CONSTANCE CAPITAL: 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.
CONSTANCE CAPITAL
Largest movements
- Receivables within one year +€26.0m
up €26.0m (+197%), from €13.2m to €39.2m
of which Other amounts receivable: +€25.9m
- Cash +€11.7m
up €11.7m (+134%), from €8.7m to €20.5m
mainly Net result for the year (+€35.1m) and Tax, wage and social debts (+€2.6m)
- Reserves +€35.1m
up €35.1m (+232%), from €15.2m to €50.3m
- Tax, wage and social debts +€2.6m
up €2.6m (+171%), from €1.5m to €4.1m
- Financial income +€30.2m
up €30.2m (+340%), from €8.9m to €39.1m
of which Non-recurring financial income: +€32.5m
- Taxes +€2.7m
up €2.7m (+276%), from €989,355 to €3.7m
- Gross operating margin -€173,370
down €173,370 (-212%), from -€81,616 to -€254,986
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 | €22,183,359 | €59,836,338 | +€37.7m | +170% |
| Fixed assets | 21/28 | €219,059 | €163,915 | -€55,144 | -25.2% |
| Financial fixed assets | 28 | €219,059 | €163,915 | -€55,144 | -25.2% |
| Current assets | 29/58 | €21,964,300 | €59,672,424 | +€37.7m | +172% |
| Amounts receivable within one year | 40/41 | €13,217,280 | €39,204,318 | +€26.0m | +197% |
| Trade receivables | 40 | - | €37,850 | +€37,850 | |
| Other amounts receivable | 41 | €13,217,280 | €39,166,468 | +€25.9m | +196% |
| Cash at bank and in hand | 54/58 | €8,747,021 | €20,468,105 | +€11.7m | +134% |
| Total equity and liabilities | 10/49 | €22,183,359 | €59,836,338 | +€37.7m | +170% |
| Equity | 10/15 | €20,627,330 | €55,752,461 | +€35.1m | +170% |
| Contributions | 10/11 | €162,381 | €162,381 | = | 0.0% |
| Reserves | 13 | €15,170,027 | €50,295,158 | +€35.1m | +232% |
| Distributable reserves | 133 | €15,170,027 | €50,295,158 | +€35.1m | +232% |
| Profit (loss) carried forward | 14 | €5,294,921 | €5,294,921 | = | 0.0% |
| Amounts payable | 17/49 | €1,556,029 | €4,083,878 | +€2.5m | +162% |
| Amounts payable within one year | 42/48 | €1,556,029 | €4,083,878 | +€2.5m | +162% |
| Trade debts | 44 | €49,304 | €998 | -€48,306 | -98.0% |
| Suppliers | 440/4 | €49,304 | €998 | -€48,306 | -98.0% |
| Taxes, remuneration and social security | 45 | €1,506,725 | €4,082,879 | +€2.6m | +171% |
| Taxes | 450/3 | €1,506,725 | €4,082,879 | +€2.6m | +171% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Other operating charges | 640/8 | €484 | €0 | -€484 | -100% |
| Gross operating margin | 9900 | -€81,616 | -€254,986 | -€173,370 | -212% |
| Operating profit (loss) | 9901 | -€82,100 | -€254,986 | -€172,886 | -211% |
| Financial income | 75/76B | €8,887,580 | €39,103,835 | +€30.2m | +340% |
| Recurring financial income | 75 | €8,887,580 | €6,587,898 | -€2.3m | -25.9% |
| Non-recurring financial income | 76B | - | €32,515,937 | +€32.5m | |
| Financial charges | 65/66B | €930 | €1,779 | +€850 | +91.4% |
| Recurring financial charges | 65 | €930 | €1,779 | +€850 | +91.4% |
| Profit (loss) for the period before taxes | 9903 | €8,804,551 | €38,847,070 | +€30.0m | +341% |
| Income taxes | 67/77 | €989,355 | €3,721,939 | +€2.7m | +276% |
| Profit (loss) for the period | 9904 | €7,815,196 | €35,125,131 | +€27.3m | +349% |
| Profit (loss) for the period to be appropriated | 9905 | €7,815,196 | €35,125,131 | +€27.3m | +349% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.