H.F. 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.
H.F. Construct
Largest movements
- Tangible fixed assets -€44,044
down €44,044 (-60.1%), from €73,249 to €29,205
of which Furniture and vehicles: -€33,185
- Cash -€27,595
down €27,595 (-28.2%), from €97,839 to €70,244
mainly Net result for the year (-€46,434) and Receivables within one year (-€23,833)
- Receivables within one year +€23,833
up €23,833 (+55.2%), from €43,141 to €66,974
of which Other amounts receivable: +€13,646
- Deferred charges and accrued income -€6,874
down €6,874 (-81.5%), from €8,433 to €1,560
- Reserves -€45,718
down €45,718 (-52.5%), from €87,000 to €41,282
- Debts after one year -€18,796
down €18,796 (-41.2%), from €45,675 to €26,879
- Trade debts +€16,421
up €16,421 (+37.5%), from €43,803 to €60,224
- Current portion of long-term debt -€4,615
down €4,615 (-20.4%), from €22,654 to €18,039
- Gross operating margin -€57,808
down €57,808 (-33.0%), from €175,104 to €117,296
- Staff costs +€33,747
up €33,747 (+36.1%), from €93,468 to €127,215
- Depreciation -€13,567
down €13,567 (-37.8%), from €35,859 to €22,293
- Write-downs -€11,209
down €11,209 (-100%), from €11,209 to €0
- Taxes -€8,567
down €8,567 (-96.0%), from €8,923 to €356
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €223,785 | €169,105 | -€54,680 | -24.4% |
| Fixed assets | 21/28 | €74,372 | €30,328 | -€44,044 | -59.2% |
| Tangible fixed assets | 22/27 | €73,249 | €29,205 | -€44,044 | -60.1% |
| Plant, machinery and equipment | 23 | €2,020 | €0 | -€2,020 | -100% |
| Furniture and vehicles | 24 | €45,146 | €11,961 | -€33,185 | -73.5% |
| Leasing and similar rights | 25 | €26,084 | €17,244 | -€8,840 | -33.9% |
| Financial fixed assets | 28 | €1,122 | €1,122 | = | 0.0% |
| Current assets | 29/58 | €149,413 | €138,778 | -€10,636 | -7.1% |
| Amounts receivable within one year | 40/41 | €43,141 | €66,974 | +€23,833 | +55.2% |
| Trade receivables | 40 | €30,235 | €40,422 | +€10,187 | +33.7% |
| Other amounts receivable | 41 | €12,906 | €26,552 | +€13,646 | +106% |
| Cash at bank and in hand | 54/58 | €97,839 | €70,244 | -€27,595 | -28.2% |
| Deferred charges and accrued income | 490/1 | €8,433 | €1,560 | -€6,874 | -81.5% |
| Total equity and liabilities | 10/49 | €223,785 | €169,105 | -€54,680 | -24.4% |
| Equity | 10/15 | €93,916 | €47,482 | -€46,434 | -49.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €87,000 | €41,282 | -€45,718 | -52.5% |
| Distributable reserves | 133 | €87,000 | €41,282 | -€45,718 | -52.5% |
| Profit (loss) carried forward | 14 | €716 | €0 | -€716 | -100% |
| Amounts payable | 17/49 | €129,869 | €121,623 | -€8,246 | -6.3% |
| Amounts payable after more than one year | 17 | €45,675 | €26,879 | -€18,796 | -41.2% |
| Financial debts | 170/4 | €45,675 | €26,879 | -€18,796 | -41.2% |
| Amounts payable within one year | 42/48 | €83,851 | €93,392 | +€9,541 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €22,654 | €18,039 | -€4,615 | -20.4% |
| Trade debts | 44 | €43,803 | €60,224 | +€16,421 | +37.5% |
| Suppliers | 440/4 | €43,803 | €60,224 | +€16,421 | +37.5% |
| Advances received on contracts in progress | 46 | €51 | €0 | -€51 | -100% |
| Taxes, remuneration and social security | 45 | €17,344 | €15,129 | -€2,215 | -12.8% |
| Taxes | 450/3 | €11,094 | €5,356 | -€5,737 | -51.7% |
| Remuneration and social security | 454/9 | €6,250 | €9,772 | +€3,522 | +56.3% |
| Accrued charges and deferred income | 492/3 | €343 | €1,352 | +€1,009 | +294% |
| Remuneration, social security and pensions | 62 | €93,468 | €127,215 | +€33,747 | +36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,859 | €22,293 | -€13,567 | -37.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,209 | €0 | -€11,209 | -100% |
| Other operating charges | 640/8 | €2,044 | €1,726 | -€318 | -15.6% |
| Non-recurring operating charges | 66A | - | €5,468 | +€5,468 | |
| Gross operating margin | 9900 | €175,104 | €117,296 | -€57,808 | -33.0% |
| Operating profit (loss) | 9901 | €32,524 | -€39,406 | -€71,930 | |
| Financial income | 75/76B | €905 | €986 | +€81 | +9.0% |
| Recurring financial income | 75 | €905 | €986 | +€81 | +9.0% |
| Financial charges | 65/66B | €10,262 | €7,658 | -€2,604 | -25.4% |
| Recurring financial charges | 65 | €10,262 | €7,658 | -€2,604 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €23,167 | -€46,078 | -€69,245 | |
| Income taxes | 67/77 | €8,923 | €356 | -€8,567 | -96.0% |
| Profit (loss) for the period | 9904 | €14,243 | -€46,434 | -€60,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,243 | -€46,434 | -€60,677 |
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 28 October 2026 via checked.be.