All - Construct Verselder: 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.
All - Construct Verselder
Largest movements
- Receivables within one year +€152,924
up €152,924 (+31.1%), from €491,358 to €644,282
of which Trade receivables: +€154,300
- Cash -€51,252
down €51,252 (-74.8%), from €68,556 to €17,304
mainly Receivables within one year (-€152,924) and Net result for the year (-€51,960)
- Tangible fixed assets -€10,369
down €10,369 (-12.3%), from €84,153 to €73,785
of which Leasing and similar rights: -€30,867
- Deferred charges and accrued income +€7,855
up €7,855 (+28.0%), from €28,072 to €35,927
- Trade debts +€188,794
up €188,794 (+220.5%), from €85,632 to €274,426
- Profit (loss) carried forward -€51,960
down €51,960 (-24.8%), from -€209,565 to -€261,525
- Debts after one year -€28,848
down €28,848 (-45.4%), from €63,599 to €34,751
- Tax, wage and social debts -€17,680
down €17,680 (-97.7%), from €18,105 to €424
of which Remuneration and social security: -€10,769
- Advances received +€8,244
new in 2026: €8,244
- Gross operating margin -€157,093
down €157,093, from €148,135 to -€8,958
- Staff costs +€5,170
up €5,170, from -€4,830 to €340
- Financial income -€4,041
down €4,041 (-27.2%), from €14,852 to €10,811
- Financial charges +€3,738
up €3,738 (+76.8%), from €4,866 to €8,604
- Taxes +€1,553
up €1,553 (+388.3%), from €400 to €1,953
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €672,312 | €771,470 | +€99,158 | +14.7% |
| Fixed assets | 21/28 | €84,153 | €73,785 | -€10,369 | -12.3% |
| Tangible fixed assets | 22/27 | €84,153 | €73,785 | -€10,369 | -12.3% |
| Plant, machinery and equipment | 23 | €4,897 | €11,192 | +€6,295 | +128.5% |
| Furniture and vehicles | 24 | €10,966 | €25,169 | +€14,203 | +129.5% |
| Leasing and similar rights | 25 | €68,290 | €37,423 | -€30,867 | -45.2% |
| Current assets | 29/58 | €588,159 | €697,686 | +€109,527 | +18.6% |
| Amounts receivable within one year | 40/41 | €491,358 | €644,282 | +€152,924 | +31.1% |
| Trade receivables | 40 | €224,370 | €378,671 | +€154,300 | +68.8% |
| Other amounts receivable | 41 | €266,988 | €265,611 | -€1,377 | -0.5% |
| Current investments | 50/53 | €173 | €173 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,556 | €17,304 | -€51,252 | -74.8% |
| Deferred charges and accrued income | 490/1 | €28,072 | €35,927 | +€7,855 | +28.0% |
| Total equity and liabilities | 10/49 | €672,312 | €771,470 | +€99,158 | +14.7% |
| Equity | 10/15 | €348,443 | €296,482 | -€51,960 | -14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €539,407 | €539,407 | = | 0.0% |
| Tax-exempt reserves | 132 | €538,787 | €538,787 | = | 0.0% |
| Distributable reserves | 133 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,565 | -€261,525 | -€51,960 | -24.8% |
| Provisions and deferred taxes | 16 | €134,697 | €134,697 | = | 0.0% |
| Deferred taxes | 168 | €134,697 | €134,697 | = | 0.0% |
| Amounts payable | 17/49 | €189,172 | €340,291 | +€151,119 | +79.9% |
| Amounts payable after more than one year | 17 | €63,599 | €34,751 | -€28,848 | -45.4% |
| Financial debts | 170/4 | €63,599 | €34,751 | -€28,848 | -45.4% |
| Amounts payable within one year | 42/48 | €123,459 | €303,082 | +€179,623 | +145.5% |
| Current portion of amounts payable after more than one year | 42 | €19,722 | €14,600 | -€5,122 | -26.0% |
| Financial debts | 43 | - | €5,388 | +€5,388 | |
| Credit institutions | 430/8 | - | €5,388 | +€5,388 | |
| Trade debts | 44 | €85,632 | €274,426 | +€188,794 | +220.5% |
| Suppliers | 440/4 | €85,632 | €274,426 | +€188,794 | +220.5% |
| Advances received on contracts in progress | 46 | - | €8,244 | +€8,244 | |
| Taxes, remuneration and social security | 45 | €18,105 | €424 | -€17,680 | -97.7% |
| Taxes | 450/3 | €7,336 | €424 | -€6,912 | -94.2% |
| Remuneration and social security | 454/9 | €10,769 | €0 | -€10,769 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,114 | €2,458 | +€344 | +16.3% |
| Non-recurring operating income | 76A | - | €7,449 | +€7,449 | |
| Remuneration, social security and pensions | 62 | -€4,830 | €340 | +€5,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,262 | €31,214 | -€48 | -0.2% |
| Other operating charges | 640/8 | €12,541 | €11,702 | -€839 | -6.7% |
| Gross operating margin | 9900 | €148,135 | -€8,958 | -€157,093 | |
| Operating profit (loss) | 9901 | €109,162 | -€52,214 | -€161,376 | |
| Financial income | 75/76B | €14,852 | €10,811 | -€4,041 | -27.2% |
| Recurring financial income | 75 | €14,852 | €10,811 | -€4,041 | -27.2% |
| Financial charges | 65/66B | €4,866 | €8,604 | +€3,738 | +76.8% |
| Recurring financial charges | 65 | €4,866 | €8,604 | +€3,738 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | €119,147 | -€50,007 | -€169,154 | |
| Income taxes | 67/77 | €400 | €1,953 | +€1,553 | +388.3% |
| Profit (loss) for the period | 9904 | €118,747 | -€51,960 | -€170,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,747 | -€51,960 | -€170,707 |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.