M/Construction: 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.
M/Construction
Largest movements
- Cash +€17,108
up €17,108 (+78.5%), from €21,786 to €38,893
mainly Net result for the year (+€39,253) and Trade debts (+€10,153)
- Receivables within one year +€15,600
up €15,600 (+352.7%), from €4,423 to €20,023
of which Trade receivables: +€18,009
- Tangible fixed assets +€1,997
up €1,997 (+119.5%), from €1,672 to €3,669
- Reserves +€19,180
up €19,180 (+139.5%), from €13,753 to €32,933
- Trade debts +€10,153
up €10,153 (+1407.9%), from €721 to €10,874
- Profit (loss) carried forward +€8,179
no longer reported in 2025 (was -€8,179)
- Other debts -€2,677
down €2,677 (-89.4%), from €2,993 to €316
- Gross operating margin +€32,951
up €32,951 (+118.6%), from €27,786 to €60,737
- Taxes +€12,652
up €12,652 (+268.2%), from €4,718 to €17,369
- Depreciation -€1,127
down €1,127 (-74.4%), from €1,514 to €387
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
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 | €27,880 | €62,725 | +€34,845 | +125.0% |
| Fixed assets | 21/28 | €1,672 | €3,669 | +€1,997 | +119.5% |
| Tangible fixed assets | 22/27 | €1,672 | €3,669 | +€1,997 | +119.5% |
| Furniture and vehicles | 24 | €1,672 | €3,669 | +€1,997 | +119.5% |
| Current assets | 29/58 | €26,209 | €59,056 | +€32,848 | +125.3% |
| Amounts receivable within one year | 40/41 | €4,423 | €20,023 | +€15,600 | +352.7% |
| Trade receivables | 40 | €1,923 | €19,932 | +€18,009 | +936.5% |
| Other amounts receivable | 41 | €2,500 | €91 | -€2,409 | -96.3% |
| Cash at bank and in hand | 54/58 | €21,786 | €38,893 | +€17,108 | +78.5% |
| Deferred charges and accrued income | 490/1 | - | €140 | +€140 | |
| Total equity and liabilities | 10/49 | €27,880 | €62,725 | +€34,845 | +125.0% |
| Equity | 10/15 | €24,166 | €51,525 | +€27,359 | +113.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €13,753 | €32,933 | +€19,180 | +139.5% |
| Distributable reserves | 133 | €13,753 | €32,933 | +€19,180 | +139.5% |
| Profit (loss) carried forward | 14 | -€8,179 | - | +€8,179 | |
| Amounts payable | 17/49 | €3,714 | €11,200 | +€7,486 | +201.6% |
| Amounts payable within one year | 42/48 | €3,714 | €11,200 | +€7,486 | +201.6% |
| Trade debts | 44 | €721 | €10,874 | +€10,153 | +1407.9% |
| Suppliers | 440/4 | €721 | €10,874 | +€10,153 | +1407.9% |
| Taxes, remuneration and social security | 45 | - | €10 | +€10 | |
| Taxes | 450/3 | - | €10 | +€10 | |
| Other amounts payable | 47/48 | €2,993 | €316 | -€2,677 | -89.4% |
| Non-recurring operating income | 76A | - | €257 | +€257 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,514 | €387 | -€1,127 | -74.4% |
| Other operating charges | 640/8 | €1,113 | €1,182 | +€69 | +6.2% |
| Non-recurring operating charges | 66A | - | €1,529 | +€1,529 | |
| Gross operating margin | 9900 | €27,786 | €60,737 | +€32,951 | +118.6% |
| Operating profit (loss) | 9901 | €25,159 | €57,638 | +€32,480 | +129.1% |
| Financial charges | 65/66B | €464 | €1,016 | +€552 | +118.8% |
| Recurring financial charges | 65 | €464 | €1,016 | +€552 | +118.8% |
| Profit (loss) for the period before taxes | 9903 | €24,694 | €56,623 | +€31,928 | +129.3% |
| Income taxes | 67/77 | €4,718 | €17,369 | +€12,652 | +268.2% |
| Profit (loss) for the period | 9904 | €19,977 | €39,253 | +€19,277 | +96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,977 | €39,253 | +€19,277 | +96.5% |
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 8 October 2026 via checked.be.