VOA CONSTRUCT: 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.
VOA CONSTRUCT
Largest movements
- Receivables within one year -€641,255
down €641,255 (-91.2%), from €703,227 to €61,972
of which Trade receivables: -€521,374
- Trade debts -€390,588
down €390,588 (-98.5%), from €396,527 to €5,939
- Profit (loss) carried forward -€150,817
down €150,817 (-88.7%), from €169,947 to €19,130
- Tax, wage and social debts -€71,943
down €71,943 (-94.6%), from €76,047 to €4,103
- Advances received -€45,000
no longer reported in 2025 (was €45,000)
- Other debts +€13,921
up €13,921 (+34.8%), from €40,000 to €53,921
- Gross operating margin -€124,682
down €124,682 (-76.5%), from €163,082 to €38,400
- Depreciation +€3,019
new in 2025: €3,019
- Other operating charges -€1,706
down €1,706 (-91.1%), from €1,873 to €167
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €729,626 | €84,671 | -€644,955 | -88.4% |
| Fixed assets | 21/28 | €16,708 | €9,950 | -€6,758 | -40.4% |
| Tangible fixed assets | 22/27 | €16,708 | €9,950 | -€6,758 | -40.4% |
| Furniture and vehicles | 24 | €16,708 | €9,950 | -€6,758 | -40.4% |
| Current assets | 29/58 | €712,918 | €74,721 | -€638,196 | -89.5% |
| Amounts receivable within one year | 40/41 | €703,227 | €61,972 | -€641,255 | -91.2% |
| Trade receivables | 40 | €583,345 | €61,972 | -€521,374 | -89.4% |
| Other amounts receivable | 41 | €119,881 | - | -€119,881 | |
| Cash at bank and in hand | 54/58 | €8,566 | €12,287 | +€3,721 | +43.4% |
| Deferred charges and accrued income | 490/1 | €1,126 | €463 | -€663 | -58.9% |
| Total equity and liabilities | 10/49 | €729,626 | €84,671 | -€644,955 | -88.4% |
| Equity | 10/15 | €171,347 | €20,530 | -€150,817 | -88.0% |
| Contributions | 10/11 | €1,400 | €1,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,947 | €19,130 | -€150,817 | -88.7% |
| Amounts payable | 17/49 | €558,279 | €64,142 | -€494,137 | -88.5% |
| Amounts payable within one year | 42/48 | €558,279 | €64,142 | -€494,137 | -88.5% |
| Current portion of amounts payable after more than one year | 42 | €706 | €178 | -€528 | -74.8% |
| Trade debts | 44 | €396,527 | €5,939 | -€390,588 | -98.5% |
| Suppliers | 440/4 | €396,527 | €5,939 | -€390,588 | -98.5% |
| Advances received on contracts in progress | 46 | €45,000 | - | -€45,000 | |
| Taxes, remuneration and social security | 45 | €76,047 | €4,103 | -€71,943 | -94.6% |
| Taxes | 450/3 | €76,047 | €4,103 | -€71,943 | -94.6% |
| Other amounts payable | 47/48 | €40,000 | €53,921 | +€13,921 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,019 | +€3,019 | |
| Other operating charges | 640/8 | €1,873 | €167 | -€1,706 | -91.1% |
| Gross operating margin | 9900 | €163,082 | €38,400 | -€124,682 | -76.5% |
| Operating profit (loss) | 9901 | €161,210 | €35,214 | -€125,995 | -78.2% |
| Financial charges | 65/66B | €97 | - | -€97 | |
| Recurring financial charges | 65 | €97 | - | -€97 | |
| Profit (loss) for the period before taxes | 9903 | €161,112 | €35,214 | -€125,898 | -78.1% |
| Profit (loss) for the period | 9904 | €161,112 | €35,214 | -€125,898 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €161,112 | €35,214 | -€125,898 | -78.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.