G.L. CONSTRUCTION: 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
G.L. CONSTRUCTION
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€27,003
2024 · -€5,253-€21,750
Equity
€87,442
2024 · €116,699-€29,257
Cash
€1,938
2024 · €3,389-€1,451
Balance sheet total
€974,859
2024 · €991,165-€16,305
Largest movements
Assets
- Tangible fixed assets -€25,499
down €25,499 (-31.6%), from €80,597 to €55,098
of which Assets under construction and advance payments: -€19,557
Equity and liabilities
- Profit (loss) carried forward -€27,003
down €27,003 (-17.4%), from -€155,497 to -€182,500
- Tax, wage and social debts +€10,380
up €10,380 (+216%), from €4,798 to €15,178
Income statement
- Other operating charges -€109,972
down €109,972 (-99.9%), from €110,054 to €82
- Write-downs +€52,946
no longer reported in 2025 (was -€52,946)
- Gross operating margin -€36,916
down €36,916 (-93.5%), from €39,498 to €2,582
- Financial income -€30,016
down €30,016 (-73.8%), from €40,682 to €10,666
- Taxes +€13,475
new in 2025: €13,475
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
-€5,253
Gross operating margin
-€36,916
Write-downs
-€52,946
Other operating charges
+€109,972
Other operating items
+€1,155
Financial income
-€30,016
Financial charges
+€477
Taxes
-€13,475
Result 2025
-€27,003
raises the resultlowers 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
+€2,627
Investment
-€605
Financing
-€3,473
Cash 2024
€3,389
From operations (derived)
+€2,627
Net result for the year
-€27,003
Depreciation
+€25,499
Receivables within one year
-€1,648
Deferred charges and accrued income
-€8,392
Trade debts
+€3,791
Tax, wage and social debts
+€10,380
Investment (derived)
-€605
Investment in fixed assets (net)
-€605
Financing
-€3,473
Debts after one year
-€1,219
Contributions, distributions and other
-€2,254
Cash 2025
€1,938
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €991,165 | €974,859 | -€16,305 | -1.6% |
| Fixed assets | 21/28 | €484,036 | €459,142 | -€24,894 | -5.1% |
| Tangible fixed assets | 22/27 | €80,597 | €55,098 | -€25,499 | -31.6% |
| Land and buildings | 22 | €19,513 | €13,571 | -€5,942 | -30.5% |
| Assets under construction and advance payments | 27 | €61,084 | €41,527 | -€19,557 | -32.0% |
| Financial fixed assets | 28 | €403,439 | €404,044 | +€605 | +0.1% |
| Current assets | 29/58 | €507,128 | €515,717 | +€8,589 | +1.7% |
| Amounts receivable within one year | 40/41 | €503,739 | €505,387 | +€1,648 | +0.3% |
| Trade receivables | 40 | €482,373 | €483,173 | +€800 | +0.2% |
| Other amounts receivable | 41 | €21,365 | €22,213 | +€848 | +4.0% |
| Cash at bank and in hand | 54/58 | €3,389 | €1,938 | -€1,451 | -42.8% |
| Deferred charges and accrued income | 490/1 | - | €8,392 | +€8,392 | |
| Total equity and liabilities | 10/49 | €991,165 | €974,859 | -€16,305 | -1.6% |
| Equity | 10/15 | €116,699 | €87,442 | -€29,257 | -25.1% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €182,688 | €182,688 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,306 | €49,306 | = | 0.0% |
| Distributable reserves | 133 | €124,882 | €124,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,497 | -€182,500 | -€27,003 | -17.4% |
| Investment grants | 15 | €4,508 | €2,254 | -€2,254 | -50.0% |
| Amounts payable | 17/49 | €874,466 | €887,417 | +€12,952 | +1.5% |
| Amounts payable after more than one year | 17 | €684,012 | €682,793 | -€1,219 | -0.2% |
| Financial debts | 170/4 | €684,012 | €682,793 | -€1,219 | -0.2% |
| Amounts payable within one year | 42/48 | €190,454 | €204,625 | +€14,171 | +7.4% |
| Trade debts | 44 | €185,655 | €189,446 | +€3,791 | +2.0% |
| Suppliers | 440/4 | €185,655 | €189,446 | +€3,791 | +2.0% |
| Taxes, remuneration and social security | 45 | €4,798 | €15,178 | +€10,380 | +216% |
| Taxes | 450/3 | €4,798 | €15,178 | +€10,380 | +216% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,499 | €25,499 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€52,946 | - | +€52,946 | |
| Other operating charges | 640/8 | €110,054 | €82 | -€109,972 | -99.9% |
| Non-recurring operating charges | 66A | €1,155 | - | -€1,155 | |
| Gross operating margin | 9900 | €39,498 | €2,582 | -€36,916 | -93.5% |
| Operating profit (loss) | 9901 | -€44,264 | -€22,999 | +€21,264 | +48.0% |
| Financial income | 75/76B | €40,682 | €10,666 | -€30,016 | -73.8% |
| Recurring financial income | 75 | €40,682 | €10,666 | -€30,016 | -73.8% |
| Financial charges | 65/66B | €1,672 | €1,195 | -€477 | -28.5% |
| Recurring financial charges | 65 | €1,672 | €1,195 | -€477 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,253 | -€13,529 | -€8,275 | -158% |
| Income taxes | 67/77 | - | €13,475 | +€13,475 | |
| Profit (loss) for the period | 9904 | -€5,253 | -€27,003 | -€21,750 | -414% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,253 | -€27,003 | -€21,750 | -414% |
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 19 October 2026 via checked.be.