CBO 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.
CBO CONSTRUCT
Largest movements
- Tangible fixed assets +€499,718
up €499,718 (+177494.7%), from €282 to €500,000
of which Land and buildings: +€500,000
- Stocks and contracts +€455,328
up €455,328 (+52.3%), from €870,100 to €1.3m
- Contributions +€500,000
up €500,000 (+250.0%), from €200,000 to €700,000
- Short-term financial debts +€353,506
up €353,506 (+152.3%), from €232,174 to €585,679
- Other debts +€116,091
up €116,091 (+26.4%), from €439,980 to €556,071
- Profit (loss) carried forward -€65,974
down €65,974 (-68.9%), from -€95,783 to -€161,757
- Accrued charges and deferred income +€34,515
up €34,515 (+162.4%), from €21,260 to €55,775
- Financial charges +€30,410
up €30,410 (+115.0%), from €26,441 to €56,851
- Gross operating margin +€1,941
up €1,941 (+18.7%), from -€10,383 to -€8,442
- Depreciation -€282
down €282 (-50.0%), from €563 to €282
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 | €874,621 | €1,839,822 | +€965,200 | +110.4% |
| Fixed assets | 21/28 | €1,282 | €501,000 | +€499,718 | +38993.6% |
| Tangible fixed assets | 22/27 | €282 | €500,000 | +€499,718 | +177494.7% |
| Land and buildings | 22 | - | €500,000 | +€500,000 | |
| Furniture and vehicles | 24 | €282 | - | -€282 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €873,340 | €1,338,822 | +€465,482 | +53.3% |
| Stocks and contracts in progress | 3 | €870,100 | €1,325,427 | +€455,328 | +52.3% |
| Stocks | 30/36 | €870,100 | €1,325,427 | +€455,328 | +52.3% |
| Amounts receivable within one year | 40/41 | €1,082 | €2,444 | +€1,361 | +125.8% |
| Other amounts receivable | 41 | €1,082 | €2,444 | +€1,361 | +125.8% |
| Cash at bank and in hand | 54/58 | €2,023 | €10,816 | +€8,793 | +434.7% |
| Deferred charges and accrued income | 490/1 | €135 | €135 | = | 0.0% |
| Total equity and liabilities | 10/49 | €874,621 | €1,839,822 | +€965,200 | +110.4% |
| Equity | 10/15 | €129,917 | €563,943 | +€434,026 | +334.1% |
| Contributions | 10/11 | €200,000 | €700,000 | +€500,000 | +250.0% |
| Capital | 10 | €200,000 | €700,000 | +€500,000 | +250.0% |
| Issued capital | 100 | €200,000 | €700,000 | +€500,000 | +250.0% |
| Reserves | 13 | €25,700 | €25,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,700 | €5,700 | = | 0.0% |
| Legal reserve | 130 | €5,700 | €5,700 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,783 | -€161,757 | -€65,974 | -68.9% |
| Amounts payable | 17/49 | €744,704 | €1,275,879 | +€531,175 | +71.3% |
| Amounts payable within one year | 42/48 | €723,445 | €1,220,104 | +€496,660 | +68.7% |
| Financial debts | 43 | €232,174 | €585,679 | +€353,506 | +152.3% |
| Credit institutions | 430/8 | €232,174 | €585,679 | +€353,506 | +152.3% |
| Trade debts | 44 | €51,290 | €78,354 | +€27,064 | +52.8% |
| Suppliers | 440/4 | €51,290 | €78,354 | +€27,064 | +52.8% |
| Other amounts payable | 47/48 | €439,980 | €556,071 | +€116,091 | +26.4% |
| Accrued charges and deferred income | 492/3 | €21,260 | €55,775 | +€34,515 | +162.4% |
| Non-recurring operating income | 76A | €13,574 | - | -€13,574 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €563 | €282 | -€282 | -50.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€10,383 | -€8,442 | +€1,941 | +18.7% |
| Operating profit (loss) | 9901 | -€11,333 | -€9,123 | +€2,210 | +19.5% |
| Financial charges | 65/66B | €26,441 | €56,851 | +€30,410 | +115.0% |
| Recurring financial charges | 65 | €26,441 | €56,851 | +€30,410 | +115.0% |
| Profit (loss) for the period before taxes | 9903 | -€37,775 | -€65,974 | -€28,200 | -74.7% |
| Profit (loss) for the period | 9904 | -€37,775 | -€65,974 | -€28,200 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,775 | -€65,974 | -€28,200 | -74.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.