VSB 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.
VSB CONSTRUCT
Largest movements
- Receivables within one year +€51,938
up €51,938 (+161.2%), from €32,211 to €84,149
of which Trade receivables: +€48,904
- Tangible fixed assets -€22,057
down €22,057 (-29.6%), from €74,555 to €52,498
- Cash -€15,254
down €15,254 (-38.5%), from €39,629 to €24,375
mainly Receivables within one year (-€51,938) and Contributions, distributions and other (-€31,293)
- Stocks and contracts +€9,066
up €9,066 (+24.5%), from €36,988 to €46,054
of which Contracts in progress: +€9,891
- Trade debts +€22,570
up €22,570 (+41.5%), from €54,356 to €76,925
- Debts after one year -€21,197
down €21,197 (-45.4%), from €46,652 to €25,455
- Contributions -€18,600
down €18,600 (-100.0%), from €18,600 to €0
- Profit (loss) carried forward +€16,368
up €16,368, from -€16,368 to €0
- Tax, wage and social debts +€14,170
up €14,170 (+83.4%), from €16,992 to €31,162
of which Taxes: +€19,807
- Staff costs -€44,034
down €44,034 (-33.0%), from €133,579 to €89,546
- Gross operating margin -€19,495
down €19,495 (-10.9%), from €178,859 to €159,364
- Taxes +€12,620
up €12,620 (+1578.0%), from €800 to €13,419
- Financial income +€4,992
up €4,992 (+608.1%), from €821 to €5,813
- Other operating charges -€2,020
down €2,020 (-52.9%), from €3,817 to €1,797
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 | €185,864 | €208,916 | +€23,051 | +12.4% |
| Fixed assets | 21/28 | €74,555 | €52,498 | -€22,057 | -29.6% |
| Tangible fixed assets | 22/27 | €74,555 | €52,498 | -€22,057 | -29.6% |
| Land and buildings | 22 | €4,500 | €3,000 | -€1,500 | -33.3% |
| Plant, machinery and equipment | 23 | €4,691 | €3,627 | -€1,064 | -22.7% |
| Furniture and vehicles | 24 | €33,020 | €24,440 | -€8,580 | -26.0% |
| Leasing and similar rights | 25 | €28,410 | €18,544 | -€9,867 | -34.7% |
| Other tangible fixed assets | 26 | €3,933 | €2,886 | -€1,047 | -26.6% |
| Current assets | 29/58 | €111,309 | €156,418 | +€45,108 | +40.5% |
| Stocks and contracts in progress | 3 | €36,988 | €46,054 | +€9,066 | +24.5% |
| Stocks | 30/36 | €2,825 | €2,000 | -€825 | -29.2% |
| Contracts in progress | 37 | €34,163 | €44,054 | +€9,891 | +29.0% |
| Amounts receivable within one year | 40/41 | €32,211 | €84,149 | +€51,938 | +161.2% |
| Trade receivables | 40 | €12,633 | €61,537 | +€48,904 | +387.1% |
| Other amounts receivable | 41 | €19,578 | €22,612 | +€3,034 | +15.5% |
| Cash at bank and in hand | 54/58 | €39,629 | €24,375 | -€15,254 | -38.5% |
| Deferred charges and accrued income | 490/1 | €2,481 | €1,840 | -€641 | -25.8% |
| Total equity and liabilities | 10/49 | €185,864 | €208,916 | +€23,051 | +12.4% |
| Equity | 10/15 | €45,235 | €45,238 | +€3 | 0.0% |
| Contributions | 10/11 | €18,600 | €0 | -€18,600 | -100.0% |
| Reserves | 13 | €43,003 | €45,238 | +€2,235 | +5.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €35,503 | €37,738 | +€2,235 | +6.3% |
| Profit (loss) carried forward | 14 | -€16,368 | €0 | +€16,368 | |
| Amounts payable | 17/49 | €140,629 | €163,678 | +€23,049 | +16.4% |
| Amounts payable after more than one year | 17 | €46,652 | €25,455 | -€21,197 | -45.4% |
| Financial debts | 170/4 | €46,652 | €25,455 | -€21,197 | -45.4% |
| Amounts payable within one year | 42/48 | €91,801 | €136,285 | +€44,483 | +48.5% |
| Current portion of amounts payable after more than one year | 42 | €20,453 | €21,197 | +€744 | +3.6% |
| Financial debts | 43 | €0 | €7,000 | +€7,000 | |
| Credit institutions | 430/8 | €0 | €7,000 | +€7,000 | |
| Trade debts | 44 | €54,356 | €76,925 | +€22,570 | +41.5% |
| Suppliers | 440/4 | €54,356 | €76,925 | +€22,570 | +41.5% |
| Taxes, remuneration and social security | 45 | €16,992 | €31,162 | +€14,170 | +83.4% |
| Taxes | 450/3 | €4,658 | €24,465 | +€19,807 | +425.2% |
| Remuneration and social security | 454/9 | €12,334 | €6,697 | -€5,637 | -45.7% |
| Accrued charges and deferred income | 492/3 | €2,176 | €1,938 | -€238 | -10.9% |
| Remuneration, social security and pensions | 62 | €133,579 | €89,546 | -€44,034 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,561 | €23,536 | -€1,026 | -4.2% |
| Other operating charges | 640/8 | €3,817 | €1,797 | -€2,020 | -52.9% |
| Gross operating margin | 9900 | €178,859 | €159,364 | -€19,495 | -10.9% |
| Operating profit (loss) | 9901 | €16,901 | €44,486 | +€27,585 | +163.2% |
| Financial income | 75/76B | €821 | €5,813 | +€4,992 | +608.1% |
| Recurring financial income | 75 | €821 | €5,813 | +€4,992 | +608.1% |
| Financial charges | 65/66B | €6,794 | €5,584 | -€1,210 | -17.8% |
| Recurring financial charges | 65 | €6,794 | €5,584 | -€1,210 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €10,928 | €44,715 | +€33,787 | +309.2% |
| Income taxes | 67/77 | €800 | €13,419 | +€12,620 | +1578.0% |
| Profit (loss) for the period | 9904 | €10,128 | €31,296 | +€21,168 | +209.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,128 | €31,296 | +€21,168 | +209.0% |
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 1 October 2026 via checked.be.