VP 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.
VP CONSTRUCT
Largest movements
- Stocks and contracts -€492,142
down €492,142 (-35.3%), from €1.4m to €900,590
- Cash +€126,688
up €126,688 (+272.8%), from €46,438 to €173,126
mainly Stocks and contracts (+€492,142) and Net result for the year (+€198,522)
- Receivables within one year -€100,974
down €100,974 (-83.8%), from €120,511 to €19,538
of which Other amounts receivable: -€90,447
- Tangible fixed assets -€56,949
down €56,949 (-40.5%), from €140,575 to €83,626
of which Furniture and vehicles: -€46,480
- Current portion of long-term debt -€465,727
down €465,727 (-73.6%), from €632,670 to €166,944
- Other debts -€225,144
down €225,144 (-91.3%), from €246,621 to €21,477
- Reserves +€104,045
up €104,045 (+12.8%), from €813,788 to €917,833
- Profit (loss) carried forward +€101,292
no longer reported in 2025 (was -€101,292)
- Short-term financial debts -€20,275
no longer reported in 2025 (was €20,275)
- Gross operating margin +€344,244
up €344,244, from -€40,191 to €304,052
- Taxes +€48,144
up €48,144 (+11528.8%), from €418 to €48,562
- Financial charges -€8,320
down €8,320 (-21.9%), from €38,035 to €29,715
- Depreciation +€4,834
up €4,834 (+21.1%), from €22,909 to €27,743
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 | €1,704,872 | €1,179,958 | -€524,913 | -30.8% |
| Fixed assets | 21/28 | €140,575 | €83,626 | -€56,949 | -40.5% |
| Tangible fixed assets | 22/27 | €140,575 | €83,626 | -€56,949 | -40.5% |
| Plant, machinery and equipment | 23 | €12,450 | €1,981 | -€10,469 | -84.1% |
| Furniture and vehicles | 24 | €128,124 | €81,645 | -€46,480 | -36.3% |
| Current assets | 29/58 | €1,564,297 | €1,096,332 | -€467,964 | -29.9% |
| Stocks and contracts in progress | 3 | €1,392,732 | €900,590 | -€492,142 | -35.3% |
| Stocks | 30/36 | €1,392,732 | €900,590 | -€492,142 | -35.3% |
| Amounts receivable within one year | 40/41 | €120,511 | €19,538 | -€100,974 | -83.8% |
| Trade receivables | 40 | €15,309 | €4,783 | -€10,527 | -68.8% |
| Other amounts receivable | 41 | €105,202 | €14,755 | -€90,447 | -86.0% |
| Cash at bank and in hand | 54/58 | €46,438 | €173,126 | +€126,688 | +272.8% |
| Deferred charges and accrued income | 490/1 | €4,615 | €3,079 | -€1,536 | -33.3% |
| Total equity and liabilities | 10/49 | €1,704,872 | €1,179,958 | -€524,913 | -30.8% |
| Equity | 10/15 | €731,396 | €936,733 | +€205,337 | +28.1% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €813,788 | €917,833 | +€104,045 | +12.8% |
| Distributable reserves | 133 | €813,788 | €917,833 | +€104,045 | +12.8% |
| Profit (loss) carried forward | 14 | -€101,292 | - | +€101,292 | |
| Amounts payable | 17/49 | €973,475 | €243,225 | -€730,250 | -75.0% |
| Amounts payable after more than one year | 17 | €59,389 | €42,445 | -€16,944 | -28.5% |
| Financial debts | 170/4 | €59,389 | €42,445 | -€16,944 | -28.5% |
| Amounts payable within one year | 42/48 | €900,319 | €196,133 | -€704,186 | -78.2% |
| Current portion of amounts payable after more than one year | 42 | €632,670 | €166,944 | -€465,727 | -73.6% |
| Financial debts | 43 | €20,275 | - | -€20,275 | |
| Other loans | 439 | €20,275 | - | -€20,275 | |
| Trade debts | 44 | €753 | €7,712 | +€6,959 | +924.3% |
| Suppliers | 440/4 | €753 | €7,712 | +€6,959 | +924.3% |
| Other amounts payable | 47/48 | €246,621 | €21,477 | -€225,144 | -91.3% |
| Accrued charges and deferred income | 492/3 | €13,768 | €4,647 | -€9,120 | -66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,909 | €27,743 | +€4,834 | +21.1% |
| Other operating charges | 640/8 | €1,147 | €1,178 | +€31 | +2.7% |
| Non-recurring operating charges | 66A | - | €31 | +€31 | |
| Gross operating margin | 9900 | -€40,191 | €304,052 | +€344,244 | |
| Operating profit (loss) | 9901 | -€64,247 | €275,101 | +€339,347 | |
| Financial income | 75/76B | €1,407 | €1,698 | +€291 | +20.7% |
| Recurring financial income | 75 | €1,407 | €1,698 | +€291 | +20.7% |
| Financial charges | 65/66B | €38,035 | €29,715 | -€8,320 | -21.9% |
| Recurring financial charges | 65 | €38,035 | €29,715 | -€8,320 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | -€100,875 | €247,084 | +€347,958 | |
| Income taxes | 67/77 | €418 | €48,562 | +€48,144 | +11528.8% |
| Profit (loss) for the period | 9904 | -€101,292 | €198,522 | +€299,814 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,292 | €198,522 | +€299,814 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.