VIERBOETE 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.
VIERBOETE CONSTRUCT
Largest movements
- Receivables within one year -€228,270
down €228,270 (-32.4%), from €703,923 to €475,653
of which Trade receivables: -€613,816
- Tangible fixed assets -€21,532
down €21,532 (-5.0%), from €427,863 to €406,331
of which Leasing and similar rights: -€13,676
- Cash -€19,613
down €19,613 (-58.9%), from €33,272 to €13,658
mainly Other debts (-€188,479) and Provisions (-€60,082)
- Other debts -€188,479
down €188,479 (-43.2%), from €436,404 to €247,925
- Profit (loss) carried forward +€178,814
up €178,814, from -€174,466 to €4,348
- Reserves -€145,031
down €145,031 (-48.1%), from €301,249 to €156,218
of which Tax-exempt reserves: -€145,031
- Provisions -€60,082
down €60,082 (-100.0%), from €60,082 to €0
- Debts after one year -€38,541
down €38,541 (-8.3%), from €462,233 to €423,693
- Gross operating margin -€27,207
down €27,207 (-70.8%), from €38,444 to €11,238
- Taxes +€4,862
new in 2025: €4,862
- Other operating charges +€3,286
up €3,286 (+135.1%), from €2,432 to €5,719
- Financial charges -€673
down €673 (-11.0%), from €6,098 to €5,424
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 | €1,166,834 | €895,641 | -€271,192 | -23.2% |
| Fixed assets | 21/28 | €427,863 | €406,331 | -€21,532 | -5.0% |
| Tangible fixed assets | 22/27 | €427,863 | €406,331 | -€21,532 | -5.0% |
| Land and buildings | 22 | €332,133 | €324,277 | -€7,856 | -2.4% |
| Leasing and similar rights | 25 | €95,730 | €82,054 | -€13,676 | -14.3% |
| Current assets | 29/58 | €738,971 | €489,311 | -€249,660 | -33.8% |
| Amounts receivable within one year | 40/41 | €703,923 | €475,653 | -€228,270 | -32.4% |
| Trade receivables | 40 | €689,175 | €75,358 | -€613,816 | -89.1% |
| Other amounts receivable | 41 | €14,748 | €400,294 | +€385,546 | +2614.2% |
| Cash at bank and in hand | 54/58 | €33,272 | €13,658 | -€19,613 | -58.9% |
| Deferred charges and accrued income | 490/1 | €1,777 | €0 | -€1,777 | -100.0% |
| Total equity and liabilities | 10/49 | €1,166,834 | €895,641 | -€271,192 | -23.2% |
| Equity | 10/15 | €145,333 | €179,116 | +€33,783 | +23.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €301,249 | €156,218 | -€145,031 | -48.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €145,031 | €0 | -€145,031 | -100.0% |
| Distributable reserves | 133 | €154,363 | €154,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,466 | €4,348 | +€178,814 | |
| Provisions and deferred taxes | 16 | €60,082 | €0 | -€60,082 | -100.0% |
| Deferred taxes | 168 | €60,082 | €0 | -€60,082 | -100.0% |
| Amounts payable | 17/49 | €961,418 | €716,526 | -€244,893 | -25.5% |
| Amounts payable after more than one year | 17 | €462,233 | €423,693 | -€38,541 | -8.3% |
| Financial debts | 170/4 | €462,233 | €423,693 | -€38,541 | -8.3% |
| Amounts payable within one year | 42/48 | €499,059 | €292,833 | -€206,226 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €38,125 | €38,541 | +€416 | +1.1% |
| Trade debts | 44 | €24,529 | €1,505 | -€23,024 | -93.9% |
| Suppliers | 440/4 | €24,529 | €1,505 | -€23,024 | -93.9% |
| Taxes, remuneration and social security | 45 | - | €4,862 | +€4,862 | |
| Taxes | 450/3 | - | €4,862 | +€4,862 | |
| Other amounts payable | 47/48 | €436,404 | €247,925 | -€188,479 | -43.2% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,532 | €21,532 | = | 0.0% |
| Other operating charges | 640/8 | €2,432 | €5,719 | +€3,286 | +135.1% |
| Gross operating margin | 9900 | €38,444 | €11,238 | -€27,207 | -70.8% |
| Operating profit (loss) | 9901 | €14,480 | -€16,013 | -€30,493 | |
| Financial income | 75/76B | €1 | €0 | -€0 | -86.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -86.0% |
| Financial charges | 65/66B | €6,098 | €5,424 | -€673 | -11.0% |
| Recurring financial charges | 65 | €6,098 | €5,424 | -€673 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €8,383 | -€21,438 | -€29,821 | |
| Transfer from deferred taxes | 780 | - | €60,082 | +€60,082 | |
| Income taxes | 67/77 | - | €4,862 | +€4,862 | |
| Profit (loss) for the period | 9904 | €8,383 | €33,783 | +€25,400 | +303.0% |
| Transfer from tax-exempt reserves | 789 | - | €145,031 | +€145,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,383 | €178,814 | +€170,431 | +2033.0% |
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.