M2-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.
M2-Construct
Largest movements
- Receivables within one year +€14,239
up €14,239 (+10.0%), from €142,606 to €156,844
of which Trade receivables: +€54,616
- Tangible fixed assets -€10,259
down €10,259 (-18.5%), from €55,528 to €45,269
- Cash -€8,600
down €8,600 (-53.9%), from €15,942 to €7,342
mainly Advances received (-€15,272) and Receivables within one year (-€14,239)
- Trade debts +€16,878
up €16,878 (+14.3%), from €118,380 to €135,258
- Advances received -€15,272
no longer reported in 2024 (was €15,272)
- Debts after one year -€7,938
no longer reported in 2024 (was €7,938)
- Other debts +€6,657
new in 2024: €6,657
- Tax, wage and social debts -€5,220
down €5,220 (-52.3%), from €9,981 to €4,761
- Taxes -€11,094
down €11,094 (-58.5%), from €18,951 to €7,857
- Depreciation +€5,052
up €5,052 (+33.9%), from €14,892 to €19,945
- Gross operating margin -€4,854
down €4,854 (-12.7%), from €38,331 to €33,477
- Financial income -€925
down €925 (-84.2%), from €1,098 to €173
- Other operating charges +€678
up €678 (+219.4%), from €309 to €987
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €214,076 | €209,456 | -€4,620 | -2.2% |
| Fixed assets | 21/28 | €55,528 | €45,269 | -€10,259 | -18.5% |
| Tangible fixed assets | 22/27 | €55,528 | €45,269 | -€10,259 | -18.5% |
| Furniture and vehicles | 24 | €55,528 | €45,269 | -€10,259 | -18.5% |
| Current assets | 29/58 | €158,548 | €164,186 | +€5,638 | +3.6% |
| Amounts receivable within one year | 40/41 | €142,606 | €156,844 | +€14,239 | +10.0% |
| Trade receivables | 40 | €102,229 | €156,844 | +€54,616 | +53.4% |
| Other amounts receivable | 41 | €40,377 | - | -€40,377 | |
| Cash at bank and in hand | 54/58 | €15,942 | €7,342 | -€8,600 | -53.9% |
| Total equity and liabilities | 10/49 | €214,076 | €209,456 | -€4,620 | -2.2% |
| Equity | 10/15 | €50,760 | €54,842 | +€4,083 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €42,700 | €46,782 | +€4,083 | +9.6% |
| Amounts payable | 17/49 | €163,316 | €154,613 | -€8,703 | -5.3% |
| Amounts payable after more than one year | 17 | €7,938 | - | -€7,938 | |
| Financial debts | 170/4 | €7,938 | - | -€7,938 | |
| Amounts payable within one year | 42/48 | €155,379 | €154,613 | -€765 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €11,746 | €7,938 | -€3,808 | -32.4% |
| Trade debts | 44 | €118,380 | €135,258 | +€16,878 | +14.3% |
| Suppliers | 440/4 | €118,380 | €135,258 | +€16,878 | +14.3% |
| Advances received on contracts in progress | 46 | €15,272 | - | -€15,272 | |
| Taxes, remuneration and social security | 45 | €9,981 | €4,761 | -€5,220 | -52.3% |
| Taxes | 450/3 | €9,981 | €4,761 | -€5,220 | -52.3% |
| Other amounts payable | 47/48 | - | €6,657 | +€6,657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,892 | €19,945 | +€5,052 | +33.9% |
| Other operating charges | 640/8 | €309 | €987 | +€678 | +219.4% |
| Gross operating margin | 9900 | €38,331 | €33,477 | -€4,854 | -12.7% |
| Operating profit (loss) | 9901 | €23,130 | €12,546 | -€10,585 | -45.8% |
| Financial income | 75/76B | €1,098 | €173 | -€925 | -84.2% |
| Recurring financial income | 75 | €1,098 | €173 | -€925 | -84.2% |
| Financial charges | 65/66B | €1,147 | €779 | -€368 | -32.1% |
| Recurring financial charges | 65 | €1,147 | €779 | -€368 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €23,081 | €11,939 | -€11,142 | -48.3% |
| Income taxes | 67/77 | €18,951 | €7,857 | -€11,094 | -58.5% |
| Profit (loss) for the period | 9904 | €4,130 | €4,083 | -€47 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,130 | €4,083 | -€47 | -1.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.