A/Z S 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.
A/Z S Construct
Largest movements
- Cash +€75,141
up €75,141 (+147%), from €51,082 to €126,224
mainly Net result for the year (+€96,458) and Other debts (+€60,284)
- Receivables within one year +€25,249
up €25,249 (+179%), from €14,133 to €39,383
of which Trade receivables: +€29,694
- Tangible fixed assets -€9,350
down €9,350 (-2.5%), from €371,279 to €361,929
of which Land and buildings: -€11,691
- Other debts +€60,284
up €60,284 (+846%), from €7,124 to €67,408
- Reserves +€30,086
up €30,086 (+16.1%), from €187,013 to €217,099
- Debts after one year -€19,287
down €19,287 (-7.7%), from €250,681 to €231,394
- Tax, wage and social debts +€11,310
up €11,310 (+323%), from €3,500 to €14,810
- Advances received +€9,791
up €9,791 (+782%), from €1,252 to €11,044
- Gross operating margin +€56,079
up €56,079 (+62.2%), from €90,227 to €146,306
- Taxes +€9,418
up €9,418 (+55.6%), from €16,936 to €26,354
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 | €489,484 | €581,071 | +€91,587 | +18.7% |
| Fixed assets | 21/28 | €371,279 | €361,929 | -€9,350 | -2.5% |
| Tangible fixed assets | 22/27 | €371,279 | €361,929 | -€9,350 | -2.5% |
| Land and buildings | 22 | €369,867 | €358,177 | -€11,691 | -3.2% |
| Plant, machinery and equipment | 23 | €1,242 | €1,649 | +€407 | +32.8% |
| Furniture and vehicles | 24 | €169 | €2,103 | +€1,934 | +1,143% |
| Current assets | 29/58 | €118,205 | €219,142 | +€100,937 | +85.4% |
| Stocks and contracts in progress | 3 | €52,990 | €52,990 | = | 0.0% |
| Stocks | 30/36 | €52,990 | €52,990 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,133 | €39,383 | +€25,249 | +179% |
| Trade receivables | 40 | €3,708 | €33,403 | +€29,694 | +801% |
| Other amounts receivable | 41 | €10,425 | €5,980 | -€4,445 | -42.6% |
| Cash at bank and in hand | 54/58 | €51,082 | €126,224 | +€75,141 | +147% |
| Deferred charges and accrued income | 490/1 | - | €546 | +€546 | |
| Total equity and liabilities | 10/49 | €489,484 | €581,071 | +€91,587 | +18.7% |
| Equity | 10/15 | €191,013 | €221,099 | +€30,086 | +15.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €187,013 | €217,099 | +€30,086 | +16.1% |
| Distributable reserves | 133 | €187,013 | €217,099 | +€30,086 | +16.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €298,471 | €359,973 | +€61,501 | +20.6% |
| Amounts payable after more than one year | 17 | €250,681 | €231,394 | -€19,287 | -7.7% |
| Financial debts | 170/4 | €250,681 | €231,394 | -€19,287 | -7.7% |
| Amounts payable within one year | 42/48 | €47,790 | €128,579 | +€80,789 | +169% |
| Current portion of amounts payable after more than one year | 42 | €18,753 | €19,287 | +€534 | +2.8% |
| Trade debts | 44 | €17,162 | €16,030 | -€1,132 | -6.6% |
| Suppliers | 440/4 | €17,162 | €16,030 | -€1,132 | -6.6% |
| Advances received on contracts in progress | 46 | €1,252 | €11,044 | +€9,791 | +782% |
| Taxes, remuneration and social security | 45 | €3,500 | €14,810 | +€11,310 | +323% |
| Taxes | 450/3 | €3,500 | €14,810 | +€11,310 | +323% |
| Other amounts payable | 47/48 | €7,124 | €67,408 | +€60,284 | +846% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,424 | €13,024 | -€400 | -3.0% |
| Other operating charges | 640/8 | €1,592 | €1,555 | -€37 | -2.3% |
| Gross operating margin | 9900 | €90,227 | €146,306 | +€56,079 | +62.2% |
| Operating profit (loss) | 9901 | €75,211 | €131,728 | +€56,516 | +75.1% |
| Financial income | 75/76B | €348 | €194 | -€154 | -44.2% |
| Recurring financial income | 75 | €348 | €157 | -€191 | -55.0% |
| Non-recurring financial income | 76B | €0 | €38 | +€37 | +93,700% |
| Financial charges | 65/66B | €9,663 | €9,110 | -€554 | -5.7% |
| Recurring financial charges | 65 | €9,660 | €9,074 | -€586 | -6.1% |
| Non-recurring financial charges | 66B | €4 | €36 | +€32 | +912% |
| Profit (loss) for the period before taxes | 9903 | €65,896 | €122,812 | +€56,916 | +86.4% |
| Income taxes | 67/77 | €16,936 | €26,354 | +€9,418 | +55.6% |
| Profit (loss) for the period | 9904 | €48,960 | €96,458 | +€47,498 | +97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,960 | €96,458 | +€47,498 | +97.0% |
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 17 October 2026 via checked.be.