VD Project & Construct: what changed
VD Project & Construct
Largest movements
- Cash +€35,716
up €35,716 (+400%), from €8,938 to €44,654
mainly Net result for the year (+€32,668) and Other debts (+€15,075)
- Receivables within one year -€4,424
down €4,424 (-25.4%), from €17,417 to €12,993
of which Trade receivables: -€3,105
- Receivables after one year +€2,144
up €2,144 (+3.0%), from €71,400 to €73,544
- Other debts +€15,075
up €15,075 (+217%), from €6,950 to €22,025
- Reserves +€14,000
up €14,000 (+50.0%), from €28,000 to €42,000
- Tax, wage and social debts +€8,817
up €8,817 (+257%), from €3,435 to €12,252
- Advances received -€3,055
no longer reported in 2025 (was €3,055)
- Trade debts -€2,193
down €2,193 (-46.9%), from €4,677 to €2,484
- Gross operating margin +€10,091
up €10,091 (+27.1%), from €37,230 to €47,321
- Taxes +€3,030
up €3,030 (+27.7%), from €10,953 to €13,983
- Financial income +€1,380
up €1,380 (+335%), from €411 to €1,791
- Other operating charges -€963
down €963 (-45.9%), from €2,098 to €1,136
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,830 | €192,345 | +€32,514 | +20.3% |
| Fixed assets | 21/28 | €60,943 | €60,531 | -€412 | -0.7% |
| Tangible fixed assets | 22/27 | €943 | €531 | -€412 | -43.7% |
| Furniture and vehicles | 24 | €943 | €531 | -€412 | -43.7% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €98,888 | €131,814 | +€32,927 | +33.3% |
| Amounts receivable after more than one year | 29 | €71,400 | €73,544 | +€2,144 | +3.0% |
| Other amounts receivable | 291 | €71,400 | €73,544 | +€2,144 | +3.0% |
| Amounts receivable within one year | 40/41 | €17,417 | €12,993 | -€4,424 | -25.4% |
| Trade receivables | 40 | €16,051 | €12,946 | -€3,105 | -19.3% |
| Other amounts receivable | 41 | €1,366 | €47 | -€1,319 | -96.6% |
| Cash at bank and in hand | 54/58 | €8,938 | €44,654 | +€35,716 | +400% |
| Deferred charges and accrued income | 490/1 | €1,132 | €623 | -€509 | -45.0% |
| Total equity and liabilities | 10/49 | €159,830 | €192,345 | +€32,514 | +20.3% |
| Equity | 10/15 | €48,199 | €62,866 | +€14,668 | +30.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €42,000 | +€14,000 | +50.0% |
| Distributable reserves | 133 | €28,000 | €42,000 | +€14,000 | +50.0% |
| Profit (loss) carried forward | 14 | €199 | €866 | +€668 | +336% |
| Amounts payable | 17/49 | €111,632 | €129,478 | +€17,847 | +16.0% |
| Amounts payable after more than one year | 17 | €92,650 | €92,650 | = | 0.0% |
| Other amounts payable | 178/9 | €92,650 | €92,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,118 | €36,761 | +€18,644 | +103% |
| Trade debts | 44 | €4,677 | €2,484 | -€2,193 | -46.9% |
| Suppliers | 440/4 | €4,677 | €2,484 | -€2,193 | -46.9% |
| Advances received on contracts in progress | 46 | €3,055 | - | -€3,055 | |
| Taxes, remuneration and social security | 45 | €3,435 | €12,252 | +€8,817 | +257% |
| Taxes | 450/3 | €3,435 | €12,252 | +€8,817 | +257% |
| Other amounts payable | 47/48 | €6,950 | €22,025 | +€15,075 | +217% |
| Accrued charges and deferred income | 492/3 | €864 | €67 | -€797 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294 | €412 | +€118 | +40.2% |
| Other operating charges | 640/8 | €2,098 | €1,136 | -€963 | -45.9% |
| Gross operating margin | 9900 | €37,230 | €47,321 | +€10,091 | +27.1% |
| Operating profit (loss) | 9901 | €34,838 | €45,773 | +€10,935 | +31.4% |
| Financial income | 75/76B | €411 | €1,791 | +€1,380 | +335% |
| Recurring financial income | 75 | €411 | €1,791 | +€1,380 | +335% |
| Financial charges | 65/66B | €1,092 | €913 | -€179 | -16.4% |
| Recurring financial charges | 65 | €1,092 | €913 | -€179 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €34,157 | €46,651 | +€12,494 | +36.6% |
| Income taxes | 67/77 | €10,953 | €13,983 | +€3,030 | +27.7% |
| Profit (loss) for the period | 9904 | €23,204 | €32,668 | +€9,464 | +40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,204 | €32,668 | +€9,464 | +40.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.