F-Build: 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.
F-Build
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+43.7%), from €2.8m to €4.0m
of which Trade receivables: +€884,706
- Cash -€505,694
down €505,694 (-40.1%), from €1.3m to €755,461
mainly Receivables within one year (-€1.2m) and Investment in fixed assets (net) (-€203,483)
- Receivables after one year -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Deferred charges and accrued income +€66,499
up €66,499 (+78.0%), from €85,276 to €151,775
- Reserves +€518,804
up €518,804 (+23.7%), from €2.2m to €2.7m
of which Distributable reserves: +€518,804
- Trade debts +€242,025
up €242,025 (+13.1%), from €1.8m to €2.1m
- Other debts -€105,601
down €105,601 (-100.0%), from €105,601 to €0
- Staff costs +€231,463
up €231,463 (+27.2%), from €849,982 to €1.1m
- Gross operating margin +€200,447
up €200,447 (+9.5%), from €2.1m to €2.3m
- Depreciation +€77,318
up €77,318 (+55.0%), from €140,454 to €217,773
- Financial charges +€62,241
up €62,241 (+188.8%), from €32,963 to €95,205
- Other operating charges -€41,787
down €41,787 (-77.7%), from €53,791 to €12,004
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 | €4,842,075 | €5,534,962 | +€692,887 | +14.3% |
| Fixed assets | 21/28 | €521,095 | €506,805 | -€14,290 | -2.7% |
| Tangible fixed assets | 22/27 | €516,301 | €501,843 | -€14,458 | -2.8% |
| Land and buildings | 22 | €13,519 | €20,262 | +€6,744 | +49.9% |
| Plant, machinery and equipment | 23 | €223,035 | €200,259 | -€22,775 | -10.2% |
| Furniture and vehicles | 24 | €279,748 | €281,322 | +€1,574 | +0.6% |
| Financial fixed assets | 28 | €4,794 | €4,962 | +€168 | +3.5% |
| Current assets | 29/58 | €4,320,981 | €5,028,157 | +€707,177 | +16.4% |
| Amounts receivable after more than one year | 29 | €75,000 | €0 | -€75,000 | -100.0% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €2,794,549 | €4,015,921 | +€1.2m | +43.7% |
| Trade receivables | 40 | €2,546,432 | €3,431,138 | +€884,706 | +34.7% |
| Other amounts receivable | 41 | €248,117 | €584,783 | +€336,666 | +135.7% |
| Current investments | 50/53 | €105,000 | €105,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,261,155 | €755,461 | -€505,694 | -40.1% |
| Deferred charges and accrued income | 490/1 | €85,276 | €151,775 | +€66,499 | +78.0% |
| Total equity and liabilities | 10/49 | €4,842,075 | €5,534,962 | +€692,887 | +14.3% |
| Equity | 10/15 | €2,235,473 | €2,754,276 | +€518,804 | +23.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,191,806 | €2,710,610 | +€518,804 | +23.7% |
| Non-distributable reserves | 130/1 | €106,860 | €106,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €105,000 | €105,000 | = | 0.0% |
| Distributable reserves | 133 | €2,084,946 | €2,603,750 | +€518,804 | +24.9% |
| Profit (loss) carried forward | 14 | €25,066 | €25,066 | = | 0.0% |
| Amounts payable | 17/49 | €2,606,603 | €2,780,686 | +€174,083 | +6.7% |
| Amounts payable after more than one year | 17 | €243,785 | €235,710 | -€8,075 | -3.3% |
| Financial debts | 170/4 | €243,785 | €235,710 | -€8,075 | -3.3% |
| Amounts payable within one year | 42/48 | €2,355,698 | €2,539,389 | +€183,691 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €156,707 | €171,825 | +€15,118 | +9.6% |
| Financial debts | 43 | €160,274 | €193,144 | +€32,870 | +20.5% |
| Credit institutions | 430/8 | €160,274 | €193,144 | +€32,870 | +20.5% |
| Trade debts | 44 | €1,845,448 | €2,087,473 | +€242,025 | +13.1% |
| Suppliers | 440/4 | €1,845,448 | €2,087,473 | +€242,025 | +13.1% |
| Taxes, remuneration and social security | 45 | €87,667 | €86,946 | -€721 | -0.8% |
| Taxes | 450/3 | €74,878 | €61,992 | -€12,886 | -17.2% |
| Remuneration and social security | 454/9 | €12,789 | €24,954 | +€12,165 | +95.1% |
| Other amounts payable | 47/48 | €105,601 | €0 | -€105,601 | -100.0% |
| Accrued charges and deferred income | 492/3 | €7,120 | €5,587 | -€1,533 | -21.5% |
| Non-recurring operating income | 76A | €49,272 | €38,609 | -€10,663 | -21.6% |
| Remuneration, social security and pensions | 62 | €849,982 | €1,081,445 | +€231,463 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,454 | €217,773 | +€77,318 | +55.0% |
| Other operating charges | 640/8 | €53,791 | €12,004 | -€41,787 | -77.7% |
| Non-recurring operating charges | 66A | €15,530 | €9,831 | -€5,699 | -36.7% |
| Gross operating margin | 9900 | €2,112,771 | €2,313,218 | +€200,447 | +9.5% |
| Operating profit (loss) | 9901 | €1,053,014 | €992,166 | -€60,848 | -5.8% |
| Financial income | 75/76B | €6,030 | €1,730 | -€4,300 | -71.3% |
| Recurring financial income | 75 | €6,030 | €1,730 | -€4,300 | -71.3% |
| Financial charges | 65/66B | €32,963 | €95,205 | +€62,241 | +188.8% |
| Recurring financial charges | 65 | €32,963 | €95,205 | +€62,241 | +188.8% |
| Profit (loss) for the period before taxes | 9903 | €1,026,081 | €898,691 | -€127,390 | -12.4% |
| Income taxes | 67/77 | €331,846 | €292,607 | -€39,239 | -11.8% |
| Profit (loss) for the period | 9904 | €694,235 | €606,084 | -€88,151 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €694,235 | €606,084 | -€88,151 | -12.7% |
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 9 October 2026 via checked.be.