A 2: 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.
What changed
A 2
NACE 42.110, Construction of roads and motorways
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.5m+€313,574
Equity
€8.6m
2024 · €6.8m+€1.8m
Cash
€1.5m
2024 · €746,942+€749,244
Balance sheet total
€26.3m
2024 · €26.0m+€237,007
Largest movements
Assets
- Cash +€749,244
up €749,244 (+100.3%), from €746,942 to €1.5m
mainly Depreciation (+€2.2m) and Net result for the year (+€1.8m)
- Receivables within one year -€420,787
down €420,787 (-3.9%), from €10.7m to €10.3m
of which Other amounts receivable: -€273,527
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+22.7%), from €6.6m to €8.1m
of which Distributable reserves: +€1.8m
- Short-term financial debts -€1.5m
down €1.5m (-93.6%), from €1.6m to €100,501
- Debts after one year -€947,762
down €947,762 (-13.5%), from €7.0m to €6.1m
of which Financial debts: -€947,762
- Trade debts +€730,629
up €730,629 (+14.6%), from €5.0m to €5.7m
- Profit (loss) carried forward +€338,421
up €338,421 (+1556.1%), from €21,747 to €360,168
Income statement
- Staff costs +€1.5m
up €1.5m (+21.4%), from €7.1m to €8.6m
- Services and other goods -€1.2m
down €1.2m (-13.2%), from €9.1m to €7.9m
- Turnover +€1.1m
up €1.1m (+3.7%), from €30.6m to €31.7m
- Other operating income +€683,153
up €683,153 (+113.2%), from €603,271 to €1.3m
- Goods and materials +€383,651
up €383,651 (+3.5%), from €11.0m to €11.4m
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.
Result 2024
€1.5m
Turnover
+€1.1m
Other operating income
+€683,153
Goods and materials
-€383,651
Services and other goods
+€1.2m
Staff costs
-€1.5m
Depreciation
-€259,863
Other operating charges
-€16,866
Other operating items
-€465,199
Financial income
+€158,459
Financial charges
-€151,477
Taxes
-€57,530
Result 2025
€1.8m
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.
From operations
+€5.4m
Investment
-€2.0m
Financing
-€2.6m
Cash 2024
€746,942
From operations (derived)
+€5.4m
Net result for the year
+€1.8m
Depreciation
+€2.2m
Receivables within one year
+€420,787
Deferred charges and accrued income
-€59,785
Trade debts
+€730,629
Tax, wage and social debts
+€97,094
Other debts
+€200,235
Accrued charges and deferred income
-€16,758
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Current investments
+€3,774
Financing
-€2.6m
Debts after one year
-€947,762
Current portion of long-term debt
-€190,724
Short-term financial debts
-€1.5m
Contributions, distributions and other
-€8,954
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,028,606 | €26,265,612 | +€237,007 | +0.9% |
| Fixed assets | 21/28 | €13,825,098 | €13,677,636 | -€147,462 | -1.1% |
| Tangible fixed assets | 22/27 | €6,895,422 | €6,745,260 | -€150,162 | -2.2% |
| Land and buildings | 22 | €7,884 | €5,478 | -€2,406 | -30.5% |
| Plant, machinery and equipment | 23 | €336,617 | €477,056 | +€140,439 | +41.7% |
| Furniture and vehicles | 24 | €1,505,369 | €1,667,075 | +€161,706 | +10.7% |
| Leasing and similar rights | 25 | €4,261,253 | €3,922,332 | -€338,921 | -8.0% |
| Other tangible fixed assets | 26 | - | €673,319 | +€673,319 | |
| Assets under construction and advance payments | 27 | €784,299 | €0 | -€784,299 | -100.0% |
| Financial fixed assets | 28 | €6,929,676 | €6,932,376 | +€2,700 | 0.0% |
| Affiliated companies | 280/1 | €6,900,000 | €6,900,000 | = | 0.0% |
| Participating interests | 280 | €6,900,000 | €6,900,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €29,676 | €32,376 | +€2,700 | +9.1% |
| Shares | 284 | - | €5,461 | +€5,461 | |
| Amounts receivable and cash guarantees | 285/8 | €29,676 | €26,915 | -€2,761 | -9.3% |
| Current assets | 29/58 | €12,203,507 | €12,587,976 | +€384,469 | +3.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €10,700,572 | €10,279,785 | -€420,787 | -3.9% |
| Trade receivables | 40 | €9,458,077 | €9,310,818 | -€147,259 | -1.6% |
| Other amounts receivable | 41 | €1,242,495 | €968,967 | -€273,527 | -22.0% |
| Current investments | 50/53 | €382,082 | €378,308 | -€3,774 | -1.0% |
| Other investments | 51/53 | €382,082 | €378,308 | -€3,774 | -1.0% |
| Cash at bank and in hand | 54/58 | €746,942 | €1,496,186 | +€749,244 | +100.3% |
| Deferred charges and accrued income | 490/1 | €373,912 | €433,697 | +€59,785 | +16.0% |
| Total equity and liabilities | 10/49 | €26,028,606 | €26,265,612 | +€237,007 | +0.9% |
