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.
What changed
M-CONSTRUCT
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€359,968
2024 · €689,492-€329,523
Equity
€1.6m
2024 · €1.3m+€359,968
Cash
€405,739
2024 · €364,079+€41,660
Balance sheet total
€4.6m
2024 · €4.2m+€326,975
Largest movements
Assets
- Tangible fixed assets +€752,535
up €752,535 (+33.8%), from €2.2m to €3.0m
of which Leasing and similar rights: +€687,263
- Receivables within one year -€531,544
down €531,544 (-33.7%), from €1.6m to €1.0m
of which Trade receivables: -€584,216
- Deferred charges and accrued income +€64,324
up €64,324 (+279%), from €23,059 to €87,384
Equity and liabilities
- Reserves +€359,968
up €359,968 (+28.3%), from €1.3m to €1.6m
of which Distributable reserves: +€359,968
- Other debts -€200,838
down €200,838 (-49.3%), from €407,290 to €206,452
- Trade debts +€175,369
up €175,369 (+88.6%), from €197,904 to €373,273
- Tax, wage and social debts -€157,035
down €157,035 (-94.5%), from €166,159 to €9,125
of which Taxes: -€159,016
- Debts after one year +€125,519
up €125,519 (+6.9%), from €1.8m to €1.9m
Income statement
- Goods and materials +€245,280
up €245,280 (+13.4%), from €1.8m to €2.1m
- Taxes -€127,323
down €127,323 (-51.1%), from €249,016 to €121,693
- Turnover -€93,823
down €93,823 (-2.1%), from €4.4m to €4.3m
- Depreciation +€85,447
up €85,447 (+17.6%), from €485,383 to €570,830
- Staff costs +€54,940
up €54,940 (+51.6%), from €106,565 to €161,505
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.
Result 2024
€689,492
Turnover
-€93,823
Other operating income
+€14,819
Goods and materials
-€245,280
Services and other goods
+€11,931
Staff costs
-€54,940
Depreciation
-€85,447
Other operating charges
+€404
Other operating items
-€4,812
Financial income
+€61
Financial charges
+€242
Taxes
+€127,323
Result 2025
€359,968
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
-€1.3m
Financing
+€162,515
Cash 2024
€364,079
From operations (derived)
+€1.2m
Net result for the year
+€359,968
Depreciation
+€570,830
Receivables within one year
+€531,544
Deferred charges and accrued income
-€64,324
Trade debts
+€175,369
Tax, wage and social debts
-€157,035
Other debts
-€200,838
Accrued charges and deferred income
-€13,004
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€162,515
Debts after one year
+€125,519
Current portion of long-term debt
+€36,996
Cash 2025
€405,739
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,248,632 | €4,575,608 | +€326,975 | +7.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,283,704 | €3,036,239 | +€752,535 | +33.0% |
| Tangible fixed assets | 22/27 | €2,229,459 | €2,981,994 | +€752,535 | +33.8% |
| Plant, machinery and equipment | 23 | €739,311 | €825,461 | +€86,150 | +11.7% |
| Furniture and vehicles | 24 | €30,357 | €9,479 | -€20,878 | -68.8% |
| Leasing and similar rights | 25 | €1,459,792 | €2,147,055 | +€687,263 | +47.1% |
| Financial fixed assets | 28 | €54,244 | €54,244 | = | 0.0% |
| Affiliated companies | 280/1 | €53,974 | €53,974 | = | 0.0% |
| Participating interests | 280 | €53,974 | €53,974 | = | 0.0% |
| Other financial fixed assets | 284/8 | €270 | €270 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €1,964,929 | €1,539,369 | -€425,560 | -21.7% |
| Amounts receivable within one year | 40/41 | €1,577,790 | €1,046,246 | -€531,544 | -33.7% |
| Trade receivables | 40 | €1,531,215 | €946,999 | -€584,216 | -38.2% |
| Other amounts receivable | 41 | €46,575 | €99,247 | +€52,672 | +113% |
| Cash at bank and in hand | 54/58 | €364,079 | €405,739 | +€41,660 | +11.4% |
