ECONSTRUCT: 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.
ECONSTRUCT
Largest movements
- Receivables within one year -€424,436
down €424,436 (-65.8%), from €645,336 to €220,900
of which Other amounts receivable: -€510,487
- Deferred charges and accrued income +€85,111
up €85,111 (+442.8%), from €19,221 to €104,332
- Cash -€68,246
down €68,246 (-40.5%), from €168,415 to €100,169
mainly Other debts (-€633,156) and Contributions, distributions and other (-€128,721)
- Tangible fixed assets -€46,796
down €46,796 (-4.8%), from €979,828 to €933,032
of which Land and buildings: -€32,222
- Other debts -€633,156
down €633,156 (-93.9%), from €674,174 to €41,017
- Trade debts +€224,927
up €224,927 (+181.1%), from €124,228 to €349,155
- Debts after one year -€50,798
down €50,798 (-8.3%), from €615,209 to €564,411
- Gross operating margin +€215,751
up €215,751 (+37.6%), from €573,968 to €789,719
- Staff costs +€166,567
up €166,567 (+45.4%), from €366,548 to €533,114
- Taxes +€12,405
up €12,405 (+36.9%), from €33,637 to €46,042
- Depreciation -€11,357
down €11,357 (-14.4%), from €78,745 to €67,388
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 | €1,886,375 | €1,416,398 | -€469,977 | -24.9% |
| Fixed assets | 21/28 | €1,000,250 | €948,233 | -€52,018 | -5.2% |
| Intangible fixed assets | 21 | €20,422 | €15,201 | -€5,221 | -25.6% |
| Tangible fixed assets | 22/27 | €979,828 | €933,032 | -€46,796 | -4.8% |
| Land and buildings | 22 | €924,194 | €891,972 | -€32,222 | -3.5% |
| Plant, machinery and equipment | 23 | €51,957 | €38,705 | -€13,252 | -25.5% |
| Furniture and vehicles | 24 | €3,677 | €2,355 | -€1,322 | -36.0% |
| Current assets | 29/58 | €886,125 | €468,165 | -€417,960 | -47.2% |
| Stocks and contracts in progress | 3 | €53,153 | €42,765 | -€10,388 | -19.5% |
| Stocks | 30/36 | €53,153 | €42,765 | -€10,388 | -19.5% |
| Amounts receivable within one year | 40/41 | €645,336 | €220,900 | -€424,436 | -65.8% |
| Trade receivables | 40 | €100,475 | €186,527 | +€86,051 | +85.6% |
| Other amounts receivable | 41 | €544,861 | €34,373 | -€510,487 | -93.7% |
| Cash at bank and in hand | 54/58 | €168,415 | €100,169 | -€68,246 | -40.5% |
| Deferred charges and accrued income | 490/1 | €19,221 | €104,332 | +€85,111 | +442.8% |
| Total equity and liabilities | 10/49 | €1,886,375 | €1,416,398 | -€469,977 | -24.9% |
| Equity | 10/15 | €395,460 | €395,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €376,860 | €376,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €375,000 | €375,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,490,915 | €1,020,938 | -€469,977 | -31.5% |
| Amounts payable after more than one year | 17 | €615,209 | €564,411 | -€50,798 | -8.3% |
| Financial debts | 170/4 | €615,209 | €564,411 | -€50,798 | -8.3% |
| Amounts payable within one year | 42/48 | €875,707 | €456,527 | -€419,179 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €49,426 | €50,798 | +€1,373 | +2.8% |
| Trade debts | 44 | €124,228 | €349,155 | +€224,927 | +181.1% |
| Suppliers | 440/4 | €124,228 | €349,155 | +€224,927 | +181.1% |
| Taxes, remuneration and social security | 45 | €27,879 | €15,557 | -€12,322 | -44.2% |
| Taxes | 450/3 | €25,939 | €63 | -€25,875 | -99.8% |
| Remuneration and social security | 454/9 | €1,941 | €15,494 | +€13,553 | +698.3% |
| Other amounts payable | 47/48 | €674,174 | €41,017 | -€633,156 | -93.9% |
| Remuneration, social security and pensions | 62 | €366,548 | €533,114 | +€166,567 | +45.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,745 | €67,388 | -€11,357 | -14.4% |
| Other operating charges | 640/8 | €11,744 | €10,598 | -€1,146 | -9.8% |
| Gross operating margin | 9900 | €573,968 | €789,719 | +€215,751 | +37.6% |
| Operating profit (loss) | 9901 | €116,932 | €178,619 | +€61,687 | +52.8% |
| Financial income | 75/76B | €15,764 | €12,106 | -€3,658 | -23.2% |
| Recurring financial income | 75 | €15,764 | €12,106 | -€3,658 | -23.2% |
| Financial charges | 65/66B | €16,590 | €15,961 | -€628 | -3.8% |
| Recurring financial charges | 65 | €16,590 | €15,961 | -€628 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €116,106 | €174,763 | +€58,657 | +50.5% |
| Income taxes | 67/77 | €33,637 | €46,042 | +€12,405 | +36.9% |
| Profit (loss) for the period | 9904 | €82,469 | €128,721 | +€46,252 | +56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,469 | €128,721 | +€46,252 | +56.1% |
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 10 October 2026 via checked.be.