BG 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.
BG Construct
Largest movements
- Cash +€25,211
up €25,211 (+163.4%), from €15,428 to €40,639
mainly Receivables within one year (+€24,520) and Depreciation (+€19,441)
- Receivables within one year -€24,520
down €24,520 (-37.1%), from €66,158 to €41,638
of which Trade receivables: -€15,512
- Tangible fixed assets -€15,143
down €15,143 (-4.0%), from €376,702 to €361,558
of which Land and buildings: -€9,622
- Debts after one year -€19,787
down €19,787 (-26.7%), from €74,138 to €54,351
- Other debts +€18,059
up €18,059 (+8.9%), from €202,026 to €220,086
- Trade debts -€17,141
down €17,141 (-37.5%), from €45,722 to €28,580
- Reserves +€7,962
up €7,962 (+13.2%), from €60,494 to €68,456
- Current portion of long-term debt -€6,344
down €6,344 (-24.2%), from €26,166 to €19,821
- Financial charges -€15,057
down €15,057 (-81.9%), from €18,382 to €3,324
- Gross operating margin -€12,481
down €12,481 (-24.4%), from €51,088 to €38,607
- Taxes +€563
up €563 (+18.7%), from €3,007 to €3,570
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 | €547,992 | €529,933 | -€18,059 | -3.3% |
| Fixed assets | 21/28 | €376,896 | €361,752 | -€15,143 | -4.0% |
| Tangible fixed assets | 22/27 | €376,702 | €361,558 | -€15,143 | -4.0% |
| Land and buildings | 22 | €352,843 | €343,222 | -€9,622 | -2.7% |
| Plant, machinery and equipment | 23 | €6,757 | €7,798 | +€1,042 | +15.4% |
| Furniture and vehicles | 24 | €17,102 | €10,539 | -€6,563 | -38.4% |
| Financial fixed assets | 28 | €194 | €194 | = | 0.0% |
| Current assets | 29/58 | €171,096 | €168,181 | -€2,915 | -1.7% |
| Stocks and contracts in progress | 3 | €86,733 | €83,584 | -€3,149 | -3.6% |
| Stocks | 30/36 | €86,733 | €83,584 | -€3,149 | -3.6% |
| Amounts receivable within one year | 40/41 | €66,158 | €41,638 | -€24,520 | -37.1% |
| Trade receivables | 40 | €57,150 | €41,638 | -€15,512 | -27.1% |
| Other amounts receivable | 41 | €9,008 | €0 | -€9,008 | -100.0% |
| Current investments | 50/53 | €25 | €25 | +€0 | +0.5% |
| Cash at bank and in hand | 54/58 | €15,428 | €40,639 | +€25,211 | +163.4% |
| Deferred charges and accrued income | 490/1 | €2,751 | €2,295 | -€457 | -16.6% |
| Total equity and liabilities | 10/49 | €547,992 | €529,933 | -€18,059 | -3.3% |
| Equity | 10/15 | €191,912 | €199,873 | +€7,962 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,494 | €68,456 | +€7,962 | +13.2% |
| Distributable reserves | 133 | €60,494 | €68,456 | +€7,962 | +13.2% |
| Profit (loss) carried forward | 14 | €112,818 | €112,818 | = | 0.0% |
| Amounts payable | 17/49 | €356,080 | €330,060 | -€26,021 | -7.3% |
| Amounts payable after more than one year | 17 | €74,138 | €54,351 | -€19,787 | -26.7% |
| Financial debts | 170/4 | €74,138 | €54,351 | -€19,787 | -26.7% |
| Amounts payable within one year | 42/48 | €281,218 | €272,602 | -€8,616 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €26,166 | €19,821 | -€6,344 | -24.2% |
| Trade debts | 44 | €45,722 | €28,580 | -€17,141 | -37.5% |
| Suppliers | 440/4 | €45,722 | €28,580 | -€17,141 | -37.5% |
| Taxes, remuneration and social security | 45 | €7,304 | €4,114 | -€3,189 | -43.7% |
| Taxes | 450/3 | €7,304 | €4,114 | -€3,189 | -43.7% |
| Other amounts payable | 47/48 | €202,026 | €220,086 | +€18,059 | +8.9% |
| Accrued charges and deferred income | 492/3 | €725 | €3,107 | +€2,382 | +328.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,286 | €19,441 | +€155 | +0.8% |
| Other operating charges | 640/8 | €4,100 | €4,377 | +€277 | +6.8% |
| Gross operating margin | 9900 | €51,088 | €38,607 | -€12,481 | -24.4% |
| Operating profit (loss) | 9901 | €27,703 | €14,790 | -€12,913 | -46.6% |
| Financial income | 75/76B | €71 | €66 | -€4 | -6.2% |
| Recurring financial income | 75 | €71 | €66 | -€4 | -6.2% |
| Financial charges | 65/66B | €18,382 | €3,324 | -€15,057 | -81.9% |
| Recurring financial charges | 65 | €18,382 | €3,324 | -€15,057 | -81.9% |
| Profit (loss) for the period before taxes | 9903 | €9,392 | €11,531 | +€2,140 | +22.8% |
| Income taxes | 67/77 | €3,007 | €3,570 | +€563 | +18.7% |
| Profit (loss) for the period | 9904 | €6,385 | €7,962 | +€1,577 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,385 | €7,962 | +€1,577 | +24.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.