F. CONSTANT ET CIE: 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
F. CONSTANT ET CIE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,273
2024 · -€12,564+€4,291
Equity
€546,321
2024 · €554,593-€8,273
Cash
€41,197
2024 · €36,485+€4,711
Balance sheet total
€687,595
2024 · €713,559-€25,964
Largest movements
Assets
- Tangible fixed assets -€25,082
down €25,082 (-4.3%), from €585,610 to €560,529
of which Land and buildings: -€25,082
- Receivables within one year -€12,567
down €12,567 (-41.5%), from €30,268 to €17,700
of which Other amounts receivable: -€12,447
Equity and liabilities
- Debts after one year -€13,064
down €13,064 (-54.0%), from €24,190 to €11,127
Income statement
- Gross operating margin +€3,282
up €3,282 (+24.9%), from €13,154 to €16,436
- Purchases and services -€1,709
down €1,709 (-9.2%), from €18,517 to €16,807
- Turnover +€1,572
up €1,572 (+5.0%), from €31,670 to €33,243
- Other operating charges -€800
down €800 (-58.2%), from €1,375 to €575
- Financial income +€550
up €550 (+88.0%), from €625 to €1,174
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
-€12,564
Gross operating margin
+€3,282
Depreciation
+€266
Other operating charges
+€800
Financial income
+€550
Financial charges
+€325
Taxes
+€114
Deferred taxes and other
-€1,045
Result 2025
-€8,273
raises the resultnot broken down further in the accounts
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
+€24,483
Investment
-€7,015
Financing
-€12,757
Cash 2024
€36,485
From operations (derived)
+€24,483
Net result for the year
-€8,273
Depreciation
+€25,082
Receivables within one year
+€12,567
Smaller working-capital items
+€66
Provisions
-€749
Other debts
-€3,560
Accrued charges and deferred income
-€650
Investment (derived)
-€7,015
Investment in fixed assets (net)
-€7,015
Financing
-€12,757
Debts after one year
-€13,064
Current portion of long-term debt
+€307
Cash 2025
€41,197
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €713,559 | €687,595 | -€25,964 | -3.6% |
| Fixed assets | 21/28 | €595,436 | €577,370 | -€18,067 | -3.0% |
| Tangible fixed assets | 22/27 | €585,610 | €560,529 | -€25,082 | -4.3% |
| Land and buildings | 22 | €585,610 | €560,529 | -€25,082 | -4.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €9,826 | €16,841 | +€7,015 | +71.4% |
| Current assets | 29/58 | €118,122 | €110,225 | -€7,897 | -6.7% |
| Amounts receivable within one year | 40/41 | €30,268 | €17,700 | -€12,567 | -41.5% |
| Trade receivables | 40 | €137 | €17 | -€120 | -87.8% |
| Other amounts receivable | 41 | €30,131 | €17,683 | -€12,447 | -41.3% |
| Current investments | 50/53 | €51,146 | €51,146 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,485 | €41,197 | +€4,711 | +12.9% |
| Deferred charges and accrued income | 490/1 | €223 | €182 | -€41 | -18.6% |
| Total equity and liabilities | 10/49 | €713,559 | €687,595 | -€25,964 | -3.6% |
| Equity | 10/15 | €554,593 | €546,321 | -€8,273 | -1.5% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Capital | 10 | €20,451 | €20,451 | = | 0.0% |
| Issued capital | 100 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €533,377 | €530,380 | -€2,997 | -0.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Legal reserve | 130 | €0 | - | = | |
| Tax-exempt reserves | 132 | €182,342 | €179,345 | -€2,997 | -1.6% |
| Distributable reserves | 133 | €351,035 | €351,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | €765 | -€4,511 | -€5,275 | |
| Provisions and deferred taxes | 16 | €45,586 | €44,836 | -€749 | -1.6% |
| Deferred taxes | 168 | €45,586 | €44,836 | -€749 | -1.6% |
| Amounts payable | 17/49 | €113,380 | €96,438 | -€16,942 | -14.9% |
| Amounts payable after more than one year | 17 | €24,190 | €11,127 | -€13,064 | -54.0% |
| Financial debts | 170/4 | €24,190 | €11,127 | -€13,064 | -54.0% |
| Amounts payable within one year | 42/48 | €88,540 | €85,311 | -€3,228 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €12,757 | €13,064 | +€307 | +2.4% |
| Trade debts | 44 | €100 | €125 | +€25 | +24.7% |
| Suppliers | 440/4 | €100 | €125 | +€25 | +24.7% |
| Other amounts payable | 47/48 | €75,683 | €72,122 | -€3,560 | -4.7% |
| Accrued charges and deferred income | 492/3 | €650 | - | -€650 | |
| Turnover | 70 | €31,670 | €33,243 | +€1,572 | +5.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €18,517 | €16,807 | -€1,709 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,348 | €25,082 | -€266 | -1.1% |
| Other operating charges | 640/8 | €1,375 | €575 | -€800 | -58.2% |
| Gross operating margin | 9900 | €13,154 | €16,436 | +€3,282 | +24.9% |
| Operating profit (loss) | 9901 | -€13,569 | -€9,221 | +€4,348 | +32.0% |
| Financial income | 75/76B | €625 | €1,174 | +€550 | +88.0% |
| Recurring financial income | 75 | €625 | €1,174 | +€550 | +88.0% |
| Financial charges | 65/66B | €1,311 | €986 | -€325 | -24.8% |
| Recurring financial charges | 65 | €1,311 | €986 | -€325 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,255 | -€9,033 | +€5,223 | +36.6% |
| Transfer from deferred taxes | 780 | €1,794 | €749 | -€1,045 | -58.2% |
| Income taxes | 67/77 | €103 | -€11 | -€114 | |
| Profit (loss) for the period | 9904 | -€12,564 | -€8,273 | +€4,291 | +34.2% |
| Transfer from tax-exempt reserves | 789 | €7,178 | €2,997 | -€4,181 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,386 | -€5,275 | +€111 | +2.1% |
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 30 October 2026 via checked.be.