CONSTANTIN: 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.
CONSTANTIN
Largest movements
- Receivables within one year +€71,370
up €71,370 (+14.5%), from €490,933 to €562,303
- Tangible fixed assets -€21,627
down €21,627 (-6.8%), from €316,225 to €294,598
- Profit (loss) carried forward +€78,822
up €78,822 (+48.7%), from -€161,871 to -€83,049
- Debts after one year -€35,641
down €35,641 (-12.4%), from €288,341 to €252,701
- Short-term financial debts -€10,396
down €10,396 (-5.2%), from €200,000 to €189,604
- Gross operating margin +€78,621
up €78,621 (+161.6%), from €48,659 to €127,279
- Depreciation -€3,265
down €3,265 (-13.1%), from €24,892 to €21,627
- Other operating charges +€3,145
up €3,145 (+818.1%), from €384 to €3,530
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 | €810,740 | €857,700 | +€46,960 | +5.8% |
| Fixed assets | 21/28 | €317,024 | €295,397 | -€21,627 | -6.8% |
| Tangible fixed assets | 22/27 | €316,225 | €294,598 | -€21,627 | -6.8% |
| Land and buildings | 22 | €316,225 | €294,598 | -€21,627 | -6.8% |
| Financial fixed assets | 28 | €798 | €798 | = | 0.0% |
| Current assets | 29/58 | €493,717 | €562,304 | +€68,587 | +13.9% |
| Amounts receivable within one year | 40/41 | €490,933 | €562,303 | +€71,370 | +14.5% |
| Other amounts receivable | 41 | €490,933 | €562,303 | +€71,370 | +14.5% |
| Cash at bank and in hand | 54/58 | €1,486 | €0 | -€1,485 | -100.0% |
| Deferred charges and accrued income | 490/1 | €1,297 | - | -€1,297 | |
| Total equity and liabilities | 10/49 | €810,740 | €857,700 | +€46,960 | +5.8% |
| Equity | 10/15 | -€99,871 | -€21,049 | +€78,822 | +78.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,871 | -€83,049 | +€78,822 | +48.7% |
| Amounts payable | 17/49 | €910,611 | €878,749 | -€31,861 | -3.5% |
| Amounts payable after more than one year | 17 | €288,341 | €252,701 | -€35,641 | -12.4% |
| Financial debts | 170/4 | €288,341 | €252,701 | -€35,641 | -12.4% |
| Amounts payable within one year | 42/48 | €619,970 | €621,823 | +€1,853 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €34,230 | €40,160 | +€5,930 | +17.3% |
| Financial debts | 43 | €200,000 | €189,604 | -€10,396 | -5.2% |
| Credit institutions | 430/8 | €200,000 | €189,604 | -€10,396 | -5.2% |
| Trade debts | 44 | €1,223 | €8,414 | +€7,192 | +588.1% |
| Suppliers | 440/4 | €1,223 | €8,414 | +€7,192 | +588.1% |
| Taxes, remuneration and social security | 45 | €2,317 | €5,084 | +€2,768 | +119.5% |
| Taxes | 450/3 | €2,317 | €5,084 | +€2,768 | +119.5% |
| Other amounts payable | 47/48 | €382,200 | €378,560 | -€3,640 | -1.0% |
| Accrued charges and deferred income | 492/3 | €2,300 | €4,226 | +€1,926 | +83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,892 | €21,627 | -€3,265 | -13.1% |
| Other operating charges | 640/8 | €384 | €3,530 | +€3,145 | +818.1% |
| Gross operating margin | 9900 | €48,659 | €127,279 | +€78,621 | +161.6% |
| Operating profit (loss) | 9901 | €23,382 | €102,123 | +€78,740 | +336.8% |
| Financial charges | 65/66B | €23,561 | €23,301 | -€260 | -1.1% |
| Recurring financial charges | 65 | €23,561 | €23,301 | -€260 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€179 | €78,822 | +€79,000 | |
| Profit (loss) for the period | 9904 | -€179 | €78,822 | +€79,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€179 | €78,822 | +€79,000 |
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 8 October 2026 via checked.be.