GEORGE CONSTRUCT: 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.
GEORGE CONSTRUCT
Largest movements
- Receivables within one year -€15,187
down €15,187 (-16.1%), from €94,479 to €79,292
of which Trade receivables: -€30,057
- Cash -€6,622
down €6,622 (-62.6%), from €10,571 to €3,949
mainly Trade debts (-€10,505) and Net result for the year (-€8,572)
- Deferred charges and accrued income -€1,972
down €1,972 (-24.1%), from €8,181 to €6,210
- Tangible fixed assets -€1,294
down €1,294 (-27.8%), from €4,648 to €3,354
of which Furniture and vehicles: -€800
- Trade debts -€10,505
down €10,505 (-89.0%), from €11,803 to €1,298
- Profit (loss) carried forward -€8,572
down €8,572 (-15.7%), from €54,557 to €45,985
- Tax, wage and social debts -€7,479
down €7,479 (-79.1%), from €9,454 to €1,976
- Other debts +€1,500
new in 2025: €1,500
- Gross operating margin -€68,304
down €68,304, from €64,765 to -€3,539
- Financial charges -€2,395
down €2,395 (-29.6%), from €8,102 to €5,708
of which Non-recurring financial charges: -€2,000
- Financial income +€2,212
up €2,212 (+152.5%), from €1,451 to €3,662
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 | €119,998 | €94,924 | -€25,074 | -20.9% |
| Fixed assets | 21/28 | €6,768 | €5,474 | -€1,294 | -19.1% |
| Tangible fixed assets | 22/27 | €4,648 | €3,354 | -€1,294 | -27.8% |
| Plant, machinery and equipment | 23 | €1,335 | €842 | -€493 | -37.0% |
| Furniture and vehicles | 24 | €3,312 | €2,512 | -€800 | -24.2% |
| Financial fixed assets | 28 | €2,120 | €2,120 | = | 0.0% |
| Current assets | 29/58 | €113,231 | €89,450 | -€23,781 | -21.0% |
| Amounts receivable within one year | 40/41 | €94,479 | €79,292 | -€15,187 | -16.1% |
| Trade receivables | 40 | €30,057 | - | -€30,057 | |
| Other amounts receivable | 41 | €64,422 | €79,292 | +€14,870 | +23.1% |
| Cash at bank and in hand | 54/58 | €10,571 | €3,949 | -€6,622 | -62.6% |
| Deferred charges and accrued income | 490/1 | €8,181 | €6,210 | -€1,972 | -24.1% |
| Total equity and liabilities | 10/49 | €119,998 | €94,924 | -€25,074 | -20.9% |
| Equity | 10/15 | €73,157 | €64,585 | -€8,572 | -11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,557 | €45,985 | -€8,572 | -15.7% |
| Amounts payable | 17/49 | €46,842 | €30,339 | -€16,502 | -35.2% |
| Amounts payable within one year | 42/48 | €46,177 | €29,743 | -€16,433 | -35.6% |
| Financial debts | 43 | €24,920 | €24,970 | +€50 | +0.2% |
| Credit institutions | 430/8 | €24,920 | €24,970 | +€50 | +0.2% |
| Trade debts | 44 | €11,803 | €1,298 | -€10,505 | -89.0% |
| Suppliers | 440/4 | €11,803 | €1,298 | -€10,505 | -89.0% |
| Taxes, remuneration and social security | 45 | €9,454 | €1,976 | -€7,479 | -79.1% |
| Taxes | 450/3 | €9,454 | €1,976 | -€7,479 | -79.1% |
| Other amounts payable | 47/48 | - | €1,500 | +€1,500 | |
| Accrued charges and deferred income | 492/3 | €665 | €596 | -€69 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,841 | €1,294 | -€547 | -29.7% |
| Other operating charges | 640/8 | €1,345 | €1,341 | -€4 | -0.3% |
| Gross operating margin | 9900 | €64,765 | -€3,539 | -€68,304 | |
| Operating profit (loss) | 9901 | €61,579 | -€6,174 | -€67,753 | |
| Financial income | 75/76B | €1,451 | €3,662 | +€2,212 | +152.5% |
| Recurring financial income | 75 | €1,451 | €3,662 | +€2,212 | +152.5% |
| Financial charges | 65/66B | €8,102 | €5,708 | -€2,395 | -29.6% |
| Recurring financial charges | 65 | €6,102 | €5,708 | -€395 | -6.5% |
| Non-recurring financial charges | 66B | €2,000 | - | -€2,000 | |
| Profit (loss) for the period before taxes | 9903 | €54,927 | -€8,220 | -€63,146 | |
| Income taxes | 67/77 | €925 | €352 | -€573 | -61.9% |
| Profit (loss) for the period | 9904 | €54,002 | -€8,572 | -€62,573 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,002 | -€8,572 | -€62,573 |
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.