CONSTRUCTION: 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.
CONSTRUCTION
Largest movements
- Receivables after one year -€66,397
down €66,397 (-26.2%), from €253,828 to €187,431
- Deferred charges and accrued income +€5,760
up €5,760 (+41.1%), from €14,018 to €19,778
- Short-term financial debts -€54,556
down €54,556 (-29.2%), from €186,556 to €132,000
- Trade debts -€17,391
down €17,391 (-25.2%), from €68,895 to €51,504
- Other debts +€8,024
new in 2025: €8,024
- Tax, wage and social debts +€4,922
up €4,922 (+130.7%), from €3,767 to €8,689
- Gross operating margin -€6,052
down €6,052 (-31.1%), from €19,458 to €13,406
- Financial charges -€5,144
down €5,144 (-30.0%), from €17,136 to €11,992
- Taxes +€1,791
up €1,791 (+52.5%), from €3,414 to €5,205
- Financial income -€1,258
down €1,258 (-17.0%), from €7,381 to €6,123
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 | €375,328 | €317,520 | -€57,808 | -15.4% |
| Fixed assets | 21/28 | €88,896 | €88,720 | -€176 | -0.2% |
| Tangible fixed assets | 22/27 | €88,896 | €88,720 | -€176 | -0.2% |
| Land and buildings | 22 | €88,896 | €88,720 | -€176 | -0.2% |
| Current assets | 29/58 | €286,432 | €228,800 | -€57,632 | -20.1% |
| Amounts receivable after more than one year | 29 | €253,828 | €187,431 | -€66,397 | -26.2% |
| Other amounts receivable | 291 | €253,828 | €187,431 | -€66,397 | -26.2% |
| Amounts receivable within one year | 40/41 | €18,570 | €21,570 | +€3,000 | +16.2% |
| Trade receivables | 40 | €18,510 | €21,570 | +€3,060 | +16.5% |
| Other amounts receivable | 41 | €60 | €0 | -€60 | -100.0% |
| Cash at bank and in hand | 54/58 | €15 | €21 | +€6 | +37.5% |
| Deferred charges and accrued income | 490/1 | €14,018 | €19,778 | +€5,760 | +41.1% |
| Total equity and liabilities | 10/49 | €375,328 | €317,520 | -€57,808 | -15.4% |
| Equity | 10/15 | €116,110 | €117,214 | +€1,104 | +1.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €41,886 | €42,990 | +€1,104 | +2.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €35,686 | €36,790 | +€1,104 | +3.1% |
| Profit (loss) carried forward | 14 | €12,251 | €12,251 | = | 0.0% |
| Amounts payable | 17/49 | €259,218 | €200,306 | -€58,911 | -22.7% |
| Amounts payable within one year | 42/48 | €259,218 | €200,217 | -€59,001 | -22.8% |
| Financial debts | 43 | €186,556 | €132,000 | -€54,556 | -29.2% |
| Credit institutions | 430/8 | €186,556 | €132,000 | -€54,556 | -29.2% |
| Trade debts | 44 | €68,895 | €51,504 | -€17,391 | -25.2% |
| Suppliers | 440/4 | €68,895 | €51,504 | -€17,391 | -25.2% |
| Taxes, remuneration and social security | 45 | €3,767 | €8,689 | +€4,922 | +130.7% |
| Taxes | 450/3 | €3,767 | €8,689 | +€4,922 | +130.7% |
| Other amounts payable | 47/48 | - | €8,024 | +€8,024 | |
| Accrued charges and deferred income | 492/3 | - | €89 | +€89 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176 | €176 | = | 0.0% |
| Other operating charges | 640/8 | €972 | €1,053 | +€81 | +8.3% |
| Gross operating margin | 9900 | €19,458 | €13,406 | -€6,052 | -31.1% |
| Operating profit (loss) | 9901 | €18,310 | €12,177 | -€6,133 | -33.5% |
| Financial income | 75/76B | €7,381 | €6,123 | -€1,258 | -17.0% |
| Recurring financial income | 75 | €7,381 | €6,123 | -€1,258 | -17.0% |
| Financial charges | 65/66B | €17,136 | €11,992 | -€5,144 | -30.0% |
| Recurring financial charges | 65 | €17,136 | €11,992 | -€5,144 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €8,555 | €6,309 | -€2,247 | -26.3% |
| Income taxes | 67/77 | €3,414 | €5,205 | +€1,791 | +52.5% |
| Profit (loss) for the period | 9904 | €5,141 | €1,104 | -€4,038 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,141 | €1,104 | -€4,038 | -78.5% |
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.