VLD +: 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.
What changed
VLD +
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €857,288+€1.2m
Equity
€2.0m
2024 · €894,422+€1.1m
Cash
€1.8m
2024 · €831,736+€987,956
Balance sheet total
€4.1m
2024 · €2.6m+€1.5m
Largest movements
Assets
- Cash +€987,956
up €987,956 (+118.8%), from €831,736 to €1.8m
mainly Net result for the year (+€2.0m) and Other debts (+€939,714)
- Receivables within one year +€491,002
up €491,002 (+62.2%), from €789,744 to €1.3m
of which Trade receivables: +€394,935
Equity and liabilities
- Profit (loss) carried forward +€1.1m
up €1.1m (+123.6%), from €866,924 to €1.9m
- Other debts +€939,714
new in 2025: €939,714
- Advances received -€521,750
down €521,750 (-55.6%), from €937,788 to €416,038
- Trade debts -€201,192
down €201,192 (-54.0%), from €372,733 to €171,541
- Tax, wage and social debts +€162,582
up €162,582 (+45.8%), from €354,992 to €517,574
of which Taxes: +€156,429
Income statement
- Gross operating margin +€1.7m
up €1.7m (+61.0%), from €2.8m to €4.4m
- Turnover +€1.7m
up €1.7m (+25.1%), from €6.6m to €8.3m
- Taxes +€406,492
up €406,492 (+124.0%), from €327,799 to €734,291
- Staff costs +€95,558
up €95,558 (+6.6%), from €1.4m to €1.5m
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.
Result 2024
€857,288
Gross operating margin
+€1.7m
Staff costs
-€95,558
Depreciation
-€31,437
Write-downs
+€14,000
Other operating charges
+€3,368
Other operating items
+€1,741
Financial income
-€5,019
Financial charges
-€6,569
Taxes
-€406,492
Result 2025
€2.0m
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.
From operations
+€2.0m
Investment
-€121,069
Financing
-€888,283
Cash 2024
€831,736
From operations (derived)
+€2.0m
Net result for the year
+€2.0m
Depreciation
+€132,149
Smaller working-capital items
+€2,108
Stocks and contracts
-€14,500
Receivables within one year
-€491,002
Deferred charges and accrued income
-€22,413
Trade debts
-€201,192
Tax, wage and social debts
+€162,582
Advances received
-€521,750
Other debts
+€939,714
Investment (derived)
-€121,069
Investment in fixed assets (net)
-€108,069
Current investments
-€13,000
Financing
-€888,283
Debts after one year
-€18,274
Current portion of long-term debt
-€15,539
Short-term financial debts
+€85,244
Contributions, distributions and other
-€939,714
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,612,023 | €4,117,458 | +€1.5m | +57.6% |
| Fixed assets | 21/28 | €562,887 | €538,807 | -€24,080 | -4.3% |
| Tangible fixed assets | 22/27 | €560,652 | €536,572 | -€24,080 | -4.3% |
| Plant, machinery and equipment | 23 | €41,494 | €24,438 | -€17,056 | -41.1% |
| Furniture and vehicles | 24 | €281,596 | €300,287 | +€18,691 | +6.6% |
| Other tangible fixed assets | 26 | €237,562 | €211,847 | -€25,715 | -10.8% |
| Financial fixed assets | 28 | €2,235 | €2,235 | = | 0.0% |
| Current assets | 29/58 | €2,049,136 | €3,578,651 | +€1.5m | +74.6% |
| Amounts receivable after more than one year | 29 | €396,565 | €397,210 | +€645 | +0.2% |
| Other amounts receivable | 291 | €396,565 | €397,210 | +€645 | +0.2% |
| Stocks and contracts in progress | 3 | - | €14,500 | +€14,500 | |
| Stocks | 30/36 | - | €14,500 | +€14,500 | |
| Amounts receivable within one year | 40/41 | €789,744 | €1,280,745 | +€491,002 | +62.2% |
