Euro - Constructions: 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.
What changed
Euro - Constructions
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€536,887
2024 · €419,662+€117,225
Equity
€18.6m
2024 · €3.0m+€15.5m
Cash
€43,375
2024 · €17,438+€25,937
Balance sheet total
€20.2m
2024 · €4.8m+€15.4m
Largest movements
Assets
- Tangible fixed assets +€15.0m
up €15.0m (+360%), from €4.2m to €19.1m
of which Land and buildings: +€15.2m
- Receivables within one year +€380,509
up €380,509 (+57.6%), from €660,093 to €1.0m
of which Other amounts receivable: +€251,700
Equity and liabilities
- Revaluation surpluses +€15.5m
new in 2025: €15.5m
- Current portion of long-term debt -€228,000
down €228,000 (-69.5%), from €328,000 to €100,000
Income statement
- Gross operating margin +€77,964
up €77,964 (+5.4%), from €1.4m to €1.5m
- Financial charges -€25,093
down €25,093 (-36.6%), from €68,590 to €43,498
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.
Result 2024
€419,662
Gross operating margin
+€77,964
Staff costs
+€2,240
Other operating charges
-€3,669
Financial income
+€14,471
Financial charges
+€25,093
Taxes
+€1,126
Result 2025
€536,887
raises the resultlowers the result
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.
From operations
+€884,418
Investment
-€15.5m
Financing
+€14.7m
Cash 2024
€17,438
From operations (derived)
+€884,418
Net result for the year
+€536,887
Depreciation
+€589,916
Receivables within one year
-€380,509
Smaller working-capital items
+€18,420
Other debts
+€119,704
Investment (derived)
-€15.5m
Investment in fixed assets (net)
-€15.5m
Financing
+€14.7m
Debts after one year
-€100,000
Current portion of long-term debt
-€228,000
Short-term financial debts
+€4,518
Contributions, distributions and other
+€15.0m
Cash 2025
€43,375
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,836,105 | €20,191,085 | +€15.4m | +318% |
| Fixed assets | 21/28 | €4,153,890 | €19,105,363 | +€15.0m | +360% |
| Tangible fixed assets | 22/27 | €4,153,527 | €19,105,000 | +€15.0m | +360% |
| Land and buildings | 22 | €2,904,420 | €18,124,345 | +€15.2m | +524% |
| Plant, machinery and equipment | 23 | €1,249,107 | €980,655 | -€268,452 | -21.5% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €682,215 | €1,085,722 | +€403,507 | +59.1% |
| Amounts receivable within one year | 40/41 | €660,093 | €1,040,602 | +€380,509 | +57.6% |
| Trade receivables | 40 | €2,251 | €131,060 | +€128,809 | +5,723% |
| Other amounts receivable | 41 | €657,842 | €909,542 | +€251,700 | +38.3% |
| Cash at bank and in hand | 54/58 | €17,438 | €43,375 | +€25,937 | +149% |
| Deferred charges and accrued income | 490/1 | €4,684 | €1,745 | -€2,938 | -62.7% |
| Total equity and liabilities | 10/49 | €4,836,105 | €20,191,085 | +€15.4m | +318% |
| Equity | 10/15 | €3,010,638 | €18,553,914 | +€15.5m | +516% |
| Contributions | 10/11 | €401,588 | €401,588 | = | 0.0% |
| Capital | 10 | €401,588 | €401,588 | = | 0.0% |
| Issued capital | 100 | €401,588 | €401,588 | = | 0.0% |
| Revaluation surpluses | 12 | - | €15,541,389 | +€15.5m | |
| Reserves | 13 | €40,159 | €40,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,159 | €40,159 | = | 0.0% |
| Legal reserve | 130 | €40,159 | €40,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,568,892 | €2,570,778 | +€1,887 | +0.1% |
| Amounts payable | 17/49 | €1,825,467 | €1,637,171 | -€188,296 | -10.3% |
| Amounts payable after more than one year | 17 | €900,000 | €800,000 | -€100,000 | -11.1% |
| Financial debts | 170/4 | €900,000 | €800,000 | -€100,000 | -11.1% |
| Amounts payable within one year | 42/48 | €925,438 | €828,129 | -€97,309 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €328,000 | €100,000 | -€228,000 | -69.5% |
| Financial debts | 43 | €25,505 | €30,024 | +€4,518 | +17.7% |
| Credit institutions | 430/8 | €25,505 | €30,024 | +€4,518 | +17.7% |
| Trade debts | 44 | €67,924 | €78,278 | +€10,355 | +15.2% |
| Suppliers | 440/4 | €67,924 | €78,278 | +€10,355 | +15.2% |
| Taxes, remuneration and social security | 45 | €49,216 | €45,329 | -€3,886 | -7.9% |
| Taxes | 450/3 | €11,615 | €10,796 | -€819 | -7.1% |
| Remuneration and social security | 454/9 | €37,601 | €34,533 | -€3,067 | -8.2% |
| Other amounts payable | 47/48 | €454,794 | €574,498 | +€119,704 | +26.3% |
| Accrued charges and deferred income | 492/3 | €29 | €9,042 | +€9,013 | +31,199% |
| Remuneration, social security and pensions | 62 | €262,630 | €260,389 | -€2,240 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €589,916 | €589,916 | = | 0.0% |
| Other operating charges | 640/8 | €106,247 | €109,915 | +€3,669 | +3.5% |
| Gross operating margin | 9900 | €1,442,119 | €1,520,083 | +€77,964 | +5.4% |
| Operating profit (loss) | 9901 | €483,326 | €559,861 | +€76,535 | +15.8% |
| Financial income | 75/76B | €14,502 | €28,973 | +€14,471 | +99.8% |
| Recurring financial income | 75 | €14,502 | €28,973 | +€14,471 | +99.8% |
| Financial charges | 65/66B | €68,590 | €43,498 | -€25,093 | -36.6% |
| Recurring financial charges | 65 | €68,590 | €43,498 | -€25,093 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €429,238 | €545,337 | +€116,098 | +27.0% |
| Income taxes | 67/77 | €9,576 | €8,450 | -€1,126 | -11.8% |
| Profit (loss) for the period | 9904 | €419,662 | €536,887 | +€117,225 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €419,662 | €536,887 | +€117,225 | +27.9% |
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 25 October 2026 via checked.be.