AS Construct Immo: 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.
AS Construct Immo
Largest movements
- Receivables within one year +€172,364
up €172,364 (+21.2%), from €814,149 to €986,513
of which Trade receivables: +€152,474
- Cash -€46,054
down €46,054 (-94.1%), from €48,943 to €2,889
mainly Receivables within one year (-€172,364) and Other debts (-€97,934)
- Tangible fixed assets -€24,796
down €24,796 (-9.2%), from €269,831 to €245,035
of which Land and buildings: -€22,500
- Trade debts +€167,318
up €167,318 (+161.9%), from €103,346 to €270,665
- Other debts -€97,934
no longer reported in 2025 (was €97,934)
- Reserves +€40,000
up €40,000 (+26.7%), from €150,000 to €190,000
of which Distributable reserves: +€40,000
- Tax, wage and social debts -€39,548
down €39,548 (-50.8%), from €77,855 to €38,307
of which Taxes: -€39,583
- Current portion of long-term debt +€26,801
up €26,801 (+62.7%), from €42,737 to €69,538
- Gross operating margin -€84,779
down €84,779 (-28.9%), from €293,794 to €209,015
- Taxes -€26,075
down €26,075 (-48.5%), from €53,712 to €27,637
- Financial charges -€10,160
down €10,160 (-49.2%), from €20,666 to €10,506
of which Non-recurring financial charges: -€6,428
From the 31-12-2024 result to the 31-12-2025 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.
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,143,576 | €1,251,914 | +€108,338 | +9.5% |
| Fixed assets | 21/28 | €270,411 | €245,615 | -€24,796 | -9.2% |
| Tangible fixed assets | 22/27 | €269,831 | €245,035 | -€24,796 | -9.2% |
| Land and buildings | 22 | €135,000 | €112,500 | -€22,500 | -16.7% |
| Plant, machinery and equipment | 23 | €32,718 | €30,954 | -€1,764 | -5.4% |
| Furniture and vehicles | 24 | €11,820 | €5,463 | -€6,357 | -53.8% |
| Leasing and similar rights | 25 | €90,293 | €96,118 | +€5,824 | +6.5% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €873,164 | €1,006,299 | +€133,134 | +15.2% |
| Amounts receivable within one year | 40/41 | €814,149 | €986,513 | +€172,364 | +21.2% |
| Trade receivables | 40 | €343,493 | €495,967 | +€152,474 | +44.4% |
| Other amounts receivable | 41 | €470,656 | €490,546 | +€19,890 | +4.2% |
| Cash at bank and in hand | 54/58 | €48,943 | €2,889 | -€46,054 | -94.1% |
| Deferred charges and accrued income | 490/1 | €10,072 | €16,897 | +€6,825 | +67.8% |
| Total equity and liabilities | 10/49 | €1,143,576 | €1,251,914 | +€108,338 | +9.5% |
| Equity | 10/15 | €549,199 | €599,834 | +€50,636 | +9.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €190,000 | +€40,000 | +26.7% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €135,000 | €175,000 | +€40,000 | +29.6% |
| Profit (loss) carried forward | 14 | €249,199 | €259,834 | +€10,636 | +4.3% |
| Provisions and deferred taxes | 16 | €204,000 | €204,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €204,000 | €204,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €204,000 | €204,000 | = | 0.0% |
| Amounts payable | 17/49 | €390,377 | €448,079 | +€57,702 | +14.8% |
| Amounts payable after more than one year | 17 | €68,504 | €69,570 | +€1,066 | +1.6% |
| Financial debts | 170/4 | €68,504 | €69,570 | +€1,066 | +1.6% |
| Amounts payable within one year | 42/48 | €321,873 | €378,509 | +€56,636 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €42,737 | €69,538 | +€26,801 | +62.7% |
| Trade debts | 44 | €103,346 | €270,665 | +€167,318 | +161.9% |
| Suppliers | 440/4 | €103,346 | €270,665 | +€167,318 | +161.9% |
| Taxes, remuneration and social security | 45 | €77,855 | €38,307 | -€39,548 | -50.8% |
| Taxes | 450/3 | €74,127 | €34,544 | -€39,583 | -53.4% |
| Remuneration and social security | 454/9 | €3,728 | €3,762 | +€34 | +0.9% |
| Other amounts payable | 47/48 | €97,934 | - | -€97,934 | |
| Remuneration, social security and pensions | 62 | €35,082 | €34,297 | -€784 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,178 | €69,172 | -€2,006 | -2.8% |
| Other operating charges | 640/8 | €15,502 | €16,767 | +€1,264 | +8.2% |
| Non-recurring operating charges | 66A | €345 | - | -€345 | |
| Gross operating margin | 9900 | €293,794 | €209,015 | -€84,779 | -28.9% |
| Operating profit (loss) | 9901 | €171,687 | €88,778 | -€82,909 | -48.3% |
| Financial income | 75/76B | €607 | €1 | -€606 | -99.9% |
| Recurring financial income | 75 | €607 | €1 | -€606 | -99.9% |
| Financial charges | 65/66B | €20,666 | €10,506 | -€10,160 | -49.2% |
| Recurring financial charges | 65 | €13,148 | €9,416 | -€3,732 | -28.4% |
| Non-recurring financial charges | 66B | €7,519 | €1,091 | -€6,428 | -85.5% |
| Profit (loss) for the period before taxes | 9903 | €151,628 | €78,273 | -€73,355 | -48.4% |
| Income taxes | 67/77 | €53,712 | €27,637 | -€26,075 | -48.5% |
| Profit (loss) for the period | 9904 | €97,916 | €50,636 | -€47,280 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,916 | €50,636 | -€47,280 | -48.3% |
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 6 October 2026 via checked.be.