Calu 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.
Calu Construct
Largest movements
- Current investments +€120,000
new in 2025: €120,000
- Cash -€61,492
down €61,492 (-25.7%), from €239,029 to €177,537
mainly Current investments (-€120,000) and Receivables within one year (-€12,535)
- Stocks and contracts -€42,834
down €42,834 (-63.9%), from €67,058 to €24,224
of which Contracts in progress: -€42,673
- Receivables within one year +€12,535
up €12,535 (+46.8%), from €26,787 to €39,322
of which Other amounts receivable: +€14,779
- Tangible fixed assets -€10,365
down €10,365 (-30.1%), from €34,486 to €24,122
of which Furniture and vehicles: -€8,745
- Advances received +€28,690
up €28,690 (+1103.5%), from €2,600 to €31,290
- Reserves +€26,789
up €26,789 (+10.5%), from €255,009 to €281,798
- Tax, wage and social debts -€10,682
down €10,682 (-66.7%), from €16,012 to €5,330
of which Taxes: -€7,939
- Debts after one year -€8,934
down €8,934 (-92.3%), from €9,684 to €750
- Short-term financial debts +€8,934
new in 2025: €8,934
- Gross operating margin -€56,562
down €56,562 (-36.6%), from €154,633 to €98,071
- Taxes -€14,502
down €14,502 (-62.2%), from €23,327 to €8,825
- Staff costs -€4,332
down €4,332 (-7.1%), from €61,114 to €56,782
- Financial charges +€2,323
up €2,323 (+224.2%), from €1,036 to €3,359
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 | €369,356 | €388,753 | +€19,396 | +5.3% |
| Fixed assets | 21/28 | €34,487 | €24,123 | -€10,365 | -30.1% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €34,486 | €24,122 | -€10,365 | -30.1% |
| Plant, machinery and equipment | 23 | €3,151 | €1,531 | -€1,620 | -51.4% |
| Furniture and vehicles | 24 | €31,335 | €22,590 | -€8,745 | -27.9% |
| Current assets | 29/58 | €334,869 | €364,630 | +€29,761 | +8.9% |
| Stocks and contracts in progress | 3 | €67,058 | €24,224 | -€42,834 | -63.9% |
| Stocks | 30/36 | €20,035 | €19,874 | -€161 | -0.8% |
| Contracts in progress | 37 | €47,023 | €4,350 | -€42,673 | -90.7% |
| Amounts receivable within one year | 40/41 | €26,787 | €39,322 | +€12,535 | +46.8% |
| Trade receivables | 40 | €22,613 | €20,368 | -€2,245 | -9.9% |
| Other amounts receivable | 41 | €4,174 | €18,954 | +€14,779 | +354.1% |
| Current investments | 50/53 | - | €120,000 | +€120,000 | |
| Cash at bank and in hand | 54/58 | €239,029 | €177,537 | -€61,492 | -25.7% |
| Deferred charges and accrued income | 490/1 | €1,995 | €3,548 | +€1,553 | +77.8% |
| Total equity and liabilities | 10/49 | €369,356 | €388,753 | +€19,396 | +5.3% |
| Equity | 10/15 | €273,266 | €294,198 | +€20,932 | +7.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €255,009 | €281,798 | +€26,789 | +10.5% |
| Distributable reserves | 133 | €255,009 | €281,798 | +€26,789 | +10.5% |
| Profit (loss) carried forward | 14 | €5,857 | €0 | -€5,857 | -100.0% |
| Amounts payable | 17/49 | €96,090 | €94,555 | -€1,535 | -1.6% |
| Amounts payable after more than one year | 17 | €9,684 | €750 | -€8,934 | -92.3% |
| Financial debts | 170/4 | €9,684 | €750 | -€8,934 | -92.3% |
| Amounts payable within one year | 42/48 | €85,837 | €93,023 | +€7,187 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €8,803 | - | -€8,803 | |
| Financial debts | 43 | - | €8,934 | +€8,934 | |
| Credit institutions | 430/8 | - | €8,934 | +€8,934 | |
| Trade debts | 44 | €14,810 | €6,229 | -€8,581 | -57.9% |
| Suppliers | 440/4 | €14,810 | €6,229 | -€8,581 | -57.9% |
| Advances received on contracts in progress | 46 | €2,600 | €31,290 | +€28,690 | +1103.5% |
| Taxes, remuneration and social security | 45 | €16,012 | €5,330 | -€10,682 | -66.7% |
| Taxes | 450/3 | €11,645 | €3,706 | -€7,939 | -68.2% |
| Remuneration and social security | 454/9 | €4,366 | €1,624 | -€2,742 | -62.8% |
| Other amounts payable | 47/48 | €43,613 | €41,240 | -€2,372 | -5.4% |
| Accrued charges and deferred income | 492/3 | €569 | €781 | +€212 | +37.3% |
| Remuneration, social security and pensions | 62 | €61,114 | €56,782 | -€4,332 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,319 | €12,319 | -€1 | 0.0% |
| Other operating charges | 640/8 | €1,546 | €1,258 | -€289 | -18.7% |
| Gross operating margin | 9900 | €154,633 | €98,071 | -€56,562 | -36.6% |
| Operating profit (loss) | 9901 | €79,654 | €27,713 | -€51,941 | -65.2% |
| Financial income | 75/76B | €4,269 | €5,402 | +€1,134 | +26.6% |
| Recurring financial income | 75 | €4,269 | €5,402 | +€1,134 | +26.6% |
| Financial charges | 65/66B | €1,036 | €3,359 | +€2,323 | +224.2% |
| Recurring financial charges | 65 | €1,036 | €3,359 | +€2,323 | +224.2% |
| Profit (loss) for the period before taxes | 9903 | €82,886 | €29,756 | -€53,130 | -64.1% |
| Income taxes | 67/77 | €23,327 | €8,825 | -€14,502 | -62.2% |
| Profit (loss) for the period | 9904 | €59,560 | €20,932 | -€38,628 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,560 | €20,932 | -€38,628 | -64.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.