Dhondt 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.
Dhondt Construct
Largest movements
- Receivables within one year -€128,022
down €128,022 (-62.5%), from €204,757 to €76,735
of which Trade receivables: -€128,102
- Tangible fixed assets +€21,497
up €21,497 (+7.4%), from €288,736 to €310,233
of which Plant, machinery and equipment: +€22,546
- Cash -€19,757
down €19,757 (-62.7%), from €31,495 to €11,738
mainly Investment in fixed assets (net) (-€62,961) and Trade debts (-€44,416)
- Stocks and contracts +€10,000
up €10,000 (+25.7%), from €38,901 to €48,901
- Trade debts -€44,416
down €44,416 (-63.6%), from €69,795 to €25,379
- Debts after one year -€29,350
down €29,350 (-18.0%), from €162,950 to €133,600
- Other debts -€28,230
down €28,230 (-76.5%), from €36,921 to €8,691
- Tax, wage and social debts -€27,547
down €27,547 (-64.4%), from €42,801 to €15,253
- Reserves +€13,262
up €13,262 (+6.7%), from €197,739 to €211,001
of which Distributable reserves: +€13,262
- Staff costs -€9,731
down €9,731 (-18.0%), from €54,143 to €44,412
- Depreciation +€9,639
up €9,639 (+30.3%), from €31,825 to €41,464
- Gross operating margin -€6,732
down €6,732 (-5.6%), from €119,229 to €112,497
- Taxes -€2,699
down €2,699 (-22.9%), from €11,793 to €9,094
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 | €563,928 | €447,647 | -€116,281 | -20.6% |
| Fixed assets | 21/28 | €288,776 | €310,273 | +€21,497 | +7.4% |
| Tangible fixed assets | 22/27 | €288,736 | €310,233 | +€21,497 | +7.4% |
| Land and buildings | 22 | €208,036 | €198,732 | -€9,304 | -4.5% |
| Plant, machinery and equipment | 23 | €42,782 | €65,328 | +€22,546 | +52.7% |
| Furniture and vehicles | 24 | €37,918 | €46,173 | +€8,255 | +21.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €275,152 | €137,373 | -€137,778 | -50.1% |
| Stocks and contracts in progress | 3 | €38,901 | €48,901 | +€10,000 | +25.7% |
| Stocks | 30/36 | €38,901 | €48,901 | +€10,000 | +25.7% |
| Amounts receivable within one year | 40/41 | €204,757 | €76,735 | -€128,022 | -62.5% |
| Trade receivables | 40 | €204,757 | €76,655 | -€128,102 | -62.6% |
| Other amounts receivable | 41 | - | €80 | +€80 | |
| Cash at bank and in hand | 54/58 | €31,495 | €11,738 | -€19,757 | -62.7% |
| Total equity and liabilities | 10/49 | €563,928 | €447,647 | -€116,281 | -20.6% |
| Equity | 10/15 | €222,112 | €235,374 | +€13,262 | +6.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €197,739 | €211,001 | +€13,262 | +6.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €195,739 | €209,001 | +€13,262 | +6.8% |
| Profit (loss) carried forward | 14 | €4,373 | €4,373 | = | 0.0% |
| Amounts payable | 17/49 | €341,816 | €212,273 | -€129,543 | -37.9% |
| Amounts payable after more than one year | 17 | €162,950 | €133,600 | -€29,350 | -18.0% |
| Financial debts | 170/4 | €162,950 | €133,600 | -€29,350 | -18.0% |
| Amounts payable within one year | 42/48 | €178,867 | €78,674 | -€100,193 | -56.0% |
| Current portion of amounts payable after more than one year | 42 | €29,350 | €29,350 | = | 0.0% |
| Trade debts | 44 | €69,795 | €25,379 | -€44,416 | -63.6% |
| Suppliers | 440/4 | €69,795 | €25,379 | -€44,416 | -63.6% |
| Taxes, remuneration and social security | 45 | €42,801 | €15,253 | -€27,547 | -64.4% |
| Taxes | 450/3 | €42,801 | €15,253 | -€27,547 | -64.4% |
| Other amounts payable | 47/48 | €36,921 | €8,691 | -€28,230 | -76.5% |
| Remuneration, social security and pensions | 62 | €54,143 | €44,412 | -€9,731 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,825 | €41,464 | +€9,639 | +30.3% |
| Other operating charges | 640/8 | €1,809 | €1,816 | +€7 | +0.4% |
| Gross operating margin | 9900 | €119,229 | €112,497 | -€6,732 | -5.6% |
| Operating profit (loss) | 9901 | €31,452 | €24,804 | -€6,648 | -21.1% |
| Financial income | 75/76B | €1,790 | €1,666 | -€123 | -6.9% |
| Recurring financial income | 75 | €1,790 | €1,666 | -€123 | -6.9% |
| Financial charges | 65/66B | €3,219 | €4,115 | +€895 | +27.8% |
| Recurring financial charges | 65 | €3,219 | €4,115 | +€895 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €30,022 | €22,356 | -€7,667 | -25.5% |
| Income taxes | 67/77 | €11,793 | €9,094 | -€2,699 | -22.9% |
| Profit (loss) for the period | 9904 | €18,229 | €13,262 | -€4,967 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,229 | €13,262 | -€4,967 | -27.2% |
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 9 October 2026 via checked.be.