BOLD CONSTRUCTION: 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.
BOLD CONSTRUCTION
Largest movements
- Receivables within one year +€46,171
up €46,171 (+127%), from €36,349 to €82,519
of which Trade receivables: +€40,029
- Tangible fixed assets -€24,161
down €24,161 (-12.1%), from €200,319 to €176,158
of which Furniture and vehicles: -€21,207
- Cash +€5,726
up €5,726 (+24.2%), from €23,652 to €29,378
mainly Advances received (+€24,923) and Depreciation (+€24,161)
- Advances received +€24,923
new in 2025: €24,923
- Debts after one year -€17,116
down €17,116 (-9.2%), from €186,980 to €169,864
- Trade debts +€15,748
up €15,748 (+592%), from €2,661 to €18,409
- Profit (loss) carried forward +€5,523
up €5,523 (+11.3%), from €48,829 to €54,352
- Tax, wage and social debts -€3,321
down €3,321 (-32.2%), from €10,307 to €6,986
of which Taxes: -€3,685
- Gross operating margin -€40,755
down €40,755 (-37.4%), from €109,015 to €68,260
- Depreciation -€21,831
down €21,831 (-47.5%), from €45,992 to €24,161
- Staff costs -€14,261
down €14,261 (-41.9%), from €34,016 to €19,754
- Other operating charges +€4,943
up €4,943 (+164%), from €3,006 to €7,949
- Financial income +€1,290
up €1,290 (+1,193%), from €108 to €1,399
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €268,609 | €295,301 | +€26,693 | +9.9% |
| Fixed assets | 21/28 | €200,319 | €176,158 | -€24,161 | -12.1% |
| Tangible fixed assets | 22/27 | €200,319 | €176,158 | -€24,161 | -12.1% |
| Land and buildings | 22 | €152,460 | €152,460 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,811 | €2,857 | -€2,954 | -50.8% |
| Furniture and vehicles | 24 | €42,048 | €20,841 | -€21,207 | -50.4% |
| Current assets | 29/58 | €68,290 | €119,143 | +€50,853 | +74.5% |
| Amounts receivable within one year | 40/41 | €36,349 | €82,519 | +€46,171 | +127% |
| Trade receivables | 40 | €11,687 | €51,716 | +€40,029 | +343% |
| Other amounts receivable | 41 | €24,661 | €30,803 | +€6,141 | +24.9% |
| Cash at bank and in hand | 54/58 | €23,652 | €29,378 | +€5,726 | +24.2% |
| Deferred charges and accrued income | 490/1 | €8,289 | €7,246 | -€1,043 | -12.6% |
| Total equity and liabilities | 10/49 | €268,609 | €295,301 | +€26,693 | +9.9% |
| Equity | 10/15 | €52,329 | €57,852 | +€5,523 | +10.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,829 | €54,352 | +€5,523 | +11.3% |
| Amounts payable | 17/49 | €216,279 | €237,449 | +€21,170 | +9.8% |
| Amounts payable after more than one year | 17 | €186,980 | €169,864 | -€17,116 | -9.2% |
| Financial debts | 170/4 | €186,980 | €169,864 | -€17,116 | -9.2% |
| Amounts payable within one year | 42/48 | €29,299 | €67,434 | +€38,135 | +130% |
| Current portion of amounts payable after more than one year | 42 | €16,331 | €17,116 | +€785 | +4.8% |
| Trade debts | 44 | €2,661 | €18,409 | +€15,748 | +592% |
| Suppliers | 440/4 | €2,661 | €18,409 | +€15,748 | +592% |
| Advances received on contracts in progress | 46 | - | €24,923 | +€24,923 | |
| Taxes, remuneration and social security | 45 | €10,307 | €6,986 | -€3,321 | -32.2% |
| Taxes | 450/3 | €10,307 | €6,622 | -€3,685 | -35.8% |
| Remuneration and social security | 454/9 | - | €364 | +€364 | |
| Accrued charges and deferred income | 492/3 | - | €151 | +€151 | |
| Non-recurring operating income | 76A | €4,542 | - | -€4,542 | |
| Remuneration, social security and pensions | 62 | €34,016 | €19,754 | -€14,261 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,992 | €24,161 | -€21,831 | -47.5% |
| Other operating charges | 640/8 | €3,006 | €7,949 | +€4,943 | +164% |
| Non-recurring operating charges | 66A | €10,164 | - | -€10,164 | |
| Gross operating margin | 9900 | €109,015 | €68,260 | -€40,755 | -37.4% |
| Operating profit (loss) | 9901 | €15,838 | €16,396 | +€558 | +3.5% |
| Financial income | 75/76B | €108 | €1,399 | +€1,290 | +1,193% |
| Recurring financial income | 75 | €108 | €1,399 | +€1,290 | +1,193% |
| Financial charges | 65/66B | €10,792 | €10,033 | -€759 | -7.0% |
| Recurring financial charges | 65 | €10,792 | €10,033 | -€759 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €5,154 | €7,762 | +€2,607 | +50.6% |
| Income taxes | 67/77 | €3,283 | €2,239 | -€1,044 | -31.8% |
| Profit (loss) for the period | 9904 | €1,871 | €5,523 | +€3,652 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | €1,871 | €5,523 | +€3,652 | +195% |
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 20 October 2026 via checked.be.