| Equity | 10/15 | €6,784,278 | €8,613,745 | +€1.8m | +27.0% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €6,607,494 | €8,107,494 | +€1.5m | +22.7% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,252,594 | €1,999,994 | -€252,600 | -11.2% |
| Distributable reserves | 133 | €4,346,400 | €6,099,000 | +€1.8m | +40.3% |
| Profit (loss) carried forward | 14 | €21,747 | €360,168 | +€338,421 | +1556.1% |
| Investment grants | 15 | €70,036 | €61,082 | -€8,954 | -12.8% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €19,244,328 | €17,651,868 | -€1.6m | -8.3% |
| Amounts payable after more than one year | 17 | €7,009,476 | €6,061,714 | -€947,762 | -13.5% |
| Financial debts | 170/4 | €6,664,476 | €5,716,714 | -€947,762 | -14.2% |
| Leasing and similar obligations | 172 | €1,961,029 | €1,556,043 | -€404,986 | -20.7% |
| Credit institutions | 173 | €4,203,447 | €3,910,671 | -€292,775 | -7.0% |
| Other loans | 174 | €500,000 | €250,000 | -€250,000 | -50.0% |
| Other amounts payable | 178/9 | €345,000 | €345,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,215,152 | €11,587,211 | -€627,941 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €2,502,066 | €2,311,342 | -€190,724 | -7.6% |
| Financial debts | 43 | €1,565,674 | €100,501 | -€1.5m | -93.6% |
| Credit institutions | 430/8 | €1,565,674 | €100,501 | -€1.5m | -93.6% |
| Trade debts | 44 | €4,998,874 | €5,729,503 | +€730,629 | +14.6% |
| Suppliers | 440/4 | €4,998,874 | €5,729,503 | +€730,629 | +14.6% |
| Taxes, remuneration and social security | 45 | €510,970 | €608,063 | +€97,094 | +19.0% |
| Taxes | 450/3 | €153,492 | €203,086 | +€49,594 | +32.3% |
| Remuneration and social security | 454/9 | €357,478 | €404,977 | +€47,499 | +13.3% |
| Other amounts payable | 47/48 | €2,637,567 | €2,837,802 | +€200,235 | +7.6% |
| Accrued charges and deferred income | 492/3 | €19,700 | €2,942 | -€16,758 | -85.1% |
| Operating income | 70/76A | €31,181,416 | €32,988,626 | +€1.8m | +5.8% |
| Turnover | 70 | €30,578,145 | €31,702,201 | +€1.1m | +3.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | - | = | |
| Other operating income | 74 | €603,271 | €1,286,425 | +€683,153 | +113.2% |
| Operating charges | 60/66A | €29,285,920 | €30,729,009 | +€1.4m | +4.9% |
| Goods for resale, raw materials and consumables | 60 | €10,986,852 | €11,370,503 | +€383,651 | +3.5% |
| Purchases | 600/8 | €10,986,852 | €11,370,503 | +€383,651 | +3.5% |
| Services and other goods | 61 | €9,148,289 | €7,943,039 | -€1.2m | -13.2% |
| Remuneration, social security and pensions | 62 | €7,123,056 | €8,645,815 | +€1.5m | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,908,842 | €2,168,705 | +€259,863 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €148,880 | €165,746 | +€16,866 | +11.3% |
| Non-recurring operating charges | 66A | -€30,000 | €435,199 | +€465,199 | |
| Operating profit (loss) | 9901 | €1,895,496 | €2,259,617 | +€364,121 | +19.2% |
| Financial income | 75/76B | €361,547 | €520,006 | +€158,459 | +43.8% |
| Recurring financial income | 75 | €361,547 | €520,006 | +€158,459 | +43.8% |
| Income from financial fixed assets | 750 | - | €450,000 | +€450,000 | |
| Income from current assets | 751 | €46,660 | €56,366 | +€9,706 | +20.8% |
| Other financial income | 752/9 | €314,887 | €13,641 | -€301,246 | -95.7% |
| Financial charges | 65/66B | €286,911 | €438,387 | +€151,477 | +52.8% |
| Recurring financial charges | 65 | €286,911 | €438,387 | +€151,477 | +52.8% |
| Debt charges | 650 | €307,310 | €420,071 | +€112,761 | +36.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€41,846 | €3,774 | +€45,620 | |
| Other financial charges | 652/9 | €21,446 | €14,543 | -€6,904 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €1,970,133 | €2,341,236 | +€371,103 | +18.8% |
| Income taxes | 67/77 | €445,286 | €502,815 | +€57,530 | +12.9% |
| Taxes | 670/3 | €445,286 | €502,815 | +€57,530 | +12.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €1,524,847 | €1,838,421 | +€313,574 | +20.6% |
| Transfer from tax-exempt reserves | 789 | €346,400 | €252,600 | -€93,800 | -27.1% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €0 | -€999,997 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €871,250 | €2,091,021 | +€1.2m | +140.0% |
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 5 October 2026 via checked.be.