VN 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.
VN CONSTRUCT
Largest movements
- Receivables within one year -€431,029
down €431,029 (-61.2%), from €703,944 to €272,916
of which Trade receivables: -€499,627
- Cash +€69,304
up €69,304 (+76.4%), from €90,682 to €159,985
mainly Receivables within one year (+€431,029) and Net result for the year (+€99,962)
- Tangible fixed assets +€51,978
up €51,978 (+13.9%), from €374,620 to €426,597
of which Furniture and vehicles: +€65,861
- Trade debts -€388,244
down €388,244 (-72.7%), from €534,389 to €146,145
- Other debts +€70,000
new in 2025: €70,000
- Current portion of long-term debt +€27,042
up €27,042 (+88.4%), from €30,603 to €57,645
- Debts after one year -€23,018
down €23,018 (-8.7%), from €266,035 to €243,017
- Purchases and services +€126,483
up €126,483 (+6.8%), from €1.9m to €2.0m
- Turnover +€102,343
up €102,343 (+4.8%), from €2.1m to €2.2m
- Other operating charges -€33,811
down €33,811 (-71.5%), from €47,318 to €13,507
- Gross operating margin -€26,801
down €26,801 (-10.7%), from €250,419 to €223,619
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 | €1,248,198 | €943,067 | -€305,132 | -24.4% |
| Fixed assets | 21/28 | €390,160 | €442,137 | +€51,978 | +13.3% |
| Tangible fixed assets | 22/27 | €374,620 | €426,597 | +€51,978 | +13.9% |
| Land and buildings | 22 | €331,069 | €317,269 | -€13,800 | -4.2% |
| Plant, machinery and equipment | 23 | €22,161 | €22,078 | -€83 | -0.4% |
| Furniture and vehicles | 24 | €21,390 | €87,251 | +€65,861 | +308% |
| Financial fixed assets | 28 | €15,540 | €15,540 | = | 0.0% |
| Current assets | 29/58 | €858,039 | €500,929 | -€357,109 | -41.6% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Trade receivables | 290 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €703,944 | €272,916 | -€431,029 | -61.2% |
| Trade receivables | 40 | €692,750 | €193,123 | -€499,627 | -72.1% |
| Other amounts receivable | 41 | €11,195 | €79,793 | +€68,598 | +613% |
| Cash at bank and in hand | 54/58 | €90,682 | €159,985 | +€69,304 | +76.4% |
| Deferred charges and accrued income | 490/1 | €3,412 | €8,028 | +€4,616 | +135% |
| Total equity and liabilities | 10/49 | €1,248,198 | €943,067 | -€305,132 | -24.4% |
| Equity | 10/15 | €364,554 | €364,516 | -€38 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,560 | €19,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,700 | €17,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €338,794 | €338,756 | -€38 | 0.0% |
| Amounts payable | 17/49 | €883,645 | €578,551 | -€305,094 | -34.5% |
| Amounts payable after more than one year | 17 | €266,035 | €243,017 | -€23,018 | -8.7% |
| Financial debts | 170/4 | €266,035 | €243,017 | -€23,018 | -8.7% |
| Amounts payable within one year | 42/48 | €617,610 | €335,534 | -€282,076 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €30,603 | €57,645 | +€27,042 | +88.4% |
| Financial debts | 43 | €2,125 | €2,041 | -€84 | -4.0% |
| Credit institutions | 430/8 | €2,125 | €2,041 | -€84 | -4.0% |
| Trade debts | 44 | €534,389 | €146,145 | -€388,244 | -72.7% |
| Suppliers | 440/4 | €534,389 | €146,145 | -€388,244 | -72.7% |
| Taxes, remuneration and social security | 45 | €50,493 | €59,703 | +€9,210 | +18.2% |
| Taxes | 450/3 | €50,493 | €59,703 | +€9,210 | +18.2% |
| Other amounts payable | 47/48 | - | €70,000 | +€70,000 | |
| Turnover | 70 | €2,117,957 | €2,220,299 | +€102,343 | +4.8% |
| Non-recurring operating income | 76A | €2,660 | - | -€2,660 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,870,198 | €1,996,681 | +€126,483 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,332 | €71,118 | +€15,786 | +28.5% |
| Other operating charges | 640/8 | €47,318 | €13,507 | -€33,811 | -71.5% |
| Non-recurring operating charges | 66A | €3,952 | - | -€3,952 | |
| Gross operating margin | 9900 | €250,419 | €223,619 | -€26,801 | -10.7% |
| Operating profit (loss) | 9901 | €143,817 | €138,994 | -€4,824 | -3.4% |
| Financial income | 75/76B | €1,684 | €1,667 | -€17 | -1.0% |
| Recurring financial income | 75 | €1,684 | €1,667 | -€17 | -1.0% |
| Financial charges | 65/66B | €2,394 | €995 | -€1,399 | -58.4% |
| Recurring financial charges | 65 | €2,394 | €995 | -€1,399 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €143,107 | €139,666 | -€3,442 | -2.4% |
| Income taxes | 67/77 | €50,494 | €39,703 | -€10,791 | -21.4% |
| Profit (loss) for the period | 9904 | €92,613 | €99,962 | +€7,349 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €92,613 | €99,962 | +€7,349 | +7.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.