MERGER: what changed
What changed
MERGER
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€429,402
2024 · €742,006-€312,604
Equity
€2.9m
2024 · €3.1m-€170,598
Cash
€753,595
2024 · €1.9m-€1.1m
Balance sheet total
€3.7m
2024 · €4.5m-€826,850
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-60.1%), from €1.9m to €753,595
mainly Other debts (-€604,500) and Contributions, distributions and other (-€600,000)
- Stocks and contracts +€321,528
up €321,528 (+156%), from €206,451 to €527,979
of which Contracts in progress: +€270,000
- Receivables within one year -€265,393
down €265,393 (-17.3%), from €1.5m to €1.3m
of which Other amounts receivable: -€176,143
- Tangible fixed assets +€253,672
up €253,672 (+29.4%), from €861,949 to €1.1m
Equity and liabilities
- Other debts -€604,500
down €604,500 (-100%), from €604,500 to €0
- Trade debts -€175,112
down €175,112 (-27.8%), from €630,128 to €455,016
- Reserves -€170,598
down €170,598 (-6.2%), from €2.7m to €2.6m
- Debts after one year +€99,662
up €99,662 (+115%), from €86,354 to €186,017
Income statement
- Gross operating margin -€349,381
down €349,381 (-15.0%), from €2.3m to €2.0m
- Taxes -€92,490
down €92,490 (-37.6%), from €245,849 to €153,358
- Depreciation +€32,658
up €32,658 (+15.6%), from €209,284 to €241,943
- Other operating charges +€24,907
up €24,907 (+66.4%), from €37,531 to €62,439
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€742,006
Gross operating margin
-€349,381
Staff costs
-€3,334
Depreciation
-€32,658
Other operating charges
-€24,907
Other operating items
-€14,900
Financial income
+€6,474
Financial charges
+€13,612
Taxes
+€92,490
Result 2025
€429,402
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€181,294
Investment
-€483,725
Financing
-€469,303
Cash 2024
€1.9m
From operations (derived)
-€181,294
Net result for the year
+€429,402
Depreciation
+€241,943
Stocks and contracts
-€321,528
Receivables within one year
+€265,393
Deferred charges and accrued income
-€9,554
Trade debts
-€175,112
Tax, wage and social debts
+€11,318
Other debts
-€604,500
Accrued charges and deferred income
-€18,657
Investment (derived)
-€483,725
Investment in fixed assets (net)
-€483,725
Financing
-€469,303
Debts after one year
+€99,662
Current portion of long-term debt
+€31,035
Contributions, distributions and other
-€600,000
Cash 2025
€753,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,525,556 | €3,698,706 | -€826,850 | -18.3% |
| Fixed assets | 21/28 | €889,927 | €1,131,710 | +€241,782 | +27.2% |
| Intangible fixed assets | 21 | €27,978 | €16,088 | -€11,890 | -42.5% |
| Tangible fixed assets | 22/27 | €861,949 | €1,115,621 | +€253,672 | +29.4% |
| Plant, machinery and equipment | 23 | €403,381 | €521,210 | +€117,829 | +29.2% |
| Furniture and vehicles | 24 | €158,949 | €199,131 | +€40,182 | +25.3% |
| Leasing and similar rights | 25 | €246,293 | €349,354 | +€103,061 | +41.8% |
| Other tangible fixed assets | 26 | €53,326 | €45,926 | -€7,400 | -13.9% |
| Current assets | 29/58 | €3,635,629 | €2,566,996 | -€1.1m | -29.4% |
| Stocks and contracts in progress | 3 | €206,451 | €527,979 | +€321,528 | +156% |
| Stocks | 30/36 | €206,451 | €257,979 | +€51,528 | +25.0% |
| Contracts in progress | 37 | - | €270,000 | +€270,000 | |
| Amounts receivable within one year | 40/41 | €1,530,061 | €1,264,669 | -€265,393 | -17.3% |
| Trade receivables | 40 | €1,010,633 | €921,384 | -€89,250 | -8.8% |
| Other amounts receivable | 41 | €519,428 | €343,285 | -€176,143 | -33.9% |
| Cash at bank and in hand | 54/58 | €1,887,917 | €753,595 | -€1.1m | -60.1% |
| Deferred charges and accrued income | 490/1 | €11,199 | €20,754 | +€9,554 | +85.3% |
| Total equity and liabilities | 10/49 | €4,525,556 | €3,698,706 | -€826,850 | -18.3% |
| Equity | 10/15 | €3,093,555 | €2,922,957 | -€170,598 | -5.5% |
| Contributions | 10/11 | €354,750 | €354,750 | = | 0.0% |
| Reserves | 13 | €2,738,805 | €2,568,207 | -€170,598 | -6.2% |
| Distributable reserves | 133 | €2,738,805 | €2,568,207 | -€170,598 | -6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,432,001 | €775,748 | -€656,253 | -45.8% |
| Amounts payable after more than one year | 17 | €86,354 | €186,017 | +€99,662 | +115% |
| Financial debts | 170/4 | €86,354 | €186,017 | +€99,662 | +115% |
| Amounts payable within one year | 42/48 | €1,322,030 | €584,771 | -€737,258 | -55.8% |
| Current portion of amounts payable after more than one year | 42 | €14,834 | €45,869 | +€31,035 | +209% |
| Trade debts | 44 | €630,128 | €455,016 | -€175,112 | -27.8% |
| Suppliers | 440/4 | €630,128 | €455,016 | -€175,112 | -27.8% |
| Taxes, remuneration and social security | 45 | €72,568 | €83,886 | +€11,318 | +15.6% |
| Taxes | 450/3 | €4,255 | €6,483 | +€2,227 | +52.3% |
| Remuneration and social security | 454/9 | €68,312 | €77,403 | +€9,091 | +13.3% |
| Other amounts payable | 47/48 | €604,500 | €0 | -€604,500 | -100% |
| Accrued charges and deferred income | 492/3 | €23,617 | €4,961 | -€18,657 | -79.0% |
| Non-recurring operating income | 76A | €17,000 | €3,719 | -€13,281 | -78.1% |
| Remuneration, social security and pensions | 62 | €1,072,249 | €1,075,582 | +€3,334 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,284 | €241,943 | +€32,658 | +15.6% |
| Other operating charges | 640/8 | €37,531 | €62,439 | +€24,907 | +66.4% |
| Non-recurring operating charges | 66A | - | €14,900 | +€14,900 | |
| Gross operating margin | 9900 | €2,325,368 | €1,975,987 | -€349,381 | -15.0% |
| Operating profit (loss) | 9901 | €1,006,304 | €581,124 | -€425,180 | -42.3% |
| Financial income | 75/76B | €28,950 | €35,423 | +€6,474 | +22.4% |
| Recurring financial income | 75 | €28,950 | €35,423 | +€6,474 | +22.4% |
| Financial charges | 65/66B | €47,398 | €33,786 | -€13,612 | -28.7% |
| Recurring financial charges | 65 | €47,398 | €33,786 | -€13,612 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €987,855 | €582,761 | -€405,094 | -41.0% |
| Income taxes | 67/77 | €245,849 | €153,358 | -€92,490 | -37.6% |
| Profit (loss) for the period | 9904 | €742,006 | €429,402 | -€312,604 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €742,006 | €429,402 | -€312,604 | -42.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.