Engelen 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.
Engelen Construct
Largest movements
- Stocks and contracts -€220,000
down €220,000 (-39.9%), from €551,219 to €331,219
- Cash +€34,048
up €34,048 (+215.5%), from €15,800 to €49,847
mainly Stocks and contracts (+€220,000) and Trade debts (+€94,202)
- Tangible fixed assets -€33,710
down €33,710 (-24.7%), from €136,609 to €102,899
of which Furniture and vehicles: -€20,749
- Receivables within one year +€11,640
up €11,640 (+4.0%), from €290,963 to €302,603
of which Trade receivables: +€10,977
- Short-term financial debts -€386,814
no longer reported in 2025 (was €386,814)
- Trade debts +€94,202
up €94,202 (+288.4%), from €32,661 to €126,863
- Tax, wage and social debts +€40,646
up €40,646 (+129.6%), from €31,364 to €72,011
of which Taxes: +€44,107
- Reserves +€34,344
up €34,344 (+22.1%), from €155,134 to €189,477
of which Distributable reserves: +€34,344
- Other debts +€14,600
up €14,600 (+6.7%), from €217,800 to €232,400
- Gross operating margin +€63,657
up €63,657 (+117.6%), from €54,130 to €117,787
- Taxes +€34,819
up €34,819, from -€17,600 to €17,219
- Depreciation +€6,695
up €6,695 (+24.8%), from €27,015 to €33,710
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 | €995,391 | €787,369 | -€208,022 | -20.9% |
| Fixed assets | 21/28 | €137,409 | €103,699 | -€33,710 | -24.5% |
| Tangible fixed assets | 22/27 | €136,609 | €102,899 | -€33,710 | -24.7% |
| Plant, machinery and equipment | 23 | €52,940 | €39,979 | -€12,961 | -24.5% |
| Furniture and vehicles | 24 | €83,669 | €62,920 | -€20,749 | -24.8% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €857,982 | €683,670 | -€174,312 | -20.3% |
| Stocks and contracts in progress | 3 | €551,219 | €331,219 | -€220,000 | -39.9% |
| Contracts in progress | 37 | €551,219 | €331,219 | -€220,000 | -39.9% |
| Amounts receivable within one year | 40/41 | €290,963 | €302,603 | +€11,640 | +4.0% |
| Trade receivables | 40 | €108,306 | €119,283 | +€10,977 | +10.1% |
| Other amounts receivable | 41 | €182,657 | €183,321 | +€664 | +0.4% |
| Cash at bank and in hand | 54/58 | €15,800 | €49,847 | +€34,048 | +215.5% |
| Total equity and liabilities | 10/49 | €995,391 | €787,369 | -€208,022 | -20.9% |
| Equity | 10/15 | €173,734 | €208,077 | +€34,344 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,134 | €189,477 | +€34,344 | +22.1% |
| 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 | €153,274 | €187,617 | +€34,344 | +22.4% |
| Amounts payable | 17/49 | €821,657 | €579,292 | -€242,365 | -29.5% |
| Amounts payable after more than one year | 17 | €147,682 | €137,682 | -€10,000 | -6.8% |
| Financial debts | 170/4 | €147,682 | €137,682 | -€10,000 | -6.8% |
| Amounts payable within one year | 42/48 | €673,975 | €441,610 | -€232,365 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €5,336 | €10,336 | +€5,000 | +93.7% |
| Financial debts | 43 | €386,814 | - | -€386,814 | |
| Credit institutions | 430/8 | €386,814 | - | -€386,814 | |
| Trade debts | 44 | €32,661 | €126,863 | +€94,202 | +288.4% |
| Suppliers | 440/4 | €32,661 | €126,863 | +€94,202 | +288.4% |
| Taxes, remuneration and social security | 45 | €31,364 | €72,011 | +€40,646 | +129.6% |
| Taxes | 450/3 | €14,634 | €58,741 | +€44,107 | +301.4% |
| Remuneration and social security | 454/9 | €16,730 | €13,270 | -€3,460 | -20.7% |
| Other amounts payable | 47/48 | €217,800 | €232,400 | +€14,600 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,015 | €33,710 | +€6,695 | +24.8% |
| Other operating charges | 640/8 | €1,082 | €1,417 | +€335 | +31.0% |
| Gross operating margin | 9900 | €54,130 | €117,787 | +€63,657 | +117.6% |
| Operating profit (loss) | 9901 | €26,034 | €82,661 | +€56,627 | +217.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €30,009 | €31,098 | +€1,089 | +3.6% |
| Recurring financial charges | 65 | €30,009 | €31,098 | +€1,089 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,975 | €51,563 | +€55,538 | |
| Income taxes | 67/77 | -€17,600 | €17,219 | +€34,819 | |
| Profit (loss) for the period | 9904 | €13,625 | €34,344 | +€20,719 | +152.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,625 | €34,344 | +€20,719 | +152.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.