B2B Construct: 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
B2B Construct
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€116,552
2024 · -€41,441+€157,993
Equity
€1.3m
2024 · €1.2m+€116,552
Cash
€14,027
2024 · €13,341+€686
Balance sheet total
€3.3m
2024 · €2.4m+€885,596
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+54.5%), from €2.1m to €3.3m
of which Land and buildings: +€1.2m
- Stocks and contracts -€256,559
no longer reported in 2025 (was €256,559)
Equity and liabilities
- Trade debts +€832,658
up €832,658 (+477.4%), from €174,397 to €1.0m
- Reserves +€116,552
up €116,552 (+10.1%), from €1.2m to €1.3m
of which Distributable reserves: +€121,884
Income statement
- Gross operating margin +€240,989
up €240,989 (+86067.5%), from €280 to €241,269
- Depreciation +€44,607
up €44,607 (+5145.0%), from €867 to €45,474
- Taxes +€36,252
up €36,252, from -€412 to €35,840
- Financial income -€23,592
down €23,592 (-100.0%), from €23,593 to €1
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
-€41,441
Gross operating margin
+€240,989
Staff costs
-€2,124
Depreciation
-€44,607
Other operating charges
-€625
Other operating items
+€23,800
Financial income
-€23,592
Financial charges
-€1,373
Taxes
-€36,252
Deferred taxes and other
+€1,777
Result 2025
€116,552
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
+€1.2m
Investment
-€1.2m
Financing
-€29,901
Cash 2024
€13,341
From operations (derived)
+€1.2m
Net result for the year
+€116,552
Depreciation
+€45,474
Stocks and contracts
+€256,559
Receivables within one year
+€16,263
Smaller working-capital items
+€352
Trade debts
+€832,658
Other debts
-€33,041
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
-€29,901
Debts after one year
-€30,172
Current portion of long-term debt
+€271
Cash 2025
€14,027
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,441,897 | €3,327,493 | +€885,596 | +36.3% |
| Fixed assets | 21/28 | €2,128,445 | €3,287,201 | +€1.2m | +54.4% |
| Tangible fixed assets | 22/27 | €2,128,082 | €3,286,838 | +€1.2m | +54.5% |
| Land and buildings | 22 | €2,128,082 | €3,284,968 | +€1.2m | +54.4% |
| Plant, machinery and equipment | 23 | - | €1,870 | +€1,870 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €313,452 | €40,292 | -€273,160 | -87.1% |
| Stocks and contracts in progress | 3 | €256,559 | - | -€256,559 | |
| Stocks | 30/36 | €256,559 | - | -€256,559 | |
| Amounts receivable within one year | 40/41 | €42,342 | €26,079 | -€16,263 | -38.4% |
| Trade receivables | 40 | €25,808 | €17,162 | -€8,646 | -33.5% |
| Other amounts receivable | 41 | €16,534 | €8,917 | -€7,617 | -46.1% |
| Cash at bank and in hand | 54/58 | €13,341 | €14,027 | +€686 | +5.1% |
| Deferred charges and accrued income | 490/1 | €1,210 | €186 | -€1,024 | -84.6% |
| Total equity and liabilities | 10/49 | €2,441,897 | €3,327,493 | +€885,596 | +36.3% |
| Equity | 10/15 | €1,188,201 | €1,304,753 | +€116,552 | +9.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,150,497 | €1,267,049 | +€116,552 | +10.1% |
| Tax-exempt reserves | 132 | €353,865 | €348,533 | -€5,332 | -1.5% |
| Distributable reserves | 133 | €796,632 | €918,516 | +€121,884 | +15.3% |
| Profit (loss) carried forward | 14 | €19,112 | €19,112 | = | 0.0% |
| Provisions and deferred taxes | 16 | €117,955 | €116,178 | -€1,777 | -1.5% |
| Deferred taxes | 168 | €117,955 | €116,178 | -€1,777 | -1.5% |
| Amounts payable | 17/49 | €1,135,741 | €1,906,562 | +€770,821 | +67.9% |
| Amounts payable after more than one year | 17 | €148,382 | €118,210 | -€30,172 | -20.3% |
| Financial debts | 170/4 | €148,382 | €118,210 | -€30,172 | -20.3% |
| Amounts payable within one year | 42/48 | €987,359 | €1,788,352 | +€800,993 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €29,901 | €30,172 | +€271 | +0.9% |
| Trade debts | 44 | €174,397 | €1,007,055 | +€832,658 | +477.4% |
| Suppliers | 440/4 | €174,397 | €1,007,055 | +€832,658 | +477.4% |
| Taxes, remuneration and social security | 45 | €4,061 | €5,166 | +€1,105 | +27.2% |
| Taxes | 450/3 | - | €735 | +€735 | |
| Remuneration and social security | 454/9 | €4,061 | €4,431 | +€370 | +9.1% |
| Other amounts payable | 47/48 | €779,000 | €745,959 | -€33,041 | -4.2% |
| Remuneration, social security and pensions | 62 | €34,003 | €36,127 | +€2,124 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €867 | €45,474 | +€44,607 | +5145.0% |
| Other operating charges | 640/8 | €4,202 | €4,827 | +€625 | +14.9% |
| Non-recurring operating charges | 66A | €23,800 | - | -€23,800 | |
| Gross operating margin | 9900 | €280 | €241,269 | +€240,989 | +86067.5% |
| Operating profit (loss) | 9901 | -€62,592 | €154,841 | +€217,433 | |
| Financial income | 75/76B | €23,593 | €1 | -€23,592 | -100.0% |
| Recurring financial income | 75 | €23,593 | €1 | -€23,592 | -100.0% |
| Financial charges | 65/66B | €2,854 | €4,227 | +€1,373 | +48.1% |
| Recurring financial charges | 65 | €2,854 | €4,227 | +€1,373 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | -€41,853 | €150,615 | +€192,468 | |
| Transfer from deferred taxes | 780 | - | €1,777 | +€1,777 | |
| Income taxes | 67/77 | -€412 | €35,840 | +€36,252 | |
| Profit (loss) for the period | 9904 | -€41,441 | €116,552 | +€157,993 | |
| Transfer from tax-exempt reserves | 789 | - | €5,332 | +€5,332 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,441 | €121,884 | +€163,325 |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.