E&M 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.
E&M CONSTRUCT
Largest movements
- Stocks and contracts -€9.4m
down €9.4m (-91.4%), from €10.3m to €881,436
- Tangible fixed assets +€3.9m
up €3.9m (+534%), from €722,738 to €4.6m
- Short-term financial debts -€9.0m
down €9.0m (-100%), from €9.0m to €0
- Debts after one year +€4.8m
new in 2025: €4.8m
- Profit (loss) carried forward -€2.4m
down €2.4m (-162%), from -€1.5m to -€3.9m
- Other debts +€1.3m
up €1.3m (+38.0%), from €3.3m to €4.6m
- Trade debts -€145,671
down €145,671 (-98.0%), from €148,597 to €2,927
- Gross operating margin -€2.0m
down €2.0m, from €73,805 to -€1.9m
- Financial charges -€153,821
down €153,821 (-29.7%), from €517,250 to €363,430
- Depreciation +€133,662
up €133,662 (+777%), from €17,196 to €150,857
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 | €11,042,839 | €5,508,520 | -€5.5m | -50.1% |
| Fixed assets | 21/28 | €722,738 | €4,584,045 | +€3.9m | +534% |
| Tangible fixed assets | 22/27 | €722,738 | €4,584,045 | +€3.9m | +534% |
| Land and buildings | 22 | €722,738 | €4,584,045 | +€3.9m | +534% |
| Current assets | 29/58 | €10,320,101 | €924,475 | -€9.4m | -91.0% |
| Stocks and contracts in progress | 3 | €10,285,217 | €881,436 | -€9.4m | -91.4% |
| Stocks | 30/36 | €10,285,217 | €881,436 | -€9.4m | -91.4% |
| Amounts receivable within one year | 40/41 | €31,757 | €6,444 | -€25,313 | -79.7% |
| Trade receivables | 40 | €0 | €6,444 | +€6,444 | |
| Other amounts receivable | 41 | €31,757 | €0 | -€31,757 | -100% |
| Cash at bank and in hand | 54/58 | €3,127 | €36,595 | +€33,468 | +1,070% |
| Total equity and liabilities | 10/49 | €11,042,839 | €5,508,520 | -€5.5m | -50.1% |
| Equity | 10/15 | -€1,409,282 | -€3,829,045 | -€2.4m | -172% |
| Contributions | 10/11 | €80,600 | €80,600 | = | 0.0% |
| Capital | 10 | €80,600 | €80,600 | = | 0.0% |
| Issued capital | 100 | €80,600 | €80,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,489,882 | -€3,909,645 | -€2.4m | -162% |
| Amounts payable | 17/49 | €12,452,121 | €9,337,565 | -€3.1m | -25.0% |
| Amounts payable after more than one year | 17 | - | €4,751,000 | +€4.8m | |
| Financial debts | 170/4 | - | €4,751,000 | +€4.8m | |
| Amounts payable within one year | 42/48 | €12,452,121 | €4,586,565 | -€7.9m | -63.2% |
| Financial debts | 43 | €9,001,470 | €0 | -€9.0m | -100% |
| Credit institutions | 430/8 | €9,001,470 | €0 | -€9.0m | -100% |
| Trade debts | 44 | €148,597 | €2,927 | -€145,671 | -98.0% |
| Suppliers | 440/4 | €148,597 | €2,927 | -€145,671 | -98.0% |
| Taxes, remuneration and social security | 45 | €0 | €26,182 | +€26,182 | |
| Taxes | 450/3 | €0 | €26,182 | +€26,182 | |
| Other amounts payable | 47/48 | €3,302,054 | €4,557,457 | +€1.3m | +38.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,196 | €150,857 | +€133,662 | +777% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €10,631 | €1,684 | -€8,947 | -84.2% |
| Gross operating margin | 9900 | €73,805 | -€1,908,078 | -€2.0m | |
| Operating profit (loss) | 9901 | €45,979 | -€2,060,619 | -€2.1m | |
| Financial income | 75/76B | €3 | €6,123 | +€6,120 | +220,146% |
| Recurring financial income | 75 | €3 | €6,123 | +€6,120 | +220,146% |
| Financial charges | 65/66B | €517,250 | €363,430 | -€153,821 | -29.7% |
| Recurring financial charges | 65 | €517,250 | €363,430 | -€153,821 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€471,269 | -€2,417,926 | -€1.9m | -413% |
| Income taxes | 67/77 | -€70 | €1,837 | +€1,907 | |
| Profit (loss) for the period | 9904 | -€471,198 | -€2,419,763 | -€1.9m | -414% |
| Profit (loss) for the period to be appropriated | 9905 | -€471,198 | -€2,419,763 | -€1.9m | -414% |
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 13 October 2026 via checked.be.