VHJ CONSTRUCT: what changed
Two fiscal 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.
VHJ CONSTRUCT
Largest movements
- Receivables within one year +€481,508
up €481,508 (+65.8%), from €731,564 to €1.2m
of which Other amounts receivable: +€429,697
- Tangible fixed assets -€296,615
down €296,615 (-15.0%), from €2.0m to €1.7m
- Cash -€79,211
down €79,211 (-13.4%), from €590,175 to €510,965
mainly Trade debts (-€604,919) and Receivables within one year (-€481,508)
- Stocks and contracts -€51,988
down €51,988 (-37.0%), from €140,438 to €88,450
of which Contracts in progress: -€50,000
- Reserves +€636,937
up €636,937 (+44.4%), from €1.4m to €2.1m
of which Distributable reserves: +€472,725
- Trade debts -€604,919
down €604,919 (-82.8%), from €730,469 to €125,551
- Tax, wage and social debts +€119,935
up €119,935 (+127.2%), from €94,273 to €214,209
of which Taxes: +€133,737
- Other debts -€48,838
down €48,838 (-57.4%), from €85,103 to €36,265
- Debts after one year -€45,698
down €45,698 (-5.0%), from €913,984 to €868,286
- Gross operating margin +€574,088
up €574,088 (+54.4%), from €1.1m to €1.6m
- Taxes +€182,667
up €182,667 (+173.6%), from €105,205 to €287,873
- Depreciation +€88,735
up €88,735 (+41.1%), from €215,865 to €304,599
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 | €3,477,537 | €3,515,543 | +€38,006 | +1.1% |
| Fixed assets | 21/28 | €1,976,575 | €1,679,959 | -€296,615 | -15.0% |
| Tangible fixed assets | 22/27 | €1,976,575 | €1,679,959 | -€296,615 | -15.0% |
| Land and buildings | 22 | €786,070 | €736,791 | -€49,279 | -6.3% |
| Plant, machinery and equipment | 23 | €396,231 | €292,074 | -€104,157 | -26.3% |
| Furniture and vehicles | 24 | €794,274 | €651,094 | -€143,179 | -18.0% |
| Current assets | 29/58 | €1,500,963 | €1,835,584 | +€334,621 | +22.3% |
| Stocks and contracts in progress | 3 | €140,438 | €88,450 | -€51,988 | -37.0% |
| Stocks | 30/36 | €15,438 | €13,450 | -€1,988 | -12.9% |
| Contracts in progress | 37 | €125,000 | €75,000 | -€50,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €731,564 | €1,213,071 | +€481,508 | +65.8% |
| Trade receivables | 40 | €436,699 | €488,510 | +€51,811 | +11.9% |
| Other amounts receivable | 41 | €294,865 | €724,561 | +€429,697 | +145.7% |
| Current investments | 50/53 | - | €13,385 | +€13,385 | |
| Cash at bank and in hand | 54/58 | €590,175 | €510,965 | -€79,211 | -13.4% |
| Deferred charges and accrued income | 490/1 | €38,786 | €9,713 | -€29,073 | -75.0% |
| Total equity and liabilities | 10/49 | €3,477,537 | €3,515,543 | +€38,006 | +1.1% |
| Equity | 10/15 | €1,447,483 | €2,084,420 | +€636,937 | +44.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,434,718 | €2,071,655 | +€636,937 | +44.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €373,944 | €538,156 | +€164,212 | +43.9% |
| Distributable reserves | 133 | €1,058,914 | €1,531,638 | +€472,725 | +44.6% |
| Profit (loss) carried forward | 14 | €365 | €365 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,381 | €10,985 | -€1,396 | -11.3% |
| Deferred taxes | 168 | €12,381 | €10,985 | -€1,396 | -11.3% |
| Amounts payable | 17/49 | €2,017,673 | €1,420,138 | -€597,535 | -29.6% |
| Amounts payable after more than one year | 17 | €913,984 | €868,286 | -€45,698 | -5.0% |
| Financial debts | 170/4 | €913,984 | €868,286 | -€45,698 | -5.0% |
| Amounts payable within one year | 42/48 | €1,103,689 | €551,851 | -€551,837 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €193,843 | €175,827 | -€18,016 | -9.3% |
| Trade debts | 44 | €730,469 | €125,551 | -€604,919 | -82.8% |
| Suppliers | 440/4 | €730,469 | €125,551 | -€604,919 | -82.8% |
| Taxes, remuneration and social security | 45 | €94,273 | €214,209 | +€119,935 | +127.2% |
| Taxes | 450/3 | €41,151 | €174,888 | +€133,737 | +325.0% |
| Remuneration and social security | 454/9 | €53,123 | €39,321 | -€13,802 | -26.0% |
| Other amounts payable | 47/48 | €85,103 | €36,265 | -€48,838 | -57.4% |
| Non-recurring operating income | 76A | €5,200 | €66,023 | +€60,823 | +1169.7% |
| Remuneration, social security and pensions | 62 | €389,460 | €387,466 | -€1,993 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,865 | €304,599 | +€88,735 | +41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,011 | €0 | +€11,011 | |
| Other operating charges | 640/8 | €5,735 | €8,942 | +€3,207 | +55.9% |
| Non-recurring operating charges | 66A | - | €697 | +€697 | |
| Gross operating margin | 9900 | €1,056,079 | €1,630,167 | +€574,088 | +54.4% |
| Operating profit (loss) | 9901 | €456,031 | €928,463 | +€472,431 | +103.6% |
| Financial income | 75/76B | €20,298 | €13,357 | -€6,941 | -34.2% |
| Recurring financial income | 75 | €20,298 | €13,357 | -€6,941 | -34.2% |
| Financial charges | 65/66B | €23,599 | €18,406 | -€5,193 | -22.0% |
| Recurring financial charges | 65 | €23,599 | €18,406 | -€5,193 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €452,730 | €923,414 | +€470,683 | +104.0% |
| Transfer from deferred taxes | 780 | €5,191 | €1,396 | -€3,795 | -73.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €105,205 | €287,873 | +€182,667 | +173.6% |
| Profit (loss) for the period | 9904 | €352,716 | €636,937 | +€284,221 | +80.6% |
| Transfer from tax-exempt reserves | 789 | €15,573 | €4,188 | -€11,385 | -73.1% |
| Transfer to tax-exempt reserves | 689 | €336,800 | €168,400 | -€168,400 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,489 | €472,725 | +€441,236 | +1401.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.