Cleo Construct: 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.
Cleo Construct
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+64.1%), from €2.6m to €4.3m
- Receivables within one year -€458,751
down €458,751 (-30.4%), from €1.5m to €1.1m
of which Other amounts receivable: -€802,745
- Cash -€85,065
down €85,065 (-42.0%), from €202,344 to €117,279
mainly Short-term financial debts (-€1.8m) and Stocks and contracts (-€1.7m)
- Advances received +€2.7m
new in 2025: €2.7m
- Short-term financial debts -€1.8m
down €1.8m (-77.0%), from €2.4m to €549,039
- Other debts +€249,598
up €249,598 (+45.0%), from €554,567 to €804,165
- Trade debts -€224,883
down €224,883 (-54.7%), from €410,950 to €186,067
- Tax, wage and social debts +€154,024
up €154,024 (+362%), from €42,543 to €196,566
of which Taxes: +€155,988
- Gross operating margin +€68,039
up €68,039 (+34.0%), from €200,213 to €268,252
- Financial charges +€17,101
up €17,101 (+15.2%), from €112,298 to €129,400
- Taxes +€15,898
up €15,898 (+106%), from €14,994 to €30,892
- Financial income -€3,548
down €3,548 (-17.4%), from €20,339 to €16,791
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 | €4,341,420 | €5,473,769 | +€1.1m | +26.1% |
| Fixed assets | 21/28 | €12,524 | €14,190 | +€1,665 | +13.3% |
| Tangible fixed assets | 22/27 | €12,524 | €14,190 | +€1,665 | +13.3% |
| Furniture and vehicles | 24 | €12,524 | €14,190 | +€1,665 | +13.3% |
| Current assets | 29/58 | €4,328,896 | €5,459,580 | +€1.1m | +26.1% |
| Stocks and contracts in progress | 3 | €2,610,323 | €4,283,465 | +€1.7m | +64.1% |
| Stocks | 30/36 | €2,610,323 | €4,283,465 | +€1.7m | +64.1% |
| Amounts receivable within one year | 40/41 | €1,510,400 | €1,051,650 | -€458,751 | -30.4% |
| Trade receivables | 40 | €420,156 | €764,151 | +€343,994 | +81.9% |
| Other amounts receivable | 41 | €1,090,244 | €287,499 | -€802,745 | -73.6% |
| Cash at bank and in hand | 54/58 | €202,344 | €117,279 | -€85,065 | -42.0% |
| Deferred charges and accrued income | 490/1 | €5,829 | €7,186 | +€1,358 | +23.3% |
| Total equity and liabilities | 10/49 | €4,341,420 | €5,473,769 | +€1.1m | +26.1% |
| Equity | 10/15 | €947,080 | €997,342 | +€50,263 | +5.3% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €902,080 | €952,342 | +€50,263 | +5.6% |
| Tax-exempt reserves | 132 | €9,724 | €9,724 | = | 0.0% |
| Distributable reserves | 133 | €892,356 | €942,618 | +€50,263 | +5.6% |
| Amounts payable | 17/49 | €3,394,340 | €4,476,427 | +€1.1m | +31.9% |
| Amounts payable within one year | 42/48 | €3,392,394 | €4,475,227 | +€1.1m | +31.9% |
| Financial debts | 43 | €2,384,335 | €549,039 | -€1.8m | -77.0% |
| Credit institutions | 430/8 | €2,384,335 | €549,039 | -€1.8m | -77.0% |
| Trade debts | 44 | €410,950 | €186,067 | -€224,883 | -54.7% |
| Suppliers | 440/4 | €410,950 | €186,067 | -€224,883 | -54.7% |
| Advances received on contracts in progress | 46 | - | €2,739,390 | +€2.7m | |
| Taxes, remuneration and social security | 45 | €42,543 | €196,566 | +€154,024 | +362% |
| Taxes | 450/3 | €39,941 | €195,929 | +€155,988 | +391% |
| Remuneration and social security | 454/9 | €2,601 | €637 | -€1,964 | -75.5% |
| Other amounts payable | 47/48 | €554,567 | €804,165 | +€249,598 | +45.0% |
| Accrued charges and deferred income | 492/3 | €1,946 | €1,200 | -€746 | -38.3% |
| Remuneration, social security and pensions | 62 | €59,489 | €61,230 | +€1,742 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,226 | €2,342 | +€116 | +5.2% |
| Other operating charges | 640/8 | €12,294 | €10,917 | -€1,378 | -11.2% |
| Gross operating margin | 9900 | €200,213 | €268,252 | +€68,039 | +34.0% |
| Operating profit (loss) | 9901 | €126,204 | €193,763 | +€67,559 | +53.5% |
| Financial income | 75/76B | €20,339 | €16,791 | -€3,548 | -17.4% |
| Recurring financial income | 75 | €20,339 | €16,791 | -€3,548 | -17.4% |
| Financial charges | 65/66B | €112,298 | €129,400 | +€17,101 | +15.2% |
| Recurring financial charges | 65 | €112,298 | €129,400 | +€17,101 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €34,245 | €81,155 | +€46,910 | +137% |
| Income taxes | 67/77 | €14,994 | €30,892 | +€15,898 | +106% |
| Profit (loss) for the period | 9904 | €19,252 | €50,263 | +€31,011 | +161% |
| Profit (loss) for the period to be appropriated | 9905 | €19,252 | €50,263 | +€31,011 | +161% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.