be + 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.
What changed
be + construct
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,803
2024 · €48,131+€2,672
Equity
€18,600
2024 · €18,600
Cash
€48,561
2024 · €16,574+€31,987
Balance sheet total
€792,364
2024 · €661,823+€130,541
Largest movements
Assets
- Receivables within one year +€164,102
up €164,102 (+38.4%), from €427,408 to €591,510
of which Trade receivables: +€169,262
- Stocks and contracts -€66,000
down €66,000 (-61.1%), from €108,000 to €42,000
- Cash +€31,987
up €31,987 (+193%), from €16,574 to €48,561
mainly Trade debts (+€137,060) and Depreciation (+€73,175)
Equity and liabilities
- Trade debts +€137,060
up €137,060 (+74.5%), from €183,965 to €321,026
- Current portion of long-term debt -€9,018
down €9,018 (-100%), from €9,018 to €0
Income statement
- Staff costs +€95,651
up €95,651 (+544%), from €17,597 to €113,248
- Gross operating margin +€91,631
up €91,631 (+55.0%), from €166,645 to €258,276
- Write-downs -€10,609
down €10,609 (-100%), from €10,609 to €0
- Other operating charges +€2,751
up €2,751 (+97.4%), from €2,823 to €5,574
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
€48,131
Gross operating margin
+€91,631
Staff costs
-€95,651
Depreciation
-€1,327
Write-downs
+€10,609
Other operating charges
-€2,751
Other operating items
-€604
Financial income
+€1,284
Financial charges
+€1,734
Taxes
-€2,254
Result 2025
€50,803
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
+€164,972
Investment
-€73,164
Financing
-€59,821
Cash 2024
€16,574
From operations (derived)
+€164,972
Net result for the year
+€50,803
Depreciation
+€73,175
Stocks and contracts
+€66,000
Receivables within one year
-€164,102
Deferred charges and accrued income
-€463
Trade debts
+€137,060
Tax, wage and social debts
+€6,825
Other debts
-€7,187
Accrued charges and deferred income
+€2,860
Investment (derived)
-€73,164
Investment in fixed assets (net)
-€73,164
Financing
-€59,821
Current portion of long-term debt
-€9,018
Contributions, distributions and other
-€50,803
Cash 2025
€48,561
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €661,823 | €792,364 | +€130,541 | +19.7% |
| Fixed assets | 21/28 | €109,343 | €109,332 | -€11 | 0.0% |
| Tangible fixed assets | 22/27 | €109,226 | €109,216 | -€11 | 0.0% |
| Plant, machinery and equipment | 23 | €47,697 | €38,714 | -€8,983 | -18.8% |
| Furniture and vehicles | 24 | €54,490 | €70,460 | +€15,970 | +29.3% |
| Leasing and similar rights | 25 | €7,040 | €42 | -€6,998 | -99.4% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €552,480 | €683,032 | +€130,552 | +23.6% |
| Stocks and contracts in progress | 3 | €108,000 | €42,000 | -€66,000 | -61.1% |
| Contracts in progress | 37 | €108,000 | €42,000 | -€66,000 | -61.1% |
| Amounts receivable within one year | 40/41 | €427,408 | €591,510 | +€164,102 | +38.4% |
| Trade receivables | 40 | €328,025 | €497,287 | +€169,262 | +51.6% |
| Other amounts receivable | 41 | €99,383 | €94,222 | -€5,161 | -5.2% |
| Cash at bank and in hand | 54/58 | €16,574 | €48,561 | +€31,987 | +193% |
| Deferred charges and accrued income | 490/1 | €498 | €961 | +€463 | +93.0% |
| Total equity and liabilities | 10/49 | €661,823 | €792,364 | +€130,541 | +19.7% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €643,223 | €773,764 | +€130,541 | +20.3% |
| Amounts payable after more than one year | 17 | €245,000 | €245,000 | = | 0.0% |
| Financial debts | 170/4 | €245,000 | €245,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €395,723 | €523,404 | +€127,681 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €9,018 | €0 | -€9,018 | -100% |
| Trade debts | 44 | €183,965 | €321,026 | +€137,060 | +74.5% |
| Suppliers | 440/4 | €183,965 | €321,026 | +€137,060 | +74.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €33,136 | €39,961 | +€6,825 | +20.6% |
| Taxes | 450/3 | €30,863 | €20,789 | -€10,074 | -32.6% |
| Remuneration and social security | 454/9 | €2,273 | €19,172 | +€16,899 | +744% |
| Other amounts payable | 47/48 | €169,604 | €162,418 | -€7,187 | -4.2% |
| Accrued charges and deferred income | 492/3 | €2,500 | €5,360 | +€2,860 | +114% |
| Non-recurring operating income | 76A | €0 | €16,379 | +€16,379 | |
| Remuneration, social security and pensions | 62 | €17,597 | €113,248 | +€95,651 | +544% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,848 | €73,175 | +€1,327 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,609 | €0 | -€10,609 | -100% |
| Other operating charges | 640/8 | €2,823 | €5,574 | +€2,751 | +97.4% |
| Non-recurring operating charges | 66A | - | €604 | +€604 | |
| Gross operating margin | 9900 | €166,645 | €258,276 | +€91,631 | +55.0% |
| Operating profit (loss) | 9901 | €63,767 | €65,676 | +€1,909 | +3.0% |
| Financial income | 75/76B | €0 | €1,284 | +€1,284 | |
| Recurring financial income | 75 | €0 | €1,284 | +€1,284 | |
| Financial charges | 65/66B | €2,725 | €991 | -€1,734 | -63.6% |
| Recurring financial charges | 65 | €2,725 | €991 | -€1,734 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €61,042 | €65,968 | +€4,926 | +8.1% |
| Income taxes | 67/77 | €12,911 | €15,165 | +€2,254 | +17.5% |
| Profit (loss) for the period | 9904 | €48,131 | €50,803 | +€2,672 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,131 | €50,803 | +€2,672 | +5.6% |
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 18 October 2026 via checked.be.