123 Construct: what changed
What changed
123 Construct
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
-€1.4m
2024 · €77,599-€1.4m
Equity
-€1.2m
2024 · €203,337-€1.4m
Cash
€48,273
2024 · €47,604+€669
Balance sheet total
€993,323
2024 · €1.7m-€673,101
Largest movements
Assets
- Receivables within one year -€381,934
down €381,934 (-48.9%), from €781,636 to €399,702
of which Trade receivables: -€378,354
- Stocks and contracts -€203,696
down €203,696 (-54.6%), from €373,047 to €169,351
of which Contracts in progress: -€151,961
- Tangible fixed assets -€77,976
down €77,976 (-18.6%), from €418,634 to €340,658
of which Furniture and vehicles: -€50,943
Equity and liabilities
- Profit (loss) carried forward -€1.4m
new in 2025: -€1.4m
- Trade debts +€486,523
up €486,523 (+51.2%), from €950,451 to €1.4m
- Short-term financial debts +€250,000
new in 2025: €250,000
- Accrued charges and deferred income -€190,636
down €190,636 (-40.2%), from €474,403 to €283,767
- Tax, wage and social debts +€62,619
up €62,619 (+188%), from €33,262 to €95,881
of which Taxes: +€48,418
Income statement
- Gross operating margin -€1.1m
down €1.1m, from €620,543 to -€435,408
- Staff costs +€344,776
up €344,776 (+85.9%), from €401,530 to €746,306
- Taxes -€57,988
down €57,988 (-98.4%), from €58,907 to €920
- Other operating charges +€47,742
up €47,742 (+409%), from €11,662 to €59,404
- Depreciation +€42,715
up €42,715 (+61.2%), from €69,747 to €112,463
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.
Result 2024
€77,599
Gross operating margin
-€1.1m
Staff costs
-€344,776
Depreciation
-€42,715
Other operating charges
-€47,742
Financial income
+€462
Financial charges
-€11,249
Taxes
+€57,988
Result 2025
-€1.4m
raises the resultlowers the result
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.
From operations
-€304,591
Investment
-€34,487
Financing
+€339,747
Cash 2024
€47,604
From operations (derived)
-€304,591
Net result for the year
-€1.4m
Depreciation
+€112,463
Stocks and contracts
+€203,696
Receivables within one year
+€381,934
Deferred charges and accrued income
+€10,165
Trade debts
+€486,523
Tax, wage and social debts
+€62,619
Other debts
-€4,970
Accrued charges and deferred income
-€190,636
Investment (derived)
-€34,487
Investment in fixed assets (net)
-€34,487
Financing
+€339,747
Debts after one year
+€52,299
Current portion of long-term debt
+€37,448
Short-term financial debts
+€250,000
Cash 2025
€48,273
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,666,424 | €993,323 | -€673,101 | -40.4% |
| Fixed assets | 21/28 | €453,972 | €375,996 | -€77,976 | -17.2% |
| Tangible fixed assets | 22/27 | €418,634 | €340,658 | -€77,976 | -18.6% |
| Plant, machinery and equipment | 23 | €280,372 | €254,475 | -€25,898 | -9.2% |
| Furniture and vehicles | 24 | €136,273 | €85,330 | -€50,943 | -37.4% |
| Other tangible fixed assets | 26 | €1,989 | €854 | -€1,135 | -57.1% |
| Financial fixed assets | 28 | €35,338 | €35,338 | = | 0.0% |
| Current assets | 29/58 | €1,212,452 | €617,327 | -€595,125 | -49.1% |
| Stocks and contracts in progress | 3 | €373,047 | €169,351 | -€203,696 | -54.6% |
| Stocks | 30/36 | €221,086 | €169,351 | -€51,735 | -23.4% |
| Contracts in progress | 37 | €151,961 | - | -€151,961 | |
| Amounts receivable within one year | 40/41 | €781,636 | €399,702 | -€381,934 | -48.9% |
| Trade receivables | 40 | €742,161 | €363,807 | -€378,354 | -51.0% |
| Other amounts receivable | 41 | €39,476 | €35,896 | -€3,580 | -9.1% |
| Cash at bank and in hand | 54/58 | €47,604 | €48,273 | +€669 | +1.4% |
| Deferred charges and accrued income | 490/1 | €10,165 | - | -€10,165 | |
| Total equity and liabilities | 10/49 | €1,666,424 | €993,323 | -€673,101 | -40.4% |
| Equity | 10/15 | €203,337 | -€1,163,047 | -€1.4m | |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €191,337 | €191,337 | = | 0.0% |
| Distributable reserves | 133 | €191,337 | €191,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,366,385 | -€1.4m | |
| Amounts payable | 17/49 | €1,463,086 | €2,156,370 | +€693,283 | +47.4% |
| Amounts payable after more than one year | 17 | - | €52,299 | +€52,299 | |
| Financial debts | 170/4 | - | €52,299 | +€52,299 | |
| Amounts payable within one year | 42/48 | €988,683 | €1,820,303 | +€831,620 | +84.1% |
| Current portion of amounts payable after more than one year | 42 | - | €37,448 | +€37,448 | |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €950,451 | €1,436,974 | +€486,523 | +51.2% |
| Suppliers | 440/4 | €950,451 | €1,436,974 | +€486,523 | +51.2% |
| Taxes, remuneration and social security | 45 | €33,262 | €95,881 | +€62,619 | +188% |
| Taxes | 450/3 | €17,821 | €66,239 | +€48,418 | +272% |
| Remuneration and social security | 454/9 | €15,441 | €29,642 | +€14,201 | +92.0% |
| Other amounts payable | 47/48 | €4,970 | - | -€4,970 | |
| Accrued charges and deferred income | 492/3 | €474,403 | €283,767 | -€190,636 | -40.2% |
| Remuneration, social security and pensions | 62 | €401,530 | €746,306 | +€344,776 | +85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,747 | €112,463 | +€42,715 | +61.2% |
| Other operating charges | 640/8 | €11,662 | €59,404 | +€47,742 | +409% |
| Gross operating margin | 9900 | €620,543 | -€435,408 | -€1.1m | |
| Operating profit (loss) | 9901 | €137,603 | -€1,353,581 | -€1.5m | |
| Financial income | 75/76B | €28 | €489 | +€462 | +1,665% |
| Recurring financial income | 75 | €28 | €489 | +€462 | +1,665% |
| Financial charges | 65/66B | €1,125 | €12,373 | +€11,249 | +1,000% |
| Recurring financial charges | 65 | €1,125 | €12,373 | +€11,249 | +1,000% |
| Profit (loss) for the period before taxes | 9903 | €136,506 | -€1,365,465 | -€1.5m | |
| Income taxes | 67/77 | €58,907 | €920 | -€57,988 | -98.4% |
| Profit (loss) for the period | 9904 | €77,599 | -€1,366,385 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €77,599 | -€1,366,385 | -€1.4m |
Next steps
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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 6 November 2026 via checked.be.