CONSTANT BOUWEN: 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.
CONSTANT BOUWEN
Largest movements
- Tangible fixed assets +€145,029
up €145,029 (+453%), from €31,983 to €177,012
of which Leasing and similar rights: +€155,205
- Stocks and contracts +€14,324
up €14,324 (+357%), from €4,017 to €18,341
- Receivables within one year +€6,919
up €6,919 (+10.3%), from €67,298 to €74,217
of which Trade receivables: +€22,723
- Debts after one year +€117,893
up €117,893 (+1,097%), from €10,746 to €128,639
- Other debts +€31,349
up €31,349 (+461%), from €6,807 to €38,156
- Current portion of long-term debt +€21,882
up €21,882 (+439%), from €4,988 to €26,870
- Short-term financial debts +€9,968
up €9,968 (+45.4%), from €21,945 to €31,913
- Trade debts -€9,638
down €9,638 (-29.6%), from €32,584 to €22,946
- Depreciation +€22,760
up €22,760 (+231%), from €9,853 to €32,613
- Gross operating margin +€17,061
up €17,061 (+52.0%), from €32,840 to €49,901
- Financial charges +€5,298
up €5,298 (+81.6%), from €6,494 to €11,792
- Taxes -€4,460
down €4,460 (-96.7%), from €4,611 to €151
- Other operating charges +€2,126
up €2,126 (+89.3%), from €2,381 to €4,507
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,570 | €274,965 | +€169,395 | +160% |
| Fixed assets | 21/28 | €33,975 | €180,803 | +€146,828 | +432% |
| Tangible fixed assets | 22/27 | €31,983 | €177,012 | +€145,029 | +453% |
| Plant, machinery and equipment | 23 | €20,441 | €14,152 | -€6,289 | -30.8% |
| Furniture and vehicles | 24 | €11,542 | €7,655 | -€3,887 | -33.7% |
| Leasing and similar rights | 25 | - | €155,205 | +€155,205 | |
| Financial fixed assets | 28 | €1,992 | €3,791 | +€1,799 | +90.3% |
| Current assets | 29/58 | €71,595 | €94,162 | +€22,567 | +31.5% |
| Stocks and contracts in progress | 3 | €4,017 | €18,341 | +€14,324 | +357% |
| Stocks | 30/36 | €4,017 | €18,341 | +€14,324 | +357% |
| Amounts receivable within one year | 40/41 | €67,298 | €74,217 | +€6,919 | +10.3% |
| Trade receivables | 40 | €46,841 | €69,564 | +€22,723 | +48.5% |
| Other amounts receivable | 41 | €20,457 | €4,653 | -€15,804 | -77.3% |
| Deferred charges and accrued income | 490/1 | €280 | €1,604 | +€1,324 | +473% |
| Total equity and liabilities | 10/49 | €105,570 | €274,965 | +€169,395 | +160% |
| Equity | 10/15 | €20,576 | €21,679 | +€1,103 | +5.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,576 | €19,679 | +€1,103 | +5.9% |
| Distributable reserves | 133 | €18,576 | €19,679 | +€1,103 | +5.9% |
| Amounts payable | 17/49 | €84,994 | €253,286 | +€168,292 | +198% |
| Amounts payable after more than one year | 17 | €10,746 | €128,639 | +€117,893 | +1,097% |
| Financial debts | 170/4 | €10,746 | €128,639 | +€117,893 | +1,097% |
| Amounts payable within one year | 42/48 | €74,248 | €124,647 | +€50,399 | +67.9% |
| Current portion of amounts payable after more than one year | 42 | €4,988 | €26,870 | +€21,882 | +439% |
| Financial debts | 43 | €21,945 | €31,913 | +€9,968 | +45.4% |
| Credit institutions | 430/8 | €21,945 | €31,913 | +€9,968 | +45.4% |
| Trade debts | 44 | €32,584 | €22,946 | -€9,638 | -29.6% |
| Suppliers | 440/4 | €32,584 | €22,946 | -€9,638 | -29.6% |
| Taxes, remuneration and social security | 45 | €7,924 | €4,762 | -€3,162 | -39.9% |
| Taxes | 450/3 | €7,924 | €4,762 | -€3,162 | -39.9% |
| Other amounts payable | 47/48 | €6,807 | €38,156 | +€31,349 | +461% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,853 | €32,613 | +€22,760 | +231% |
| Other operating charges | 640/8 | €2,381 | €4,507 | +€2,126 | +89.3% |
| Gross operating margin | 9900 | €32,840 | €49,901 | +€17,061 | +52.0% |
| Operating profit (loss) | 9901 | €20,606 | €12,781 | -€7,825 | -38.0% |
| Financial income | 75/76B | €125 | €265 | +€140 | +112% |
| Recurring financial income | 75 | €125 | €265 | +€140 | +112% |
| Financial charges | 65/66B | €6,494 | €11,792 | +€5,298 | +81.6% |
| Recurring financial charges | 65 | €6,494 | €11,792 | +€5,298 | +81.6% |
| Profit (loss) for the period before taxes | 9903 | €14,237 | €1,254 | -€12,983 | -91.2% |
| Income taxes | 67/77 | €4,611 | €151 | -€4,460 | -96.7% |
| Profit (loss) for the period | 9904 | €9,626 | €1,103 | -€8,523 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,626 | €1,103 | -€8,523 | -88.5% |
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 23 October 2026 via checked.be.