INVEST CONSTRUCTION: 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.
INVEST CONSTRUCTION
Largest movements
- Tangible fixed assets +€161,612
up €161,612 (+286%), from €56,465 to €218,076
of which Land and buildings: +€171,291
- Cash -€140,500
down €140,500 (-91.5%), from €153,632 to €13,132
mainly Investment in fixed assets (net) (-€170,947) and Net result for the year (-€5,133)
- Deferred charges and accrued income -€23,328
down €23,328 (-32.6%), from €71,519 to €48,191
- Reserves -€5,968
down €5,968 (-2.9%), from €203,166 to €197,198
of which Tax-exempt reserves: -€5,968
- Trade debts +€4,841
up €4,841 (+2,497%), from €194 to €5,035
- Gross operating margin -€212,044
down €212,044 (-96.6%), from €219,479 to €7,434
- Depreciation +€7,621
up €7,621 (+444%), from €1,715 to €9,336
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 | €281,972 | €279,520 | -€2,451 | -0.9% |
| Fixed assets | 21/28 | €56,465 | €218,076 | +€161,612 | +286% |
| Tangible fixed assets | 22/27 | €56,465 | €218,076 | +€161,612 | +286% |
| Land and buildings | 22 | €46,716 | €218,006 | +€171,291 | +367% |
| Plant, machinery and equipment | 23 | €166 | €70 | -€96 | -57.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €9,583 | €0 | -€9,583 | -100% |
| Current assets | 29/58 | €225,507 | €61,444 | -€164,063 | -72.8% |
| Amounts receivable within one year | 40/41 | €356 | €121 | -€235 | -66.0% |
| Other amounts receivable | 41 | €356 | €121 | -€235 | -66.0% |
| Cash at bank and in hand | 54/58 | €153,632 | €13,132 | -€140,500 | -91.5% |
| Deferred charges and accrued income | 490/1 | €71,519 | €48,191 | -€23,328 | -32.6% |
| Total equity and liabilities | 10/49 | €281,972 | €279,520 | -€2,451 | -0.9% |
| Equity | 10/15 | €225,491 | €220,358 | -€5,133 | -2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €203,166 | €197,198 | -€5,968 | -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% |
| Tax-exempt reserves | 132 | €162,650 | €156,683 | -€5,968 | -3.7% |
| Distributable reserves | 133 | €38,655 | €38,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,725 | €4,559 | +€834 | +22.4% |
| Provisions and deferred taxes | 16 | €54,217 | €52,228 | -€1,989 | -3.7% |
| Deferred taxes | 168 | €54,217 | €52,228 | -€1,989 | -3.7% |
| Amounts payable | 17/49 | €2,264 | €6,935 | +€4,671 | +206% |
| Amounts payable within one year | 42/48 | €194 | €5,035 | +€4,841 | +2,497% |
| Trade debts | 44 | €194 | €5,035 | +€4,841 | +2,497% |
| Suppliers | 440/4 | €194 | €5,035 | +€4,841 | +2,497% |
| Accrued charges and deferred income | 492/3 | €2,070 | €1,900 | -€170 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,715 | €9,336 | +€7,621 | +444% |
| Other operating charges | 640/8 | €6,462 | €5,137 | -€1,325 | -20.5% |
| Gross operating margin | 9900 | €219,479 | €7,434 | -€212,044 | -96.6% |
| Operating profit (loss) | 9901 | €211,302 | -€7,039 | -€218,340 | |
| Financial income | 75/76B | €18 | €14 | -€4 | -23.9% |
| Recurring financial income | 75 | €18 | €14 | -€4 | -23.9% |
| Financial charges | 65/66B | €164 | €97 | -€66 | -40.5% |
| Recurring financial charges | 65 | €164 | €97 | -€66 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €211,156 | -€7,123 | -€218,279 | |
| Transfer from deferred taxes | 780 | - | €1,989 | +€1,989 | |
| Transfer to deferred taxes | 680 | €54,217 | €0 | -€54,217 | -100% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €156,939 | -€5,133 | -€162,073 | |
| Transfer from tax-exempt reserves | 789 | - | €5,968 | +€5,968 | |
| Transfer to tax-exempt reserves | 689 | €162,650 | €0 | -€162,650 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,711 | €834 | +€6,546 |
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 21 October 2026 via checked.be.