BLD: 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.
BLD
Largest movements
- Tangible fixed assets +€5.7m
up €5.7m (+86.4%), from €6.6m to €12.2m
of which Assets under construction and advance payments: +€5.6m
- Advances received +€4.9m
up €4.9m (+98.4%), from €5.0m to €9.9m
- Other debts +€849,818
up €849,818 (+51.7%), from €1.6m to €2.5m
- Gross operating margin -€80,333
down €80,333, from €5,724 to -€74,609
- Financial charges -€9,140
down €9,140 (-24.6%), from €37,156 to €28,016
- Other operating charges -€1,075
down €1,075 (-20.8%), from €5,165 to €4,090
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 | €7,364,377 | €12,980,414 | +€5.6m | +76.3% |
| Fixed assets | 21/28 | €6,551,418 | €12,213,489 | +€5.7m | +86.4% |
| Tangible fixed assets | 22/27 | €6,551,418 | €12,213,489 | +€5.7m | +86.4% |
| Land and buildings | 22 | €241,776 | €284,628 | +€42,853 | +17.7% |
| Assets under construction and advance payments | 27 | €6,309,643 | €11,928,860 | +€5.6m | +89.1% |
| Current assets | 29/58 | €812,959 | €766,925 | -€46,033 | -5.7% |
| Amounts receivable within one year | 40/41 | €752,267 | €750,000 | -€2,267 | -0.3% |
| Trade receivables | 40 | €2,267 | - | -€2,267 | |
| Other amounts receivable | 41 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,746 | €10,262 | -€49,484 | -82.8% |
| Deferred charges and accrued income | 490/1 | €945 | €6,663 | +€5,717 | +604.8% |
| Total equity and liabilities | 10/49 | €7,364,377 | €12,980,414 | +€5.6m | +76.3% |
| Equity | 10/15 | €20,959 | -€85,755 | -€106,714 | |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,041 | -€160,755 | -€106,714 | -197.5% |
| Amounts payable | 17/49 | €7,343,418 | €13,066,169 | +€5.7m | +77.9% |
| Amounts payable within one year | 42/48 | €7,343,418 | €13,064,894 | +€5.7m | +77.9% |
| Financial debts | 43 | €560,000 | €560,000 | = | 0.0% |
| Credit institutions | 430/8 | €560,000 | €560,000 | = | 0.0% |
| Trade debts | 44 | €110,699 | €102,364 | -€8,335 | -7.5% |
| Suppliers | 440/4 | €110,699 | €102,364 | -€8,335 | -7.5% |
| Advances received on contracts in progress | 46 | €4,970,050 | €9,861,574 | +€4.9m | +98.4% |
| Taxes, remuneration and social security | 45 | €60,231 | €48,700 | -€11,531 | -19.1% |
| Taxes | 450/3 | €60,231 | €48,700 | -€11,531 | -19.1% |
| Other amounts payable | 47/48 | €1,642,439 | €2,492,257 | +€849,818 | +51.7% |
| Accrued charges and deferred income | 492/3 | - | €1,275 | +€1,275 | |
| Non-recurring operating income | 76A | €42,853 | €42,853 | = | 0.0% |
| Other operating charges | 640/8 | €5,165 | €4,090 | -€1,075 | -20.8% |
| Gross operating margin | 9900 | €5,724 | -€74,609 | -€80,333 | |
| Operating profit (loss) | 9901 | €559 | -€78,698 | -€79,258 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €37,156 | €28,016 | -€9,140 | -24.6% |
| Recurring financial charges | 65 | €37,156 | €28,016 | -€9,140 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€36,597 | -€106,714 | -€70,117 | -191.6% |
| Profit (loss) for the period | 9904 | -€36,597 | -€106,714 | -€70,117 | -191.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,597 | -€106,714 | -€70,117 | -191.6% |
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 10 October 2026 via checked.be.