CSTRUCT: 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.
CSTRUCT
Largest movements
- Stocks and contracts +€549,787
up €549,787 (+203%), from €270,882 to €820,669
- Cash -€174,954
down €174,954 (-95.0%), from €184,181 to €9,226
mainly Stocks and contracts (-€549,787) and Debts after one year (-€147,000)
- Receivables within one year +€92,384
up €92,384 (+89.4%), from €103,288 to €195,672
of which Other amounts receivable: +€114,852
- Trade debts +€164,255
up €164,255 (+120%), from €137,214 to €301,470
- Debts after one year -€147,000
down €147,000 (-64.8%), from €227,000 to €80,000
- Short-term financial debts +€140,000
up €140,000, from €0 to €140,000
- Advances received +€127,812
up €127,812, from €0 to €127,812
- Reserves +€96,320
up €96,320 (+71.8%), from €134,233 to €230,553
- Gross operating margin +€95,456
up €95,456 (+214%), from €44,628 to €140,085
- Taxes +€29,647
up €29,647 (+158%), from €18,709 to €48,356
- Financial income -€24,786
down €24,786 (-48.4%), from €51,176 to €26,391
- Financial charges +€6,333
up €6,333 (+51.5%), from €12,290 to €18,623
- Other operating charges -€2,260
down €2,260 (-41.6%), from €5,436 to €3,176
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 | €927,538 | €1,396,728 | +€469,190 | +50.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | - | €10,642 | +€10,642 | |
| Financial fixed assets | 28 | - | €10,642 | +€10,642 | |
| Current assets | 29/58 | €927,538 | €1,386,086 | +€458,549 | +49.4% |
| Stocks and contracts in progress | 3 | €270,882 | €820,669 | +€549,787 | +203% |
| Stocks | 30/36 | €270,882 | €820,669 | +€549,787 | +203% |
| Amounts receivable within one year | 40/41 | €103,288 | €195,672 | +€92,384 | +89.4% |
| Trade receivables | 40 | €96,420 | €73,952 | -€22,468 | -23.3% |
| Other amounts receivable | 41 | €6,868 | €121,720 | +€114,852 | +1,672% |
| Current investments | 50/53 | €365,865 | €360,360 | -€5,505 | -1.5% |
| Cash at bank and in hand | 54/58 | €184,181 | €9,226 | -€174,954 | -95.0% |
| Deferred charges and accrued income | 490/1 | €3,323 | €160 | -€3,163 | -95.2% |
| Total equity and liabilities | 10/49 | €927,538 | €1,396,728 | +€469,190 | +50.6% |
| Equity | 10/15 | €254,233 | €350,553 | +€96,320 | +37.9% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €134,233 | €230,553 | +€96,320 | +71.8% |
| Distributable reserves | 133 | €134,233 | €230,553 | +€96,320 | +71.8% |
| Profit (loss) carried forward | 14 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €673,305 | €1,046,175 | +€372,870 | +55.4% |
| Amounts payable after more than one year | 17 | €227,000 | €80,000 | -€147,000 | -64.8% |
| Financial debts | 170/4 | €227,000 | €80,000 | -€147,000 | -64.8% |
| Amounts payable within one year | 42/48 | €442,676 | €962,975 | +€520,299 | +118% |
| Financial debts | 43 | €0 | €140,000 | +€140,000 | |
| Credit institutions | 430/8 | €0 | €140,000 | +€140,000 | |
| Trade debts | 44 | €137,214 | €301,470 | +€164,255 | +120% |
| Suppliers | 440/4 | €137,214 | €301,470 | +€164,255 | +120% |
| Advances received on contracts in progress | 46 | €0 | €127,812 | +€127,812 | |
| Taxes, remuneration and social security | 45 | €12,021 | €20,453 | +€8,432 | +70.1% |
| Taxes | 450/3 | €12,021 | €20,453 | +€8,432 | +70.1% |
| Other amounts payable | 47/48 | €293,440 | €373,240 | +€79,800 | +27.2% |
| Accrued charges and deferred income | 492/3 | €3,629 | €3,200 | -€429 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197 | €0 | -€197 | -100% |
| Other operating charges | 640/8 | €5,436 | €3,176 | -€2,260 | -41.6% |
| Gross operating margin | 9900 | €44,628 | €140,085 | +€95,456 | +214% |
| Operating profit (loss) | 9901 | €38,995 | €136,909 | +€97,914 | +251% |
| Financial income | 75/76B | €51,176 | €26,391 | -€24,786 | -48.4% |
| Recurring financial income | 75 | €51,176 | €26,391 | -€24,786 | -48.4% |
| Financial charges | 65/66B | €12,290 | €18,623 | +€6,333 | +51.5% |
| Recurring financial charges | 65 | €12,290 | €18,623 | +€6,333 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €77,881 | €144,676 | +€66,795 | +85.8% |
| Income taxes | 67/77 | €18,709 | €48,356 | +€29,647 | +158% |
| Profit (loss) for the period | 9904 | €59,173 | €96,320 | +€37,148 | +62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,173 | €96,320 | +€37,148 | +62.8% |
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 15 October 2026 via checked.be.