Construal: 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.
Construal
Largest movements
- Current investments +€796,817
new in 2025: €796,817
- Receivables within one year -€516,491
down €516,491 (-61.8%), from €835,246 to €318,755
of which Trade receivables: -€531,350
- Cash +€327,935
up €327,935 (+274%), from €119,530 to €447,465
mainly Net result for the year (+€594,144) and Receivables within one year (+€516,491)
- Stocks and contracts -€103,760
down €103,760 (-33.2%), from €312,703 to €208,943
of which Contracts in progress: -€85,000
- Other debts +€410,000
up €410,000 (+228%), from €180,000 to €590,000
- Trade debts +€50,024
up €50,024 (+116%), from €42,947 to €92,971
- Tax, wage and social debts +€34,619
up €34,619 (+50.0%), from €69,198 to €103,818
of which Taxes: +€30,112
- Gross operating margin +€430,538
up €430,538 (+48.5%), from €888,056 to €1.3m
- Staff costs +€24,597
up €24,597 (+3.5%), from €695,260 to €719,857
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 | €1,276,306 | €1,775,094 | +€498,788 | +39.1% |
| Fixed assets | 21/28 | €8,827 | €3,113 | -€5,713 | -64.7% |
| Tangible fixed assets | 22/27 | €8,827 | €3,113 | -€5,713 | -64.7% |
| Plant, machinery and equipment | 23 | €6,329 | €1,893 | -€4,435 | -70.1% |
| Furniture and vehicles | 24 | €2,498 | €1,220 | -€1,278 | -51.2% |
| Current assets | 29/58 | €1,267,480 | €1,771,981 | +€504,501 | +39.8% |
| Stocks and contracts in progress | 3 | €312,703 | €208,943 | -€103,760 | -33.2% |
| Stocks | 30/36 | €77,703 | €58,943 | -€18,760 | -24.1% |
| Contracts in progress | 37 | €235,000 | €150,000 | -€85,000 | -36.2% |
| Amounts receivable within one year | 40/41 | €835,246 | €318,755 | -€516,491 | -61.8% |
| Trade receivables | 40 | €813,090 | €281,740 | -€531,350 | -65.3% |
| Other amounts receivable | 41 | €22,156 | €37,015 | +€14,859 | +67.1% |
| Current investments | 50/53 | - | €796,817 | +€796,817 | |
| Cash at bank and in hand | 54/58 | €119,530 | €447,465 | +€327,935 | +274% |
| Total equity and liabilities | 10/49 | €1,276,306 | €1,775,094 | +€498,788 | +39.1% |
| Equity | 10/15 | €984,161 | €988,306 | +€4,144 | +0.4% |
| Contributions | 10/11 | €140,060 | €140,060 | = | 0.0% |
| Reserves | 13 | €848,246 | €848,246 | = | 0.0% |
| Distributable reserves | 133 | €848,246 | €848,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,144 | €0 | +€4,144 | |
| Amounts payable | 17/49 | €292,145 | €786,789 | +€494,644 | +169% |
| Amounts payable within one year | 42/48 | €292,145 | €786,789 | +€494,644 | +169% |
| Trade debts | 44 | €42,947 | €92,971 | +€50,024 | +116% |
| Suppliers | 440/4 | €42,947 | €92,971 | +€50,024 | +116% |
| Taxes, remuneration and social security | 45 | €69,198 | €103,818 | +€34,619 | +50.0% |
| Taxes | 450/3 | €6,009 | €36,121 | +€30,112 | +501% |
| Remuneration and social security | 454/9 | €63,190 | €67,697 | +€4,507 | +7.1% |
| Other amounts payable | 47/48 | €180,000 | €590,000 | +€410,000 | +228% |
| Non-recurring operating income | 76A | €10,263 | €60 | -€10,203 | -99.4% |
| Remuneration, social security and pensions | 62 | €695,260 | €719,857 | +€24,597 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,912 | €5,713 | -€5,198 | -47.6% |
| Other operating charges | 640/8 | €2,421 | €2,366 | -€56 | -2.3% |
| Non-recurring operating charges | 66A | €525 | €0 | -€525 | -100% |
| Gross operating margin | 9900 | €888,056 | €1,318,594 | +€430,538 | +48.5% |
| Operating profit (loss) | 9901 | €178,939 | €590,659 | +€411,720 | +230% |
| Financial income | 75/76B | €19,564 | €18,626 | -€938 | -4.8% |
| Recurring financial income | 75 | €19,564 | €17,858 | -€1,706 | -8.7% |
| Non-recurring financial income | 76B | - | €768 | +€768 | |
| Financial charges | 65/66B | €5,570 | €8,114 | +€2,545 | +45.7% |
| Recurring financial charges | 65 | €5,570 | €8,114 | +€2,545 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | €192,933 | €601,170 | +€408,237 | +212% |
| Income taxes | 67/77 | €5,391 | €7,026 | +€1,635 | +30.3% |
| Profit (loss) for the period | 9904 | €187,542 | €594,144 | +€406,602 | +217% |
| Profit (loss) for the period to be appropriated | 9905 | €187,542 | €594,144 | +€406,602 | +217% |
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 15 October 2026 via checked.be.