| Deferred charges and accrued income | 490/1 | €23,059 | €87,384 | +€64,324 | +279% |
| Total equity and liabilities | 10/49 | €4,248,632 | €4,575,608 | +€326,975 | +7.7% |
| Equity | 10/15 | €1,289,128 | €1,649,097 | +€359,968 | +27.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,270,528 | €1,630,497 | +€359,968 | +28.3% |
| 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 | €1,268,668 | €1,628,637 | +€359,968 | +28.4% |
| Amounts payable | 17/49 | €2,959,504 | €2,926,511 | -€32,993 | -1.1% |
| Amounts payable after more than one year | 17 | €1,808,628 | €1,934,147 | +€125,519 | +6.9% |
| Financial debts | 170/4 | €1,808,628 | €1,934,147 | +€125,519 | +6.9% |
| Leasing and similar obligations | 172 | €1,002,557 | €1,459,505 | +€456,948 | +45.6% |
| Credit institutions | 173 | €116,071 | €80,357 | -€35,714 | -30.8% |
| Other loans | 174 | €690,000 | €394,286 | -€295,714 | -42.9% |
| Amounts payable within one year | 42/48 | €1,127,117 | €981,608 | -€145,509 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €355,763 | €392,759 | +€36,996 | +10.4% |
| Trade debts | 44 | €197,904 | €373,273 | +€175,369 | +88.6% |
| Suppliers | 440/4 | €197,904 | €373,273 | +€175,369 | +88.6% |
| Taxes, remuneration and social security | 45 | €166,159 | €9,125 | -€157,035 | -94.5% |
| Taxes | 450/3 | €159,016 | - | -€159,016 | |
| Remuneration and social security | 454/9 | €7,143 | €9,125 | +€1,982 | +27.7% |
| Other amounts payable | 47/48 | €407,290 | €206,452 | -€200,838 | -49.3% |
| Accrued charges and deferred income | 492/3 | €23,759 | €10,755 | -€13,004 | -54.7% |
| Operating income | 70/76A | €4,451,355 | €4,374,646 | -€76,710 | -1.7% |
| Turnover | 70 | €4,438,603 | €4,344,779 | -€93,823 | -2.1% |
| Other operating income | 74 | €7,102 | €21,921 | +€14,819 | +209% |
| Non-recurring operating income | 76A | €5,651 | €7,945 | +€2,295 | +40.6% |
| Operating charges | 60/66A | €3,428,776 | €3,809,215 | +€380,439 | +11.1% |
| Goods for resale, raw materials and consumables | 60 | €1,824,923 | €2,070,204 | +€245,280 | +13.4% |
| Purchases | 600/8 | €1,824,923 | €2,070,204 | +€245,280 | +13.4% |
| Services and other goods | 61 | €1,008,832 | €996,902 | -€11,931 | -1.2% |
| Remuneration, social security and pensions | 62 | €106,565 | €161,505 | +€54,940 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €485,383 | €570,830 | +€85,447 | +17.6% |
| Other operating charges | 640/8 | €3,072 | €2,668 | -€404 | -13.2% |
| Non-recurring operating charges | 66A | - | €7,107 | +€7,107 | |
| Operating profit (loss) | 9901 | €1,022,580 | €565,431 | -€457,149 | -44.7% |
| Financial income | 75/76B | €3 | €63 | +€61 | +2,072% |
| Recurring financial income | 75 | €3 | €63 | +€61 | +2,072% |
| Other financial income | 752/9 | €3 | €63 | +€61 | +2,072% |
| Financial charges | 65/66B | €84,074 | €83,832 | -€242 | -0.3% |
| Recurring financial charges | 65 | €84,074 | €83,832 | -€242 | -0.3% |
| Debt charges | 650 | €80,482 | €81,847 | +€1,365 | +1.7% |
| Other financial charges | 652/9 | €3,593 | €1,985 | -€1,608 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €938,508 | €481,662 | -€456,846 | -48.7% |
| Income taxes | 67/77 | €249,016 | €121,693 | -€127,323 | -51.1% |
| Taxes | 670/3 | €249,016 | €121,693 | -€127,323 | -51.1% |
| Profit (loss) for the period | 9904 | €689,492 | €359,968 | -€329,523 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €689,492 | €359,968 | -€329,523 | -47.8% |
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 23 October 2026 via checked.be.