CORE CONSTRUCT: 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.
CORE CONSTRUCT
Largest movements
- Cash +€17,675
up €17,675 (+19.4%), from €91,061 to €108,736
mainly Net result for the year (+€99,954) and Current investments (+€9,093)
- Current investments -€9,093
down €9,093 (-3.2%), from €285,888 to €276,795
- Reserves +€17,954
up €17,954 (+5.4%), from €334,687 to €352,641
of which Distributable reserves: +€17,954
- Tax, wage and social debts -€8,931
down €8,931 (-29.1%), from €30,710 to €21,779
- Trade debts +€8,131
up €8,131 (+76.4%), from €10,638 to €18,769
- Other debts -€5,686
down €5,686 (-66.0%), from €8,618 to €2,932
- Gross operating margin -€24,063
down €24,063 (-15.1%), from €159,210 to €135,147
- Financial income +€11,224
up €11,224 (+1,179%), from €952 to €12,176
- Taxes -€4,931
down €4,931 (-10.8%), from €45,666 to €40,736
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 | €397,102 | €408,540 | +€11,438 | +2.9% |
| Fixed assets | 21/28 | €19,059 | €21,634 | +€2,575 | +13.5% |
| Tangible fixed assets | 22/27 | €19,059 | €21,634 | +€2,575 | +13.5% |
| Plant, machinery and equipment | 23 | €1,750 | €1,260 | -€490 | -28.0% |
| Furniture and vehicles | 24 | - | €5,587 | +€5,587 | |
| Other tangible fixed assets | 26 | €17,309 | €14,787 | -€2,522 | -14.6% |
| Current assets | 29/58 | €378,043 | €386,906 | +€8,863 | +2.3% |
| Amounts receivable within one year | 40/41 | - | €117 | +€117 | |
| Other amounts receivable | 41 | - | €117 | +€117 | |
| Current investments | 50/53 | €285,888 | €276,795 | -€9,093 | -3.2% |
| Cash at bank and in hand | 54/58 | €91,061 | €108,736 | +€17,675 | +19.4% |
| Deferred charges and accrued income | 490/1 | €1,094 | €1,259 | +€164 | +15.0% |
| Total equity and liabilities | 10/49 | €397,102 | €408,540 | +€11,438 | +2.9% |
| Equity | 10/15 | €347,106 | €365,060 | +€17,954 | +5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €334,687 | €352,641 | +€17,954 | +5.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €332,827 | €350,781 | +€17,954 | +5.4% |
| Profit (loss) carried forward | 14 | €19 | €19 | = | 0.0% |
| Amounts payable | 17/49 | €49,996 | €43,480 | -€6,516 | -13.0% |
| Amounts payable within one year | 42/48 | €49,966 | €43,480 | -€6,486 | -13.0% |
| Trade debts | 44 | €10,638 | €18,769 | +€8,131 | +76.4% |
| Suppliers | 440/4 | €10,638 | €18,769 | +€8,131 | +76.4% |
| Taxes, remuneration and social security | 45 | €30,710 | €21,779 | -€8,931 | -29.1% |
| Taxes | 450/3 | €30,710 | €21,779 | -€8,931 | -29.1% |
| Other amounts payable | 47/48 | €8,618 | €2,932 | -€5,686 | -66.0% |
| Accrued charges and deferred income | 492/3 | €30 | - | -€30 | |
| Non-recurring operating income | 76A | €13,987 | - | -€13,987 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,025 | €4,089 | +€1,064 | +35.2% |
| Other operating charges | 640/8 | €620 | €572 | -€48 | -7.7% |
| Gross operating margin | 9900 | €159,210 | €135,147 | -€24,063 | -15.1% |
| Operating profit (loss) | 9901 | €155,564 | €130,486 | -€25,079 | -16.1% |
| Financial income | 75/76B | €952 | €12,176 | +€11,224 | +1,179% |
| Recurring financial income | 75 | €952 | €12,176 | +€11,224 | +1,179% |
| Financial charges | 65/66B | €831 | €1,972 | +€1,141 | +137% |
| Recurring financial charges | 65 | €831 | €1,972 | +€1,141 | +137% |
| Profit (loss) for the period before taxes | 9903 | €155,686 | €140,690 | -€14,996 | -9.6% |
| Income taxes | 67/77 | €45,666 | €40,736 | -€4,931 | -10.8% |
| Profit (loss) for the period | 9904 | €110,019 | €99,954 | -€10,065 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €110,019 | €99,954 | -€10,065 | -9.1% |
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 16 October 2026 via checked.be.