CONSTANTIJN: what changed
CONSTANTIJN
Largest movements
- Tangible fixed assets +€130,103
up €130,103 (+25.4%), from €511,677 to €641,780
of which Land and buildings: +€154,504
- Cash -€32,111
down €32,111 (-74.5%), from €43,089 to €10,977
mainly Investment in fixed assets (net) (-€184,609) and Receivables within one year (-€26,708)
- Receivables within one year +€26,708
up €26,708 (+11.5%), from €232,870 to €259,579
of which Trade receivables: +€83,181
- Reserves +€77,830
up €77,830 (+19.5%), from €399,762 to €477,592
- Debts after one year +€30,255
up €30,255 (+10.6%), from €284,233 to €314,487
- Tax, wage and social debts +€14,206
up €14,206 (+96.0%), from €14,790 to €28,996
- Gross operating margin +€84,131
up €84,131 (+93.8%), from €89,650 to €173,782
- Depreciation +€20,696
up €20,696 (+61.2%), from €33,810 to €54,506
- Taxes +€15,801
up €15,801 (+131%), from €12,035 to €27,835
- Financial charges +€3,159
up €3,159 (+30.3%), from €10,424 to €13,583
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €787,636 | €912,336 | +€124,701 | +15.8% |
| Fixed assets | 21/28 | €511,677 | €641,780 | +€130,103 | +25.4% |
| Tangible fixed assets | 22/27 | €511,677 | €641,780 | +€130,103 | +25.4% |
| Land and buildings | 22 | €440,947 | €595,451 | +€154,504 | +35.0% |
| Plant, machinery and equipment | 23 | €243 | - | -€243 | |
| Furniture and vehicles | 24 | €69,951 | €46,038 | -€23,912 | -34.2% |
| Other tangible fixed assets | 26 | €536 | €291 | -€245 | -45.7% |
| Current assets | 29/58 | €275,959 | €270,556 | -€5,403 | -2.0% |
| Amounts receivable within one year | 40/41 | €232,870 | €259,579 | +€26,708 | +11.5% |
| Trade receivables | 40 | €16,740 | €99,921 | +€83,181 | +497% |
| Other amounts receivable | 41 | €216,131 | €159,658 | -€56,473 | -26.1% |
| Cash at bank and in hand | 54/58 | €43,089 | €10,977 | -€32,111 | -74.5% |
| Total equity and liabilities | 10/49 | €787,636 | €912,336 | +€124,701 | +15.8% |
| Equity | 10/15 | €412,162 | €489,992 | +€77,830 | +18.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €399,762 | €477,592 | +€77,830 | +19.5% |
| Distributable reserves | 133 | €399,762 | €477,592 | +€77,830 | +19.5% |
| Amounts payable | 17/49 | €375,474 | €422,345 | +€46,870 | +12.5% |
| Amounts payable after more than one year | 17 | €284,233 | €314,487 | +€30,255 | +10.6% |
| Financial debts | 170/4 | €284,233 | €314,487 | +€30,255 | +10.6% |
| Amounts payable within one year | 42/48 | €91,241 | €107,857 | +€16,616 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €42,497 | €38,460 | -€4,037 | -9.5% |
| Trade debts | 44 | €33,954 | €40,314 | +€6,360 | +18.7% |
| Suppliers | 440/4 | €33,954 | €40,314 | +€6,360 | +18.7% |
| Taxes, remuneration and social security | 45 | €14,790 | €28,996 | +€14,206 | +96.0% |
| Taxes | 450/3 | €14,790 | €28,996 | +€14,206 | +96.0% |
| Other amounts payable | 47/48 | - | €86 | +€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,810 | €54,506 | +€20,696 | +61.2% |
| Other operating charges | 640/8 | €2,572 | €2,056 | -€516 | -20.1% |
| Gross operating margin | 9900 | €89,650 | €173,782 | +€84,131 | +93.8% |
| Operating profit (loss) | 9901 | €53,269 | €117,220 | +€63,951 | +120% |
| Financial income | 75/76B | €3,128 | €2,028 | -€1,100 | -35.2% |
| Recurring financial income | 75 | €3,128 | €2,028 | -€1,100 | -35.2% |
| Financial charges | 65/66B | €10,424 | €13,583 | +€3,159 | +30.3% |
| Recurring financial charges | 65 | €10,424 | €13,583 | +€3,159 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €45,973 | €105,665 | +€59,692 | +130% |
| Income taxes | 67/77 | €12,035 | €27,835 | +€15,801 | +131% |
| Profit (loss) for the period | 9904 | €33,938 | €77,830 | +€43,892 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €33,938 | €77,830 | +€43,892 | +129% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.