CORE CONSTRUCT: 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.
CORE CONSTRUCT
Largest movements
- Tangible fixed assets +€46,039
up €46,039 (+8.5%), from €544,315 to €590,354
of which Land and buildings: +€46,159
- Cash -€20,931
down €20,931 (-89.1%), from €23,502 to €2,571
mainly Investment in fixed assets (net) (-€76,145) and Provisions (-€15,142)
- Profit (loss) carried forward +€53,797
up €53,797 (+19.6%), from -€275,048 to -€221,251
- Reserves -€45,426
down €45,426 (-28.3%), from €160,666 to €115,240
- Trade debts +€20,331
up €20,331 (+140.7%), from €14,455 to €34,786
- Provisions -€15,142
down €15,142 (-28.3%), from €53,555 to €38,413
- Gross operating margin +€53,825
up €53,825, from -€4,056 to €49,769
- Depreciation +€15,314
up €15,314 (+103.5%), from €14,792 to €30,106
- Financial charges +€5,088
up €5,088 (+37.3%), from €13,640 to €18,728
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 | €571,743 | €596,586 | +€24,843 | +4.3% |
| Fixed assets | 21/28 | €544,315 | €590,354 | +€46,039 | +8.5% |
| Tangible fixed assets | 22/27 | €544,315 | €590,354 | +€46,039 | +8.5% |
| Land and buildings | 22 | €544,075 | €590,234 | +€46,159 | +8.5% |
| Furniture and vehicles | 24 | €240 | €120 | -€120 | -50.0% |
| Current assets | 29/58 | €27,428 | €6,232 | -€21,196 | -77.3% |
| Amounts receivable within one year | 40/41 | €3,926 | €2,216 | -€1,710 | -43.6% |
| Trade receivables | 40 | €1,200 | - | -€1,200 | |
| Other amounts receivable | 41 | €2,726 | €2,216 | -€510 | -18.7% |
| Cash at bank and in hand | 54/58 | €23,502 | €2,571 | -€20,931 | -89.1% |
| Deferred charges and accrued income | 490/1 | - | €1,445 | +€1,445 | |
| Total equity and liabilities | 10/49 | €571,743 | €596,586 | +€24,843 | +4.3% |
| Equity | 10/15 | -€48,182 | -€39,811 | +€8,371 | +17.4% |
| Contributions | 10/11 | €66,200 | €66,200 | = | 0.0% |
| Reserves | 13 | €160,666 | €115,240 | -€45,426 | -28.3% |
| Tax-exempt reserves | 132 | €160,666 | €115,240 | -€45,426 | -28.3% |
| Profit (loss) carried forward | 14 | -€275,048 | -€221,251 | +€53,797 | +19.6% |
| Provisions and deferred taxes | 16 | €53,555 | €38,413 | -€15,142 | -28.3% |
| Deferred taxes | 168 | €53,555 | €38,413 | -€15,142 | -28.3% |
| Amounts payable | 17/49 | €566,370 | €597,984 | +€31,614 | +5.6% |
| Amounts payable after more than one year | 17 | €377,033 | €380,221 | +€3,188 | +0.8% |
| Financial debts | 170/4 | €377,033 | €370,021 | -€7,012 | -1.9% |
| Other amounts payable | 178/9 | - | €10,200 | +€10,200 | |
| Amounts payable within one year | 42/48 | €189,337 | €215,688 | +€26,351 | +13.9% |
| Financial debts | 43 | €13,677 | €16,991 | +€3,314 | +24.2% |
| Credit institutions | 430/8 | €13,677 | €16,991 | +€3,314 | +24.2% |
| Trade debts | 44 | €14,455 | €34,786 | +€20,331 | +140.7% |
| Suppliers | 440/4 | €14,455 | €34,786 | +€20,331 | +140.7% |
| Other amounts payable | 47/48 | €161,205 | €163,911 | +€2,706 | +1.7% |
| Accrued charges and deferred income | 492/3 | - | €2,075 | +€2,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,792 | €30,106 | +€15,314 | +103.5% |
| Other operating charges | 640/8 | €7,688 | €7,706 | +€18 | +0.2% |
| Gross operating margin | 9900 | -€4,056 | €49,769 | +€53,825 | |
| Operating profit (loss) | 9901 | -€26,536 | €11,957 | +€38,493 | |
| Financial charges | 65/66B | €13,640 | €18,728 | +€5,088 | +37.3% |
| Recurring financial charges | 65 | €13,640 | €18,728 | +€5,088 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | -€40,176 | -€6,771 | +€33,405 | +83.1% |
| Transfer from deferred taxes | 780 | €1,346 | €15,142 | +€13,796 | +1025.0% |
| Profit (loss) for the period | 9904 | -€38,830 | €8,371 | +€47,201 | |
| Transfer from tax-exempt reserves | 789 | €4,036 | €45,426 | +€41,390 | +1025.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,794 | €53,797 | +€88,591 |
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.