INVEST-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.
INVEST-CONSTRUCT
Largest movements
- Tangible fixed assets -€118,364
down €118,364 (-7.1%), from €1.7m to €1.6m
of which Land and buildings: -€109,862
- Receivables within one year -€35,840
down €35,840 (-100.0%), from €35,840 to €0
of which Trade receivables: -€30,506
- Cash -€24,806
down €24,806 (-96.8%), from €25,625 to €819
mainly Net result for the year (-€163,678) and Other debts (-€23,761)
- Profit (loss) carried forward -€163,678
down €163,678 (-21.5%), from -€762,251 to -€925,929
- Other debts -€23,761
down €23,761 (-1.6%), from €1.4m to €1.4m
- Depreciation +€29,513
up €29,513 (+32.6%), from €90,592 to €120,105
- Gross operating margin +€13,861
up €13,861 (+28.0%), from -€49,522 to -€35,661
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 | €1,738,370 | €1,559,952 | -€178,417 | -10.3% |
| Fixed assets | 21/28 | €1,673,835 | €1,555,472 | -€118,364 | -7.1% |
| Tangible fixed assets | 22/27 | €1,673,835 | €1,555,472 | -€118,364 | -7.1% |
| Land and buildings | 22 | €1,451,683 | €1,341,822 | -€109,862 | -7.6% |
| Plant, machinery and equipment | 23 | €2,092 | €1,864 | -€228 | -10.9% |
| Furniture and vehicles | 24 | €8,779 | €505 | -€8,273 | -94.2% |
| Other tangible fixed assets | 26 | €211,281 | €211,281 | = | 0.0% |
| Current assets | 29/58 | €64,535 | €4,481 | -€60,054 | -93.1% |
| Amounts receivable within one year | 40/41 | €35,840 | €0 | -€35,840 | -100.0% |
| Trade receivables | 40 | €30,506 | €0 | -€30,506 | -100.0% |
| Other amounts receivable | 41 | €5,334 | €0 | -€5,334 | -100.0% |
| Cash at bank and in hand | 54/58 | €25,625 | €819 | -€24,806 | -96.8% |
| Deferred charges and accrued income | 490/1 | €3,070 | €3,662 | +€592 | +19.3% |
| Total equity and liabilities | 10/49 | €1,738,370 | €1,559,952 | -€178,417 | -10.3% |
| Equity | 10/15 | €265,721 | €102,043 | -€163,678 | -61.6% |
| Contributions | 10/11 | €962,015 | €962,015 | = | 0.0% |
| Reserves | 13 | €65,957 | €65,957 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,159 | €10,159 | = | 0.0% |
| Distributable reserves | 133 | €55,799 | €55,799 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€762,251 | -€925,929 | -€163,678 | -21.5% |
| Amounts payable | 17/49 | €1,472,648 | €1,457,909 | -€14,739 | -1.0% |
| Amounts payable within one year | 42/48 | €1,472,648 | €1,457,909 | -€14,739 | -1.0% |
| Trade debts | 44 | €17,482 | €21,344 | +€3,861 | +22.1% |
| Suppliers | 440/4 | €17,482 | €21,344 | +€3,861 | +22.1% |
| Taxes, remuneration and social security | 45 | €5,473 | €10,634 | +€5,161 | +94.3% |
| Taxes | 450/3 | €5,473 | €10,634 | +€5,161 | +94.3% |
| Other amounts payable | 47/48 | €1,449,693 | €1,425,932 | -€23,761 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,592 | €120,105 | +€29,513 | +32.6% |
| Other operating charges | 640/8 | €6,472 | €6,372 | -€100 | -1.5% |
| Gross operating margin | 9900 | -€49,522 | -€35,661 | +€13,861 | +28.0% |
| Operating profit (loss) | 9901 | -€146,586 | -€162,138 | -€15,552 | -10.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €347 | €73 | -€274 | -78.8% |
| Recurring financial charges | 65 | €347 | €73 | -€274 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | -€146,933 | -€162,212 | -€15,279 | -10.4% |
| Income taxes | 67/77 | €1,233 | €1,466 | +€234 | +19.0% |
| Profit (loss) for the period | 9904 | -€148,166 | -€163,678 | -€15,513 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€148,166 | -€163,678 | -€15,513 | -10.5% |
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 3 October 2026 via checked.be.