PUTS 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.
PUTS CONSTRUCT
Largest movements
- Receivables within one year -€41,602
down €41,602 (-55.8%), from €74,588 to €32,986
of which Trade receivables: -€22,878
- Tangible fixed assets -€24,873
down €24,873 (-23.0%), from €108,258 to €83,385
of which Leasing and similar rights: -€12,967
- Cash +€24,510
up €24,510 (+59.6%), from €41,115 to €65,624
mainly Net result for the year (+€46,094) and Receivables within one year (+€41,602)
- Reserves -€141,295
down €141,295 (-98.7%), from €143,155 to €1,860
of which Distributable reserves: -€141,295
- Profit (loss) carried forward +€91,343
up €91,343, from €0 to €91,343
- Other debts +€28,700
up €28,700, from €0 to €28,700
- Debts after one year -€13,231
down €13,231 (-53.6%), from €24,666 to €11,435
- Trade debts -€7,773
down €7,773 (-33.4%), from €23,247 to €15,474
- Gross operating margin -€6,465
down €6,465 (-6.7%), from €96,022 to €89,557
- Staff costs -€3,638
down €3,638 (-100%), from €3,638 to €0
- Depreciation +€3,278
up €3,278 (+13.6%), from €24,098 to €27,377
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.
Derived cash bridge
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 | €227,064 | €186,944 | -€40,121 | -17.7% |
| Fixed assets | 21/28 | €109,318 | €84,445 | -€24,873 | -22.8% |
| Tangible fixed assets | 22/27 | €108,258 | €83,385 | -€24,873 | -23.0% |
| Land and buildings | 22 | €28,860 | €24,540 | -€4,320 | -15.0% |
| Plant, machinery and equipment | 23 | €6,120 | €3,606 | -€2,515 | -41.1% |
| Furniture and vehicles | 24 | €23,543 | €18,471 | -€5,072 | -21.5% |
| Leasing and similar rights | 25 | €49,736 | €36,769 | -€12,967 | -26.1% |
| Financial fixed assets | 28 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €117,746 | €102,498 | -€15,247 | -12.9% |
| Amounts receivable within one year | 40/41 | €74,588 | €32,986 | -€41,602 | -55.8% |
| Trade receivables | 40 | €38,787 | €15,909 | -€22,878 | -59.0% |
| Other amounts receivable | 41 | €35,801 | €17,077 | -€18,724 | -52.3% |
| Cash at bank and in hand | 54/58 | €41,115 | €65,624 | +€24,510 | +59.6% |
| Deferred charges and accrued income | 490/1 | €2,043 | €3,889 | +€1,846 | +90.3% |
| Total equity and liabilities | 10/49 | €227,064 | €186,944 | -€40,121 | -17.7% |
| Equity | 10/15 | €161,755 | €111,803 | -€49,952 | -30.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,155 | €1,860 | -€141,295 | -98.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €143,155 | €1,860 | -€141,295 | -98.7% |
| Profit (loss) carried forward | 14 | €0 | €91,343 | +€91,343 | |
| Amounts payable | 17/49 | €65,309 | €75,141 | +€9,832 | +15.1% |
| Amounts payable after more than one year | 17 | €24,666 | €11,435 | -€13,231 | -53.6% |
| Financial debts | 170/4 | €24,666 | €11,435 | -€13,231 | -53.6% |
| Amounts payable within one year | 42/48 | €40,642 | €63,706 | +€23,063 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €11,676 | €13,231 | +€1,556 | +13.3% |
| Trade debts | 44 | €23,247 | €15,474 | -€7,773 | -33.4% |
| Suppliers | 440/4 | €23,247 | €15,474 | -€7,773 | -33.4% |
| Taxes, remuneration and social security | 45 | €5,720 | €6,300 | +€580 | +10.1% |
| Taxes | 450/3 | €3,137 | €6,300 | +€3,163 | +101% |
| Remuneration and social security | 454/9 | €2,583 | €0 | -€2,583 | -100% |
| Other amounts payable | 47/48 | €0 | €28,700 | +€28,700 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,638 | €0 | -€3,638 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,098 | €27,377 | +€3,278 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,408 | €3,636 | +€228 | +6.7% |
| Gross operating margin | 9900 | €96,022 | €89,557 | -€6,465 | -6.7% |
| Operating profit (loss) | 9901 | €64,877 | €58,545 | -€6,332 | -9.8% |
| Financial income | 75/76B | €1,158 | €1,170 | +€12 | +1.0% |
| Recurring financial income | 75 | €1,158 | €1,170 | +€12 | +1.0% |
| Financial charges | 65/66B | €2,256 | €1,430 | -€826 | -36.6% |
| Recurring financial charges | 65 | €2,256 | €1,430 | -€826 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €63,779 | €58,285 | -€5,494 | -8.6% |
| Income taxes | 67/77 | €12,846 | €12,191 | -€655 | -5.1% |
| Profit (loss) for the period | 9904 | €50,932 | €46,094 | -€4,839 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,932 | €46,094 | -€4,839 | -9.5% |
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 1 November 2026 via checked.be.