M-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.
M-Construct
Largest movements
- Cash -€22,226
down €22,226 (-81.2%), from €27,379 to €5,153
mainly Investment in fixed assets (net) (-€15,060) and Net result for the year (-€13,598)
- Receivables within one year +€9,313
up €9,313 (+164%), from €5,669 to €14,982
of which Trade receivables: +€7,643
- Tangible fixed assets -€7,388
down €7,388 (-32.6%), from €22,664 to €15,276
of which Land and buildings: -€18,101
- Deferred charges and accrued income +€3,985
up €3,985 (+1,036%), from €385 to €4,370
- Stocks and contracts +€826
up €826 (+109%), from €756 to €1,582
- Profit (loss) carried forward -€13,598
down €13,598 (-27.9%), from -€48,758 to -€62,356
- Debts after one year -€5,173
down €5,173 (-9.4%), from €54,868 to €49,694
- Trade debts +€4,277
up €4,277 (+94.6%), from €4,520 to €8,797
- Other debts -€783
down €783 (-14.0%), from €5,575 to €4,792
- Gross operating margin +€4,706
up €4,706 (+70.8%), from €6,649 to €11,355
- Depreciation +€2,400
up €2,400 (+12.0%), from €20,048 to €22,448
- Other operating charges +€638
up €638 (+105%), from €606 to €1,244
- Financial charges -€242
down €242 (-16.1%), from €1,506 to €1,263
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 | €56,854 | €41,364 | -€15,490 | -27.2% |
| Fixed assets | 21/28 | €22,664 | €15,276 | -€7,388 | -32.6% |
| Tangible fixed assets | 22/27 | €22,664 | €15,276 | -€7,388 | -32.6% |
| Land and buildings | 22 | €18,101 | - | -€18,101 | |
| Plant, machinery and equipment | 23 | €2,530 | €1,530 | -€1,000 | -39.5% |
| Furniture and vehicles | 24 | €2,033 | €13,746 | +€11,712 | +576% |
| Current assets | 29/58 | €34,189 | €26,088 | -€8,101 | -23.7% |
| Stocks and contracts in progress | 3 | €756 | €1,582 | +€826 | +109% |
| Stocks | 30/36 | €756 | €1,582 | +€826 | +109% |
| Amounts receivable within one year | 40/41 | €5,669 | €14,982 | +€9,313 | +164% |
| Trade receivables | 40 | €4,309 | €11,952 | +€7,643 | +177% |
| Other amounts receivable | 41 | €1,360 | €3,030 | +€1,670 | +123% |
| Cash at bank and in hand | 54/58 | €27,379 | €5,153 | -€22,226 | -81.2% |
| Deferred charges and accrued income | 490/1 | €385 | €4,370 | +€3,985 | +1,036% |
| Total equity and liabilities | 10/49 | €56,854 | €41,364 | -€15,490 | -27.2% |
| Equity | 10/15 | -€13,806 | -€27,403 | -€13,598 | -98.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,353 | €16,353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €16,253 | €16,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,758 | -€62,356 | -€13,598 | -27.9% |
| Amounts payable | 17/49 | €70,659 | €68,767 | -€1,892 | -2.7% |
| Amounts payable after more than one year | 17 | €54,868 | €49,694 | -€5,173 | -9.4% |
| Financial debts | 170/4 | €54,868 | €49,694 | -€5,173 | -9.4% |
| Amounts payable within one year | 42/48 | €15,792 | €19,073 | +€3,281 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €5,096 | €5,173 | +€77 | +1.5% |
| Trade debts | 44 | €4,520 | €8,797 | +€4,277 | +94.6% |
| Suppliers | 440/4 | €4,520 | €8,797 | +€4,277 | +94.6% |
| Taxes, remuneration and social security | 45 | €600 | €310 | -€290 | -48.3% |
| Taxes | 450/3 | €600 | €310 | -€290 | -48.3% |
| Other amounts payable | 47/48 | €5,575 | €4,792 | -€783 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,048 | €22,448 | +€2,400 | +12.0% |
| Other operating charges | 640/8 | €606 | €1,244 | +€638 | +105% |
| Gross operating margin | 9900 | €6,649 | €11,355 | +€4,706 | +70.8% |
| Operating profit (loss) | 9901 | -€14,005 | -€12,337 | +€1,668 | +11.9% |
| Financial income | 75/76B | €49 | €3 | -€46 | -94.9% |
| Recurring financial income | 75 | €49 | €3 | -€46 | -94.9% |
| Financial charges | 65/66B | €1,506 | €1,263 | -€242 | -16.1% |
| Recurring financial charges | 65 | €1,506 | €1,263 | -€242 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,462 | -€13,598 | +€1,865 | +12.1% |
| Profit (loss) for the period | 9904 | -€15,462 | -€13,598 | +€1,865 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,462 | -€13,598 | +€1,865 | +12.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.