VV Build: what changed
Two financial 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.
VV Build
Largest movements
- Cash +€1.3m
up €1.3m (+379%), from €341,666 to €1.6m
mainly Stocks and contracts (+€700,119) and Net result for the year (+€373,341)
- Stocks and contracts -€700,119
down €700,119 (-89.1%), from €785,590 to €85,471
- Receivables within one year +€82,920
up €82,920 (+12.4%), from €668,076 to €750,996
of which Trade receivables: +€295,126
- Trade debts +€356,483
up €356,483 (+63.9%), from €558,257 to €914,740
- Reserves +€173,341
up €173,341 (+23.8%), from €727,456 to €900,797
- Other debts +€50,226
up €50,226 (+12.7%), from €396,613 to €446,839
- Tax, wage and social debts +€49,052
up €49,052 (+301%), from €16,311 to €65,363
of which Taxes: +€51,816
- Debts after one year +€41,499
up €41,499 (+6.2%), from €667,037 to €708,536
- Gross operating margin +€410,787
up €410,787 (+53.7%), from €765,001 to €1.2m
- Staff costs +€191,920
up €191,920 (+73.0%), from €262,883 to €454,803
- Taxes +€42,071
up €42,071 (+49.4%), from €85,184 to €127,255
- Depreciation +€28,340
up €28,340 (+21.0%), from €134,800 to €163,140
- Financial charges +€25,625
up €25,625 (+65.8%), from €38,929 to €64,554
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.
Derived cash bridge
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 | €2,608,706 | €3,271,335 | +€662,629 | +25.4% |
| Fixed assets | 21/28 | €785,696 | €769,910 | -€15,786 | -2.0% |
| Tangible fixed assets | 22/27 | €785,696 | €769,910 | -€15,786 | -2.0% |
| Land and buildings | 22 | €289,788 | €276,955 | -€12,833 | -4.4% |
| Plant, machinery and equipment | 23 | €151,911 | €172,818 | +€20,907 | +13.8% |
| Furniture and vehicles | 24 | €88,859 | €113,381 | +€24,522 | +27.6% |
| Leasing and similar rights | 25 | €255,138 | €206,756 | -€48,382 | -19.0% |
| Current assets | 29/58 | €1,823,010 | €2,501,425 | +€678,415 | +37.2% |
| Stocks and contracts in progress | 3 | €785,590 | €85,471 | -€700,119 | -89.1% |
| Stocks | 30/36 | €785,590 | €85,471 | -€700,119 | -89.1% |
| Amounts receivable within one year | 40/41 | €668,076 | €750,996 | +€82,920 | +12.4% |
| Trade receivables | 40 | €241,374 | €536,500 | +€295,126 | +122% |
| Other amounts receivable | 41 | €426,702 | €214,496 | -€212,206 | -49.7% |
| Cash at bank and in hand | 54/58 | €341,666 | €1,635,532 | +€1.3m | +379% |
| Deferred charges and accrued income | 490/1 | €27,678 | €29,426 | +€1,748 | +6.3% |
| Total equity and liabilities | 10/49 | €2,608,706 | €3,271,335 | +€662,629 | +25.4% |
| Equity | 10/15 | €746,056 | €919,397 | +€173,341 | +23.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €727,456 | €900,797 | +€173,341 | +23.8% |
| Distributable reserves | 133 | €727,456 | €900,797 | +€173,341 | +23.8% |
| Amounts payable | 17/49 | €1,862,650 | €2,351,938 | +€489,288 | +26.3% |
| Amounts payable after more than one year | 17 | €667,037 | €708,536 | +€41,499 | +6.2% |
| Financial debts | 170/4 | €667,037 | €708,536 | +€41,499 | +6.2% |
| Amounts payable within one year | 42/48 | €1,195,613 | €1,642,934 | +€447,321 | +37.4% |
| Current portion of amounts payable after more than one year | 42 | €124,432 | €115,992 | -€8,440 | -6.8% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €558,257 | €914,740 | +€356,483 | +63.9% |
| Suppliers | 440/4 | €558,257 | €914,740 | +€356,483 | +63.9% |
| Taxes, remuneration and social security | 45 | €16,311 | €65,363 | +€49,052 | +301% |
| Taxes | 450/3 | €4,946 | €56,762 | +€51,816 | +1,048% |
| Remuneration and social security | 454/9 | €11,365 | €8,601 | -€2,764 | -24.3% |
| Other amounts payable | 47/48 | €396,613 | €446,839 | +€50,226 | +12.7% |
| Accrued charges and deferred income | 492/3 | - | €468 | +€468 | |
| Non-recurring operating income | 76A | - | €25,639 | +€25,639 | |
| Remuneration, social security and pensions | 62 | €262,883 | €454,803 | +€191,920 | +73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,800 | €163,140 | +€28,340 | +21.0% |
| Other operating charges | 640/8 | €6,081 | €5,491 | -€590 | -9.7% |
| Gross operating margin | 9900 | €765,001 | €1,175,788 | +€410,787 | +53.7% |
| Operating profit (loss) | 9901 | €361,237 | €552,354 | +€191,117 | +52.9% |
| Financial income | 75/76B | €15,497 | €12,796 | -€2,701 | -17.4% |
| Recurring financial income | 75 | €15,497 | €12,796 | -€2,701 | -17.4% |
| Financial charges | 65/66B | €38,929 | €64,554 | +€25,625 | +65.8% |
| Recurring financial charges | 65 | €38,929 | €64,554 | +€25,625 | +65.8% |
| Profit (loss) for the period before taxes | 9903 | €337,805 | €500,596 | +€162,791 | +48.2% |
| Income taxes | 67/77 | €85,184 | €127,255 | +€42,071 | +49.4% |
| Profit (loss) for the period | 9904 | €252,621 | €373,341 | +€120,720 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €252,621 | €373,341 | +€120,720 | +47.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.