P-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.
P-CONSTRUCT
Largest movements
- Tangible fixed assets +€650,888
up €650,888 (+295.8%), from €220,064 to €870,952
of which Land and buildings: +€552,245
- Receivables within one year +€101,246
up €101,246 (+42.2%), from €240,006 to €341,252
of which Other amounts receivable: +€118,937
- Cash -€39,331
down €39,331 (-62.4%), from €63,018 to €23,687
mainly Investment in fixed assets (net) (-€735,529) and Receivables within one year (-€101,246)
- Debts after one year +€513,727
up €513,727 (+1383.7%), from €37,128 to €550,854
- Short-term financial debts +€120,000
new in 2025: €120,000
- Reserves +€105,032
up €105,032 (+32.0%), from €328,636 to €433,669
- Tax, wage and social debts -€59,001
down €59,001 (-63.0%), from €93,724 to €34,723
- Current portion of long-term debt +€27,557
up €27,557 (+119.9%), from €22,979 to €50,535
- Gross operating margin +€93,326
up €93,326 (+64.0%), from €145,896 to €239,222
- Depreciation +€26,688
up €26,688 (+46.1%), from €57,953 to €84,641
- Other operating charges +€7,813
up €7,813 (+287.4%), from €2,718 to €10,531
- Taxes +€5,735
up €5,735 (+22.1%), from €25,987 to €31,723
- Financial income -€4,966
no longer reported in 2025 (was €4,966)
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 | €542,388 | €1,260,246 | +€717,858 | +132.4% |
| Fixed assets | 21/28 | €239,364 | €890,252 | +€650,888 | +271.9% |
| Tangible fixed assets | 22/27 | €220,064 | €870,952 | +€650,888 | +295.8% |
| Land and buildings | 22 | €1,219 | €553,464 | +€552,245 | +45290.8% |
| Plant, machinery and equipment | 23 | €58,484 | €49,349 | -€9,135 | -15.6% |
| Furniture and vehicles | 24 | €96,188 | €114,635 | +€18,448 | +19.2% |
| Leasing and similar rights | 25 | €64,173 | €153,503 | +€89,330 | +139.2% |
| Financial fixed assets | 28 | €19,300 | €19,300 | = | 0.0% |
| Current assets | 29/58 | €303,024 | €369,994 | +€66,970 | +22.1% |
| Amounts receivable within one year | 40/41 | €240,006 | €341,252 | +€101,246 | +42.2% |
| Trade receivables | 40 | €228,573 | €210,882 | -€17,691 | -7.7% |
| Other amounts receivable | 41 | €11,433 | €130,370 | +€118,937 | +1040.3% |
| Cash at bank and in hand | 54/58 | €63,018 | €23,687 | -€39,331 | -62.4% |
| Deferred charges and accrued income | 490/1 | - | €5,055 | +€5,055 | |
| Total equity and liabilities | 10/49 | €542,388 | €1,260,246 | +€717,858 | +132.4% |
| Equity | 10/15 | €370,760 | €475,792 | +€105,032 | +28.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €328,636 | €433,669 | +€105,032 | +32.0% |
| Distributable reserves | 133 | €328,636 | €433,669 | +€105,032 | +32.0% |
| Profit (loss) carried forward | 14 | €40,124 | €40,124 | = | 0.0% |
| Amounts payable | 17/49 | €171,628 | €784,454 | +€612,826 | +357.1% |
| Amounts payable after more than one year | 17 | €37,128 | €550,854 | +€513,727 | +1383.7% |
| Financial debts | 170/4 | €37,128 | €550,854 | +€513,727 | +1383.7% |
| Amounts payable within one year | 42/48 | €134,501 | €233,600 | +€99,099 | +73.7% |
| Current portion of amounts payable after more than one year | 42 | €22,979 | €50,535 | +€27,557 | +119.9% |
| Financial debts | 43 | - | €120,000 | +€120,000 | |
| Credit institutions | 430/8 | - | €120,000 | +€120,000 | |
| Trade debts | 44 | €16,910 | €20,835 | +€3,925 | +23.2% |
| Suppliers | 440/4 | €16,910 | €20,835 | +€3,925 | +23.2% |
| Taxes, remuneration and social security | 45 | €93,724 | €34,723 | -€59,001 | -63.0% |
| Taxes | 450/3 | €93,724 | €34,723 | -€59,001 | -63.0% |
| Other amounts payable | 47/48 | €888 | €7,507 | +€6,619 | +745.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,953 | €84,641 | +€26,688 | +46.1% |
| Other operating charges | 640/8 | €2,718 | €10,531 | +€7,813 | +287.4% |
| Gross operating margin | 9900 | €145,896 | €239,222 | +€93,326 | +64.0% |
| Operating profit (loss) | 9901 | €85,225 | €144,050 | +€58,825 | +69.0% |
| Financial income | 75/76B | €4,966 | - | -€4,966 | |
| Recurring financial income | 75 | €4,966 | - | -€4,966 | |
| Financial charges | 65/66B | €3,469 | €7,295 | +€3,826 | +110.3% |
| Recurring financial charges | 65 | €3,469 | €7,295 | +€3,826 | +110.3% |
| Profit (loss) for the period before taxes | 9903 | €86,722 | €136,755 | +€50,033 | +57.7% |
| Income taxes | 67/77 | €25,987 | €31,723 | +€5,735 | +22.1% |
| Profit (loss) for the period | 9904 | €60,735 | €105,032 | +€44,297 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,735 | €105,032 | +€44,297 | +72.9% |
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 1 October 2026 via checked.be.