CONSTRUCTION ESTATE DEVELOPMENT: 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 ESTATE DEVELOPMENT
Largest movements
- Tangible fixed assets -€45,344
down €45,344 (-11.1%), from €408,330 to €362,986
of which Other tangible fixed assets: -€25,936
- Cash -€24,705
down €24,705 (-75.4%), from €32,769 to €8,064
mainly Other debts (-€42,411) and Net result for the year (-€18,393)
- Other debts -€42,411
down €42,411 (-13.1%), from €324,600 to €282,189
- Profit (loss) carried forward -€13,674
down €13,674 (-5.1%), from -€265,754 to -€279,428
- Debts after one year -€10,970
down €10,970 (-9.7%), from €112,687 to €101,718
- Reserves -€4,719
down €4,719 (-3.8%), from €123,707 to €118,989
of which Tax-exempt reserves: -€4,719
- Gross operating margin +€16,163
up €16,163 (+65.0%), from €24,847 to €41,010
- Other operating charges +€2,090
up €2,090 (+19.3%), from €10,813 to €12,903
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 | €444,480 | €373,819 | -€70,662 | -15.9% |
| Fixed assets | 21/28 | €409,062 | €363,717 | -€45,344 | -11.1% |
| Tangible fixed assets | 22/27 | €408,330 | €362,986 | -€45,344 | -11.1% |
| Land and buildings | 22 | €284,675 | €265,529 | -€19,146 | -6.7% |
| Furniture and vehicles | 24 | €262 | - | -€262 | |
| Other tangible fixed assets | 26 | €123,393 | €97,457 | -€25,936 | -21.0% |
| Financial fixed assets | 28 | €731 | €731 | = | 0.0% |
| Current assets | 29/58 | €35,419 | €10,101 | -€25,318 | -71.5% |
| Amounts receivable within one year | 40/41 | €2,650 | €2,037 | -€612 | -23.1% |
| Trade receivables | 40 | €752 | €840 | +€87 | +11.6% |
| Other amounts receivable | 41 | €1,897 | €1,198 | -€700 | -36.9% |
| Cash at bank and in hand | 54/58 | €32,769 | €8,064 | -€24,705 | -75.4% |
| Total equity and liabilities | 10/49 | €444,480 | €373,819 | -€70,662 | -15.9% |
| Equity | 10/15 | -€50,046 | -€68,439 | -€18,393 | -36.8% |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Capital | 10 | €92,000 | €92,000 | = | 0.0% |
| Issued capital | 100 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €123,707 | €118,989 | -€4,719 | -3.8% |
| Non-distributable reserves | 130/1 | €7,200 | €7,200 | = | 0.0% |
| Legal reserve | 130 | €7,200 | €7,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,507 | €81,789 | -€4,719 | -5.5% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€265,754 | -€279,428 | -€13,674 | -5.1% |
| Provisions and deferred taxes | 16 | €44,543 | €42,114 | -€2,430 | -5.5% |
| Deferred taxes | 168 | €44,543 | €42,114 | -€2,430 | -5.5% |
| Amounts payable | 17/49 | €449,983 | €400,144 | -€49,840 | -11.1% |
| Amounts payable after more than one year | 17 | €112,687 | €101,718 | -€10,970 | -9.7% |
| Financial debts | 170/4 | €112,687 | €101,718 | -€10,970 | -9.7% |
| Amounts payable within one year | 42/48 | €336,296 | €295,626 | -€40,670 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €9,067 | €10,136 | +€1,069 | +11.8% |
| Trade debts | 44 | €2,508 | €3,301 | +€794 | +31.6% |
| Suppliers | 440/4 | €2,508 | €3,301 | +€794 | +31.6% |
| Taxes, remuneration and social security | 45 | €122 | - | -€122 | |
| Taxes | 450/3 | €122 | - | -€122 | |
| Other amounts payable | 47/48 | €324,600 | €282,189 | -€42,411 | -13.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €2,800 | +€1,800 | +180.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,468 | €45,344 | -€124 | -0.3% |
| Other operating charges | 640/8 | €10,813 | €12,903 | +€2,090 | +19.3% |
| Non-recurring operating charges | 66A | €12,230 | - | -€12,230 | |
| Gross operating margin | 9900 | €24,847 | €41,010 | +€16,163 | +65.0% |
| Operating profit (loss) | 9901 | -€43,664 | -€17,237 | +€26,427 | +60.5% |
| Financial income | 75/76B | €45 | €6 | -€39 | -86.6% |
| Recurring financial income | 75 | €45 | €6 | -€39 | -86.6% |
| Financial charges | 65/66B | €3,308 | €3,590 | +€282 | +8.5% |
| Recurring financial charges | 65 | €3,303 | €3,590 | +€287 | +8.7% |
| Non-recurring financial charges | 66B | €5 | - | -€5 | |
| Profit (loss) for the period before taxes | 9903 | -€46,927 | -€20,820 | +€26,106 | +55.6% |
| Transfer from deferred taxes | 780 | €2,430 | €2,430 | = | 0.0% |
| Income taxes | 67/77 | €67 | €2 | -€66 | -97.3% |
| Profit (loss) for the period | 9904 | -€44,564 | -€18,393 | +€26,172 | +58.7% |
| Transfer from tax-exempt reserves | 789 | €4,719 | €4,719 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,846 | -€13,674 | +€26,172 | +65.7% |
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 5 October 2026 via checked.be.