PROJECTS & 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.
PROJECTS & CONSTRUCT
Largest movements
- Stocks and contracts -€97,614
down €97,614 (-86.5%), from €112,784 to €15,170
- Cash +€87,415
up €87,415 (+281.8%), from €31,021 to €118,435
mainly Stocks and contracts (+€97,614) and Tax, wage and social debts (+€69,162)
- Tangible fixed assets +€43,894
up €43,894 (+53.5%), from €82,034 to €125,928
of which Plant, machinery and equipment: +€22,460
- Receivables within one year -€19,678
down €19,678 (-3.7%), from €531,676 to €511,997
of which Trade receivables: -€29,980
- Financial fixed assets +€17,504
up €17,504 (+3889.9%), from €450 to €17,954
- Trade debts -€150,091
down €150,091 (-44.9%), from €334,051 to €183,961
- Tax, wage and social debts +€69,162
up €69,162 (+148.2%), from €46,679 to €115,841
of which Remuneration and social security: +€45,947
- Profit (loss) carried forward +€65,593
new in 2025: €65,593
- Debts after one year +€23,747
up €23,747 (+48.6%), from €48,874 to €72,622
- Advances received +€14,000
new in 2025: €14,000
- Gross operating margin +€467,191
up €467,191 (+66.4%), from €703,531 to €1.2m
- Staff costs +€381,121
up €381,121 (+64.4%), from €591,625 to €972,746
- Write-downs +€47,796
new in 2025: €47,796
- Depreciation +€19,061
up €19,061 (+141.1%), from €13,507 to €32,568
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 | €757,964 | €789,485 | +€31,521 | +4.2% |
| Fixed assets | 21/28 | €82,484 | €143,882 | +€61,398 | +74.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €82,034 | €125,928 | +€43,894 | +53.5% |
| Plant, machinery and equipment | 23 | €12,414 | €34,875 | +€22,460 | +180.9% |
| Furniture and vehicles | 24 | €69,619 | €91,053 | +€21,433 | +30.8% |
| Financial fixed assets | 28 | €450 | €17,954 | +€17,504 | +3889.9% |
| Current assets | 29/58 | €675,480 | €645,603 | -€29,877 | -4.4% |
| Stocks and contracts in progress | 3 | €112,784 | €15,170 | -€97,614 | -86.5% |
| Stocks | 30/36 | €112,784 | €15,170 | -€97,614 | -86.5% |
| Amounts receivable within one year | 40/41 | €531,676 | €511,997 | -€19,678 | -3.7% |
| Trade receivables | 40 | €500,668 | €470,688 | -€29,980 | -6.0% |
| Other amounts receivable | 41 | €31,007 | €41,309 | +€10,302 | +33.2% |
| Cash at bank and in hand | 54/58 | €31,021 | €118,435 | +€87,415 | +281.8% |
| Total equity and liabilities | 10/49 | €757,964 | €789,485 | +€31,521 | +4.2% |
| Equity | 10/15 | €190,631 | €256,224 | +€65,593 | +34.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €128,658 | €128,658 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €122,460 | €122,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €65,593 | +€65,593 | |
| Amounts payable | 17/49 | €567,333 | €533,261 | -€34,072 | -6.0% |
| Amounts payable after more than one year | 17 | €48,874 | €72,622 | +€23,747 | +48.6% |
| Financial debts | 170/4 | €48,874 | €72,622 | +€23,747 | +48.6% |
| Amounts payable within one year | 42/48 | €518,459 | €460,639 | -€57,820 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €135,856 | €145,408 | +€9,552 | +7.0% |
| Trade debts | 44 | €334,051 | €183,961 | -€150,091 | -44.9% |
| Suppliers | 440/4 | €334,051 | €183,961 | -€150,091 | -44.9% |
| Advances received on contracts in progress | 46 | - | €14,000 | +€14,000 | |
| Taxes, remuneration and social security | 45 | €46,679 | €115,841 | +€69,162 | +148.2% |
| Taxes | 450/3 | €23,029 | €46,244 | +€23,215 | +100.8% |
| Remuneration and social security | 454/9 | €23,650 | €69,597 | +€45,947 | +194.3% |
| Other amounts payable | 47/48 | €1,872 | €1,429 | -€442 | -23.6% |
| Remuneration, social security and pensions | 62 | €591,625 | €972,746 | +€381,121 | +64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,507 | €32,568 | +€19,061 | +141.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €47,796 | +€47,796 | |
| Other operating charges | 640/8 | €3,428 | €3,037 | -€391 | -11.4% |
| Gross operating margin | 9900 | €703,531 | €1,170,722 | +€467,191 | +66.4% |
| Operating profit (loss) | 9901 | €94,971 | €114,575 | +€19,604 | +20.6% |
| Financial income | 75/76B | €999 | €3 | -€996 | -99.7% |
| Recurring financial income | 75 | €999 | €3 | -€996 | -99.7% |
| Financial charges | 65/66B | €21,961 | €23,159 | +€1,198 | +5.5% |
| Recurring financial charges | 65 | €21,961 | €23,159 | +€1,198 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €74,008 | €91,419 | +€17,411 | +23.5% |
| Income taxes | 67/77 | €17,518 | €25,826 | +€8,308 | +47.4% |
| Profit (loss) for the period | 9904 | €56,490 | €65,593 | +€9,103 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,490 | €65,593 | +€9,103 | +16.1% |
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 4 October 2026 via checked.be.