Het Constructief: 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.
Het Constructief
Largest movements
- Receivables after one year +€191,360
up €191,360 (+132%), from €145,000 to €336,360
- Receivables within one year -€130,288
down €130,288 (-22.6%), from €576,071 to €445,783
of which Trade receivables: -€174,327
- Cash -€26,862
down €26,862 (-7.2%), from €372,071 to €345,209
mainly Receivables after one year (-€191,360) and Contributions, distributions and other (-€40,000)
- Tangible fixed assets -€20,060
down €20,060 (-4.9%), from €405,978 to €385,918
of which Furniture and vehicles: -€10,600
- Other debts +€38,951
up €38,951 (+1,963%), from €1,984 to €40,935
- Current portion of long-term debt -€21,506
down €21,506 (-51.5%), from €41,773 to €20,267
- Short-term financial debts +€21,486
new in 2025: €21,486
- Debts after one year -€20,267
down €20,267 (-9.0%), from €224,622 to €204,355
- Gross operating margin -€250,386
down €250,386 (-70.2%), from €356,857 to €106,470
- Taxes -€60,906
down €60,906 (-66.2%), from €92,062 to €31,156
- Depreciation +€4,511
up €4,511 (+21.4%), from €21,126 to €25,637
- Financial charges -€4,362
down €4,362 (-33.0%), from €13,222 to €8,860
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 | €1,506,023 | €1,522,523 | +€16,500 | +1.1% |
| Fixed assets | 21/28 | €408,478 | €388,418 | -€20,060 | -4.9% |
| Tangible fixed assets | 22/27 | €405,978 | €385,918 | -€20,060 | -4.9% |
| Land and buildings | 22 | €350,549 | €341,380 | -€9,168 | -2.6% |
| Plant, machinery and equipment | 23 | €6,203 | €5,911 | -€291 | -4.7% |
| Furniture and vehicles | 24 | €49,226 | €38,626 | -€10,600 | -21.5% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €1,097,545 | €1,134,105 | +€36,560 | +3.3% |
| Amounts receivable after more than one year | 29 | €145,000 | €336,360 | +€191,360 | +132% |
| Other amounts receivable | 291 | €145,000 | €336,360 | +€191,360 | +132% |
| Amounts receivable within one year | 40/41 | €576,071 | €445,783 | -€130,288 | -22.6% |
| Trade receivables | 40 | €576,071 | €401,744 | -€174,327 | -30.3% |
| Other amounts receivable | 41 | €0 | €44,039 | +€44,039 | |
| Cash at bank and in hand | 54/58 | €372,071 | €345,209 | -€26,862 | -7.2% |
| Deferred charges and accrued income | 490/1 | €4,403 | €6,753 | +€2,350 | +53.4% |
| Total equity and liabilities | 10/49 | €1,506,023 | €1,522,523 | +€16,500 | +1.1% |
| Equity | 10/15 | €1,017,541 | €1,021,450 | +€3,909 | +0.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,011,341 | €1,015,250 | +€3,909 | +0.4% |
| Distributable reserves | 133 | €1,011,341 | €1,015,250 | +€3,909 | +0.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €30,225 | €30,225 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,225 | €30,225 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €30,225 | €30,225 | = | 0.0% |
| Amounts payable | 17/49 | €458,258 | €470,848 | +€12,591 | +2.7% |
| Amounts payable after more than one year | 17 | €224,622 | €204,355 | -€20,267 | -9.0% |
| Financial debts | 170/4 | €224,622 | €204,355 | -€20,267 | -9.0% |
| Amounts payable within one year | 42/48 | €206,699 | €237,755 | +€31,055 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €41,773 | €20,267 | -€21,506 | -51.5% |
| Financial debts | 43 | - | €21,486 | +€21,486 | |
| Credit institutions | 430/8 | - | €21,486 | +€21,486 | |
| Trade debts | 44 | €111,009 | €104,054 | -€6,956 | -6.3% |
| Suppliers | 440/4 | €111,009 | €104,054 | -€6,956 | -6.3% |
| Taxes, remuneration and social security | 45 | €51,933 | €51,013 | -€920 | -1.8% |
| Taxes | 450/3 | €51,933 | €51,013 | -€920 | -1.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,984 | €40,935 | +€38,951 | +1,963% |
| Accrued charges and deferred income | 492/3 | €26,936 | €28,738 | +€1,802 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,126 | €25,637 | +€4,511 | +21.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,313 | €2,614 | -€699 | -21.1% |
| Gross operating margin | 9900 | €356,857 | €106,470 | -€250,386 | -70.2% |
| Operating profit (loss) | 9901 | €332,417 | €78,219 | -€254,198 | -76.5% |
| Financial income | 75/76B | €5,127 | €5,707 | +€580 | +11.3% |
| Recurring financial income | 75 | €5,127 | €5,707 | +€580 | +11.3% |
| Financial charges | 65/66B | €13,222 | €8,860 | -€4,362 | -33.0% |
| Recurring financial charges | 65 | €13,222 | €8,860 | -€4,362 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €324,322 | €75,066 | -€249,256 | -76.9% |
| Income taxes | 67/77 | €92,062 | €31,156 | -€60,906 | -66.2% |
| Profit (loss) for the period | 9904 | €232,260 | €43,909 | -€188,350 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €232,260 | €43,909 | -€188,350 | -81.1% |
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 13 October 2026 via checked.be.