HW. 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.
HW. CONSTRUCT
Largest movements
- Tangible fixed assets -€52,376
down €52,376 (-13.2%), from €396,331 to €343,955
- Receivables within one year -€48,360
down €48,360 (-19.1%), from €253,096 to €204,736
of which Trade receivables: -€64,184
- Stocks and contracts +€20,000
up €20,000 (+133.3%), from €15,000 to €35,000
of which Contracts in progress: +€20,000
- Cash +€9,124
up €9,124 (+20.5%), from €44,601 to €53,725
mainly Depreciation (+€66,510) and Receivables within one year (+€48,360)
- Debts after one year -€56,453
down €56,453 (-20.1%), from €280,255 to €223,802
- Trade debts -€23,445
down €23,445 (-21.0%), from €111,891 to €88,445
- Staff costs -€105,783
down €105,783 (-45.7%), from €231,651 to €125,868
- Gross operating margin -€73,440
down €73,440 (-21.4%), from €342,698 to €269,259
- Other operating charges +€42,930
up €42,930 (+1386.1%), from €3,097 to €46,027
- Financial charges -€4,337
down €4,337 (-18.6%), from €23,297 to €18,960
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 | €716,465 | €644,368 | -€72,097 | -10.1% |
| Fixed assets | 21/28 | €396,628 | €344,079 | -€52,549 | -13.2% |
| Intangible fixed assets | 21 | €173 | - | -€173 | |
| Tangible fixed assets | 22/27 | €396,331 | €343,955 | -€52,376 | -13.2% |
| Land and buildings | 22 | €244,610 | €229,520 | -€15,090 | -6.2% |
| Plant, machinery and equipment | 23 | €19,598 | €13,994 | -€5,604 | -28.6% |
| Furniture and vehicles | 24 | €82,458 | €59,028 | -€23,430 | -28.4% |
| Leasing and similar rights | 25 | €47,816 | €39,755 | -€8,061 | -16.9% |
| Other tangible fixed assets | 26 | €1,848 | €1,658 | -€190 | -10.3% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €319,837 | €300,289 | -€19,547 | -6.1% |
| Stocks and contracts in progress | 3 | €15,000 | €35,000 | +€20,000 | +133.3% |
| Stocks | 30/36 | €15,000 | €15,000 | = | 0.0% |
| Contracts in progress | 37 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €253,096 | €204,736 | -€48,360 | -19.1% |
| Trade receivables | 40 | €238,228 | €174,044 | -€64,184 | -26.9% |
| Other amounts receivable | 41 | €14,868 | €30,692 | +€15,824 | +106.4% |
| Cash at bank and in hand | 54/58 | €44,601 | €53,725 | +€9,124 | +20.5% |
| Deferred charges and accrued income | 490/1 | €7,140 | €6,829 | -€311 | -4.4% |
| Total equity and liabilities | 10/49 | €716,465 | €644,368 | -€72,097 | -10.1% |
| Equity | 10/15 | €248,497 | €255,497 | +€7,000 | +2.8% |
| Contributions | 10/11 | €15,800 | €15,800 | = | 0.0% |
| Reserves | 13 | €226,360 | €232,860 | +€6,500 | +2.9% |
| 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 | €224,500 | €231,000 | +€6,500 | +2.9% |
| Profit (loss) carried forward | 14 | €6,337 | €6,837 | +€500 | +7.9% |
| Amounts payable | 17/49 | €467,968 | €388,871 | -€79,097 | -16.9% |
| Amounts payable after more than one year | 17 | €280,255 | €223,802 | -€56,453 | -20.1% |
| Financial debts | 170/4 | €280,255 | €223,802 | -€56,453 | -20.1% |
| Amounts payable within one year | 42/48 | €187,220 | €164,917 | -€22,303 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €56,563 | €56,453 | -€111 | -0.2% |
| Trade debts | 44 | €111,891 | €88,445 | -€23,445 | -21.0% |
| Suppliers | 440/4 | €111,891 | €88,445 | -€23,445 | -21.0% |
| Taxes, remuneration and social security | 45 | €11,105 | €7,500 | -€3,606 | -32.5% |
| Taxes | 450/3 | €5,224 | €2,959 | -€2,265 | -43.4% |
| Remuneration and social security | 454/9 | €5,881 | €4,540 | -€1,340 | -22.8% |
| Other amounts payable | 47/48 | €7,661 | €12,519 | +€4,858 | +63.4% |
| Accrued charges and deferred income | 492/3 | €492 | €152 | -€341 | -69.2% |
| Non-recurring operating income | 76A | €4,132 | €444 | -€3,688 | -89.2% |
| Remuneration, social security and pensions | 62 | €231,651 | €125,868 | -€105,783 | -45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,416 | €66,510 | -€1,907 | -2.8% |
| Other operating charges | 640/8 | €3,097 | €46,027 | +€42,930 | +1386.1% |
| Non-recurring operating charges | 66A | €4,550 | €301 | -€4,249 | -93.4% |
| Gross operating margin | 9900 | €342,698 | €269,259 | -€73,440 | -21.4% |
| Operating profit (loss) | 9901 | €34,984 | €30,553 | -€4,431 | -12.7% |
| Financial income | 75/76B | €57 | €190 | +€133 | +231.6% |
| Recurring financial income | 75 | €57 | €190 | +€133 | +231.6% |
| Financial charges | 65/66B | €23,297 | €18,960 | -€4,337 | -18.6% |
| Recurring financial charges | 65 | €23,297 | €18,960 | -€4,337 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €11,744 | €11,783 | +€38 | +0.3% |
| Income taxes | 67/77 | €5,014 | €4,783 | -€232 | -4.6% |
| Profit (loss) for the period | 9904 | €6,730 | €7,000 | +€270 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,730 | €7,000 | +€270 | +4.0% |
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 11 October 2026 via checked.be.