d 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.
d Construct
Largest movements
- Stocks and contracts +€191,522
up €191,522 (+10.4%), from €1.9m to €2.0m
- Tangible fixed assets -€86,090
down €86,090 (-9.2%), from €931,383 to €845,293
of which Land and buildings: -€49,968
- Receivables within one year +€46,057
up €46,057 (+16.6%), from €277,451 to €323,508
of which Other amounts receivable: +€113,110
- Current portion of long-term debt -€753,920
down €753,920 (-65.7%), from €1.1m to €392,997
- Advances received +€468,684
new in 2025: €468,684
- Debts after one year +€264,588
up €264,588 (+20.4%), from €1.3m to €1.6m
- Short-term financial debts +€152,000
new in 2025: €152,000
- Accrued charges and deferred income -€86,500
down €86,500 (-98.9%), from €87,458 to €958
- Gross operating margin +€305,400
up €305,400 (+239.0%), from €127,759 to €433,160
- Depreciation +€86,123
up €86,123 (+403.5%), from €21,345 to €107,468
- Staff costs +€83,117
up €83,117 (+84.0%), from €98,936 to €182,053
- Taxes +€37,500
up €37,500 (+1319.6%), from €2,842 to €40,342
- Financial charges +€23,381
up €23,381 (+246.2%), from €9,495 to €32,876
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,421,293 | €3,530,010 | +€108,717 | +3.2% |
| Fixed assets | 21/28 | €1,002,220 | €900,091 | -€102,129 | -10.2% |
| Intangible fixed assets | 21 | €60,437 | €46,798 | -€13,640 | -22.6% |
| Tangible fixed assets | 22/27 | €931,383 | €845,293 | -€86,090 | -9.2% |
| Land and buildings | 22 | €812,125 | €762,157 | -€49,968 | -6.2% |
| Plant, machinery and equipment | 23 | €31,505 | €24,518 | -€6,987 | -22.2% |
| Furniture and vehicles | 24 | €87,753 | €58,618 | -€29,135 | -33.2% |
| Financial fixed assets | 28 | €10,400 | €8,000 | -€2,400 | -23.1% |
| Current assets | 29/58 | €2,419,073 | €2,629,919 | +€210,847 | +8.7% |
| Stocks and contracts in progress | 3 | €1,850,199 | €2,041,721 | +€191,522 | +10.4% |
| Stocks | 30/36 | €1,850,199 | €2,041,721 | +€191,522 | +10.4% |
| Amounts receivable within one year | 40/41 | €277,451 | €323,508 | +€46,057 | +16.6% |
| Trade receivables | 40 | €134,994 | €67,942 | -€67,052 | -49.7% |
| Other amounts receivable | 41 | €142,457 | €255,566 | +€113,110 | +79.4% |
| Cash at bank and in hand | 54/58 | €279,457 | €252,460 | -€26,997 | -9.7% |
| Deferred charges and accrued income | 490/1 | €11,967 | €12,230 | +€264 | +2.2% |
| Total equity and liabilities | 10/49 | €3,421,293 | €3,530,010 | +€108,717 | +3.2% |
| Equity | 10/15 | €470,142 | €555,770 | +€85,628 | +18.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €451,592 | €537,220 | +€85,628 | +19.0% |
| Distributable reserves | 133 | €451,592 | €537,220 | +€85,628 | +19.0% |
| Amounts payable | 17/49 | €2,951,151 | €2,974,240 | +€23,090 | +0.8% |
| Amounts payable after more than one year | 17 | €1,299,844 | €1,564,432 | +€264,588 | +20.4% |
| Financial debts | 170/4 | €1,299,844 | €1,564,432 | +€264,588 | +20.4% |
| Amounts payable within one year | 42/48 | €1,563,849 | €1,408,851 | -€154,998 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €1,146,917 | €392,997 | -€753,920 | -65.7% |
| Financial debts | 43 | - | €152,000 | +€152,000 | |
| Credit institutions | 430/8 | - | €152,000 | +€152,000 | |
| Trade debts | 44 | €281,816 | €247,656 | -€34,160 | -12.1% |
| Suppliers | 440/4 | €281,816 | €247,656 | -€34,160 | -12.1% |
| Advances received on contracts in progress | 46 | - | €468,684 | +€468,684 | |
| Taxes, remuneration and social security | 45 | €39,644 | €39,996 | +€351 | +0.9% |
| Taxes | 450/3 | €32,633 | €39,996 | +€7,363 | +22.6% |
| Remuneration and social security | 454/9 | €7,011 | - | -€7,011 | |
| Other amounts payable | 47/48 | €95,472 | €107,518 | +€12,046 | +12.6% |
| Accrued charges and deferred income | 492/3 | €87,458 | €958 | -€86,500 | -98.9% |
| Non-recurring operating income | 76A | €41,765 | - | -€41,765 | |
| Remuneration, social security and pensions | 62 | €98,936 | €182,053 | +€83,117 | +84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,345 | €107,468 | +€86,123 | +403.5% |
| Other operating charges | 640/8 | €1,527 | €2,697 | +€1,170 | +76.7% |
| Gross operating margin | 9900 | €127,759 | €433,160 | +€305,400 | +239.0% |
| Operating profit (loss) | 9901 | €5,952 | €140,941 | +€134,990 | +2268.1% |
| Financial income | 75/76B | €9,973 | €17,904 | +€7,932 | +79.5% |
| Recurring financial income | 75 | €9,973 | €17,904 | +€7,932 | +79.5% |
| Financial charges | 65/66B | €9,495 | €32,876 | +€23,381 | +246.2% |
| Recurring financial charges | 65 | €9,495 | €32,876 | +€23,381 | +246.2% |
| Profit (loss) for the period before taxes | 9903 | €6,429 | €125,970 | +€119,540 | +1859.3% |
| Income taxes | 67/77 | €2,842 | €40,342 | +€37,500 | +1319.6% |
| Profit (loss) for the period | 9904 | €3,588 | €85,628 | +€82,040 | +2286.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,588 | €85,628 | +€82,040 | +2286.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.