BUILDCONSTRUCT: 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.
What changed
BUILDCONSTRUCT
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,777
2024 · €51,281-€4,504
Equity
€110,350
2024 · €108,573+€1,777
Cash
€8,873
2024 · €12,544-€3,671
Balance sheet total
€2.2m
2024 · €1.5m+€754,528
Largest movements
Assets
- Tangible fixed assets +€755,874
up €755,874 (+52.3%), from €1.4m to €2.2m
of which Land and buildings: +€758,596
Equity and liabilities
- Debts after one year +€607,859
up €607,859 (+57.9%), from €1.1m to €1.7m
of which Financial debts: +€607,859
- Current portion of long-term debt +€67,838
new in 2025: €67,838
- Other debts +€61,840
up €61,840 (+25.6%), from €241,877 to €303,717
Income statement
- Financial charges +€38,579
up €38,579 (+1,510%), from €2,556 to €41,135
- Gross operating margin +€38,054
up €38,054 (+25.5%), from €149,111 to €187,165
- Depreciation +€10,746
up €10,746 (+37.9%), from €28,380 to €39,126
- Other operating charges -€6,726
down €6,726 (-10.1%), from €66,407 to €59,681
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.
Result 2024
€51,281
Gross operating margin
+€38,054
Depreciation
-€10,746
Other operating charges
+€6,726
Financial income
+€174
Financial charges
-€38,579
Taxes
+€60
Deferred taxes and other
-€193
Result 2025
€46,777
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€140,632
Investment
-€795,000
Financing
+€650,698
Cash 2024
€12,544
From operations (derived)
+€140,632
Net result for the year
+€46,777
Depreciation
+€39,126
Receivables within one year
-€2,325
Trade debts
+€2,542
Tax, wage and social debts
-€7,329
Other debts
+€61,840
Investment (derived)
-€795,000
Investment in fixed assets (net)
-€795,000
Financing
+€650,698
Debts after one year
+€607,859
Current portion of long-term debt
+€67,838
Short-term financial debts
+€20,000
Contributions, distributions and other
-€45,000
Cash 2025
€8,873
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,482,670 | €2,237,198 | +€754,528 | +50.9% |
| Fixed assets | 21/28 | €1,448,091 | €2,203,964 | +€755,874 | +52.2% |
| Tangible fixed assets | 22/27 | €1,446,508 | €2,202,381 | +€755,874 | +52.3% |
| Land and buildings | 22 | €1,443,686 | €2,202,282 | +€758,596 | +52.5% |
| Furniture and vehicles | 24 | €2,822 | €100 | -€2,722 | -96.5% |
| Financial fixed assets | 28 | €1,583 | €1,583 | = | 0.0% |
| Current assets | 29/58 | €34,580 | €33,234 | -€1,346 | -3.9% |
| Amounts receivable within one year | 40/41 | €22,036 | €24,361 | +€2,325 | +10.5% |
| Trade receivables | 40 | €2,672 | €3,930 | +€1,258 | +47.1% |
| Other amounts receivable | 41 | €19,364 | €20,431 | +€1,067 | +5.5% |
| Cash at bank and in hand | 54/58 | €12,544 | €8,873 | -€3,671 | -29.3% |
| Total equity and liabilities | 10/49 | €1,482,670 | €2,237,198 | +€754,528 | +50.9% |
| Equity | 10/15 | €108,573 | €110,350 | +€1,777 | +1.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €102,375 | €104,153 | +€1,777 | +1.7% |
| Non-distributable reserves | 130/1 | €1,658 | €1,658 | = | 0.0% |
| Other | 1319 | €1,658 | €1,658 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,328 | €25,328 | = | 0.0% |
| Distributable reserves | 133 | €75,389 | €77,166 | +€1,777 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €6,161 | €6,161 | = | 0.0% |
| Deferred taxes | 168 | €6,161 | €6,161 | = | 0.0% |
| Amounts payable | 17/49 | €1,367,937 | €2,120,688 | +€752,751 | +55.0% |
| Amounts payable after more than one year | 17 | €1,050,460 | €1,658,319 | +€607,859 | +57.9% |
| Financial debts | 170/4 | €1,050,000 | €1,657,859 | +€607,859 | +57.9% |
| Other amounts payable | 178/9 | €460 | €460 | = | 0.0% |
| Amounts payable within one year | 42/48 | €317,477 | €462,369 | +€144,892 | +45.6% |
| Current portion of amounts payable after more than one year | 42 | - | €67,838 | +€67,838 | |
| Financial debts | 43 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Credit institutions | 430/8 | €60,000 | €80,000 | +€20,000 | +33.3% |
| Trade debts | 44 | €4,039 | €6,581 | +€2,542 | +62.9% |
| Suppliers | 440/4 | €4,039 | €6,581 | +€2,542 | +62.9% |
| Advances received on contracts in progress | 46 | €2,700 | €2,700 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,861 | €1,532 | -€7,329 | -82.7% |
| Taxes | 450/3 | €8,861 | €1,532 | -€7,329 | -82.7% |
| Other amounts payable | 47/48 | €241,877 | €303,717 | +€61,840 | +25.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €18,000 | +€18,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,380 | €39,126 | +€10,746 | +37.9% |
| Other operating charges | 640/8 | €66,407 | €59,681 | -€6,726 | -10.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €149,111 | €187,165 | +€38,054 | +25.5% |
| Operating profit (loss) | 9901 | €54,324 | €88,358 | +€34,034 | +62.7% |
| Financial income | 75/76B | €29 | €202 | +€174 | +605% |
| Recurring financial income | 75 | €29 | €202 | +€174 | +605% |
| Financial charges | 65/66B | €2,556 | €41,135 | +€38,579 | +1,510% |
| Recurring financial charges | 65 | €2,556 | €41,135 | +€38,579 | +1,510% |
| Profit (loss) for the period before taxes | 9903 | €51,797 | €47,425 | -€4,372 | -8.4% |
| Transfer from deferred taxes | 780 | €193 | €0 | -€193 | -100% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €708 | €648 | -€60 | -8.5% |
| Profit (loss) for the period | 9904 | €51,281 | €46,777 | -€4,504 | -8.8% |
| Transfer from tax-exempt reserves | 789 | €578 | €0 | -€578 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €51,859 | €46,777 | -€5,082 | -9.8% |
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 18 October 2026 via checked.be.