V CONSTRUCT: 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.
V CONSTRUCT
Largest movements
- Cash +€32,143
up €32,143 (+40.9%), from €78,548 to €110,691
mainly Net result for the year (+€25,352) and Depreciation (+€6,102)
- Tangible fixed assets -€6,102
down €6,102 (-67.2%), from €9,084 to €2,982
of which Furniture and vehicles: -€6,040
- Receivables within one year +€2,642
up €2,642 (+3.4%), from €77,232 to €79,875
of which Other amounts receivable: +€10,065
- Reserves +€25,352
up €25,352 (+16.3%), from €155,746 to €181,098
of which Distributable reserves: +€26,530
- Trade debts +€4,451
up €4,451 (+402%), from €1,106 to €5,557
- Gross operating margin -€22,273
down €22,273 (-34.7%), from €64,161 to €41,888
- Taxes -€7,370
down €7,370 (-35.9%), from €20,519 to €13,150
- Write-downs +€1,936
up €1,936, from -€1,936 to €0
- Other operating charges -€1,629
down €1,629 (-52.4%), from €3,112 to €1,482
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 | €166,324 | €195,882 | +€29,559 | +17.8% |
| Fixed assets | 21/28 | €9,110 | €2,982 | -€6,127 | -67.3% |
| Tangible fixed assets | 22/27 | €9,084 | €2,982 | -€6,102 | -67.2% |
| Plant, machinery and equipment | 23 | €62 | €0 | -€62 | -100% |
| Furniture and vehicles | 24 | €9,022 | €2,982 | -€6,040 | -66.9% |
| Financial fixed assets | 28 | €25 | €0 | -€25 | -100% |
| Current assets | 29/58 | €157,214 | €192,900 | +€35,686 | +22.7% |
| Amounts receivable within one year | 40/41 | €77,232 | €79,875 | +€2,642 | +3.4% |
| Trade receivables | 40 | €14,020 | €6,598 | -€7,423 | -52.9% |
| Other amounts receivable | 41 | €63,212 | €73,277 | +€10,065 | +15.9% |
| Cash at bank and in hand | 54/58 | €78,548 | €110,691 | +€32,143 | +40.9% |
| Deferred charges and accrued income | 490/1 | €1,433 | €2,334 | +€901 | +62.8% |
| Total equity and liabilities | 10/49 | €166,324 | €195,882 | +€29,559 | +17.8% |
| Equity | 10/15 | €155,747 | €181,099 | +€25,352 | +16.3% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €155,746 | €181,098 | +€25,352 | +16.3% |
| Tax-exempt reserves | 132 | €1,391 | €213 | -€1,178 | -84.7% |
| Distributable reserves | 133 | €154,355 | €180,885 | +€26,530 | +17.2% |
| Profit (loss) carried forward | 14 | €1 | €1 | +€0 | +16.7% |
| Provisions and deferred taxes | 16 | €464 | €71 | -€393 | -84.7% |
| Deferred taxes | 168 | €464 | €71 | -€393 | -84.7% |
| Amounts payable | 17/49 | €10,114 | €14,712 | +€4,599 | +45.5% |
| Amounts payable within one year | 42/48 | €10,114 | €14,712 | +€4,599 | +45.5% |
| Trade debts | 44 | €1,106 | €5,557 | +€4,451 | +402% |
| Suppliers | 440/4 | €1,106 | €5,557 | +€4,451 | +402% |
| Taxes, remuneration and social security | 45 | €9,007 | €9,155 | +€147 | +1.6% |
| Taxes | 450/3 | €9,007 | €9,155 | +€147 | +1.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,435 | €6,102 | -€333 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,936 | €0 | +€1,936 | |
| Other operating charges | 640/8 | €3,112 | €1,482 | -€1,629 | -52.4% |
| Non-recurring operating charges | 66A | €0 | €25 | +€25 | |
| Gross operating margin | 9900 | €64,161 | €41,888 | -€22,273 | -34.7% |
| Operating profit (loss) | 9901 | €56,550 | €34,278 | -€22,271 | -39.4% |
| Financial income | 75/76B | €3,923 | €3,933 | +€10 | +0.3% |
| Recurring financial income | 75 | €3,923 | €3,933 | +€10 | +0.3% |
| Financial charges | 65/66B | €152 | €102 | -€50 | -33.2% |
| Recurring financial charges | 65 | €152 | €102 | -€50 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €60,320 | €38,110 | -€22,211 | -36.8% |
| Transfer from deferred taxes | 780 | €393 | €393 | = | 0.0% |
| Income taxes | 67/77 | €20,519 | €13,150 | -€7,370 | -35.9% |
| Profit (loss) for the period | 9904 | €40,194 | €25,352 | -€14,841 | -36.9% |
| Transfer from tax-exempt reserves | 789 | €1,178 | €1,178 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,372 | €26,530 | -€14,841 | -35.9% |
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 27 October 2026 via checked.be.