BARCOVEN: 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.
What changed
BARCOVEN
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€20,353
2024 · -€29,215+€8,863
Equity
€629,610
2024 · €665,813-€36,204
Cash
€33,697
2024 · €46,880-€13,183
Balance sheet total
€2.9m
2024 · €3.0m-€173,161
Largest movements
Assets
- Tangible fixed assets -€348,435
down €348,435 (-15.3%), from €2.3m to €1.9m
of which Land and buildings: -€337,954
- Stocks and contracts +€232,118
up €232,118 (+60.9%), from €381,240 to €613,358
of which Stocks: +€228,055
- Receivables within one year -€63,903
down €63,903 (-20.1%), from €317,881 to €253,978
of which Trade receivables: -€67,980
Equity and liabilities
- Debts after one year -€192,481
down €192,481 (-11.2%), from €1.7m to €1.5m
of which Financial debts: -€284,142
- Short-term financial debts +€83,339
up €83,339 (+332%), from €25,071 to €108,410
- Trade debts -€50,171
down €50,171 (-21.6%), from €232,438 to €182,267
- Other debts +€37,938
up €37,938 (+387%), from €9,812 to €47,750
- Reserves -€36,204
down €36,204 (-5.7%), from €632,213 to €596,010
of which Tax-exempt reserves: -€106,673
Income statement
- Depreciation -€81,367
down €81,367 (-34.0%), from €239,074 to €157,707
- Gross operating margin -€78,500
down €78,500 (-21.5%), from €364,967 to €286,467
- Other operating charges +€27,284
up €27,284 (+112%), from €24,408 to €51,692
- Taxes +€20,493
up €20,493 (+121%), from €16,904 to €37,397
- Staff costs -€19,555
down €19,555 (-58.6%), from €33,358 to €13,804
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
-€29,215
Gross operating margin
-€78,500
Staff costs
+€19,555
Depreciation
+€81,367
Other operating charges
-€27,284
Financial income
-€1,056
Financial charges
+€11,763
Taxes
-€20,493
Deferred taxes and other
+€23,511
Result 2025
-€20,353
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€74,747
Investment
+€191,507
Financing
-€129,943
Cash 2024
€46,880
From operations (derived)
-€74,747
Net result for the year
-€20,353
Depreciation
+€157,707
Stocks and contracts
-€232,118
Receivables within one year
+€63,903
Deferred charges and accrued income
-€21,019
Provisions
-€28,042
Trade debts
-€50,171
Tax, wage and social debts
+€18,051
Advances received
+€9,842
Other debts
+€37,938
Accrued charges and deferred income
-€10,483
Investment (derived)
+€191,507
Investment in fixed assets (net)
+€191,008
Current investments
+€499
Financing
-€129,943
Debts after one year
-€192,481
Current portion of long-term debt
-€4,949
Short-term financial debts
+€83,339
Contributions, distributions and other
-€15,851
Cash 2025
€33,697
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,037,761 | €2,864,599 | -€173,161 | -5.7% |
| Fixed assets | 21/28 | €2,282,186 | €1,933,471 | -€348,715 | -15.3% |
| Intangible fixed assets | 21 | €1,176 | €726 | -€450 | -38.3% |
| Tangible fixed assets | 22/27 | €2,277,085 | €1,928,650 | -€348,435 | -15.3% |
| Land and buildings | 22 | €2,156,764 | €1,818,809 | -€337,954 | -15.7% |
| Plant, machinery and equipment | 23 | €3,728 | €9,734 | +€6,006 | +161% |
| Furniture and vehicles | 24 | €74,846 | €66,723 | -€8,123 | -10.9% |
| Leasing and similar rights | 25 | €13,747 | €5,383 | -€8,364 | -60.8% |
| Other tangible fixed assets | 26 | €28,000 | €28,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,925 | €4,095 | +€170 | +4.3% |
| Current assets | 29/58 | €755,575 | €931,128 | +€175,554 | +23.2% |
| Stocks and contracts in progress | 3 | €381,240 | €613,358 | +€232,118 | +60.9% |
| Stocks | 30/36 | €377,378 | €605,433 | +€228,055 | +60.4% |
| Contracts in progress | 37 | €3,862 | €7,925 | +€4,063 | +105% |
