M-CONSTRUCT & DEV: 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 & DEV
Largest movements
- Intangible fixed assets +€207,708
up €207,708 (+260%), from €79,767 to €287,475
- Receivables within one year -€62,093
down €62,093 (-94.5%), from €65,687 to €3,594
of which Trade receivables: -€47,992
- Tangible fixed assets -€12,412
down €12,412 (-3.8%), from €324,203 to €311,790
of which Land and buildings: -€8,128
- Stocks and contracts -€11,772
down €11,772 (-44.0%), from €26,772 to €15,000
- Deferred charges and accrued income +€9,729
up €9,729 (+92.1%), from €10,562 to €20,291
- Debts after one year +€83,333
up €83,333 (+24.0%), from €346,522 to €429,854
- Accrued charges and deferred income +€54,258
up €54,258 (+14,283%), from €380 to €54,638
- Short-term financial debts -€20,065
no longer reported in 2025 (was €20,065)
- Current portion of long-term debt +€15,297
up €15,297 (+124%), from €12,299 to €27,596
- Trade debts -€13,701
down €13,701 (-13.9%), from €98,584 to €84,883
- Gross operating margin +€43,646
up €43,646 (+28.5%), from €153,297 to €196,943
- Staff costs +€29,435
up €29,435 (+26.0%), from €113,034 to €142,470
- Depreciation +€12,068
up €12,068 (+86.4%), from €13,962 to €26,030
- Financial charges +€7,314
up €7,314 (+55.0%), from €13,304 to €20,618
- Other operating charges -€3,989
down €3,989 (-75.6%), from €5,274 to €1,285
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 | €519,036 | €643,041 | +€124,005 | +23.9% |
| Formation expenses | 20 | €1,793 | €1,013 | -€780 | -43.5% |
| Fixed assets | 21/28 | €404,162 | €599,458 | +€195,296 | +48.3% |
| Intangible fixed assets | 21 | €79,767 | €287,475 | +€207,708 | +260% |
| Tangible fixed assets | 22/27 | €324,203 | €311,790 | -€12,412 | -3.8% |
| Land and buildings | 22 | €294,269 | €286,140 | -€8,128 | -2.8% |
| Plant, machinery and equipment | 23 | €11,319 | €11,160 | -€159 | -1.4% |
| Furniture and vehicles | 24 | €18,615 | €14,490 | -€4,125 | -22.2% |
| Financial fixed assets | 28 | €192 | €192 | = | 0.0% |
| Current assets | 29/58 | €113,081 | €42,570 | -€70,511 | -62.4% |
| Stocks and contracts in progress | 3 | €26,772 | €15,000 | -€11,772 | -44.0% |
| Stocks | 30/36 | €26,772 | €15,000 | -€11,772 | -44.0% |
| Amounts receivable within one year | 40/41 | €65,687 | €3,594 | -€62,093 | -94.5% |
| Trade receivables | 40 | €51,586 | €3,594 | -€47,992 | -93.0% |
| Other amounts receivable | 41 | €14,101 | - | -€14,101 | |
| Cash at bank and in hand | 54/58 | €10,061 | €3,686 | -€6,375 | -63.4% |
| Deferred charges and accrued income | 490/1 | €10,562 | €20,291 | +€9,729 | +92.1% |
| Total equity and liabilities | 10/49 | €519,036 | €643,041 | +€124,005 | +23.9% |
| Equity | 10/15 | €19,899 | €23,350 | +€3,451 | +17.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101 | €3,350 | +€3,451 | |
| Amounts payable | 17/49 | €499,137 | €619,691 | +€120,554 | +24.2% |
| Amounts payable after more than one year | 17 | €346,522 | €429,854 | +€83,333 | +24.0% |
| Financial debts | 170/4 | €346,522 | €429,854 | +€83,333 | +24.0% |
| Amounts payable within one year | 42/48 | €152,236 | €135,199 | -€17,037 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €12,299 | €27,596 | +€15,297 | +124% |
| Financial debts | 43 | €20,065 | - | -€20,065 | |
| Credit institutions | 430/8 | €20,065 | - | -€20,065 | |
| Trade debts | 44 | €98,584 | €84,883 | -€13,701 | -13.9% |
| Suppliers | 440/4 | €98,584 | €84,883 | -€13,701 | -13.9% |
| Taxes, remuneration and social security | 45 | €21,000 | €22,720 | +€1,720 | +8.2% |
| Taxes | 450/3 | €1,844 | €105 | -€1,739 | -94.3% |
| Remuneration and social security | 454/9 | €19,155 | €22,614 | +€3,459 | +18.1% |
| Other amounts payable | 47/48 | €287 | - | -€287 | |
| Accrued charges and deferred income | 492/3 | €380 | €54,638 | +€54,258 | +14,283% |
| Remuneration, social security and pensions | 62 | €113,034 | €142,470 | +€29,435 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,962 | €26,030 | +€12,068 | +86.4% |
| Other operating charges | 640/8 | €5,274 | €1,285 | -€3,989 | -75.6% |
| Gross operating margin | 9900 | €153,297 | €196,943 | +€43,646 | +28.5% |
| Operating profit (loss) | 9901 | €21,027 | €27,159 | +€6,132 | +29.2% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €13,304 | €20,618 | +€7,314 | +55.0% |
| Recurring financial charges | 65 | €13,304 | €20,618 | +€7,314 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €7,723 | €6,543 | -€1,180 | -15.3% |
| Income taxes | 67/77 | €713 | €3,092 | +€2,378 | +333% |
| Profit (loss) for the period | 9904 | €7,009 | €3,451 | -€3,558 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,009 | €3,451 | -€3,558 | -50.8% |
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 15 October 2026 via checked.be.