VL-CONSTRUCT: 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.
VL-CONSTRUCT
Largest movements
- Cash +€94,245
up €94,245 (+1,015%), from €9,282 to €103,526
mainly Receivables within one year (+€60,129) and Debts after one year (+€40,023)
- Receivables within one year -€60,129
down €60,129 (-43.8%), from €137,381 to €77,252
of which Trade receivables: -€91,543
- Receivables after one year -€19,648
down €19,648 (-71.4%), from €27,500 to €7,852
- Stocks and contracts +€14,354
new in 2025: €14,354
- Tangible fixed assets -€10,976
down €10,976 (-28.8%), from €38,092 to €27,116
of which Leasing and similar rights: -€6,700
- Accrued charges and deferred income -€54,990
down €54,990 (-100%), from €54,990 to €0
- Debts after one year +€40,023
up €40,023 (+658%), from €6,086 to €46,109
- Advances received +€38,662
new in 2025: €38,662
- Reserves -€20,682
down €20,682 (-17.8%), from €116,346 to €95,664
of which Distributable reserves: -€18,682
- Trade debts +€9,233
up €9,233 (+393%), from €2,347 to €11,580
- Financial income -€30,014
down €30,014 (-98.2%), from €30,558 to €543
- Gross operating margin +€6,016
up €6,016 (+29.1%), from €20,639 to €26,655
- Financial charges +€3,071
up €3,071 (+60.5%), from €5,074 to €8,146
- Depreciation -€1,807
down €1,807 (-14.2%), from €12,714 to €10,907
- Taxes -€1,563
down €1,563 (-27.5%), from €5,688 to €4,125
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.
Derived cash bridge
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 | €214,754 | €232,600 | +€17,845 | +8.3% |
| Fixed assets | 21/28 | €40,592 | €29,616 | -€10,976 | -27.0% |
| Tangible fixed assets | 22/27 | €38,092 | €27,116 | -€10,976 | -28.8% |
| Land and buildings | 22 | €16,814 | €15,913 | -€901 | -5.4% |
| Plant, machinery and equipment | 23 | €2,131 | €1,575 | -€556 | -26.1% |
| Furniture and vehicles | 24 | €4,381 | €1,688 | -€2,692 | -61.5% |
| Leasing and similar rights | 25 | €12,739 | €6,039 | -€6,700 | -52.6% |
| Other tangible fixed assets | 26 | €2,026 | €1,900 | -€127 | -6.2% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €174,163 | €202,984 | +€28,822 | +16.5% |
| Amounts receivable after more than one year | 29 | €27,500 | €7,852 | -€19,648 | -71.4% |
| Other amounts receivable | 291 | €27,500 | €7,852 | -€19,648 | -71.4% |
| Stocks and contracts in progress | 3 | - | €14,354 | +€14,354 | |
| Stocks | 30/36 | - | €14,354 | +€14,354 | |
| Amounts receivable within one year | 40/41 | €137,381 | €77,252 | -€60,129 | -43.8% |
| Trade receivables | 40 | €112,381 | €20,838 | -€91,543 | -81.5% |
| Other amounts receivable | 41 | €25,000 | €56,414 | +€31,414 | +126% |
| Cash at bank and in hand | 54/58 | €9,282 | €103,526 | +€94,245 | +1,015% |
| Total equity and liabilities | 10/49 | €214,754 | €232,600 | +€17,845 | +8.3% |
| Equity | 10/15 | €130,734 | €112,344 | -€18,390 | -14.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €116,346 | €95,664 | -€20,682 | -17.8% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Other | 1319 | - | €0 | = | |
| Distributable reserves | 133 | €114,346 | €95,664 | -€18,682 | -16.3% |
| Profit (loss) carried forward | 14 | -€5,612 | -€3,321 | +€2,292 | +40.8% |
| Amounts payable | 17/49 | €84,021 | €120,256 | +€36,236 | +43.1% |
| Amounts payable after more than one year | 17 | €6,086 | €46,109 | +€40,023 | +658% |
| Financial debts | 170/4 | €6,086 | €46,109 | +€40,023 | +658% |
| Amounts payable within one year | 42/48 | €22,945 | €74,148 | +€51,203 | +223% |
| Current portion of amounts payable after more than one year | 42 | €5,620 | €10,745 | +€5,125 | +91.2% |
| Trade debts | 44 | €2,347 | €11,580 | +€9,233 | +393% |
| Suppliers | 440/4 | €2,347 | €11,580 | +€9,233 | +393% |
| Advances received on contracts in progress | 46 | - | €38,662 | +€38,662 | |
| Taxes, remuneration and social security | 45 | €12,947 | €10,717 | -€2,230 | -17.2% |
| Taxes | 450/3 | €9,842 | €10,717 | +€876 | +8.9% |
| Remuneration and social security | 454/9 | €3,105 | €0 | -€3,105 | -100% |
| Other amounts payable | 47/48 | €2,031 | €2,443 | +€412 | +20.3% |
| Accrued charges and deferred income | 492/3 | €54,990 | €0 | -€54,990 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,714 | €10,907 | -€1,807 | -14.2% |
| Other operating charges | 640/8 | €2,933 | €1,729 | -€1,204 | -41.1% |
| Gross operating margin | 9900 | €20,639 | €26,655 | +€6,016 | +29.1% |
| Operating profit (loss) | 9901 | €4,992 | €14,019 | +€9,027 | +181% |
| Financial income | 75/76B | €30,558 | €543 | -€30,014 | -98.2% |
| Recurring financial income | 75 | €30,558 | €543 | -€30,014 | -98.2% |
| Financial charges | 65/66B | €5,074 | €8,146 | +€3,071 | +60.5% |
| Recurring financial charges | 65 | €5,074 | €8,146 | +€3,071 | +60.5% |
| Profit (loss) for the period before taxes | 9903 | €30,476 | €6,417 | -€24,059 | -78.9% |
| Income taxes | 67/77 | €5,688 | €4,125 | -€1,563 | -27.5% |
| Profit (loss) for the period | 9904 | €24,788 | €2,292 | -€22,496 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,788 | €2,292 | -€22,496 | -90.8% |
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 13 October 2026 via checked.be.