VML 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.
VML CONSTRUCT
Largest movements
- Tangible fixed assets -€119,865
down €119,865 (-16.7%), from €717,030 to €597,165
of which Land and buildings: -€72,150
- Receivables within one year +€49,200
up €49,200 (+136%), from €36,220 to €85,420
of which Trade receivables: +€25,051
- Stocks and contracts +€25,500
up €25,500 (+91.9%), from €27,750 to €53,250
of which Contracts in progress: +€30,000
- Deferred charges and accrued income +€25,387
up €25,387 (+1,028%), from €2,470 to €27,857
- Cash -€20,849
down €20,849 (-49.5%), from €42,118 to €21,269
mainly Debts after one year (-€104,500) and Receivables within one year (-€49,200)
- Debts after one year -€104,500
down €104,500 (-37.0%), from €282,632 to €178,132
- Reserves +€72,632
up €72,632 (+56.8%), from €127,863 to €200,495
of which Distributable reserves: +€72,632
- Trade debts +€18,485
up €18,485 (+7.7%), from €241,122 to €259,607
- Current portion of long-term debt -€12,880
down €12,880 (-9.9%), from €129,935 to €117,055
- Tax, wage and social debts -€10,046
down €10,046 (-40.5%), from €24,820 to €14,774
of which Taxes: -€9,614
- Staff costs -€27,339
down €27,339 (-9.2%), from €296,302 to €268,963
- Gross operating margin -€20,063
down €20,063 (-4.2%), from €478,635 to €458,572
- Depreciation -€19,732
down €19,732 (-27.9%), from €70,777 to €51,045
- Taxes +€8,333
up €8,333 (+57.9%), from €14,392 to €22,724
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 | €830,690 | €790,063 | -€40,627 | -4.9% |
| Fixed assets | 21/28 | €722,132 | €602,267 | -€119,865 | -16.6% |
| Tangible fixed assets | 22/27 | €717,030 | €597,165 | -€119,865 | -16.7% |
| Land and buildings | 22 | €573,086 | €500,936 | -€72,150 | -12.6% |
| Plant, machinery and equipment | 23 | €22,654 | €15,726 | -€6,928 | -30.6% |
| Furniture and vehicles | 24 | €64,463 | €48,690 | -€15,773 | -24.5% |
| Leasing and similar rights | 25 | €55,965 | €31,791 | -€24,174 | -43.2% |
| Other tangible fixed assets | 26 | €861 | €21 | -€840 | -97.5% |
| Financial fixed assets | 28 | €5,102 | €5,102 | = | 0.0% |
| Current assets | 29/58 | €108,558 | €187,796 | +€79,238 | +73.0% |
| Stocks and contracts in progress | 3 | €27,750 | €53,250 | +€25,500 | +91.9% |
| Stocks | 30/36 | €27,750 | €23,250 | -€4,500 | -16.2% |
| Contracts in progress | 37 | - | €30,000 | +€30,000 | |
| Amounts receivable within one year | 40/41 | €36,220 | €85,420 | +€49,200 | +136% |
| Trade receivables | 40 | €25,579 | €50,630 | +€25,051 | +97.9% |
| Other amounts receivable | 41 | €10,641 | €34,790 | +€24,149 | +227% |
| Cash at bank and in hand | 54/58 | €42,118 | €21,269 | -€20,849 | -49.5% |
| Deferred charges and accrued income | 490/1 | €2,470 | €27,857 | +€25,387 | +1,028% |
| Total equity and liabilities | 10/49 | €830,690 | €790,063 | -€40,627 | -4.9% |
| Equity | 10/15 | €147,863 | €220,495 | +€72,632 | +49.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €127,863 | €200,495 | +€72,632 | +56.8% |
| Tax-exempt reserves | 132 | €15,829 | €15,829 | = | 0.0% |
| Distributable reserves | 133 | €112,034 | €184,666 | +€72,632 | +64.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €682,827 | €569,567 | -€113,259 | -16.6% |
| Amounts payable after more than one year | 17 | €282,632 | €178,132 | -€104,500 | -37.0% |
| Financial debts | 170/4 | €282,632 | €178,132 | -€104,500 | -37.0% |
| Amounts payable within one year | 42/48 | €400,195 | €391,436 | -€8,759 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €129,935 | €117,055 | -€12,880 | -9.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €241,122 | €259,607 | +€18,485 | +7.7% |
| Suppliers | 440/4 | €241,122 | €259,607 | +€18,485 | +7.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €24,820 | €14,774 | -€10,046 | -40.5% |
| Taxes | 450/3 | €19,153 | €9,539 | -€9,614 | -50.2% |
| Remuneration and social security | 454/9 | €5,667 | €5,235 | -€432 | -7.6% |
| Other amounts payable | 47/48 | €4,318 | €0 | -€4,318 | -100% |
| Remuneration, social security and pensions | 62 | €296,302 | €268,963 | -€27,339 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,777 | €51,045 | -€19,732 | -27.9% |
| Other operating charges | 640/8 | €19,545 | €18,102 | -€1,443 | -7.4% |
| Non-recurring operating charges | 66A | €3,991 | - | -€3,991 | |
| Gross operating margin | 9900 | €478,635 | €458,572 | -€20,063 | -4.2% |
| Operating profit (loss) | 9901 | €88,020 | €120,462 | +€32,442 | +36.9% |
| Financial income | 75/76B | €84 | €1,605 | +€1,521 | +1,802% |
| Recurring financial income | 75 | €84 | €1,605 | +€1,521 | +1,802% |
| Financial charges | 65/66B | €30,659 | €26,711 | -€3,948 | -12.9% |
| Recurring financial charges | 65 | €30,659 | €26,711 | -€3,948 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €57,446 | €95,357 | +€37,911 | +66.0% |
| Income taxes | 67/77 | €14,392 | €22,724 | +€8,333 | +57.9% |
| Profit (loss) for the period | 9904 | €43,054 | €72,632 | +€29,578 | +68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,054 | €72,632 | +€29,578 | +68.7% |
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 16 October 2026 via checked.be.