BEL-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.
BEL-Construct
Largest movements
- Stocks and contracts +€17,121
up €17,121 (+2.3%), from €733,651 to €750,772
- Debts after one year +€56,000
up €56,000 (+8.9%), from €627,880 to €683,880
of which Other amounts payable: +€56,000
- Profit (loss) carried forward -€27,480
down €27,480 (-18.8%), from €145,911 to €118,431
- Gross operating margin +€11,595
up €11,595 (+77.6%), from -€14,952 to -€3,357
- Financial charges -€4,689
down €4,689 (-17.2%), from €27,208 to €22,519
- Depreciation -€409
down €409 (-100.0%), from €409 to €0
- Other operating charges -€248
down €248 (-13.4%), from €1,852 to €1,604
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 | €794,211 | €822,323 | +€28,112 | +3.5% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €794,211 | €822,323 | +€28,112 | +3.5% |
| Stocks and contracts in progress | 3 | €733,651 | €750,772 | +€17,121 | +2.3% |
| Stocks | 30/36 | €733,651 | €750,772 | +€17,121 | +2.3% |
| Amounts receivable within one year | 40/41 | €53,073 | €59,196 | +€6,124 | +11.5% |
| Trade receivables | 40 | €6,683 | €6,683 | = | 0.0% |
| Other amounts receivable | 41 | €46,390 | €52,514 | +€6,124 | +13.2% |
| Cash at bank and in hand | 54/58 | €7,487 | €8,740 | +€1,253 | +16.7% |
| Deferred charges and accrued income | 490/1 | €0 | €3,615 | +€3,615 | |
| Total equity and liabilities | 10/49 | €794,211 | €822,323 | +€28,112 | +3.5% |
| Equity | 10/15 | €165,911 | €138,431 | -€27,480 | -16.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,911 | €118,431 | -€27,480 | -18.8% |
| Amounts payable | 17/49 | €628,300 | €683,892 | +€55,592 | +8.8% |
| Amounts payable after more than one year | 17 | €627,880 | €683,880 | +€56,000 | +8.9% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Other amounts payable | 178/9 | €127,880 | €183,880 | +€56,000 | +43.8% |
| Amounts payable within one year | 42/48 | €420 | €12 | -€408 | -97.1% |
| Trade debts | 44 | €420 | €12 | -€408 | -97.1% |
| Suppliers | 440/4 | €420 | €12 | -€408 | -97.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €823 | €0 | -€823 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €409 | €0 | -€409 | -100.0% |
| Other operating charges | 640/8 | €1,852 | €1,604 | -€248 | -13.4% |
| Gross operating margin | 9900 | -€14,952 | -€3,357 | +€11,595 | +77.6% |
| Operating profit (loss) | 9901 | -€17,213 | -€4,961 | +€12,252 | +71.2% |
| Financial charges | 65/66B | €27,208 | €22,519 | -€4,689 | -17.2% |
| Recurring financial charges | 65 | €27,208 | €22,519 | -€4,689 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€44,421 | -€27,480 | +€16,942 | +38.1% |
| Profit (loss) for the period | 9904 | -€44,421 | -€27,480 | +€16,942 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,421 | -€27,480 | +€16,942 | +38.1% |
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 12 October 2026 via checked.be.