L22 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.
L22 CONSTRUCT
Largest movements
- Receivables within one year +€174,828
up €174,828 (+135.2%), from €129,300 to €304,128
of which Trade receivables: +€180,178
- Deferred charges and accrued income -€29,014
down €29,014 (-85.8%), from €33,832 to €4,818
- Tangible fixed assets +€8,086
up €8,086 (+25.8%), from €31,297 to €39,383
of which Furniture and vehicles: +€8,660
- Trade debts +€94,916
up €94,916 (+130.1%), from €72,964 to €167,879
- Profit (loss) carried forward +€27,257
up €27,257 (+57.4%), from €47,455 to €74,712
- Accrued charges and deferred income +€23,538
new in 2025: €23,538
- Tax, wage and social debts +€12,387
up €12,387 (+62.5%), from €19,811 to €32,198
of which Taxes: +€16,537
- Current portion of long-term debt -€9,071
no longer reported in 2025 (was €9,071)
- Gross operating margin +€46,837
up €46,837 (+243.9%), from €19,206 to €66,043
- Taxes +€13,952
up €13,952 (+507.1%), from €2,751 to €16,703
- Depreciation +€6,641
up €6,641 (+323.8%), from €2,051 to €8,691
- Other operating charges -€1,267
down €1,267 (-9.9%), from €12,751 to €11,484
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,179 | €352,247 | +€157,068 | +80.5% |
| Fixed assets | 21/28 | €32,047 | €43,301 | +€11,254 | +35.1% |
| Tangible fixed assets | 22/27 | €31,297 | €39,383 | +€8,086 | +25.8% |
| Plant, machinery and equipment | 23 | €2,144 | €1,569 | -€575 | -26.8% |
| Furniture and vehicles | 24 | €29,153 | €37,814 | +€8,660 | +29.7% |
| Financial fixed assets | 28 | €750 | €3,918 | +€3,168 | +422.4% |
| Current assets | 29/58 | €163,132 | €308,946 | +€145,814 | +89.4% |
| Amounts receivable within one year | 40/41 | €129,300 | €304,128 | +€174,828 | +135.2% |
| Trade receivables | 40 | €112,810 | €292,988 | +€180,178 | +159.7% |
| Other amounts receivable | 41 | €16,490 | €11,140 | -€5,350 | -32.4% |
| Deferred charges and accrued income | 490/1 | €33,832 | €4,818 | -€29,014 | -85.8% |
| Total equity and liabilities | 10/49 | €195,179 | €352,247 | +€157,068 | +80.5% |
| Equity | 10/15 | €51,455 | €78,712 | +€27,257 | +53.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,455 | €74,712 | +€27,257 | +57.4% |
| Amounts payable | 17/49 | €143,725 | €273,535 | +€129,811 | +90.3% |
| Amounts payable after more than one year | 17 | €23,872 | €23,872 | = | 0.0% |
| Financial debts | 170/4 | €23,872 | €23,872 | = | 0.0% |
| Amounts payable within one year | 42/48 | €119,853 | €226,126 | +€106,273 | +88.7% |
| Current portion of amounts payable after more than one year | 42 | €9,071 | - | -€9,071 | |
| Financial debts | 43 | €9,746 | €18,619 | +€8,873 | +91.0% |
| Credit institutions | 430/8 | €9,746 | €18,619 | +€8,873 | +91.0% |
| Trade debts | 44 | €72,964 | €167,879 | +€94,916 | +130.1% |
| Suppliers | 440/4 | €72,964 | €167,879 | +€94,916 | +130.1% |
| Taxes, remuneration and social security | 45 | €19,811 | €32,198 | +€12,387 | +62.5% |
| Taxes | 450/3 | €7,311 | €23,848 | +€16,537 | +226.2% |
| Remuneration and social security | 454/9 | €12,500 | €8,350 | -€4,150 | -33.2% |
| Other amounts payable | 47/48 | €8,262 | €7,430 | -€831 | -10.1% |
| Accrued charges and deferred income | 492/3 | - | €23,538 | +€23,538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,051 | €8,691 | +€6,641 | +323.8% |
| Other operating charges | 640/8 | €12,751 | €11,484 | -€1,267 | -9.9% |
| Gross operating margin | 9900 | €19,206 | €66,043 | +€46,837 | +243.9% |
| Operating profit (loss) | 9901 | €4,404 | €45,867 | +€41,463 | +941.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.0% |
| Financial charges | 65/66B | €1,483 | €1,906 | +€423 | +28.5% |
| Recurring financial charges | 65 | €1,483 | €1,906 | +€423 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €2,922 | €43,961 | +€41,039 | +1404.7% |
| Income taxes | 67/77 | €2,751 | €16,703 | +€13,952 | +507.1% |
| Profit (loss) for the period | 9904 | €170 | €27,257 | +€27,087 | +15895.2% |
| Profit (loss) for the period to be appropriated | 9905 | €170 | €27,257 | +€27,087 | +15895.2% |
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.