CF Constructions: 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.
CF Constructions
Largest movements
- Stocks and contracts +€273,937
up €273,937 (+66.7%), from €410,822 to €684,759
of which Stocks: +€379,627
- Receivables within one year +€157,193
up €157,193 (+659.8%), from €23,825 to €181,019
of which Other amounts receivable: +€79,252
- Cash -€35,201
down €35,201 (-33.5%), from €105,208 to €70,007
mainly Stocks and contracts (-€273,937) and Receivables within one year (-€157,193)
- Tangible fixed assets -€25,800
down €25,800 (-10.6%), from €243,625 to €217,825
of which Plant, machinery and equipment: -€13,411
- Short-term financial debts +€305,207
up €305,207 (+175.4%), from €174,000 to €479,207
- Trade debts +€85,614
up €85,614 (+152.4%), from €56,188 to €141,802
- Other debts -€28,340
down €28,340 (-84.3%), from €33,605 to €5,265
- Reserves +€23,434
up €23,434 (+8.2%), from €285,655 to €309,089
- Debts after one year -€17,186
down €17,186 (-10.5%), from €164,069 to €146,883
- Gross operating margin -€40,551
down €40,551 (-14.8%), from €274,503 to €233,952
- Financial charges +€21,467
up €21,467 (+205.9%), from €10,427 to €31,894
of which Financial charges: +€21,802
- Staff costs -€19,793
down €19,793 (-12.8%), from €154,038 to €134,246
- Taxes -€5,941
down €5,941 (-37.1%), from €16,033 to €10,091
- Depreciation -€4,595
down €4,595 (-11.5%), from €40,029 to €35,434
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 | €817,773 | €1,180,056 | +€362,282 | +44.3% |
| Fixed assets | 21/28 | €243,907 | €218,107 | -€25,800 | -10.6% |
| Tangible fixed assets | 22/27 | €243,625 | €217,825 | -€25,800 | -10.6% |
| Land and buildings | 22 | €176,335 | €168,604 | -€7,731 | -4.4% |
| Plant, machinery and equipment | 23 | €26,495 | €13,084 | -€13,411 | -50.6% |
| Furniture and vehicles | 24 | €36,383 | €36,137 | -€247 | -0.7% |
| Leasing and similar rights | 25 | €4,411 | - | -€4,411 | |
| Financial fixed assets | 28 | €282 | €282 | = | 0.0% |
| Current assets | 29/58 | €573,866 | €961,948 | +€388,082 | +67.6% |
| Stocks and contracts in progress | 3 | €410,822 | €684,759 | +€273,937 | +66.7% |
| Stocks | 30/36 | €305,132 | €684,759 | +€379,627 | +124.4% |
| Contracts in progress | 37 | €105,690 | - | -€105,690 | |
| Amounts receivable within one year | 40/41 | €23,825 | €181,019 | +€157,193 | +659.8% |
| Trade receivables | 40 | €5,264 | €83,205 | +€77,941 | +1480.6% |
| Other amounts receivable | 41 | €18,561 | €97,813 | +€79,252 | +427.0% |
| Cash at bank and in hand | 54/58 | €105,208 | €70,007 | -€35,201 | -33.5% |
| Deferred charges and accrued income | 490/1 | €34,011 | €26,163 | -€7,847 | -23.1% |
| Total equity and liabilities | 10/49 | €817,773 | €1,180,056 | +€362,282 | +44.3% |
| Equity | 10/15 | €335,655 | €359,089 | +€23,434 | +7.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €285,655 | €309,089 | +€23,434 | +8.2% |
| Distributable reserves | 133 | €285,655 | €309,089 | +€23,434 | +8.2% |
| Amounts payable | 17/49 | €482,118 | €820,966 | +€338,848 | +70.3% |
| Amounts payable after more than one year | 17 | €164,069 | €146,883 | -€17,186 | -10.5% |
| Financial debts | 170/4 | €164,069 | €146,883 | -€17,186 | -10.5% |
| Amounts payable within one year | 42/48 | €314,818 | €671,426 | +€356,609 | +113.3% |
| Current portion of amounts payable after more than one year | 42 | €25,532 | €17,186 | -€8,347 | -32.7% |
| Financial debts | 43 | €174,000 | €479,207 | +€305,207 | +175.4% |
| Credit institutions | 430/8 | €174,000 | €479,207 | +€305,207 | +175.4% |
| Trade debts | 44 | €56,188 | €141,802 | +€85,614 | +152.4% |
| Suppliers | 440/4 | €56,188 | €141,802 | +€85,614 | +152.4% |
| Taxes, remuneration and social security | 45 | €25,492 | €27,967 | +€2,475 | +9.7% |
| Taxes | 450/3 | €7,669 | €17,409 | +€9,740 | +127.0% |
| Remuneration and social security | 454/9 | €17,824 | €10,558 | -€7,266 | -40.8% |
| Other amounts payable | 47/48 | €33,605 | €5,265 | -€28,340 | -84.3% |
| Accrued charges and deferred income | 492/3 | €3,232 | €2,657 | -€575 | -17.8% |
| Non-recurring operating income | 76A | - | €1,019 | +€1,019 | |
| Remuneration, social security and pensions | 62 | €154,038 | €134,246 | -€19,793 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,029 | €35,434 | -€4,595 | -11.5% |
| Other operating charges | 640/8 | €6,380 | €2,445 | -€3,935 | -61.7% |
| Non-recurring operating charges | 66A | €3,102 | €754 | -€2,348 | -75.7% |
| Gross operating margin | 9900 | €274,503 | €233,952 | -€40,551 | -14.8% |
| Operating profit (loss) | 9901 | €70,953 | €61,074 | -€9,880 | -13.9% |
| Financial income | 75/76B | €4,987 | €4,346 | -€642 | -12.9% |
| Recurring financial income | 75 | €4,987 | €4,346 | -€642 | -12.9% |
| Financial charges | 65/66B | €10,427 | €31,894 | +€21,467 | +205.9% |
| Recurring financial charges | 65 | €10,092 | €31,894 | +€21,802 | +216.0% |
| Non-recurring financial charges | 66B | €335 | - | -€335 | |
| Profit (loss) for the period before taxes | 9903 | €65,514 | €33,526 | -€31,988 | -48.8% |
| Income taxes | 67/77 | €16,033 | €10,091 | -€5,941 | -37.1% |
| Profit (loss) for the period | 9904 | €49,481 | €23,434 | -€26,047 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,481 | €23,434 | -€26,047 | -52.6% |
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 7 October 2026 via checked.be.