Construbel: 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.
Construbel
Largest movements
- Tangible fixed assets +€731,514
up €731,514 (+81.2%), from €900,606 to €1.6m
of which Land and buildings: +€734,429
- Cash +€223,744
up €223,744 (+228.5%), from €97,903 to €321,647
mainly Debts after one year (+€1.1m) and Trade debts (+€291,568)
- Receivables within one year +€60,570
up €60,570 (+5.6%), from €1.1m to €1.1m
of which Other amounts receivable: +€34,282
- Debts after one year +€1.1m
up €1.1m (+353.5%), from €301,867 to €1.4m
- Trade debts +€291,568
up €291,568 (+105.1%), from €277,544 to €569,112
- Current portion of long-term debt -€280,194
down €280,194 (-73.5%), from €381,243 to €101,049
- Reserves -€81,818
down €81,818 (-14.6%), from €558,636 to €476,818
- Gross operating margin +€364,784
up €364,784 (+44.0%), from €828,815 to €1.2m
- Staff costs +€247,725
up €247,725 (+32.1%), from €771,056 to €1.0m
- Write-downs +€68,650
up €68,650, from -€39,046 to €29,603
- Depreciation +€46,190
up €46,190 (+198.3%), from €23,287 to €69,477
- Other operating charges +€14,152
up €14,152 (+141.9%), from €9,974 to €24,126
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 | €2,278,360 | €3,292,787 | +€1.0m | +44.5% |
| Fixed assets | 21/28 | €935,012 | €1,665,792 | +€730,779 | +78.2% |
| Tangible fixed assets | 22/27 | €900,606 | €1,632,120 | +€731,514 | +81.2% |
| Land and buildings | 22 | €883,797 | €1,618,226 | +€734,429 | +83.1% |
| Furniture and vehicles | 24 | €16,809 | €13,894 | -€2,915 | -17.3% |
| Financial fixed assets | 28 | €34,407 | €33,672 | -€735 | -2.1% |
| Current assets | 29/58 | €1,343,347 | €1,626,995 | +€283,648 | +21.1% |
| Stocks and contracts in progress | 3 | €138,536 | €138,536 | = | 0.0% |
| Stocks | 30/36 | €138,536 | €138,536 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,074,688 | €1,135,258 | +€60,570 | +5.6% |
| Trade receivables | 40 | €1,021,887 | €1,048,175 | +€26,288 | +2.6% |
| Other amounts receivable | 41 | €52,801 | €87,083 | +€34,282 | +64.9% |
| Cash at bank and in hand | 54/58 | €97,903 | €321,647 | +€223,744 | +228.5% |
| Deferred charges and accrued income | 490/1 | €32,220 | €31,555 | -€665 | -2.1% |
| Total equity and liabilities | 10/49 | €2,278,360 | €3,292,787 | +€1.0m | +44.5% |
| Equity | 10/15 | €935,413 | €854,022 | -€81,391 | -8.7% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €558,636 | €476,818 | -€81,818 | -14.6% |
| Non-distributable reserves | 130/1 | €558,636 | €476,818 | -€81,818 | -14.6% |
| Other | 1319 | €558,636 | €476,818 | -€81,818 | -14.6% |
| Profit (loss) carried forward | 14 | €343,776 | €344,204 | +€427 | +0.1% |
| Amounts payable | 17/49 | €1,342,947 | €2,438,765 | +€1.1m | +81.6% |
| Amounts payable after more than one year | 17 | €301,867 | €1,368,858 | +€1.1m | +353.5% |
| Financial debts | 170/4 | €301,867 | €1,368,858 | +€1.1m | +353.5% |
| Amounts payable within one year | 42/48 | €1,041,080 | €1,069,908 | +€28,827 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €381,243 | €101,049 | -€280,194 | -73.5% |
| Trade debts | 44 | €277,544 | €569,112 | +€291,568 | +105.1% |
| Suppliers | 440/4 | €277,544 | €569,112 | +€291,568 | +105.1% |
| Taxes, remuneration and social security | 45 | €77,632 | €91,659 | +€14,027 | +18.1% |
| Taxes | 450/3 | €13,657 | €31,830 | +€18,173 | +133.1% |
| Remuneration and social security | 454/9 | €63,975 | €59,829 | -€4,146 | -6.5% |
| Other amounts payable | 47/48 | €304,661 | €308,088 | +€3,427 | +1.1% |
| Remuneration, social security and pensions | 62 | €771,056 | €1,018,781 | +€247,725 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,287 | €69,477 | +€46,190 | +198.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,046 | €29,603 | +€68,650 | |
| Other operating charges | 640/8 | €9,974 | €24,126 | +€14,152 | +141.9% |
| Non-recurring operating charges | 66A | €622 | €127 | -€495 | -79.6% |
| Gross operating margin | 9900 | €828,815 | €1,193,600 | +€364,784 | +44.0% |
| Operating profit (loss) | 9901 | €62,923 | €51,486 | -€11,437 | -18.2% |
| Financial income | 75/76B | €1,429 | €5,163 | +€3,734 | +261.3% |
| Recurring financial income | 75 | €1,429 | €5,163 | +€3,734 | +261.3% |
| Financial charges | 65/66B | €41,075 | €45,411 | +€4,336 | +10.6% |
| Recurring financial charges | 65 | €41,075 | €45,411 | +€4,336 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €23,277 | €11,238 | -€12,039 | -51.7% |
| Income taxes | 67/77 | €8,839 | €1,720 | -€7,119 | -80.5% |
| Profit (loss) for the period | 9904 | €14,438 | €9,518 | -€4,920 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,438 | €9,518 | -€4,920 | -34.1% |
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 9 October 2026 via checked.be.