VWM-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.
VWM-CONSTRUCT
Largest movements
- Tangible fixed assets +€56,586
up €56,586 (+26.6%), from €212,717 to €269,302
of which Land and buildings: +€70,236
- Cash -€31,027
down €31,027 (-89.3%), from €34,738 to €3,710
mainly Contributions, distributions and other (-€109,203) and Investment in fixed assets (net) (-€75,825)
- Receivables within one year +€13,531
up €13,531 (+473.2%), from €2,860 to €16,391
of which Trade receivables: +€15,488
- Other debts +€77,240
up €77,240 (+170.8%), from €45,217 to €122,457
- Reserves -€44,686
no longer reported in 2025 (was €44,686)
- Debts after one year +€15,844
up €15,844 (+13.2%), from €120,156 to €136,000
- Current portion of long-term debt -€10,312
down €10,312 (-49.2%), from €20,979 to €10,667
- Trade debts +€4,611
up €4,611 (+94.0%), from €4,907 to €9,518
- Depreciation -€15,756
down €15,756 (-45.0%), from €34,996 to €19,239
- Gross operating margin +€11,955
up €11,955 (+12.5%), from €95,395 to €107,350
- Taxes +€4,683
up €4,683 (+38.6%), from €12,140 to €16,823
- Financial charges +€3,190
up €3,190 (+147.2%), from €2,167 to €5,356
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 | €251,274 | €290,685 | +€39,411 | +15.7% |
| Fixed assets | 21/28 | €212,717 | €269,302 | +€56,586 | +26.6% |
| Tangible fixed assets | 22/27 | €212,717 | €269,302 | +€56,586 | +26.6% |
| Land and buildings | 22 | €170,859 | €241,095 | +€70,236 | +41.1% |
| Plant, machinery and equipment | 23 | €1,247 | €1,506 | +€260 | +20.8% |
| Furniture and vehicles | 24 | €26,994 | €14,827 | -€12,167 | -45.1% |
| Other tangible fixed assets | 26 | €13,617 | €11,874 | -€1,743 | -12.8% |
| Current assets | 29/58 | €38,557 | €21,382 | -€17,175 | -44.5% |
| Amounts receivable within one year | 40/41 | €2,860 | €16,391 | +€13,531 | +473.2% |
| Trade receivables | 40 | - | €15,488 | +€15,488 | |
| Other amounts receivable | 41 | €2,860 | €903 | -€1,957 | -68.4% |
| Cash at bank and in hand | 54/58 | €34,738 | €3,710 | -€31,027 | -89.3% |
| Deferred charges and accrued income | 490/1 | €959 | €1,281 | +€321 | +33.5% |
| Total equity and liabilities | 10/49 | €251,274 | €290,685 | +€39,411 | +15.7% |
| Equity | 10/15 | €47,186 | €2,500 | -€44,686 | -94.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €44,686 | - | -€44,686 | |
| Distributable reserves | 133 | €44,686 | - | -€44,686 | |
| Amounts payable | 17/49 | €204,088 | €288,185 | +€84,097 | +41.2% |
| Amounts payable after more than one year | 17 | €120,156 | €136,000 | +€15,844 | +13.2% |
| Financial debts | 170/4 | €120,156 | €136,000 | +€15,844 | +13.2% |
| Amounts payable within one year | 42/48 | €83,932 | €152,185 | +€68,253 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | €20,979 | €10,667 | -€10,312 | -49.2% |
| Trade debts | 44 | €4,907 | €9,518 | +€4,611 | +94.0% |
| Suppliers | 440/4 | €4,907 | €9,518 | +€4,611 | +94.0% |
| Taxes, remuneration and social security | 45 | €12,830 | €9,544 | -€3,286 | -25.6% |
| Taxes | 450/3 | €12,830 | €9,544 | -€3,286 | -25.6% |
| Other amounts payable | 47/48 | €45,217 | €122,457 | +€77,240 | +170.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,996 | €19,239 | -€15,756 | -45.0% |
| Other operating charges | 640/8 | €1,406 | €1,414 | +€8 | +0.6% |
| Gross operating margin | 9900 | €95,395 | €107,350 | +€11,955 | +12.5% |
| Operating profit (loss) | 9901 | €58,993 | €86,697 | +€27,704 | +47.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,167 | €5,356 | +€3,190 | +147.2% |
| Recurring financial charges | 65 | €2,167 | €5,356 | +€3,190 | +147.2% |
| Profit (loss) for the period before taxes | 9903 | €56,826 | €81,340 | +€24,514 | +43.1% |
| Income taxes | 67/77 | €12,140 | €16,823 | +€4,683 | +38.6% |
| Profit (loss) for the period | 9904 | €44,686 | €64,517 | +€19,831 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,686 | €64,517 | +€19,831 | +44.4% |
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 29 September 2026 via checked.be.