VSN 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.
VSN CONSTRUCT
Largest movements
- Cash +€81,669
up €81,669 (+96.0%), from €85,110 to €166,780
mainly Net result for the year (+€93,365) and Depreciation (+€24,542)
- Tangible fixed assets -€23,142
down €23,142 (-24.7%), from €93,547 to €70,404
of which Furniture and vehicles: -€22,647
- Receivables within one year +€21,460
up €21,460 (+114.8%), from €18,687 to €40,148
- Current investments -€20,000
down €20,000 (-28.6%), from €70,000 to €50,000
- Reserves +€93,365
up €93,365 (+85.5%), from €109,230 to €202,596
- Other debts -€31,381
down €31,381 (-59.4%), from €52,848 to €21,467
- Tax, wage and social debts +€20,941
up €20,941 (+44.6%), from €46,990 to €67,931
of which Taxes: +€20,941
- Debts after one year -€11,538
down €11,538 (-36.3%), from €31,809 to €20,271
- Trade debts -€9,814
down €9,814 (-79.3%), from €12,376 to €2,562
- Gross operating margin +€29,765
up €29,765 (+23.4%), from €127,252 to €157,017
- Taxes +€8,315
up €8,315 (+29.0%), from €28,651 to €36,966
- Depreciation +€5,459
up €5,459 (+28.6%), from €19,083 to €24,542
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 | €267,344 | €329,364 | +€62,020 | +23.2% |
| Fixed assets | 21/28 | €93,547 | €70,404 | -€23,142 | -24.7% |
| Tangible fixed assets | 22/27 | €93,547 | €70,404 | -€23,142 | -24.7% |
| Plant, machinery and equipment | 23 | €2,622 | €2,127 | -€495 | -18.9% |
| Furniture and vehicles | 24 | €90,925 | €68,277 | -€22,647 | -24.9% |
| Current assets | 29/58 | €173,798 | €258,960 | +€85,162 | +49.0% |
| Stocks and contracts in progress | 3 | - | €2,032 | +€2,032 | |
| Stocks | 30/36 | - | €2,032 | +€2,032 | |
| Amounts receivable within one year | 40/41 | €18,687 | €40,148 | +€21,460 | +114.8% |
| Trade receivables | 40 | €18,687 | €40,148 | +€21,460 | +114.8% |
| Current investments | 50/53 | €70,000 | €50,000 | -€20,000 | -28.6% |
| Cash at bank and in hand | 54/58 | €85,110 | €166,780 | +€81,669 | +96.0% |
| Total equity and liabilities | 10/49 | €267,344 | €329,364 | +€62,020 | +23.2% |
| Equity | 10/15 | €112,230 | €205,596 | +€93,365 | +83.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €109,230 | €202,596 | +€93,365 | +85.5% |
| Distributable reserves | 133 | €109,230 | €202,596 | +€93,365 | +85.5% |
| Amounts payable | 17/49 | €155,114 | €123,769 | -€31,346 | -20.2% |
| Amounts payable after more than one year | 17 | €31,809 | €20,271 | -€11,538 | -36.3% |
| Financial debts | 170/4 | €31,809 | €20,271 | -€11,538 | -36.3% |
| Amounts payable within one year | 42/48 | €123,306 | €103,498 | -€19,807 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €11,092 | €11,538 | +€446 | +4.0% |
| Trade debts | 44 | €12,376 | €2,562 | -€9,814 | -79.3% |
| Suppliers | 440/4 | €12,376 | €2,562 | -€9,814 | -79.3% |
| Taxes, remuneration and social security | 45 | €46,990 | €67,931 | +€20,941 | +44.6% |
| Taxes | 450/3 | €44,490 | €65,431 | +€20,941 | +47.1% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €52,848 | €21,467 | -€31,381 | -59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,083 | €24,542 | +€5,459 | +28.6% |
| Other operating charges | 640/8 | €547 | €317 | -€229 | -41.9% |
| Gross operating margin | 9900 | €127,252 | €157,017 | +€29,765 | +23.4% |
| Operating profit (loss) | 9901 | €107,622 | €132,157 | +€24,535 | +22.8% |
| Financial income | 75/76B | €894 | €2,363 | +€1,468 | +164.2% |
| Recurring financial income | 75 | €894 | €2,363 | +€1,468 | +164.2% |
| Financial charges | 65/66B | €4,883 | €4,189 | -€694 | -14.2% |
| Recurring financial charges | 65 | €4,883 | €4,189 | -€694 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €103,633 | €130,331 | +€26,698 | +25.8% |
| Income taxes | 67/77 | €28,651 | €36,966 | +€8,315 | +29.0% |
| Profit (loss) for the period | 9904 | €74,982 | €93,365 | +€18,383 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,982 | €93,365 | +€18,383 | +24.5% |
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 1 October 2026 via checked.be.