| Trade receivables | 40 | €685,891 | €1,080,826 | +€394,935 | +57.6% |
| Other amounts receivable | 41 | €103,852 | €199,919 | +€96,067 | +92.5% |
| Current investments | 50/53 | €26,534 | €39,534 | +€13,000 | +49.0% |
| Cash at bank and in hand | 54/58 | €831,736 | €1,819,692 | +€987,956 | +118.8% |
| Deferred charges and accrued income | 490/1 | €4,557 | €26,970 | +€22,413 | +491.9% |
| Total equity and liabilities | 10/49 | €2,612,023 | €4,117,458 | +€1.5m | +57.6% |
| Equity | 10/15 | €894,422 | €1,966,320 | +€1.1m | +119.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,899 | €8,899 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,039 | €7,039 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €866,924 | €1,938,821 | +€1.1m | +123.6% |
| Amounts payable | 17/49 | €1,717,600 | €2,151,138 | +€433,538 | +25.2% |
| Amounts payable after more than one year | 17 | €18,274 | - | -€18,274 | |
| Financial debts | 170/4 | €18,274 | - | -€18,274 | |
| Amounts payable within one year | 42/48 | €1,699,326 | €2,148,385 | +€449,060 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €33,813 | €18,274 | -€15,539 | -46.0% |
| Financial debts | 43 | - | €85,244 | +€85,244 | |
| Credit institutions | 430/8 | - | €85,244 | +€85,244 | |
| Trade debts | 44 | €372,733 | €171,541 | -€201,192 | -54.0% |
| Suppliers | 440/4 | €372,733 | €171,541 | -€201,192 | -54.0% |
| Advances received on contracts in progress | 46 | €937,788 | €416,038 | -€521,750 | -55.6% |
| Taxes, remuneration and social security | 45 | €354,992 | €517,574 | +€162,582 | +45.8% |
| Taxes | 450/3 | €327,799 | €484,228 | +€156,429 | +47.7% |
| Remuneration and social security | 454/9 | €27,193 | €33,346 | +€6,153 | +22.6% |
| Other amounts payable | 47/48 | - | €939,714 | +€939,714 | |
| Accrued charges and deferred income | 492/3 | - | €2,753 | +€2,753 | |
| Turnover | 70 | €6,615,484 | €8,277,808 | +€1.7m | +25.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,963,145 | €3,932,102 | -€31,043 | -0.8% |
| Remuneration, social security and pensions | 62 | €1,440,670 | €1,536,228 | +€95,558 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,712 | €132,149 | +€31,437 | +31.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,000 | - | -€14,000 | |
| Other operating charges | 640/8 | €19,497 | €16,128 | -€3,368 | -17.3% |
| Non-recurring operating charges | 66A | €5,059 | €3,318 | -€1,741 | -34.4% |
| Gross operating margin | 9900 | €2,755,170 | €4,435,460 | +€1.7m | +61.0% |
| Operating profit (loss) | 9901 | €1,175,232 | €2,747,636 | +€1.6m | +133.8% |
| Financial income | 75/76B | €13,873 | €8,854 | -€5,019 | -36.2% |
| Recurring financial income | 75 | €13,873 | €8,854 | -€5,019 | -36.2% |
| Financial charges | 65/66B | €4,018 | €10,587 | +€6,569 | +163.5% |
| Recurring financial charges | 65 | €4,018 | €10,587 | +€6,569 | +163.5% |
| Profit (loss) for the period before taxes | 9903 | €1,185,087 | €2,745,903 | +€1.6m | +131.7% |
| Income taxes | 67/77 | €327,799 | €734,291 | +€406,492 | +124.0% |
| Profit (loss) for the period | 9904 | €857,288 | €2,011,612 | +€1.2m | +134.6% |
| Profit (loss) for the period to be appropriated | 9905 | €857,288 | €2,011,612 | +€1.2m | +134.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.