VHV 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.
VHV CONSTRUCT
Largest movements
- Stocks and contracts +€501,181
up €501,181 (+231.4%), from €216,597 to €717,778
of which Stocks: +€501,181
- Receivables within one year +€62,784
up €62,784 (+436.2%), from €14,395 to €77,179
of which Trade receivables: +€66,655
- Cash +€30,885
new in 2025: €30,885
mainly Debts after one year (+€478,623) and Net result for the year (+€82,668)
- Debts after one year +€478,623
up €478,623 (+427.3%), from €112,000 to €590,623
- Profit (loss) carried forward +€82,668
up €82,668, from -€68,240 to €14,428
- Accrued charges and deferred income +€15,450
new in 2025: €15,450
- Tax, wage and social debts +€15,290
up €15,290 (+50281.1%), from €30 to €15,321
- Short-term financial debts +€9,306
up €9,306 (+7.4%), from €125,444 to €134,750
- Gross operating margin +€175,517
up €175,517, from -€50,113 to €125,405
- Financial charges +€28,325
up €28,325 (+659.6%), from €4,294 to €32,619
- Taxes +€5,914
new in 2025: €5,914
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 | €242,227 | €837,668 | +€595,441 | +245.8% |
| Fixed assets | 21/28 | €9,336 | €10,737 | +€1,401 | +15.0% |
| Tangible fixed assets | 22/27 | €8,986 | €6,237 | -€2,749 | -30.6% |
| Plant, machinery and equipment | 23 | €5,997 | €4,012 | -€1,985 | -33.1% |
| Furniture and vehicles | 24 | €2,989 | €2,225 | -€764 | -25.6% |
| Financial fixed assets | 28 | €350 | €4,500 | +€4,150 | +1185.7% |
| Current assets | 29/58 | €232,891 | €826,931 | +€594,040 | +255.1% |
| Stocks and contracts in progress | 3 | €216,597 | €717,778 | +€501,181 | +231.4% |
| Stocks | 30/36 | - | €501,181 | +€501,181 | |
| Contracts in progress | 37 | €216,597 | €216,597 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,395 | €77,179 | +€62,784 | +436.2% |
| Trade receivables | 40 | €9,891 | €76,546 | +€66,655 | +673.9% |
| Other amounts receivable | 41 | €4,504 | €633 | -€3,871 | -85.9% |
| Cash at bank and in hand | 54/58 | - | €30,885 | +€30,885 | |
| Deferred charges and accrued income | 490/1 | €1,900 | €1,090 | -€810 | -42.6% |
| Total equity and liabilities | 10/49 | €242,227 | €837,668 | +€595,441 | +245.8% |
| Equity | 10/15 | -€65,240 | €17,428 | +€82,668 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,240 | €14,428 | +€82,668 | |
| Amounts payable | 17/49 | €307,468 | €820,241 | +€512,773 | +166.8% |
| Amounts payable after more than one year | 17 | €112,000 | €590,623 | +€478,623 | +427.3% |
| Financial debts | 170/4 | €112,000 | €590,623 | +€478,623 | +427.3% |
| Amounts payable within one year | 42/48 | €195,468 | €214,168 | +€18,700 | +9.6% |
| Financial debts | 43 | €125,444 | €134,750 | +€9,306 | +7.4% |
| Credit institutions | 430/8 | €125,444 | €134,750 | +€9,306 | +7.4% |
| Trade debts | 44 | €49,594 | €50,604 | +€1,010 | +2.0% |
| Suppliers | 440/4 | €49,594 | €50,604 | +€1,010 | +2.0% |
| Taxes, remuneration and social security | 45 | €30 | €15,321 | +€15,290 | +50281.1% |
| Taxes | 450/3 | €30 | €15,321 | +€15,290 | +50281.1% |
| Other amounts payable | 47/48 | €20,399 | €13,493 | -€6,906 | -33.9% |
| Accrued charges and deferred income | 492/3 | - | €15,450 | +€15,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,940 | €2,749 | +€809 | +41.7% |
| Other operating charges | 640/8 | €1,051 | €1,432 | +€381 | +36.3% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | -€50,113 | €125,405 | +€175,517 | |
| Operating profit (loss) | 9901 | -€53,104 | €120,973 | +€174,077 | |
| Financial income | 75/76B | €0 | €227 | +€227 | +2270900.0% |
| Recurring financial income | 75 | €0 | €227 | +€227 | +2270900.0% |
| Financial charges | 65/66B | €4,294 | €32,619 | +€28,325 | +659.6% |
| Recurring financial charges | 65 | €4,294 | €32,619 | +€28,325 | +659.6% |
| Profit (loss) for the period before taxes | 9903 | -€57,398 | €88,582 | +€145,979 | |
| Income taxes | 67/77 | - | €5,914 | +€5,914 | |
| Profit (loss) for the period | 9904 | -€57,398 | €82,668 | +€140,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,398 | €82,668 | +€140,065 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.