PDF CONSTRUCT: what changed
Two financial 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.
PDF CONSTRUCT
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-27.2%), from €4.9m to €3.6m
- Receivables within one year +€771,235
up €771,235 (+47.4%), from €1.6m to €2.4m
of which Other amounts receivable: +€688,335
- Current investments -€550,000
down €550,000 (-100.0%), from €550,000 to €0
- Deferred charges and accrued income -€533,598
down €533,598 (-50.9%), from €1.0m to €515,316
- Cash -€135,508
down €135,508 (-54.1%), from €250,658 to €115,150
mainly Trade debts (-€2.1m) and Contributions, distributions and other (-€1.3m)
- Trade debts -€2.1m
down €2.1m (-53.7%), from €4.0m to €1.8m
- Debts after one year +€1.4m
up €1.4m, from €0 to €1.4m
- Other debts -€985,756
down €985,756 (-44.0%), from €2.2m to €1.3m
- Accrued charges and deferred income -€291,902
down €291,902 (-59.3%), from €492,186 to €200,283
- Short-term financial debts +€155,401
new in 2025: €155,401
- Turnover +€24.4m
up €24.4m (+979.8%), from €2.5m to €26.9m
- Purchases and services -€4.6m
down €4.6m (-55.2%), from €8.3m to €3.7m
- Gross operating margin +€1.8m
up €1.8m (+2825.2%), from €62,977 to €1.8m
- Taxes +€378,446
up €378,446 (+473.2%), from €79,968 to €458,413
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 | €8,413,073 | €6,620,028 | -€1.8m | -21.3% |
| Current assets | 29/58 | €8,413,073 | €6,620,028 | -€1.8m | -21.3% |
| Stocks and contracts in progress | 3 | €4,936,955 | €3,591,780 | -€1.3m | -27.2% |
| Stocks | 30/36 | €4,936,955 | €3,591,780 | -€1.3m | -27.2% |
| Amounts receivable within one year | 40/41 | €1,626,546 | €2,397,782 | +€771,235 | +47.4% |
| Trade receivables | 40 | €233,937 | €316,837 | +€82,901 | +35.4% |
| Other amounts receivable | 41 | €1,392,610 | €2,080,944 | +€688,335 | +49.4% |
| Current investments | 50/53 | €550,000 | €0 | -€550,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €250,658 | €115,150 | -€135,508 | -54.1% |
| Deferred charges and accrued income | 490/1 | €1,048,914 | €515,316 | -€533,598 | -50.9% |
| Total equity and liabilities | 10/49 | €8,413,073 | €6,620,028 | -€1.8m | -21.3% |
| Equity | 10/15 | €1,678,065 | €1,789,820 | +€111,754 | +6.7% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €178,065 | €289,820 | +€111,754 | +62.8% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Distributable reserves | 133 | €28,065 | €139,820 | +€111,754 | +398.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,735,008 | €4,830,209 | -€1.9m | -28.3% |
| Amounts payable after more than one year | 17 | €0 | €1,382,386 | +€1.4m | |
| Financial debts | 170/4 | €0 | €1,382,386 | +€1.4m | |
| Amounts payable within one year | 42/48 | €6,242,822 | €3,247,539 | -€3.0m | -48.0% |
| Financial debts | 43 | - | €155,401 | +€155,401 | |
| Credit institutions | 430/8 | - | €155,401 | +€155,401 | |
| Trade debts | 44 | €3,967,582 | €1,837,137 | -€2.1m | -53.7% |
| Suppliers | 440/4 | €3,967,582 | €1,837,137 | -€2.1m | -53.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €34,859 | €375 | -€34,484 | -98.9% |
| Taxes | 450/3 | €34,859 | €375 | -€34,484 | -98.9% |
| Other amounts payable | 47/48 | €2,240,381 | €1,254,625 | -€985,756 | -44.0% |
| Accrued charges and deferred income | 492/3 | €492,186 | €200,283 | -€291,902 | -59.3% |
| Turnover | 70 | €2,495,359 | €26,945,177 | +€24.4m | +979.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €8,324,683 | €3,729,676 | -€4.6m | -55.2% |
| Other operating charges | 640/8 | €1,094 | €5,902 | +€4,809 | +439.8% |
| Gross operating margin | 9900 | €62,977 | €1,842,196 | +€1.8m | +2825.2% |
| Operating profit (loss) | 9901 | €61,883 | €1,836,294 | +€1.8m | +2867.4% |
| Financial income | 75/76B | €257,409 | €73,216 | -€184,193 | -71.6% |
| Recurring financial income | 75 | €257,409 | €73,216 | -€184,193 | -71.6% |
| Financial charges | 65/66B | €4,762 | €89,342 | +€84,580 | +1776.0% |
| Recurring financial charges | 65 | €4,762 | €89,342 | +€84,580 | +1776.0% |
| Profit (loss) for the period before taxes | 9903 | €314,529 | €1,820,168 | +€1.5m | +478.7% |
| Income taxes | 67/77 | €79,968 | €458,413 | +€378,446 | +473.2% |
| Profit (loss) for the period | 9904 | €234,562 | €1,361,754 | +€1.1m | +480.6% |
| Profit (loss) for the period to be appropriated | 9905 | €234,562 | €1,361,754 | +€1.1m | +480.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.