MULTI-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.
MULTI-CONSTRUCT
Largest movements
- Cash +€9,928
up €9,928 (+82.2%), from €12,086 to €22,014
mainly Net result for the year (+€9,924) and Depreciation (+€7,356)
- Tangible fixed assets +€6,099
up €6,099 (+83.8%), from €7,283 to €13,382
- Receivables within one year -€6,070
down €6,070 (-2.4%), from €257,148 to €251,078
of which Other amounts receivable: -€5,465
- Reserves +€9,924
up €9,924 (+31.1%), from €31,905 to €41,829
- Tax, wage and social debts -€4,282
down €4,282 (-12.0%), from €35,613 to €31,331
- Debts after one year +€3,556
new in 2025: €3,556
- Financial charges +€25,773
up €25,773 (+8784.7%), from €293 to €26,067
- Taxes -€11,543
down €11,543 (-68.9%), from €16,761 to €5,218
- Gross operating margin -€3,665
down €3,665 (-9.0%), from €40,695 to €37,031
- Depreciation +€2,406
up €2,406 (+48.6%), from €4,950 to €7,356
- Other operating charges -€755
down €755 (-50.2%), from €1,503 to €749
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 | €306,516 | €316,473 | +€9,958 | +3.2% |
| Fixed assets | 21/28 | €7,283 | €13,382 | +€6,099 | +83.8% |
| Tangible fixed assets | 22/27 | €7,283 | €13,382 | +€6,099 | +83.8% |
| Furniture and vehicles | 24 | €7,283 | €13,382 | +€6,099 | +83.8% |
| Current assets | 29/58 | €299,233 | €303,092 | +€3,858 | +1.3% |
| Stocks and contracts in progress | 3 | €30,000 | €30,000 | = | 0.0% |
| Stocks | 30/36 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €257,148 | €251,078 | -€6,070 | -2.4% |
| Trade receivables | 40 | €26,828 | €26,223 | -€605 | -2.3% |
| Other amounts receivable | 41 | €230,319 | €224,854 | -€5,465 | -2.4% |
| Cash at bank and in hand | 54/58 | €12,086 | €22,014 | +€9,928 | +82.2% |
| Total equity and liabilities | 10/49 | €306,516 | €316,473 | +€9,958 | +3.2% |
| Equity | 10/15 | €265,064 | €274,987 | +€9,924 | +3.7% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €31,905 | €41,829 | +€9,924 | +31.1% |
| Distributable reserves | 133 | €31,905 | €41,829 | +€9,924 | +31.1% |
| Profit (loss) carried forward | 14 | €221,158 | €221,158 | = | 0.0% |
| Amounts payable | 17/49 | €41,452 | €41,486 | +€34 | +0.1% |
| Amounts payable after more than one year | 17 | - | €3,556 | +€3,556 | |
| Financial debts | 170/4 | - | €3,556 | +€3,556 | |
| Amounts payable within one year | 42/48 | €41,452 | €37,930 | -€3,522 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €3,187 | €2,931 | -€256 | -8.0% |
| Trade debts | 44 | €2,652 | €3,668 | +€1,017 | +38.3% |
| Suppliers | 440/4 | €2,652 | €3,668 | +€1,017 | +38.3% |
| Taxes, remuneration and social security | 45 | €35,613 | €31,331 | -€4,282 | -12.0% |
| Taxes | 450/3 | €35,613 | €31,331 | -€4,282 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,950 | €7,356 | +€2,406 | +48.6% |
| Other operating charges | 640/8 | €1,503 | €749 | -€755 | -50.2% |
| Gross operating margin | 9900 | €40,695 | €37,031 | -€3,665 | -9.0% |
| Operating profit (loss) | 9901 | €34,242 | €28,926 | -€5,316 | -15.5% |
| Financial income | 75/76B | €12,859 | €12,283 | -€575 | -4.5% |
| Recurring financial income | 75 | €12,859 | €12,283 | -€575 | -4.5% |
| Financial charges | 65/66B | €293 | €26,067 | +€25,773 | +8784.7% |
| Recurring financial charges | 65 | €293 | €26,067 | +€25,773 | +8784.7% |
| Profit (loss) for the period before taxes | 9903 | €46,807 | €15,142 | -€31,665 | -67.7% |
| Income taxes | 67/77 | €16,761 | €5,218 | -€11,543 | -68.9% |
| Profit (loss) for the period | 9904 | €30,045 | €9,924 | -€20,122 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,045 | €9,924 | -€20,122 | -67.0% |
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.