DIRECT CONSTRUCT: what changed
Two fiscal 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.
DIRECT CONSTRUCT
Largest movements
- Deferred charges and accrued income +€59,729
up €59,729 (+1860.0%), from €3,211 to €62,940
- Receivables within one year -€20,370
down €20,370 (-45.6%), from €44,625 to €24,255
of which Trade receivables: -€21,993
- Cash +€9,359
new in 2025: €9,359
mainly Net result for the year (+€49,144) and Receivables within one year (+€20,370)
- Tangible fixed assets +€1,297
up €1,297 (+41.1%), from €3,153 to €4,451
of which Plant, machinery and equipment: +€2,212
- Profit (loss) carried forward +€49,144
up €49,144, from -€1,438 to €47,706
- Other debts -€11,118
down €11,118 (-92.7%), from €11,993 to €875
- Accrued charges and deferred income +€9,698
up €9,698 (+589.0%), from €1,647 to €11,345
- Tax, wage and social debts +€2,368
up €2,368 (+30.2%), from €7,855 to €10,223
of which Remuneration and social security: +€2,369
- Short-term financial debts -€1,227
no longer reported in 2025 (was €1,227)
- Gross operating margin +€82,669
up €82,669 (+683.8%), from €12,089 to €94,758
- Financial charges -€3,984
down €3,984 (-53.5%), from €7,448 to €3,464
- Staff costs +€3,030
up €3,030 (+9.3%), from €32,626 to €35,656
- Depreciation -€2,959
down €2,959 (-40.9%), from €7,239 to €4,280
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 | €56,600 | €106,615 | +€50,015 | +88.4% |
| Fixed assets | 21/28 | €8,764 | €10,061 | +€1,297 | +14.8% |
| Tangible fixed assets | 22/27 | €3,153 | €4,451 | +€1,297 | +41.1% |
| Plant, machinery and equipment | 23 | €267 | €2,479 | +€2,212 | +827.3% |
| Furniture and vehicles | 24 | €2,886 | €1,972 | -€914 | -31.7% |
| Financial fixed assets | 28 | €5,611 | €5,611 | = | 0.0% |
| Current assets | 29/58 | €47,836 | €96,554 | +€48,717 | +101.8% |
| Amounts receivable within one year | 40/41 | €44,625 | €24,255 | -€20,370 | -45.6% |
| Trade receivables | 40 | €40,231 | €18,238 | -€21,993 | -54.7% |
| Other amounts receivable | 41 | €4,394 | €6,017 | +€1,623 | +36.9% |
| Cash at bank and in hand | 54/58 | - | €9,359 | +€9,359 | |
| Deferred charges and accrued income | 490/1 | €3,211 | €62,940 | +€59,729 | +1860.0% |
| Total equity and liabilities | 10/49 | €56,600 | €106,615 | +€50,015 | +88.4% |
| Equity | 10/15 | €1,252 | €50,396 | +€49,144 | +3925.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €2,590 | €2,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,590 | €2,590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,590 | €2,590 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,438 | €47,706 | +€49,144 | |
| Amounts payable | 17/49 | €55,348 | €56,219 | +€871 | +1.6% |
| Amounts payable within one year | 42/48 | €53,702 | €44,874 | -€8,828 | -16.4% |
| Financial debts | 43 | €1,227 | - | -€1,227 | |
| Credit institutions | 430/8 | €1,227 | - | -€1,227 | |
| Trade debts | 44 | €32,627 | €33,775 | +€1,148 | +3.5% |
| Suppliers | 440/4 | €32,627 | €33,775 | +€1,148 | +3.5% |
| Taxes, remuneration and social security | 45 | €7,855 | €10,223 | +€2,368 | +30.2% |
| Taxes | 450/3 | €212 | €211 | -€1 | -0.5% |
| Remuneration and social security | 454/9 | €7,643 | €10,013 | +€2,369 | +31.0% |
| Other amounts payable | 47/48 | €11,993 | €875 | -€11,118 | -92.7% |
| Accrued charges and deferred income | 492/3 | €1,647 | €11,345 | +€9,698 | +589.0% |
| Non-recurring operating income | 76A | - | €1,736 | +€1,736 | |
| Remuneration, social security and pensions | 62 | €32,626 | €35,656 | +€3,030 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,239 | €4,280 | -€2,959 | -40.9% |
| Other operating charges | 640/8 | €1,204 | €1,489 | +€285 | +23.7% |
| Non-recurring operating charges | 66A | - | €515 | +€515 | |
| Gross operating margin | 9900 | €12,089 | €94,758 | +€82,669 | +683.8% |
| Operating profit (loss) | 9901 | -€28,980 | €52,817 | +€81,797 | |
| Financial income | 75/76B | €594 | €1 | -€593 | -99.8% |
| Recurring financial income | 75 | €594 | €1 | -€593 | -99.8% |
| Financial charges | 65/66B | €7,448 | €3,464 | -€3,984 | -53.5% |
| Recurring financial charges | 65 | €7,448 | €3,464 | -€3,984 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | -€35,834 | €49,355 | +€85,189 | |
| Income taxes | 67/77 | €208 | €211 | +€2 | +1.1% |
| Profit (loss) for the period | 9904 | -€36,042 | €49,144 | +€85,186 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,042 | €49,144 | +€85,186 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.