VU-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.
VU-CONSTRUCT
Largest movements
- Tangible fixed assets +€280,222
up €280,222 (+630.5%), from €44,443 to €324,665
of which Land and buildings: +€294,685
- Cash -€83,262
down €83,262 (-100.0%), from €83,273 to €11
mainly Investment in fixed assets (net) (-€342,491) and Tax, wage and social debts (-€27,630)
- Intangible fixed assets +€36,719
new in 2025: €36,719
- Receivables within one year +€11,306
up €11,306 (+23.6%), from €47,867 to €59,173
of which Trade receivables: +€7,160
- Other debts +€171,404
up €171,404 (+1109.8%), from €15,445 to €186,849
- Debts after one year +€67,570
up €67,570 (+441.5%), from €15,306 to €82,876
- Tax, wage and social debts -€27,630
down €27,630 (-48.5%), from €57,018 to €29,388
of which Taxes: -€36,604
- Profit (loss) carried forward +€14,672
up €14,672 (+21.1%), from €69,689 to €84,361
- Trade debts +€13,709
up €13,709 (+226.9%), from €6,042 to €19,751
- Depreciation +€3,872
up €3,872 (+17.9%), from €21,678 to €25,550
- Staff costs +€1,894
up €1,894 (+5.3%), from €35,872 to €37,766
- Financial charges +€1,549
up €1,549 (+130.9%), from €1,183 to €2,732
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 | €175,583 | €420,568 | +€244,985 | +139.5% |
| Fixed assets | 21/28 | €44,443 | €361,384 | +€316,941 | +713.1% |
| Intangible fixed assets | 21 | - | €36,719 | +€36,719 | |
| Tangible fixed assets | 22/27 | €44,443 | €324,665 | +€280,222 | +630.5% |
| Land and buildings | 22 | - | €294,685 | +€294,685 | |
| Plant, machinery and equipment | 23 | €2,385 | €2,847 | +€462 | +19.4% |
| Furniture and vehicles | 24 | €42,058 | €27,133 | -€14,925 | -35.5% |
| Current assets | 29/58 | €131,140 | €59,184 | -€71,956 | -54.9% |
| Amounts receivable within one year | 40/41 | €47,867 | €59,173 | +€11,306 | +23.6% |
| Trade receivables | 40 | €36,367 | €43,527 | +€7,160 | +19.7% |
| Other amounts receivable | 41 | €11,500 | €15,646 | +€4,146 | +36.1% |
| Cash at bank and in hand | 54/58 | €83,273 | €11 | -€83,262 | -100.0% |
| Total equity and liabilities | 10/49 | €175,583 | €420,568 | +€244,985 | +139.5% |
| Equity | 10/15 | €75,889 | €90,561 | +€14,672 | +19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,689 | €84,361 | +€14,672 | +21.1% |
| Amounts payable | 17/49 | €99,694 | €330,007 | +€230,313 | +231.0% |
| Amounts payable after more than one year | 17 | €15,306 | €82,876 | +€67,570 | +441.5% |
| Financial debts | 170/4 | €15,306 | €82,876 | +€67,570 | +441.5% |
| Amounts payable within one year | 42/48 | €84,388 | €247,131 | +€162,743 | +192.9% |
| Current portion of amounts payable after more than one year | 42 | €5,883 | €11,143 | +€5,260 | +89.4% |
| Trade debts | 44 | €6,042 | €19,751 | +€13,709 | +226.9% |
| Suppliers | 440/4 | €6,042 | €19,751 | +€13,709 | +226.9% |
| Taxes, remuneration and social security | 45 | €57,018 | €29,388 | -€27,630 | -48.5% |
| Taxes | 450/3 | €41,559 | €4,955 | -€36,604 | -88.1% |
| Remuneration and social security | 454/9 | €15,459 | €24,433 | +€8,974 | +58.1% |
| Other amounts payable | 47/48 | €15,445 | €186,849 | +€171,404 | +1109.8% |
| Non-recurring operating income | 76A | €396 | €1,603 | +€1,207 | +304.8% |
| Remuneration, social security and pensions | 62 | €35,872 | €37,766 | +€1,894 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,678 | €25,550 | +€3,872 | +17.9% |
| Other operating charges | 640/8 | €1,040 | €1,442 | +€402 | +38.7% |
| Gross operating margin | 9900 | €87,303 | €87,360 | +€57 | +0.1% |
| Operating profit (loss) | 9901 | €28,713 | €22,602 | -€6,111 | -21.3% |
| Financial income | 75/76B | €102 | - | -€102 | |
| Recurring financial income | 75 | €102 | - | -€102 | |
| Financial charges | 65/66B | €1,183 | €2,732 | +€1,549 | +130.9% |
| Recurring financial charges | 65 | €1,183 | €2,732 | +€1,549 | +130.9% |
| Profit (loss) for the period before taxes | 9903 | €27,632 | €19,870 | -€7,762 | -28.1% |
| Income taxes | 67/77 | €6,033 | €5,198 | -€835 | -13.8% |
| Profit (loss) for the period | 9904 | €21,599 | €14,672 | -€6,927 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,599 | €14,672 | -€6,927 | -32.1% |
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 7 October 2026 via checked.be.