REAL 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.
REAL CONSTRUCT
Largest movements
- Cash +€49,364
new in 2025: €49,364
mainly Receivables within one year (+€37,974) and Depreciation (+€15,342)
- Receivables within one year -€37,974
down €37,974 (-83.0%), from €45,769 to €7,795
of which Trade receivables: -€37,112
- Tangible fixed assets -€14,862
down €14,862 (-6.1%), from €242,840 to €227,978
of which Furniture and vehicles: -€7,882
- Deferred charges and accrued income -€7,610
down €7,610 (-66.6%), from €11,420 to €3,810
- Other debts -€13,505
down €13,505 (-77.2%), from €17,491 to €3,986
- Short-term financial debts -€9,785
no longer reported in 2025 (was €9,785)
- Debts after one year -€9,533
down €9,533 (-9.5%), from €100,168 to €90,634
- Trade debts +€9,328
up €9,328 (+83.6%), from €11,162 to €20,491
- Tax, wage and social debts +€7,368
up €7,368 (+31.1%), from €23,687 to €31,056
of which Remuneration and social security: +€6,391
- Gross operating margin -€42,335
down €42,335 (-23.9%), from €176,874 to €134,539
- Taxes -€12,425
down €12,425 (-73.7%), from €16,870 to €4,445
- Staff costs +€11,940
up €11,940 (+13.5%), from €88,408 to €100,348
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 | €303,119 | €291,866 | -€11,253 | -3.7% |
| Fixed assets | 21/28 | €244,045 | €228,702 | -€15,342 | -6.3% |
| Intangible fixed assets | 21 | €480 | €0 | -€480 | -100.0% |
| Tangible fixed assets | 22/27 | €242,840 | €227,978 | -€14,862 | -6.1% |
| Land and buildings | 22 | €231,475 | €224,495 | -€6,980 | -3.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €11,365 | €3,483 | -€7,882 | -69.4% |
| Financial fixed assets | 28 | €724 | €724 | = | 0.0% |
| Current assets | 29/58 | €59,074 | €63,164 | +€4,090 | +6.9% |
| Stocks and contracts in progress | 3 | €1,875 | €2,195 | +€320 | +17.1% |
| Stocks | 30/36 | €1,875 | €2,195 | +€320 | +17.1% |
| Amounts receivable within one year | 40/41 | €45,769 | €7,795 | -€37,974 | -83.0% |
| Trade receivables | 40 | €44,907 | €7,795 | -€37,112 | -82.6% |
| Other amounts receivable | 41 | €862 | - | -€862 | |
| Current investments | 50/53 | €10 | - | -€10 | |
| Cash at bank and in hand | 54/58 | - | €49,364 | +€49,364 | |
| Deferred charges and accrued income | 490/1 | €11,420 | €3,810 | -€7,610 | -66.6% |
| Total equity and liabilities | 10/49 | €303,119 | €291,866 | -€11,253 | -3.7% |
| Equity | 10/15 | €123,275 | €130,262 | +€6,987 | +5.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €104,683 | €111,670 | +€6,987 | +6.7% |
| Distributable reserves | 133 | €104,683 | €111,670 | +€6,987 | +6.7% |
| Amounts payable | 17/49 | €179,844 | €161,604 | -€18,239 | -10.1% |
| Amounts payable after more than one year | 17 | €100,168 | €90,634 | -€9,533 | -9.5% |
| Financial debts | 170/4 | €100,168 | €90,634 | -€9,533 | -9.5% |
| Amounts payable within one year | 42/48 | €75,822 | €65,066 | -€10,756 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €13,696 | €9,533 | -€4,163 | -30.4% |
| Financial debts | 43 | €9,785 | - | -€9,785 | |
| Credit institutions | 430/8 | €9,785 | - | -€9,785 | |
| Trade debts | 44 | €11,162 | €20,491 | +€9,328 | +83.6% |
| Suppliers | 440/4 | €11,162 | €20,491 | +€9,328 | +83.6% |
| Taxes, remuneration and social security | 45 | €23,687 | €31,056 | +€7,368 | +31.1% |
| Taxes | 450/3 | €16,780 | €17,757 | +€978 | +5.8% |
| Remuneration and social security | 454/9 | €6,907 | €13,298 | +€6,391 | +92.5% |
| Other amounts payable | 47/48 | €17,491 | €3,986 | -€13,505 | -77.2% |
| Accrued charges and deferred income | 492/3 | €3,854 | €5,904 | +€2,050 | +53.2% |
| Non-recurring operating income | 76A | €5,933 | - | -€5,933 | |
| Remuneration, social security and pensions | 62 | €88,408 | €100,348 | +€11,940 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,085 | €15,342 | -€1,743 | -10.2% |
| Other operating charges | 640/8 | €2,569 | €2,630 | +€60 | +2.4% |
| Gross operating margin | 9900 | €176,874 | €134,539 | -€42,335 | -23.9% |
| Operating profit (loss) | 9901 | €68,812 | €16,220 | -€52,593 | -76.4% |
| Financial income | 75/76B | €428 | €1,013 | +€585 | +136.6% |
| Recurring financial income | 75 | €428 | €1,013 | +€585 | +136.6% |
| Financial charges | 65/66B | €5,317 | €4,968 | -€350 | -6.6% |
| Recurring financial charges | 65 | €5,317 | €4,968 | -€350 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €63,923 | €12,265 | -€51,658 | -80.8% |
| Income taxes | 67/77 | €16,870 | €4,445 | -€12,425 | -73.7% |
| Profit (loss) for the period | 9904 | €47,053 | €7,820 | -€39,233 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,053 | €7,820 | -€39,233 | -83.4% |
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 9 October 2026 via checked.be.