S - 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.
S - CONSTRUCT
Largest movements
- Receivables within one year -€427,513
down €427,513 (-69.7%), from €613,511 to €185,999
of which Other amounts receivable: -€264,126
- Cash +€414,435
up €414,435 (+14.9%), from €2.8m to €3.2m
mainly Receivables within one year (+€427,513) and Net result for the year (+€56,387)
- Tangible fixed assets +€72,069
up €72,069 (+137.7%), from €52,320 to €124,390
of which Leasing and similar rights: +€46,873
- Tax, wage and social debts -€57,906
down €57,906 (-41.7%), from €138,954 to €81,048
of which Taxes: -€73,800
- Reserves +€56,387
up €56,387 (+2.8%), from €2.0m to €2.1m
of which Distributable reserves: +€56,387
- Trade debts +€41,658
up €41,658 (+20.4%), from €203,944 to €245,601
- Gross operating margin -€182,154
down €182,154 (-26.6%), from €684,745 to €502,591
- Taxes -€100,699
down €100,699 (-81.9%), from €122,941 to €22,243
- Staff costs +€89,151
up €89,151 (+25.8%), from €346,149 to €435,300
- Financial income -€55,082
down €55,082 (-57.0%), from €96,656 to €41,574
of which Financial income: -€49,542
- Depreciation -€19,965
down €19,965 (-52.8%), from €37,812 to €17,847
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 | €3,470,314 | €3,541,223 | +€70,910 | +2.0% |
| Fixed assets | 21/28 | €58,034 | €133,865 | +€75,831 | +130.7% |
| Tangible fixed assets | 22/27 | €52,320 | €124,390 | +€72,069 | +137.7% |
| Land and buildings | 22 | - | €40,461 | +€40,461 | |
| Plant, machinery and equipment | 23 | €21,937 | €16,580 | -€5,357 | -24.4% |
| Furniture and vehicles | 24 | €30,384 | €20,476 | -€9,908 | -32.6% |
| Leasing and similar rights | 25 | - | €46,873 | +€46,873 | |
| Financial fixed assets | 28 | €5,714 | €9,476 | +€3,762 | +65.8% |
| Current assets | 29/58 | €3,412,279 | €3,407,358 | -€4,921 | -0.1% |
| Stocks and contracts in progress | 3 | €24,253 | €32,409 | +€8,156 | +33.6% |
| Stocks | 30/36 | €9,253 | €3,009 | -€6,244 | -67.5% |
| Contracts in progress | 37 | €15,000 | €29,400 | +€14,400 | +96.0% |
| Amounts receivable within one year | 40/41 | €613,511 | €185,999 | -€427,513 | -69.7% |
| Trade receivables | 40 | €206,711 | €43,324 | -€163,387 | -79.0% |
| Other amounts receivable | 41 | €406,801 | €142,675 | -€264,126 | -64.9% |
| Cash at bank and in hand | 54/58 | €2,774,515 | €3,188,951 | +€414,435 | +14.9% |
| Total equity and liabilities | 10/49 | €3,470,314 | €3,541,223 | +€70,910 | +2.0% |
| Equity | 10/15 | €3,127,416 | €3,183,803 | +€56,387 | +1.8% |
| Contributions | 10/11 | €1,116,600 | €1,116,600 | = | 0.0% |
| Reserves | 13 | €2,010,816 | €2,067,203 | +€56,387 | +2.8% |
| Non-distributable reserves | 130/1 | €111,660 | €111,660 | = | 0.0% |
| Reserves not available under the articles | 1311 | €111,660 | €111,660 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,753 | €29,753 | = | 0.0% |
| Distributable reserves | 133 | €1,869,403 | €1,925,790 | +€56,387 | +3.0% |
| Amounts payable | 17/49 | €342,897 | €357,420 | +€14,523 | +4.2% |
| Amounts payable after more than one year | 17 | - | €22,579 | +€22,579 | |
| Financial debts | 170/4 | - | €22,579 | +€22,579 | |
| Amounts payable within one year | 42/48 | €342,897 | €334,841 | -€8,056 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,191 | +€8,191 | |
| Trade debts | 44 | €203,944 | €245,601 | +€41,658 | +20.4% |
| Suppliers | 440/4 | €203,944 | €245,601 | +€41,658 | +20.4% |
| Taxes, remuneration and social security | 45 | €138,954 | €81,048 | -€57,906 | -41.7% |
| Taxes | 450/3 | €116,378 | €42,578 | -€73,800 | -63.4% |
| Remuneration and social security | 454/9 | €22,576 | €38,470 | +€15,894 | +70.4% |
| Remuneration, social security and pensions | 62 | €346,149 | €435,300 | +€89,151 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,812 | €17,847 | -€19,965 | -52.8% |
| Other operating charges | 640/8 | €7,499 | €10,226 | +€2,727 | +36.4% |
| Gross operating margin | 9900 | €684,745 | €502,591 | -€182,154 | -26.6% |
| Operating profit (loss) | 9901 | €293,285 | €39,219 | -€254,067 | -86.6% |
| Financial income | 75/76B | €96,656 | €41,574 | -€55,082 | -57.0% |
| Recurring financial income | 75 | €91,116 | €41,574 | -€49,542 | -54.4% |
| Non-recurring financial income | 76B | €5,541 | - | -€5,541 | |
| Financial charges | 65/66B | €1,584 | €2,163 | +€579 | +36.5% |
| Recurring financial charges | 65 | €1,584 | €2,163 | +€579 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €388,357 | €78,629 | -€309,728 | -79.8% |
| Income taxes | 67/77 | €122,941 | €22,243 | -€100,699 | -81.9% |
| Profit (loss) for the period | 9904 | €265,416 | €56,387 | -€209,029 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €265,416 | €56,387 | -€209,029 | -78.8% |
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 6 October 2026 via checked.be.