VNM 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.
VNM CONSTRUCT
Largest movements
- Receivables within one year -€36,178
down €36,178 (-62.7%), from €57,739 to €21,561
of which Trade receivables: -€32,530
- Tangible fixed assets -€5,489
down €5,489 (-91.7%), from €5,983 to €494
of which Leasing and similar rights: -€3,680
- Stocks and contracts -€1,670
no longer reported in 2025 (was €1,670)
- Profit (loss) carried forward -€23,937
down €23,937, from €17,554 to -€6,382
- Trade debts -€20,464
down €20,464 (-94.2%), from €21,714 to €1,250
- Tax, wage and social debts +€1,700
up €1,700 (+567%), from €300 to €2,000
of which Remuneration and social security: +€2,000
- Current portion of long-term debt -€1,317
no longer reported in 2025 (was €1,317)
- Gross operating margin +€10,894
up €10,894 (+42.5%), from -€25,605 to -€14,710
- Other operating charges +€4,900
up €4,900 (+801%), from €612 to €5,512
- Depreciation -€1,342
down €1,342 (-26.7%), from €5,022 to €3,680
- Financial charges -€453
down €453 (-68.9%), from €658 to €205
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 | €75,413 | €31,347 | -€44,066 | -58.4% |
| Fixed assets | 21/28 | €5,983 | €494 | -€5,489 | -91.7% |
| Tangible fixed assets | 22/27 | €5,983 | €494 | -€5,489 | -91.7% |
| Furniture and vehicles | 24 | €1,808 | - | -€1,808 | |
| Leasing and similar rights | 25 | €4,174 | €494 | -€3,680 | -88.2% |
| Current assets | 29/58 | €69,430 | €30,853 | -€38,578 | -55.6% |
| Stocks and contracts in progress | 3 | €1,670 | - | -€1,670 | |
| Stocks | 30/36 | €1,670 | - | -€1,670 | |
| Amounts receivable within one year | 40/41 | €57,739 | €21,561 | -€36,178 | -62.7% |
| Trade receivables | 40 | €46,693 | €14,163 | -€32,530 | -69.7% |
| Other amounts receivable | 41 | €11,046 | €7,398 | -€3,648 | -33.0% |
| Current investments | 50/53 | €5,056 | €5,056 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,290 | €4,236 | -€54 | -1.3% |
| Deferred charges and accrued income | 490/1 | €675 | - | -€675 | |
| Total equity and liabilities | 10/49 | €75,413 | €31,347 | -€44,066 | -58.4% |
| Equity | 10/15 | €52,034 | €28,097 | -€23,937 | -46.0% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €27,979 | €27,979 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,150 | €12,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,150 | €12,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,829 | €15,829 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,554 | -€6,382 | -€23,937 | |
| Amounts payable | 17/49 | €23,379 | €3,250 | -€20,129 | -86.1% |
| Amounts payable within one year | 42/48 | €23,379 | €3,250 | -€20,129 | -86.1% |
| Current portion of amounts payable after more than one year | 42 | €1,317 | - | -€1,317 | |
| Trade debts | 44 | €21,714 | €1,250 | -€20,464 | -94.2% |
| Suppliers | 440/4 | €21,714 | €1,250 | -€20,464 | -94.2% |
| Taxes, remuneration and social security | 45 | €300 | €2,000 | +€1,700 | +567% |
| Taxes | 450/3 | €300 | - | -€300 | |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €48 | - | -€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,022 | €3,680 | -€1,342 | -26.7% |
| Other operating charges | 640/8 | €612 | €5,512 | +€4,900 | +801% |
| Gross operating margin | 9900 | -€25,605 | -€14,710 | +€10,894 | +42.5% |
| Operating profit (loss) | 9901 | -€31,239 | -€23,903 | +€7,336 | +23.5% |
| Financial income | 75/76B | €277 | €170 | -€107 | -38.7% |
| Recurring financial income | 75 | €277 | €170 | -€107 | -38.7% |
| Financial charges | 65/66B | €658 | €205 | -€453 | -68.9% |
| Recurring financial charges | 65 | €658 | €205 | -€453 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,619 | -€23,937 | +€7,682 | +24.3% |
| Profit (loss) for the period | 9904 | -€31,619 | -€23,937 | +€7,682 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,619 | -€23,937 | +€7,682 | +24.3% |
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 18 October 2026 via checked.be.