| Amounts receivable within one year | 40/41 | €317,881 | €253,978 | -€63,903 | -20.1% |
| Trade receivables | 40 | €199,617 | €131,636 | -€67,980 | -34.1% |
| Other amounts receivable | 41 | €118,264 | €122,341 | +€4,077 | +3.4% |
| Current investments | 50/53 | €629 | €130 | -€499 | -79.3% |
| Cash at bank and in hand | 54/58 | €46,880 | €33,697 | -€13,183 | -28.1% |
| Deferred charges and accrued income | 490/1 | €8,946 | €29,965 | +€21,019 | +235% |
| Total equity and liabilities | 10/49 | €3,037,761 | €2,864,599 | -€173,161 | -5.7% |
| Equity | 10/15 | €665,813 | €629,610 | -€36,204 | -5.4% |
| Contributions | 10/11 | €33,600 | €33,600 | = | 0.0% |
| Reserves | 13 | €632,213 | €596,010 | -€36,204 | -5.7% |
| Tax-exempt reserves | 132 | €333,174 | €226,501 | -€106,673 | -32.0% |
| Distributable reserves | 133 | €299,040 | €369,508 | +€70,469 | +23.6% |
| Provisions and deferred taxes | 16 | €112,640 | €84,598 | -€28,042 | -24.9% |
| Deferred taxes | 168 | €112,640 | €84,598 | -€28,042 | -24.9% |
| Amounts payable | 17/49 | €2,259,307 | €2,150,392 | -€108,915 | -4.8% |
| Amounts payable after more than one year | 17 | €1,713,950 | €1,521,469 | -€192,481 | -11.2% |
| Financial debts | 170/4 | €1,710,613 | €1,426,471 | -€284,142 | -16.6% |
| Other amounts payable | 178/9 | €3,337 | €94,998 | +€91,661 | +2,747% |
| Amounts payable within one year | 42/48 | €514,439 | €608,488 | +€94,049 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €236,278 | €231,329 | -€4,949 | -2.1% |
| Financial debts | 43 | €25,071 | €108,410 | +€83,339 | +332% |
| Credit institutions | 430/8 | €25,071 | €108,410 | +€83,339 | +332% |
| Trade debts | 44 | €232,438 | €182,267 | -€50,171 | -21.6% |
| Suppliers | 440/4 | €232,438 | €182,267 | -€50,171 | -21.6% |
| Advances received on contracts in progress | 46 | - | €9,842 | +€9,842 | |
| Taxes, remuneration and social security | 45 | €10,839 | €28,891 | +€18,051 | +167% |
| Taxes | 450/3 | €10,670 | €27,685 | +€17,016 | +159% |
| Remuneration and social security | 454/9 | €170 | €1,205 | +€1,036 | +610% |
| Other amounts payable | 47/48 | €9,812 | €47,750 | +€37,938 | +387% |
| Accrued charges and deferred income | 492/3 | €30,918 | €20,435 | -€10,483 | -33.9% |
| Remuneration, social security and pensions | 62 | €33,358 | €13,804 | -€19,555 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,074 | €157,707 | -€81,367 | -34.0% |
| Other operating charges | 640/8 | €24,408 | €51,692 | +€27,284 | +112% |
| Gross operating margin | 9900 | €364,967 | €286,467 | -€78,500 | -21.5% |
| Operating profit (loss) | 9901 | €68,127 | €63,265 | -€4,862 | -7.1% |
| Financial income | 75/76B | €5,054 | €3,998 | -€1,056 | -20.9% |
| Recurring financial income | 75 | €5,054 | €3,998 | -€1,056 | -20.9% |
| Financial charges | 65/66B | €90,023 | €78,261 | -€11,763 | -13.1% |
| Recurring financial charges | 65 | €90,023 | €78,261 | -€11,763 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,843 | -€10,998 | +€5,845 | +34.7% |
| Transfer from deferred taxes | 780 | €55,368 | €28,042 | -€27,325 | -49.4% |
| Transfer to deferred taxes | 680 | €50,836 | - | -€50,836 | |
| Income taxes | 67/77 | €16,904 | €37,397 | +€20,493 | +121% |
| Profit (loss) for the period | 9904 | -€29,215 | -€20,353 | +€8,863 | +30.3% |
| Transfer from tax-exempt reserves | 789 | €208,481 | €106,673 | -€101,809 | -48.8% |
| Transfer to tax-exempt reserves | 689 | €152,509 | - | -€152,509 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,758 | €86,320 | +€59,563 | +223% |
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.