CONSTRUHOLD: 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.
CONSTRUHOLD
Largest movements
- Receivables after one year +€1.2m
up €1.2m (+982%), from €119,687 to €1.3m
- Tangible fixed assets -€572,053
down €572,053 (-5.5%), from €10.5m to €9.9m
of which Land and buildings: -€572,053
- Cash +€435,496
up €435,496 (+34.9%), from €1.2m to €1.7m
mainly Short-term financial debts (+€800,000) and Depreciation (+€572,053)
- Receivables within one year -€334,716
down €334,716 (-30.8%), from €1.1m to €750,390
of which Other amounts receivable: -€314,021
- Short-term financial debts +€800,000
new in 2025: €800,000
- Reserves +€450,440
up €450,440 (+3.6%), from €12.7m to €13.1m
of which Distributable reserves: +€573,383
- Debts after one year -€378,328
down €378,328 (-6.4%), from €5.9m to €5.6m
of which Financial debts: -€394,753
- Trade debts -€337,033
down €337,033 (-96.8%), from €348,208 to €11,175
- Taxes +€200,010
up €200,010 (+336%), from €59,570 to €259,580
- Gross operating margin +€159,874
up €159,874 (+16.1%), from €993,671 to €1.2m
- Depreciation +€84,572
up €84,572 (+17.3%), from €487,481 to €572,053
- Other operating charges -€61,727
down €61,727 (-83.7%), from €73,705 to €11,978
- Financial income +€53,775
up €53,775 (+12.3%), from €437,197 to €490,973
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 | €20,202,798 | €20,948,840 | +€746,042 | +3.7% |
| Fixed assets | 21/28 | €12,813,248 | €12,241,195 | -€572,053 | -4.5% |
| Tangible fixed assets | 22/27 | €10,477,461 | €9,905,408 | -€572,053 | -5.5% |
| Land and buildings | 22 | €10,473,961 | €9,901,908 | -€572,053 | -5.5% |
| Furniture and vehicles | 24 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €2,335,787 | €2,335,787 | = | 0.0% |
| Current assets | 29/58 | €7,389,551 | €8,707,645 | +€1.3m | +17.8% |
| Amounts receivable after more than one year | 29 | €119,687 | €1,294,894 | +€1.2m | +982% |
| Other amounts receivable | 291 | €119,687 | €1,294,894 | +€1.2m | +982% |
| Amounts receivable within one year | 40/41 | €1,085,106 | €750,390 | -€334,716 | -30.8% |
| Trade receivables | 40 | €402,850 | €382,155 | -€20,695 | -5.1% |
| Other amounts receivable | 41 | €682,256 | €368,235 | -€314,021 | -46.0% |
| Current investments | 50/53 | €4,924,266 | €4,966,207 | +€41,941 | +0.9% |
| Cash at bank and in hand | 54/58 | €1,248,014 | €1,683,510 | +€435,496 | +34.9% |
| Deferred charges and accrued income | 490/1 | €12,478 | €12,644 | +€166 | +1.3% |
| Total equity and liabilities | 10/49 | €20,202,798 | €20,948,840 | +€746,042 | +3.7% |
| Equity | 10/15 | €13,173,696 | €13,624,136 | +€450,440 | +3.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €12,673,696 | €13,124,136 | +€450,440 | +3.6% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €507,137 | €384,194 | -€122,943 | -24.2% |
| Distributable reserves | 133 | €12,116,558 | €12,689,942 | +€573,383 | +4.7% |
| Provisions and deferred taxes | 16 | €198,846 | €147,761 | -€51,085 | -25.7% |
| Deferred taxes | 168 | €198,846 | €147,761 | -€51,085 | -25.7% |
| Amounts payable | 17/49 | €6,830,256 | €7,176,943 | +€346,686 | +5.1% |
| Amounts payable after more than one year | 17 | €5,949,483 | €5,571,155 | -€378,328 | -6.4% |
| Financial debts | 170/4 | €5,910,182 | €5,515,429 | -€394,753 | -6.7% |
| Other amounts payable | 178/9 | €39,301 | €55,726 | +€16,425 | +41.8% |
| Amounts payable within one year | 42/48 | €640,707 | €1,223,392 | +€582,685 | +90.9% |
| Current portion of amounts payable after more than one year | 42 | €211,553 | €211,553 | = | 0.0% |
| Financial debts | 43 | - | €800,000 | +€800,000 | |
| Credit institutions | 430/8 | - | €800,000 | +€800,000 | |
| Trade debts | 44 | €348,208 | €11,175 | -€337,033 | -96.8% |
| Suppliers | 440/4 | €348,208 | €11,175 | -€337,033 | -96.8% |
| Taxes, remuneration and social security | 45 | €80,947 | €200,665 | +€119,718 | +148% |
| Taxes | 450/3 | €80,947 | €200,665 | +€119,718 | +148% |
| Accrued charges and deferred income | 492/3 | €240,066 | €382,395 | +€142,329 | +59.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €487,481 | €572,053 | +€84,572 | +17.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,892 | +€14,892 | |
| Other operating charges | 640/8 | €73,705 | €11,978 | -€61,727 | -83.7% |
| Gross operating margin | 9900 | €993,671 | €1,153,545 | +€159,874 | +16.1% |
| Operating profit (loss) | 9901 | €432,485 | €554,623 | +€122,137 | +28.2% |
| Financial income | 75/76B | €437,197 | €490,973 | +€53,775 | +12.3% |
| Recurring financial income | 75 | €437,197 | €490,973 | +€53,775 | +12.3% |
| Financial charges | 65/66B | €382,130 | €386,660 | +€4,530 | +1.2% |
| Recurring financial charges | 65 | €382,130 | €386,660 | +€4,530 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €487,553 | €658,935 | +€171,383 | +35.2% |
| Transfer from deferred taxes | 780 | €14,699 | €51,085 | +€36,386 | +248% |
| Income taxes | 67/77 | €59,570 | €259,580 | +€200,010 | +336% |
| Profit (loss) for the period | 9904 | €442,682 | €450,440 | +€7,758 | +1.8% |
| Transfer from tax-exempt reserves | 789 | €35,840 | €122,943 | +€87,103 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €478,522 | €573,383 | +€94,861 | +19.8% |
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 14 October 2026 via checked.be.