BE-constructive: 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.
BE-constructive
Largest movements
- Current investments -€240,062
down €240,062 (-28.6%), from €839,324 to €599,262
- Cash +€91,138
up €91,138 (+772.9%), from €11,792 to €102,930
mainly Current investments (+€240,062) and Deferred charges and accrued income (+€19,697)
- Deferred charges and accrued income -€19,697
down €19,697 (-96.2%), from €20,466 to €769
- Reserves -€59,742
down €59,742 (-7.3%), from €822,325 to €762,583
- Tax, wage and social debts -€50,958
no longer reported in 2025 (was €50,958)
- Profit (loss) carried forward -€40,196
down €40,196 (-80.4%), from €50,000 to €9,804
- Financial income -€674,906
down €674,906 (-93.5%), from €722,004 to €47,098
- Taxes -€50,969
down €50,969 (-99.7%), from €51,109 to €140
- Gross operating margin +€27,749
up €27,749 (+25.9%), from -€107,264 to -€79,514
- Financial charges +€3,347
up €3,347 (+414.0%), from €809 to €4,156
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €972,560 | €808,368 | -€164,193 | -16.9% |
| Fixed assets | 21/28 | €10,063 | €7,379 | -€2,684 | -26.7% |
| Tangible fixed assets | 22/27 | €10,063 | €7,379 | -€2,684 | -26.7% |
| Plant, machinery and equipment | 23 | €920 | €690 | -€230 | -25.0% |
| Furniture and vehicles | 24 | €9,143 | €6,689 | -€2,454 | -26.8% |
| Current assets | 29/58 | €962,497 | €800,989 | -€161,508 | -16.8% |
| Amounts receivable after more than one year | 29 | €83,001 | €83,001 | = | 0.0% |
| Other amounts receivable | 291 | €83,001 | €83,001 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,915 | €15,028 | +€7,113 | +89.9% |
| Other amounts receivable | 41 | €7,915 | €15,028 | +€7,113 | +89.9% |
| Current investments | 50/53 | €839,324 | €599,262 | -€240,062 | -28.6% |
| Cash at bank and in hand | 54/58 | €11,792 | €102,930 | +€91,138 | +772.9% |
| Deferred charges and accrued income | 490/1 | €20,466 | €769 | -€19,697 | -96.2% |
| Total equity and liabilities | 10/49 | €972,560 | €808,368 | -€164,193 | -16.9% |
| Equity | 10/15 | €887,325 | €787,387 | -€99,938 | -11.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €822,325 | €762,583 | -€59,742 | -7.3% |
| Distributable reserves | 133 | €822,325 | €762,583 | -€59,742 | -7.3% |
| Profit (loss) carried forward | 14 | €50,000 | €9,804 | -€40,196 | -80.4% |
| Amounts payable | 17/49 | €85,235 | €20,980 | -€64,254 | -75.4% |
| Amounts payable within one year | 42/48 | €84,223 | €18,781 | -€65,443 | -77.7% |
| Trade debts | 44 | €5,627 | €828 | -€4,798 | -85.3% |
| Suppliers | 440/4 | €5,627 | €828 | -€4,798 | -85.3% |
| Taxes, remuneration and social security | 45 | €50,958 | - | -€50,958 | |
| Taxes | 450/3 | €50,958 | - | -€50,958 | |
| Other amounts payable | 47/48 | €27,639 | €17,952 | -€9,686 | -35.0% |
| Accrued charges and deferred income | 492/3 | €1,011 | €2,200 | +€1,188 | +117.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,464 | €2,684 | +€221 | +9.0% |
| Other operating charges | 640/8 | €778 | €800 | +€22 | +2.8% |
| Gross operating margin | 9900 | -€107,264 | -€79,514 | +€27,749 | +25.9% |
| Operating profit (loss) | 9901 | -€110,506 | -€82,999 | +€27,507 | +24.9% |
| Financial income | 75/76B | €722,004 | €47,098 | -€674,906 | -93.5% |
| Recurring financial income | 75 | €722,004 | €47,098 | -€674,906 | -93.5% |
| Financial charges | 65/66B | €809 | €4,156 | +€3,347 | +414.0% |
| Recurring financial charges | 65 | €809 | €4,156 | +€3,347 | +414.0% |
| Profit (loss) for the period before taxes | 9903 | €610,690 | -€40,056 | -€650,746 | |
| Income taxes | 67/77 | €51,109 | €140 | -€50,969 | -99.7% |
| Profit (loss) for the period | 9904 | €559,581 | -€40,196 | -€599,777 | |
| Profit (loss) for the period to be appropriated | 9905 | €559,581 | -€40,196 | -€599,777 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.