CONSTANT J.: 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.
CONSTANT J.
Largest movements
- Tangible fixed assets +€87,537
up €87,537 (+313.5%), from €27,923 to €115,460
of which Plant, machinery and equipment: +€73,786
- Receivables within one year +€32,511
up €32,511 (+120.4%), from €27,000 to €59,511
of which Trade receivables: +€35,899
- Cash -€22,651
down €22,651 (-91.6%), from €24,723 to €2,072
mainly Investment in fixed assets (net) (-€103,990) and Receivables within one year (-€32,511)
- Debts after one year +€80,986
up €80,986 (+544.8%), from €14,865 to €95,851
- Current portion of long-term debt +€15,404
up €15,404 (+572.9%), from €2,689 to €18,092
- Trade debts -€10,643
down €10,643 (-70.6%), from €15,069 to €4,426
- Short-term financial debts +€7,586
new in 2025: €7,586
- Tax, wage and social debts +€3,387
up €3,387 (+112.7%), from €3,005 to €6,392
of which Taxes: +€3,387
- Gross operating margin +€16,349
up €16,349 (+55.2%), from €29,601 to €45,949
- Depreciation +€7,991
up €7,991 (+94.4%), from €8,462 to €16,453
- Other operating charges +€1,590
up €1,590 (+285.9%), from €556 to €2,146
- Financial charges +€1,531
up €1,531 (+27.9%), from €5,486 to €7,017
- Taxes +€552
up €552 (+13.4%), from €4,128 to €4,680
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 | €79,723 | €177,458 | +€97,735 | +122.6% |
| Fixed assets | 21/28 | €27,923 | €115,460 | +€87,537 | +313.5% |
| Tangible fixed assets | 22/27 | €27,923 | €115,460 | +€87,537 | +313.5% |
| Plant, machinery and equipment | 23 | €20,956 | €94,743 | +€73,786 | +352.1% |
| Furniture and vehicles | 24 | €6,966 | €20,717 | +€13,751 | +197.4% |
| Current assets | 29/58 | €51,801 | €61,998 | +€10,198 | +19.7% |
| Amounts receivable within one year | 40/41 | €27,000 | €59,511 | +€32,511 | +120.4% |
| Trade receivables | 40 | €10,396 | €46,294 | +€35,899 | +345.3% |
| Other amounts receivable | 41 | €16,604 | €13,217 | -€3,387 | -20.4% |
| Cash at bank and in hand | 54/58 | €24,723 | €2,072 | -€22,651 | -91.6% |
| Deferred charges and accrued income | 490/1 | €78 | €415 | +€337 | +433.7% |
| Total equity and liabilities | 10/49 | €79,723 | €177,458 | +€97,735 | +122.6% |
| Equity | 10/15 | €44,092 | €45,108 | +€1,016 | +2.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,092 | €43,108 | +€1,016 | +2.4% |
| Amounts payable | 17/49 | €35,631 | €132,350 | +€96,719 | +271.4% |
| Amounts payable after more than one year | 17 | €14,865 | €95,851 | +€80,986 | +544.8% |
| Financial debts | 170/4 | €14,865 | €95,851 | +€80,986 | +544.8% |
| Amounts payable within one year | 42/48 | €20,763 | €36,496 | +€15,733 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €2,689 | €18,092 | +€15,404 | +572.9% |
| Financial debts | 43 | - | €7,586 | +€7,586 | |
| Credit institutions | 430/8 | - | €7,586 | +€7,586 | |
| Trade debts | 44 | €15,069 | €4,426 | -€10,643 | -70.6% |
| Suppliers | 440/4 | €15,069 | €4,426 | -€10,643 | -70.6% |
| Taxes, remuneration and social security | 45 | €3,005 | €6,392 | +€3,387 | +112.7% |
| Taxes | 450/3 | €3,005 | €6,392 | +€3,387 | +112.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3 | €2 | -€1 | -31.4% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,462 | €16,453 | +€7,991 | +94.4% |
| Other operating charges | 640/8 | €556 | €2,146 | +€1,590 | +285.9% |
| Gross operating margin | 9900 | €29,601 | €45,949 | +€16,349 | +55.2% |
| Operating profit (loss) | 9901 | €20,583 | €27,350 | +€6,767 | +32.9% |
| Financial income | 75/76B | €11 | €8 | -€2 | -22.1% |
| Recurring financial income | 75 | €11 | €8 | -€2 | -22.1% |
| Financial charges | 65/66B | €5,486 | €7,017 | +€1,531 | +27.9% |
| Recurring financial charges | 65 | €5,486 | €7,017 | +€1,531 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €15,107 | €20,341 | +€5,234 | +34.6% |
| Income taxes | 67/77 | €4,128 | €4,680 | +€552 | +13.4% |
| Profit (loss) for the period | 9904 | €10,979 | €15,661 | +€4,682 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,979 | €15,661 | +€4,682 | +42.6% |
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 6 October 2026 via checked.be.