BUILD & LAW: 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.
BUILD & LAW
Largest movements
- Receivables within one year -€78,289
down €78,289 (-37.1%), from €210,858 to €132,569
of which Trade receivables: -€72,588
- Cash +€64,339
up €64,339 (+116%), from €55,317 to €119,655
mainly Net result for the year (+€107,490) and Receivables within one year (+€78,289)
- Tangible fixed assets +€15,901
up €15,901 (+30.3%), from €52,552 to €68,453
of which Furniture and vehicles: +€18,267
- Intangible fixed assets -€9,279
down €9,279 (-12.9%), from €72,094 to €62,815
- Profit (loss) carried forward +€22,784
up €22,784 (+1,209%), from €1,885 to €24,669
- Other debts -€22,671
down €22,671 (-12.1%), from €187,588 to €164,917
- Tax, wage and social debts -€13,450
down €13,450 (-30.1%), from €44,737 to €31,287
of which Taxes: -€12,311
- Debts after one year +€10,242
up €10,242 (+137%), from €7,480 to €17,722
- Trade debts -€8,439
down €8,439 (-16.2%), from €52,127 to €43,688
- Gross operating margin -€90,943
down €90,943 (-40.8%), from €222,680 to €131,738
- Write-downs -€90,137
new in 2025: -€90,137
- Financial charges -€33,166
down €33,166 (-81.4%), from €40,726 to €7,560
of which Non-recurring financial charges: -€34,673
- Taxes +€31,645
new in 2025: €31,645
- Depreciation +€2,540
up €2,540 (+9.3%), from €27,416 to €29,956
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 | €398,518 | €392,038 | -€6,481 | -1.6% |
| Fixed assets | 21/28 | €124,816 | €131,438 | +€6,622 | +5.3% |
| Intangible fixed assets | 21 | €72,094 | €62,815 | -€9,279 | -12.9% |
| Tangible fixed assets | 22/27 | €52,552 | €68,453 | +€15,901 | +30.3% |
| Furniture and vehicles | 24 | €40,059 | €58,326 | +€18,267 | +45.6% |
| Other tangible fixed assets | 26 | €12,493 | €10,128 | -€2,365 | -18.9% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €273,702 | €260,599 | -€13,103 | -4.8% |
| Amounts receivable within one year | 40/41 | €210,858 | €132,569 | -€78,289 | -37.1% |
| Trade receivables | 40 | €198,725 | €126,137 | -€72,588 | -36.5% |
| Other amounts receivable | 41 | €12,133 | €6,432 | -€5,701 | -47.0% |
| Cash at bank and in hand | 54/58 | €55,317 | €119,655 | +€64,339 | +116% |
| Deferred charges and accrued income | 490/1 | €7,527 | €8,374 | +€847 | +11.3% |
| Total equity and liabilities | 10/49 | €398,518 | €392,038 | -€6,481 | -1.6% |
| Equity | 10/15 | €99,975 | €122,759 | +€22,784 | +22.8% |
| Contributions | 10/11 | €27,900 | €27,900 | = | 0.0% |
| Reserves | 13 | €70,190 | €70,190 | = | 0.0% |
| Distributable reserves | 133 | €70,190 | €70,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,885 | €24,669 | +€22,784 | +1,209% |
| Amounts payable | 17/49 | €298,543 | €269,279 | -€29,264 | -9.8% |
| Amounts payable after more than one year | 17 | €7,480 | €17,722 | +€10,242 | +137% |
| Financial debts | 170/4 | €7,480 | €17,722 | +€10,242 | +137% |
| Amounts payable within one year | 42/48 | €291,063 | €251,557 | -€39,506 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €6,611 | €11,665 | +€5,054 | +76.5% |
| Trade debts | 44 | €52,127 | €43,688 | -€8,439 | -16.2% |
| Suppliers | 440/4 | €52,127 | €43,688 | -€8,439 | -16.2% |
| Taxes, remuneration and social security | 45 | €44,737 | €31,287 | -€13,450 | -30.1% |
| Taxes | 450/3 | €38,419 | €26,108 | -€12,311 | -32.0% |
| Remuneration and social security | 454/9 | €6,318 | €5,179 | -€1,139 | -18.0% |
| Other amounts payable | 47/48 | €187,588 | €164,917 | -€22,671 | -12.1% |
| Non-recurring operating income | 76A | €6,577 | €1 | -€6,577 | -100.0% |
| Remuneration, social security and pensions | 62 | €45,418 | €46,212 | +€794 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,416 | €29,956 | +€2,540 | +9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€90,137 | -€90,137 | |
| Other operating charges | 640/8 | €639 | €502 | -€137 | -21.4% |
| Gross operating margin | 9900 | €222,680 | €131,738 | -€90,943 | -40.8% |
| Operating profit (loss) | 9901 | €149,207 | €145,205 | -€4,002 | -2.7% |
| Financial income | 75/76B | €1,027 | €1,490 | +€463 | +45.1% |
| Recurring financial income | 75 | €1,027 | €1,490 | +€463 | +45.1% |
| Financial charges | 65/66B | €40,726 | €7,560 | -€33,166 | -81.4% |
| Recurring financial charges | 65 | €6,053 | €7,560 | +€1,508 | +24.9% |
| Non-recurring financial charges | 66B | €34,673 | - | -€34,673 | |
| Profit (loss) for the period before taxes | 9903 | €109,508 | €139,134 | +€29,626 | +27.1% |
| Income taxes | 67/77 | - | €31,645 | +€31,645 | |
| Profit (loss) for the period | 9904 | €109,508 | €107,490 | -€2,019 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,508 | €107,490 | -€2,019 | -1.8% |
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 25 October 2026 via checked.be.