RECONSTRUCT: 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.
RECONSTRUCT
Largest movements
- Receivables within one year +€42,760
up €42,760 (+21.0%), from €203,465 to €246,225
of which Trade receivables: +€50,078
- Cash -€20,788
down €20,788 (-72.1%), from €28,836 to €8,048
mainly Other debts (-€72,501) and Receivables within one year (-€42,760)
- Stocks and contracts -€14,080
down €14,080 (-85.5%), from €16,468 to €2,388
of which Contracts in progress: -€10,783
- Tangible fixed assets -€9,799
down €9,799 (-35.4%), from €27,698 to €17,899
of which Furniture and vehicles: -€8,865
- Deferred charges and accrued income -€4,559
down €4,559 (-65.3%), from €6,977 to €2,419
- Other debts -€72,501
down €72,501 (-40.3%), from €179,834 to €107,334
- Reserves +€30,000
up €30,000 (+1613.6%), from €1,859 to €31,859
- Profit (loss) carried forward +€23,316
up €23,316, from -€19,846 to €3,470
- Tax, wage and social debts +€17,335
up €17,335 (+200.4%), from €8,648 to €25,983
of which Taxes: +€12,217
- Current portion of long-term debt -€2,866
no longer reported in 2025 (was €2,866)
- Gross operating margin -€65,128
down €65,128 (-14.7%), from €442,498 to €377,370
- Staff costs -€38,198
down €38,198 (-11.5%), from €333,357 to €295,160
- Taxes +€15,240
up €15,240, from -€18 to €15,222
- Depreciation -€4,837
down €4,837 (-32.0%), from €15,098 to €10,261
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 | €283,444 | €276,978 | -€6,466 | -2.3% |
| Fixed assets | 21/28 | €27,698 | €17,899 | -€9,799 | -35.4% |
| Tangible fixed assets | 22/27 | €27,698 | €17,899 | -€9,799 | -35.4% |
| Plant, machinery and equipment | 23 | €1,360 | €714 | -€646 | -47.5% |
| Furniture and vehicles | 24 | €25,474 | €16,609 | -€8,865 | -34.8% |
| Other tangible fixed assets | 26 | €864 | €576 | -€288 | -33.3% |
| Current assets | 29/58 | €255,746 | €259,079 | +€3,333 | +1.3% |
| Stocks and contracts in progress | 3 | €16,468 | €2,388 | -€14,080 | -85.5% |
| Stocks | 30/36 | €5,684 | €2,388 | -€3,296 | -58.0% |
| Contracts in progress | 37 | €10,783 | - | -€10,783 | |
| Amounts receivable within one year | 40/41 | €203,465 | €246,225 | +€42,760 | +21.0% |
| Trade receivables | 40 | €184,966 | €235,044 | +€50,078 | +27.1% |
| Other amounts receivable | 41 | €18,500 | €11,181 | -€7,319 | -39.6% |
| Cash at bank and in hand | 54/58 | €28,836 | €8,048 | -€20,788 | -72.1% |
| Deferred charges and accrued income | 490/1 | €6,977 | €2,419 | -€4,559 | -65.3% |
| Total equity and liabilities | 10/49 | €283,444 | €276,978 | -€6,466 | -2.3% |
| Equity | 10/15 | -€11,789 | €41,527 | +€53,316 | |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €31,859 | +€30,000 | +1613.6% |
| Distributable reserves | 133 | €1,859 | €31,859 | +€30,000 | +1613.6% |
| Profit (loss) carried forward | 14 | -€19,846 | €3,470 | +€23,316 | |
| Amounts payable | 17/49 | €295,233 | €235,451 | -€59,782 | -20.2% |
| Amounts payable within one year | 42/48 | €295,233 | €235,451 | -€59,782 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €2,866 | - | -€2,866 | |
| Financial debts | 43 | - | €860 | +€860 | |
| Credit institutions | 430/8 | - | €860 | +€860 | |
| Trade debts | 44 | €103,885 | €101,274 | -€2,610 | -2.5% |
| Suppliers | 440/4 | €103,885 | €101,274 | -€2,610 | -2.5% |
| Taxes, remuneration and social security | 45 | €8,648 | €25,983 | +€17,335 | +200.4% |
| Taxes | 450/3 | €320 | €12,537 | +€12,217 | +3814.5% |
| Remuneration and social security | 454/9 | €8,328 | €13,446 | +€5,118 | +61.5% |
| Other amounts payable | 47/48 | €179,834 | €107,334 | -€72,501 | -40.3% |
| Remuneration, social security and pensions | 62 | €333,357 | €295,160 | -€38,198 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,098 | €10,261 | -€4,837 | -32.0% |
| Other operating charges | 640/8 | €3,092 | €2,972 | -€119 | -3.9% |
| Gross operating margin | 9900 | €442,498 | €377,370 | -€65,128 | -14.7% |
| Operating profit (loss) | 9901 | €90,951 | €68,977 | -€21,974 | -24.2% |
| Financial income | 75/76B | €20 | €418 | +€397 | +1967.4% |
| Recurring financial income | 75 | €20 | €32 | +€12 | +58.2% |
| Non-recurring financial income | 76B | €20 | €386 | +€365 | +1809.2% |
| Financial charges | 65/66B | €1,062 | €856 | -€206 | -19.4% |
| Recurring financial charges | 65 | €367 | €162 | -€205 | -55.9% |
| Non-recurring financial charges | 66B | €695 | €695 | -€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €89,909 | €68,538 | -€21,371 | -23.8% |
| Income taxes | 67/77 | -€18 | €15,222 | +€15,240 | |
| Profit (loss) for the period | 9904 | €89,927 | €53,316 | -€36,611 | -40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €89,927 | €53,316 | -€36,611 | -40.7% |
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.