HAS CONSTRUCT: what changed
Two fiscal 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.
HAS CONSTRUCT
Largest movements
- Tangible fixed assets -€70,799
down €70,799 (-15.3%), from €461,900 to €391,101
of which Land and buildings: -€83,498
- Receivables within one year +€67,430
up €67,430 (+106.5%), from €63,308 to €130,738
- Stocks and contracts -€51,890
down €51,890 (-38.8%), from €133,860 to €81,969
of which Contracts in progress: -€47,578
- Debts after one year -€62,757
down €62,757 (-25.9%), from €242,214 to €179,457
- Other debts +€22,692
up €22,692 (+124.3%), from €18,260 to €40,953
- Gross operating margin -€86,269
down €86,269 (-62.7%), from €137,493 to €51,223
- Taxes -€58,071
down €58,071 (-91.9%), from €63,204 to €5,133
- Financial charges -€9,803
down €9,803 (-32.6%), from €30,083 to €20,280
- Depreciation -€9,130
down €9,130 (-43.9%), from €20,786 to €11,656
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 | €685,036 | €637,926 | -€47,110 | -6.9% |
| Fixed assets | 21/28 | €462,516 | €391,718 | -€70,799 | -15.3% |
| Tangible fixed assets | 22/27 | €461,900 | €391,101 | -€70,799 | -15.3% |
| Land and buildings | 22 | €441,269 | €357,771 | -€83,498 | -18.9% |
| Plant, machinery and equipment | 23 | €6,905 | €16,885 | +€9,980 | +144.5% |
| Furniture and vehicles | 24 | €13,726 | €16,445 | +€2,719 | +19.8% |
| Financial fixed assets | 28 | €616 | €616 | = | 0.0% |
| Current assets | 29/58 | €222,520 | €246,208 | +€23,689 | +10.6% |
| Stocks and contracts in progress | 3 | €133,860 | €81,969 | -€51,890 | -38.8% |
| Stocks | 30/36 | €86,282 | €81,969 | -€4,312 | -5.0% |
| Contracts in progress | 37 | €47,578 | - | -€47,578 | |
| Amounts receivable within one year | 40/41 | €63,308 | €130,738 | +€67,430 | +106.5% |
| Trade receivables | 40 | €63,308 | €130,738 | +€67,430 | +106.5% |
| Cash at bank and in hand | 54/58 | €20,097 | €25,400 | +€5,304 | +26.4% |
| Deferred charges and accrued income | 490/1 | €5,255 | €8,101 | +€2,846 | +54.2% |
| Total equity and liabilities | 10/49 | €685,036 | €637,926 | -€47,110 | -6.9% |
| Equity | 10/15 | €259,446 | €264,417 | +€4,971 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,835 | €96,835 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €94,975 | €94,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,011 | €148,982 | +€4,971 | +3.5% |
| Amounts payable | 17/49 | €425,590 | €373,509 | -€52,081 | -12.2% |
| Amounts payable after more than one year | 17 | €242,214 | €179,457 | -€62,757 | -25.9% |
| Financial debts | 170/4 | €242,214 | €179,457 | -€62,757 | -25.9% |
| Amounts payable within one year | 42/48 | €183,376 | €194,052 | +€10,676 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €18,397 | €16,104 | -€2,293 | -12.5% |
| Financial debts | 43 | €31 | - | -€31 | |
| Credit institutions | 430/8 | €31 | - | -€31 | |
| Trade debts | 44 | €40,046 | €42,248 | +€2,202 | +5.5% |
| Suppliers | 440/4 | €40,046 | €42,248 | +€2,202 | +5.5% |
| Advances received on contracts in progress | 46 | €59,964 | €54,331 | -€5,633 | -9.4% |
| Taxes, remuneration and social security | 45 | €46,679 | €40,417 | -€6,262 | -13.4% |
| Taxes | 450/3 | €37,818 | €33,255 | -€4,562 | -12.1% |
| Remuneration and social security | 454/9 | €8,861 | €7,161 | -€1,700 | -19.2% |
| Other amounts payable | 47/48 | €18,260 | €40,953 | +€22,692 | +124.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,786 | €11,656 | -€9,130 | -43.9% |
| Other operating charges | 640/8 | €8,932 | €9,512 | +€581 | +6.5% |
| Gross operating margin | 9900 | €137,493 | €51,223 | -€86,269 | -62.7% |
| Operating profit (loss) | 9901 | €107,775 | €30,055 | -€77,720 | -72.1% |
| Financial income | 75/76B | €253 | €329 | +€76 | +29.9% |
| Recurring financial income | 75 | €253 | €329 | +€76 | +29.9% |
| Financial charges | 65/66B | €30,083 | €20,280 | -€9,803 | -32.6% |
| Recurring financial charges | 65 | €30,083 | €20,280 | -€9,803 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €77,945 | €10,104 | -€67,841 | -87.0% |
| Income taxes | 67/77 | €63,204 | €5,133 | -€58,071 | -91.9% |
| Profit (loss) for the period | 9904 | €14,741 | €4,971 | -€9,770 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,741 | €4,971 | -€9,770 | -66.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.