Complex 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.
Complex Construct
Largest movements
- Receivables within one year -€46,312
down €46,312 (-49.1%), from €94,285 to €47,973
of which Other amounts receivable: -€69,909
- Cash -€12,383
down €12,383 (-68.5%), from €18,087 to €5,704
mainly Trade debts (-€48,325) and Investment in fixed assets (net) (-€23,747)
- Deferred charges and accrued income -€9,586
down €9,586 (-21.6%), from €44,383 to €34,797
- Stocks and contracts +€7,413
new in 2025: €7,413
- Trade debts -€48,325
down €48,325 (-75.0%), from €64,410 to €16,085
- Tax, wage and social debts -€22,160
down €22,160 (-58.7%), from €37,770 to €15,610
of which Taxes: -€20,110
- Reserves +€10,100
up €10,100 (+9.3%), from €109,060 to €119,160
of which Distributable reserves: +€10,100
- Gross operating margin -€56,525
down €56,525 (-45.5%), from €124,359 to €67,834
- Other operating charges +€23,246
up €23,246 (+900.7%), from €2,581 to €25,827
- Taxes -€17,403
down €17,403 (-63.8%), from €27,270 to €9,867
- Depreciation -€4,196
down €4,196 (-15.3%), from €27,366 to €23,169
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 | €217,807 | €157,517 | -€60,290 | -27.7% |
| Fixed assets | 21/28 | €61,053 | €61,631 | +€578 | +0.9% |
| Tangible fixed assets | 22/27 | €61,053 | €61,631 | +€578 | +0.9% |
| Plant, machinery and equipment | 23 | €7,335 | €5,303 | -€2,032 | -27.7% |
| Furniture and vehicles | 24 | €53,717 | €56,327 | +€2,610 | +4.9% |
| Current assets | 29/58 | €156,754 | €95,887 | -€60,868 | -38.8% |
| Stocks and contracts in progress | 3 | - | €7,413 | +€7,413 | |
| Stocks | 30/36 | - | €7,413 | +€7,413 | |
| Amounts receivable within one year | 40/41 | €94,285 | €47,973 | -€46,312 | -49.1% |
| Trade receivables | 40 | €13,185 | €36,782 | +€23,598 | +179.0% |
| Other amounts receivable | 41 | €81,100 | €11,191 | -€69,909 | -86.2% |
| Cash at bank and in hand | 54/58 | €18,087 | €5,704 | -€12,383 | -68.5% |
| Deferred charges and accrued income | 490/1 | €44,383 | €34,797 | -€9,586 | -21.6% |
| Total equity and liabilities | 10/49 | €217,807 | €157,517 | -€60,290 | -27.7% |
| Equity | 10/15 | €115,627 | €125,822 | +€10,196 | +8.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,060 | €119,160 | +€10,100 | +9.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €102,200 | €112,300 | +€10,100 | +9.9% |
| Profit (loss) carried forward | 14 | €367 | €462 | +€96 | +26.1% |
| Amounts payable | 17/49 | €102,180 | €31,695 | -€70,485 | -69.0% |
| Amounts payable within one year | 42/48 | €102,180 | €31,695 | -€70,485 | -69.0% |
| Trade debts | 44 | €64,410 | €16,085 | -€48,325 | -75.0% |
| Suppliers | 440/4 | €64,410 | €16,085 | -€48,325 | -75.0% |
| Taxes, remuneration and social security | 45 | €37,770 | €15,610 | -€22,160 | -58.7% |
| Taxes | 450/3 | €27,920 | €7,810 | -€20,110 | -72.0% |
| Remuneration and social security | 454/9 | €9,850 | €7,800 | -€2,050 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,366 | €23,169 | -€4,196 | -15.3% |
| Other operating charges | 640/8 | €2,581 | €25,827 | +€23,246 | +900.7% |
| Gross operating margin | 9900 | €124,359 | €67,834 | -€56,525 | -45.5% |
| Operating profit (loss) | 9901 | €94,412 | €18,838 | -€75,574 | -80.0% |
| Financial income | 75/76B | €2,970 | €2,607 | -€362 | -12.2% |
| Recurring financial income | 75 | €2,970 | €2,607 | -€362 | -12.2% |
| Financial charges | 65/66B | €889 | €1,382 | +€493 | +55.5% |
| Recurring financial charges | 65 | €889 | €1,382 | +€493 | +55.5% |
| Profit (loss) for the period before taxes | 9903 | €96,493 | €20,063 | -€76,430 | -79.2% |
| Income taxes | 67/77 | €27,270 | €9,867 | -€17,403 | -63.8% |
| Profit (loss) for the period | 9904 | €69,223 | €10,196 | -€59,027 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,223 | €10,196 | -€59,027 | -85.3% |
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 29 September 2026 via checked.be.