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
- Cash -€19,284
down €19,284 (-39.7%), from €48,516 to €29,232
mainly Short-term financial debts (-€26,530) and Other debts (-€9,966)
- Receivables within one year -€11,534
down €11,534 (-5.3%), from €217,312 to €205,778
of which Trade receivables: -€34,902
- Tangible fixed assets -€9,294
down €9,294 (-6.5%), from €142,970 to €133,676
of which Land and buildings: -€7,625
- Short-term financial debts -€26,530
down €26,530 (-63.7%), from €41,634 to €15,104
- Profit (loss) carried forward +€16,228
up €16,228 (+8.7%), from -€186,710 to -€170,482
- Other debts -€9,966
down €9,966 (-22.3%), from €44,764 to €34,798
- Debts after one year -€7,649
down €7,649 (-9.6%), from €80,077 to €72,428
- Current portion of long-term debt -€7,248
down €7,248 (-32.7%), from €22,154 to €14,906
- Gross operating margin +€130,827
up €130,827 (+52.3%), from €250,207 to €381,034
- Staff costs +€12,063
up €12,063 (+4.0%), from €304,598 to €316,661
- Other operating charges -€7,098
down €7,098 (-78.0%), from €9,097 to €1,999
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 | €435,245 | €395,497 | -€39,748 | -9.1% |
| Fixed assets | 21/28 | €151,344 | €142,050 | -€9,294 | -6.1% |
| Tangible fixed assets | 22/27 | €142,970 | €133,676 | -€9,294 | -6.5% |
| Land and buildings | 22 | €141,250 | €133,625 | -€7,625 | -5.4% |
| Plant, machinery and equipment | 23 | €628 | €51 | -€577 | -91.9% |
| Furniture and vehicles | 24 | €1,092 | - | -€1,092 | |
| Financial fixed assets | 28 | €8,374 | €8,374 | = | 0.0% |
| Current assets | 29/58 | €283,901 | €253,447 | -€30,454 | -10.7% |
| Stocks and contracts in progress | 3 | €17,519 | €18,107 | +€588 | +3.4% |
| Stocks | 30/36 | €17,519 | €18,107 | +€588 | +3.4% |
| Amounts receivable within one year | 40/41 | €217,312 | €205,778 | -€11,534 | -5.3% |
| Trade receivables | 40 | €159,968 | €125,066 | -€34,902 | -21.8% |
| Other amounts receivable | 41 | €57,344 | €80,712 | +€23,368 | +40.8% |
| Cash at bank and in hand | 54/58 | €48,516 | €29,232 | -€19,284 | -39.7% |
| Deferred charges and accrued income | 490/1 | €554 | €330 | -€224 | -40.4% |
| Total equity and liabilities | 10/49 | €435,245 | €395,497 | -€39,748 | -9.1% |
| Equity | 10/15 | €151,790 | €168,018 | +€16,228 | +10.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €316,500 | €316,500 | = | 0.0% |
| Distributable reserves | 133 | €316,500 | €316,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€186,710 | -€170,482 | +€16,228 | +8.7% |
| Amounts payable | 17/49 | €283,455 | €227,479 | -€55,976 | -19.7% |
| Amounts payable after more than one year | 17 | €80,077 | €72,428 | -€7,649 | -9.6% |
| Financial debts | 170/4 | €80,077 | €72,428 | -€7,649 | -9.6% |
| Amounts payable within one year | 42/48 | €203,378 | €155,051 | -€48,327 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €22,154 | €14,906 | -€7,248 | -32.7% |
| Financial debts | 43 | €41,634 | €15,104 | -€26,530 | -63.7% |
| Credit institutions | 430/8 | €41,634 | €15,104 | -€26,530 | -63.7% |
| Trade debts | 44 | €33,594 | €32,683 | -€911 | -2.7% |
| Suppliers | 440/4 | €33,594 | €32,683 | -€911 | -2.7% |
| Taxes, remuneration and social security | 45 | €61,232 | €57,560 | -€3,672 | -6.0% |
| Taxes | 450/3 | €5,514 | €3,821 | -€1,693 | -30.7% |
| Remuneration and social security | 454/9 | €55,718 | €53,739 | -€1,979 | -3.6% |
| Other amounts payable | 47/48 | €44,764 | €34,798 | -€9,966 | -22.3% |
| Remuneration, social security and pensions | 62 | €304,598 | €316,661 | +€12,063 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,735 | €9,294 | -€441 | -4.5% |
| Other operating charges | 640/8 | €9,097 | €1,999 | -€7,098 | -78.0% |
| Non-recurring operating charges | 66A | €256 | €623 | +€367 | +143% |
| Gross operating margin | 9900 | €250,207 | €381,034 | +€130,827 | +52.3% |
| Operating profit (loss) | 9901 | -€73,479 | €52,457 | +€125,936 | |
| Financial charges | 65/66B | €32,735 | €35,105 | +€2,370 | +7.2% |
| Recurring financial charges | 65 | €32,735 | €35,105 | +€2,370 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | -€106,214 | €17,352 | +€123,566 | |
| Income taxes | 67/77 | €702 | €1,124 | +€422 | +60.1% |
| Profit (loss) for the period | 9904 | -€106,916 | €16,228 | +€123,144 | |
| Profit (loss) for the period to be appropriated | 9905 | -€106,916 | €16,228 | +€123,144 |
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 21 October 2026 via checked.be.