CONSTABEL: 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.
CONSTABEL
Largest movements
- Tangible fixed assets +€33,875
up €33,875 (+7.4%), from €459,516 to €493,391
of which Land and buildings: +€493,391
- Current investments -€25,000
down €25,000 (-8.9%), from €280,000 to €255,000
- Deferred charges and accrued income -€13,031
down €13,031 (-93.4%), from €13,953 to €922
- Reserves +€170,629
up €170,629 (+57.2%), from €298,335 to €468,964
- Debts after one year -€168,273
down €168,273 (-36.5%), from €460,599 to €292,327
of which Financial debts: -€168,521
- Current portion of long-term debt -€20,422
down €20,422 (-55.5%), from €36,813 to €16,390
- Tax, wage and social debts +€12,693
up €12,693 (+286.5%), from €4,431 to €17,124
- Gross operating margin +€191,558
up €191,558 (+155.2%), from €123,425 to €314,983
- Taxes +€54,623
up €54,623 (+275.8%), from €19,805 to €74,428
- Depreciation +€42,022
up €42,022 (+185.9%), from €22,607 to €64,629
- Other operating charges +€7,660
up €7,660 (+402.0%), from €1,905 to €9,566
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 | €805,789 | €797,999 | -€7,790 | -1.0% |
| Fixed assets | 21/28 | €459,516 | €493,391 | +€33,875 | +7.4% |
| Tangible fixed assets | 22/27 | €459,516 | €493,391 | +€33,875 | +7.4% |
| Land and buildings | 22 | - | €493,391 | +€493,391 | |
| Plant, machinery and equipment | 23 | €79 | - | -€79 | |
| Assets under construction and advance payments | 27 | €459,437 | - | -€459,437 | |
| Current assets | 29/58 | €346,273 | €304,608 | -€41,665 | -12.0% |
| Amounts receivable within one year | 40/41 | €43,302 | €37,998 | -€5,304 | -12.2% |
| Trade receivables | 40 | €17,198 | €17,428 | +€230 | +1.3% |
| Other amounts receivable | 41 | €26,104 | €20,570 | -€5,534 | -21.2% |
| Current investments | 50/53 | €280,000 | €255,000 | -€25,000 | -8.9% |
| Cash at bank and in hand | 54/58 | €9,018 | €10,688 | +€1,670 | +18.5% |
| Deferred charges and accrued income | 490/1 | €13,953 | €922 | -€13,031 | -93.4% |
| Total equity and liabilities | 10/49 | €805,789 | €797,999 | -€7,790 | -1.0% |
| Equity | 10/15 | €299,335 | €469,964 | +€170,629 | +57.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €298,335 | €468,964 | +€170,629 | +57.2% |
| Distributable reserves | 133 | €298,335 | €468,964 | +€170,629 | +57.2% |
| Amounts payable | 17/49 | €506,454 | €328,035 | -€178,419 | -35.2% |
| Amounts payable after more than one year | 17 | €460,599 | €292,327 | -€168,273 | -36.5% |
| Financial debts | 170/4 | €460,599 | €292,078 | -€168,521 | -36.6% |
| Other amounts payable | 178/9 | - | €248 | +€248 | |
| Amounts payable within one year | 42/48 | €45,619 | €35,042 | -€10,577 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €36,813 | €16,390 | -€20,422 | -55.5% |
| Trade debts | 44 | €3,516 | €1,528 | -€1,988 | -56.5% |
| Suppliers | 440/4 | €3,516 | €1,528 | -€1,988 | -56.5% |
| Taxes, remuneration and social security | 45 | €4,431 | €17,124 | +€12,693 | +286.5% |
| Taxes | 450/3 | €4,431 | €17,124 | +€12,693 | +286.5% |
| Other amounts payable | 47/48 | €860 | - | -€860 | |
| Accrued charges and deferred income | 492/3 | €236 | €667 | +€431 | +182.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,607 | €64,629 | +€42,022 | +185.9% |
| Other operating charges | 640/8 | €1,905 | €9,566 | +€7,660 | +402.0% |
| Gross operating margin | 9900 | €123,425 | €314,983 | +€191,558 | +155.2% |
| Operating profit (loss) | 9901 | €98,912 | €240,788 | +€141,875 | +143.4% |
| Financial income | 75/76B | €6,639 | €9,051 | +€2,413 | +36.3% |
| Recurring financial income | 75 | €6,639 | €9,051 | +€2,413 | +36.3% |
| Financial charges | 65/66B | €5,572 | €4,782 | -€790 | -14.2% |
| Recurring financial charges | 65 | €5,572 | €4,782 | -€790 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €99,979 | €245,057 | +€145,078 | +145.1% |
| Income taxes | 67/77 | €19,805 | €74,428 | +€54,623 | +275.8% |
| Profit (loss) for the period | 9904 | €80,174 | €170,629 | +€90,455 | +112.8% |
| Profit (loss) for the period to be appropriated | 9905 | €80,174 | €170,629 | +€90,455 | +112.8% |
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 28 September 2026 via checked.be.