Project And Construction Executive Services: what changed
Project And Construction Executive Services
Largest movements
- Current investments -€200,523
down €200,523 (-79.6%), from €252,065 to €51,542
- Cash +€85,305
up €85,305 (+76.1%), from €112,054 to €197,358
mainly Current investments (+€200,523) and Net result for the year (+€130,023)
- Receivables within one year -€53,211
down €53,211 (-45.9%), from €115,880 to €62,669
of which Trade receivables: -€58,316
- Tangible fixed assets -€35,439
down €35,439 (-6.0%), from €592,446 to €557,006
of which Furniture and vehicles: -€22,182
- Tax, wage and social debts -€96,564
down €96,564 (-63.2%), from €152,756 to €56,191
of which Taxes: -€98,914
- Other debts -€54,694
down €54,694 (-27.3%), from €200,555 to €145,861
- Reserves -€35,977
down €35,977 (-11.4%), from €316,270 to €280,293
- Debts after one year -€20,687
down €20,687 (-5.7%), from €363,969 to €343,282
- Gross operating margin -€131,896
down €131,896 (-37.7%), from €350,297 to €218,401
- Taxes -€30,717
down €30,717 (-40.6%), from €75,613 to €44,896
- Depreciation +€4,978
up €4,978 (+16.3%), from €30,461 to €35,439
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,075,560 | €869,238 | -€206,322 | -19.2% |
| Fixed assets | 21/28 | €592,446 | €557,006 | -€35,439 | -6.0% |
| Tangible fixed assets | 22/27 | €592,446 | €557,006 | -€35,439 | -6.0% |
| Land and buildings | 22 | €500,693 | €487,435 | -€13,258 | -2.6% |
| Furniture and vehicles | 24 | €91,753 | €69,571 | -€22,182 | -24.2% |
| Current assets | 29/58 | €483,114 | €312,232 | -€170,882 | -35.4% |
| Amounts receivable within one year | 40/41 | €115,880 | €62,669 | -€53,211 | -45.9% |
| Trade receivables | 40 | €115,880 | €57,565 | -€58,316 | -50.3% |
| Other amounts receivable | 41 | - | €5,105 | +€5,105 | |
| Current investments | 50/53 | €252,065 | €51,542 | -€200,523 | -79.6% |
| Cash at bank and in hand | 54/58 | €112,054 | €197,358 | +€85,305 | +76.1% |
| Deferred charges and accrued income | 490/1 | €3,115 | €662 | -€2,454 | -78.8% |
| Total equity and liabilities | 10/49 | €1,075,560 | €869,238 | -€206,322 | -19.2% |
| Equity | 10/15 | €334,870 | €298,893 | -€35,977 | -10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €316,270 | €280,293 | -€35,977 | -11.4% |
| Distributable reserves | 133 | €316,270 | €280,293 | -€35,977 | -11.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €740,690 | €570,345 | -€170,345 | -23.0% |
| Amounts payable after more than one year | 17 | €363,969 | €343,282 | -€20,687 | -5.7% |
| Financial debts | 170/4 | €363,969 | €343,282 | -€20,687 | -5.7% |
| Amounts payable within one year | 42/48 | €376,721 | €227,063 | -€149,658 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €20,369 | €20,687 | +€318 | +1.6% |
| Trade debts | 44 | €3,042 | €4,324 | +€1,283 | +42.2% |
| Suppliers | 440/4 | €3,042 | €4,324 | +€1,283 | +42.2% |
| Taxes, remuneration and social security | 45 | €152,756 | €56,191 | -€96,564 | -63.2% |
| Taxes | 450/3 | €152,756 | €53,841 | -€98,914 | -64.8% |
| Remuneration and social security | 454/9 | €0 | €2,350 | +€2,350 | |
| Other amounts payable | 47/48 | €200,555 | €145,861 | -€54,694 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,461 | €35,439 | +€4,978 | +16.3% |
| Other operating charges | 640/8 | €1,918 | €1,979 | +€61 | +3.2% |
| Gross operating margin | 9900 | €350,297 | €218,401 | -€131,896 | -37.7% |
| Operating profit (loss) | 9901 | €317,918 | €180,983 | -€136,935 | -43.1% |
| Financial income | 75/76B | €3 | €3 | -€1 | -17.2% |
| Recurring financial income | 75 | €3 | €3 | -€1 | -17.2% |
| Financial charges | 65/66B | €6,398 | €6,066 | -€332 | -5.2% |
| Recurring financial charges | 65 | €6,398 | €6,066 | -€332 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €311,522 | €174,919 | -€136,603 | -43.9% |
| Income taxes | 67/77 | €75,613 | €44,896 | -€30,717 | -40.6% |
| Profit (loss) for the period | 9904 | €235,909 | €130,023 | -€105,886 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €235,909 | €130,023 | -€105,886 | -44.9% |
Next steps
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.