RACONSTRUCT: 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.
RACONSTRUCT
Largest movements
- Tangible fixed assets -€106,953
down €106,953 (-23.0%), from €464,481 to €357,528
of which Land and buildings: -€116,271
- Receivables within one year +€12,559
up €12,559 (+2.9%), from €427,913 to €440,472
of which Other amounts receivable: +€150,627
- Short-term financial debts -€130,000
down €130,000 (-32.5%), from €400,000 to €270,000
- Debts after one year -€84,798
down €84,798 (-47.6%), from €178,081 to €93,282
of which Financial debts: -€82,818
- Profit (loss) carried forward +€49,624
up €49,624, from -€29,072 to €20,552
- Other debts +€46,624
up €46,624 (+21.6%), from €215,545 to €262,169
- Reserves +€40,000
up €40,000 (+49.8%), from €80,296 to €120,296
- Gross operating margin +€118,264
up €118,264 (+253.1%), from €46,733 to €164,998
- Taxes +€17,280
up €17,280 (+12385.0%), from €140 to €17,419
- Financial charges +€5,454
up €5,454 (+28.1%), from €19,422 to €24,877
- Financial income +€4,957
up €4,957 (+35.0%), from €14,178 to €19,135
- Depreciation +€3,596
up €3,596 (+8.0%), from €44,925 to €48,521
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 | €921,048 | €825,367 | -€95,681 | -10.4% |
| Fixed assets | 21/28 | €464,481 | €357,528 | -€106,953 | -23.0% |
| Tangible fixed assets | 22/27 | €464,481 | €357,528 | -€106,953 | -23.0% |
| Land and buildings | 22 | €381,693 | €265,422 | -€116,271 | -30.5% |
| Plant, machinery and equipment | 23 | €23,271 | €24,903 | +€1,631 | +7.0% |
| Furniture and vehicles | 24 | €59,516 | €67,204 | +€7,687 | +12.9% |
| Current assets | 29/58 | €456,567 | €467,839 | +€11,272 | +2.5% |
| Stocks and contracts in progress | 3 | €11,570 | €9,009 | -€2,561 | -22.1% |
| Stocks | 30/36 | €11,570 | €9,009 | -€2,561 | -22.1% |
| Amounts receivable within one year | 40/41 | €427,913 | €440,472 | +€12,559 | +2.9% |
| Trade receivables | 40 | €204,912 | €66,844 | -€138,068 | -67.4% |
| Other amounts receivable | 41 | €223,002 | €373,628 | +€150,627 | +67.5% |
| Cash at bank and in hand | 54/58 | €13,792 | €15,024 | +€1,232 | +8.9% |
| Deferred charges and accrued income | 490/1 | €3,292 | €3,335 | +€43 | +1.3% |
| Total equity and liabilities | 10/49 | €921,048 | €825,367 | -€95,681 | -10.4% |
| Equity | 10/15 | €71,224 | €160,848 | +€89,624 | +125.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €80,296 | €120,296 | +€40,000 | +49.8% |
| Distributable reserves | 133 | €80,296 | €120,296 | +€40,000 | +49.8% |
| Profit (loss) carried forward | 14 | -€29,072 | €20,552 | +€49,624 | |
| Amounts payable | 17/49 | €849,824 | €664,520 | -€185,305 | -21.8% |
| Amounts payable after more than one year | 17 | €178,081 | €93,282 | -€84,798 | -47.6% |
| Financial debts | 170/4 | €175,701 | €92,882 | -€82,818 | -47.1% |
| Other amounts payable | 178/9 | €2,380 | €400 | -€1,980 | -83.2% |
| Amounts payable within one year | 42/48 | €663,576 | €567,020 | -€96,556 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €39,996 | €20,989 | -€19,007 | -47.5% |
| Financial debts | 43 | €400,000 | €270,000 | -€130,000 | -32.5% |
| Credit institutions | 430/8 | €400,000 | €270,000 | -€130,000 | -32.5% |
| Trade debts | 44 | €6,684 | €12,827 | +€6,143 | +91.9% |
| Suppliers | 440/4 | €6,684 | €12,827 | +€6,143 | +91.9% |
| Taxes, remuneration and social security | 45 | €1,350 | €1,035 | -€315 | -23.3% |
| Taxes | 450/3 | €1,350 | €1,035 | -€315 | -23.3% |
| Other amounts payable | 47/48 | €215,545 | €262,169 | +€46,624 | +21.6% |
| Accrued charges and deferred income | 492/3 | €8,168 | €4,217 | -€3,951 | -48.4% |
| Non-recurring operating income | 76A | €2,479 | €120,028 | +€117,549 | +4741.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,925 | €48,521 | +€3,596 | +8.0% |
| Other operating charges | 640/8 | €6,134 | €3,692 | -€2,443 | -39.8% |
| Gross operating margin | 9900 | €46,733 | €164,998 | +€118,264 | +253.1% |
| Operating profit (loss) | 9901 | -€4,326 | €112,785 | +€117,111 | |
| Financial income | 75/76B | €14,178 | €19,135 | +€4,957 | +35.0% |
| Recurring financial income | 75 | €14,178 | €19,135 | +€4,957 | +35.0% |
| Financial charges | 65/66B | €19,422 | €24,877 | +€5,454 | +28.1% |
| Recurring financial charges | 65 | €19,422 | €24,877 | +€5,454 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,570 | €107,043 | +€116,613 | |
| Income taxes | 67/77 | €140 | €17,419 | +€17,280 | +12385.0% |
| Profit (loss) for the period | 9904 | -€9,710 | €89,624 | +€99,334 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,710 | €89,624 | +€99,334 |
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 30 September 2026 via checked.be.