ALL 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.
ALL CONSTRUCT
Largest movements
- Cash +€52,399
up €52,399 (+47.7%), from €109,759 to €162,158
mainly Net result for the year (+€110,600) and Depreciation (+€69,381)
- Tangible fixed assets -€50,967
down €50,967 (-8.6%), from €590,899 to €539,932
of which Land and buildings: -€54,937
- Receivables within one year +€42,795
up €42,795 (+61.0%), from €70,166 to €112,961
of which Trade receivables: +€31,242
- Reserves +€95,600
up €95,600 (+117%), from €81,569 to €177,169
of which Distributable reserves: +€95,600
- Debts after one year -€63,157
down €63,157 (-17.3%), from €364,713 to €301,556
of which Financial debts: -€58,294
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Tax, wage and social debts +€37,344
up €37,344 (+94.3%), from €39,621 to €76,965
of which Taxes: +€36,880
- Trade debts +€16,143
up €16,143 (+69.4%), from €23,273 to €39,416
- Gross operating margin +€118,950
up €118,950 (+43.0%), from €276,751 to €395,702
- Taxes +€45,636
up €45,636 (+2,854%), from €1,599 to €47,235
- Staff costs -€8,558
down €8,558 (-5.4%), from €157,599 to €149,040
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 | €891,625 | €926,684 | +€35,059 | +3.9% |
| Fixed assets | 21/28 | €590,899 | €539,932 | -€50,967 | -8.6% |
| Tangible fixed assets | 22/27 | €590,899 | €539,932 | -€50,967 | -8.6% |
| Land and buildings | 22 | €543,568 | €488,631 | -€54,937 | -10.1% |
| Plant, machinery and equipment | 23 | €40,349 | €42,746 | +€2,397 | +5.9% |
| Furniture and vehicles | 24 | €6,983 | €8,556 | +€1,573 | +22.5% |
| Current assets | 29/58 | €300,726 | €386,752 | +€86,026 | +28.6% |
| Stocks and contracts in progress | 3 | €113,888 | €104,981 | -€8,907 | -7.8% |
| Stocks | 30/36 | €113,888 | €84,676 | -€29,212 | -25.6% |
| Contracts in progress | 37 | - | €20,304 | +€20,304 | |
| Amounts receivable within one year | 40/41 | €70,166 | €112,961 | +€42,795 | +61.0% |
| Trade receivables | 40 | €66,027 | €97,270 | +€31,242 | +47.3% |
| Other amounts receivable | 41 | €4,139 | €15,692 | +€11,552 | +279% |
| Cash at bank and in hand | 54/58 | €109,759 | €162,158 | +€52,399 | +47.7% |
| Deferred charges and accrued income | 490/1 | €6,913 | €6,652 | -€260 | -3.8% |
| Total equity and liabilities | 10/49 | €891,625 | €926,684 | +€35,059 | +3.9% |
| Equity | 10/15 | €309,069 | €404,669 | +€95,600 | +30.9% |
| Contributions | 10/11 | €227,500 | €227,500 | = | 0.0% |
| Reserves | 13 | €81,569 | €177,169 | +€95,600 | +117% |
| Tax-exempt reserves | 132 | €406 | €406 | = | 0.0% |
| Distributable reserves | 133 | €81,163 | €176,763 | +€95,600 | +118% |
| Provisions and deferred taxes | 16 | €3,551 | €3,793 | +€242 | +6.8% |
| Provisions for liabilities and charges | 160/5 | €3,551 | €3,793 | +€242 | +6.8% |
| Other liabilities and charges | 164/5 | €3,551 | €3,793 | +€242 | +6.8% |
| Amounts payable | 17/49 | €579,006 | €518,223 | -€60,783 | -10.5% |
| Amounts payable after more than one year | 17 | €364,713 | €301,556 | -€63,157 | -17.3% |
| Financial debts | 170/4 | €317,386 | €259,091 | -€58,294 | -18.4% |
| Other amounts payable | 178/9 | €47,327 | €42,464 | -€4,863 | -10.3% |
| Amounts payable within one year | 42/48 | €214,293 | €216,668 | +€2,375 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €62,846 | €63,145 | +€299 | +0.5% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €23,273 | €39,416 | +€16,143 | +69.4% |
| Suppliers | 440/4 | €23,273 | €39,416 | +€16,143 | +69.4% |
| Taxes, remuneration and social security | 45 | €39,621 | €76,965 | +€37,344 | +94.3% |
| Taxes | 450/3 | €17,504 | €54,384 | +€36,880 | +211% |
| Remuneration and social security | 454/9 | €22,117 | €22,581 | +€464 | +2.1% |
| Other amounts payable | 47/48 | €38,553 | €37,141 | -€1,412 | -3.7% |
| Remuneration, social security and pensions | 62 | €157,599 | €149,040 | -€8,558 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,703 | €69,381 | +€678 | +1.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €273 | €242 | -€32 | -11.5% |
| Other operating charges | 640/8 | €9,350 | €9,724 | +€375 | +4.0% |
| Gross operating margin | 9900 | €276,751 | €395,702 | +€118,950 | +43.0% |
| Operating profit (loss) | 9901 | €40,826 | €167,314 | +€126,488 | +310% |
| Financial income | 75/76B | €940 | €1,542 | +€601 | +63.9% |
| Recurring financial income | 75 | €940 | €1,542 | +€601 | +63.9% |
| Financial charges | 65/66B | €11,660 | €11,021 | -€639 | -5.5% |
| Recurring financial charges | 65 | €11,660 | €11,021 | -€639 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €30,106 | €157,834 | +€127,728 | +424% |
| Income taxes | 67/77 | €1,599 | €47,235 | +€45,636 | +2,854% |
| Profit (loss) for the period | 9904 | €28,508 | €110,600 | +€82,092 | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €28,508 | €110,600 | +€82,092 | +288% |
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 15 October 2026 via checked.be.