Construction & Management: 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 & Management
Largest movements
- Receivables within one year +€162,947
up €162,947 (+47.2%), from €345,052 to €507,999
of which Trade receivables: +€90,667
- Trade debts +€112,647
up €112,647 (+143.4%), from €78,551 to €191,197
- Advances received +€25,574
up €25,574 (+38.4%), from €66,568 to €92,142
- Other debts +€21,558
up €21,558 (+33.1%), from €65,077 to €86,635
- Profit (loss) carried forward +€16,101
new in 2025: €16,101
- Tax, wage and social debts -€15,034
down €15,034 (-33.1%), from €45,464 to €30,429
of which Taxes: -€16,920
- Gross operating margin -€58,344
down €58,344 (-53.5%), from €109,036 to €50,692
- Staff costs -€25,008
down €25,008 (-65.3%), from €38,301 to €13,292
- Taxes -€9,362
down €9,362 (-64.5%), from €14,508 to €5,145
- Financial charges -€1,936
down €1,936 (-26.1%), from €7,405 to €5,469
- Other operating charges +€1,421
up €1,421 (+316.2%), from €449 to €1,870
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 | €375,336 | €534,383 | +€159,047 | +42.4% |
| Fixed assets | 21/28 | €30,284 | €26,356 | -€3,928 | -13.0% |
| Tangible fixed assets | 22/27 | €17,784 | €13,856 | -€3,928 | -22.1% |
| Plant, machinery and equipment | 23 | €13,776 | €11,027 | -€2,749 | -20.0% |
| Furniture and vehicles | 24 | €4,008 | €2,828 | -€1,179 | -29.4% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €345,052 | €508,028 | +€162,975 | +47.2% |
| Amounts receivable within one year | 40/41 | €345,052 | €507,999 | +€162,947 | +47.2% |
| Trade receivables | 40 | €23,828 | €114,494 | +€90,667 | +380.5% |
| Other amounts receivable | 41 | €321,225 | €393,505 | +€72,280 | +22.5% |
| Cash at bank and in hand | 54/58 | - | €29 | +€29 | |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €375,336 | €534,383 | +€159,047 | +42.4% |
| Equity | 10/15 | €67,999 | €84,101 | +€16,101 | +23.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €62,999 | €62,999 | = | 0.0% |
| Distributable reserves | 133 | €62,999 | €62,999 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €16,101 | +€16,101 | |
| Amounts payable | 17/49 | €307,337 | €450,282 | +€142,946 | +46.5% |
| Amounts payable within one year | 42/48 | €304,702 | €450,282 | +€145,580 | +47.8% |
| Financial debts | 43 | €49,042 | €49,879 | +€836 | +1.7% |
| Credit institutions | 430/8 | €49,042 | €49,879 | +€836 | +1.7% |
| Trade debts | 44 | €78,551 | €191,197 | +€112,647 | +143.4% |
| Suppliers | 440/4 | €78,551 | €191,197 | +€112,647 | +143.4% |
| Advances received on contracts in progress | 46 | €66,568 | €92,142 | +€25,574 | +38.4% |
| Taxes, remuneration and social security | 45 | €45,464 | €30,429 | -€15,034 | -33.1% |
| Taxes | 450/3 | €41,131 | €24,211 | -€16,920 | -41.1% |
| Remuneration and social security | 454/9 | €4,332 | €6,218 | +€1,886 | +43.5% |
| Other amounts payable | 47/48 | €65,077 | €86,635 | +€21,558 | +33.1% |
| Accrued charges and deferred income | 492/3 | €2,635 | - | -€2,635 | |
| Non-recurring operating income | 76A | - | €1,154 | +€1,154 | |
| Remuneration, social security and pensions | 62 | €38,301 | €13,292 | -€25,008 | -65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,518 | €8,816 | -€702 | -7.4% |
| Other operating charges | 640/8 | €449 | €1,870 | +€1,421 | +316.2% |
| Gross operating margin | 9900 | €109,036 | €50,692 | -€58,344 | -53.5% |
| Operating profit (loss) | 9901 | €60,768 | €26,714 | -€34,054 | -56.0% |
| Financial income | 75/76B | €1 | €2 | +€0 | +35.1% |
| Recurring financial income | 75 | €1 | €2 | +€0 | +35.1% |
| Financial charges | 65/66B | €7,405 | €5,469 | -€1,936 | -26.1% |
| Recurring financial charges | 65 | €7,405 | €5,469 | -€1,936 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €53,364 | €21,247 | -€32,118 | -60.2% |
| Income taxes | 67/77 | €14,508 | €5,145 | -€9,362 | -64.5% |
| Profit (loss) for the period | 9904 | €38,857 | €16,101 | -€22,756 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,857 | €16,101 | -€22,756 | -58.6% |
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.