€66,514 | -75.6% |
| Total equity and liabilities | 10/49 | €548,800 | €495,687 | -€53,113 | -9.7% |
| Equity | 10/15 | €215,758 | €242,503 | +€26,745 | +12.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €49,397 | €49,397 | = | 0.0% |
| Distributable reserves | 133 | €49,397 | €49,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,361 | €173,106 | +€26,745 | +18.3% |
| Amounts payable | 17/49 | €333,042 | €253,184 | -€79,858 | -24.0% |
| Amounts payable after more than one year | 17 | €192,748 | €176,061 | -€16,687 | -8.7% |
| Financial debts | 170/4 | €192,748 | €176,061 | -€16,687 | -8.7% |
| Amounts payable within one year | 42/48 | €140,294 | €77,123 | -€63,170 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €16,470 | €16,687 | +€217 | +1.3% |
| Trade debts | 44 | €113,604 | €17,232 | -€96,372 | -84.8% |
| Suppliers | 440/4 | €113,604 | €17,232 | -€96,372 | -84.8% |
| Taxes, remuneration and social security | 45 | €10,220 | €9,994 | -€225 | -2.2% |
| Taxes | 450/3 | €935 | - | -€935 | |
| Remuneration and social security | 454/9 | €9,285 | €9,994 | +€709 | +7.6% |
| Other amounts payable | 47/48 | - | €33,210 | +€33,210 | |
| Remuneration, social security and pensions | 62 | €45,287 | €45,511 | +€224 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,627 | €44,232 | +€8,605 | +24.2% |
| Other operating charges | 640/8 | €1,612 | €1,455 | -€157 | -9.7% |
| Gross operating margin | 9900 | €108,757 | €138,521 | +€29,764 | +27.4% |
| Operating profit (loss) | 9901 | €26,231 | €47,322 | +€21,091 | +80.4% |
| Financial income | 75/76B | €295 | - | -€295 | |
| Recurring financial income | 75 | €295 | - | -€295 | |
| Financial charges | 65/66B | €2,895 | €3,163 | +€268 | +9.3% |
| Recurring financial charges | 65 | €2,895 | €3,163 | +€268 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €23,631 | €44,159 | +€20,528 | +86.9% |
| Income taxes | 67/77 | €4,843 | €17,414 | +€12,571 | +260% |
| Profit (loss) for the period | 9904 | €18,788 | €26,745 | +€7,957 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,788 | €26,745 | +€7,957 | +42.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.