S CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Receivables within one year +€165,640
new in 2025: €165,640
of which Other amounts receivable: +€164,900
- Stocks and contracts +€160,080
up €160,080 (+140.7%), from €113,741 to €273,821
- Tangible fixed assets +€31,648
up €31,648 (+1483.9%), from €2,133 to €33,781
of which Furniture and vehicles: +€31,864
- Cash -€8,551
down €8,551 (-94.2%), from €9,078 to €526
mainly Receivables within one year (-€165,640) and Stocks and contracts (-€160,080)
- Debts after one year +€220,634
up €220,634 (+287.2%), from €76,827 to €297,460
of which Other amounts payable: +€195,095
- Trade debts +€105,737
up €105,737 (+9835.5%), from €1,075 to €106,812
- Profit (loss) carried forward +€16,108
up €16,108, from -€6,199 to €9,909
- Current portion of long-term debt +€7,341
new in 2025: €7,341
- Gross operating margin +€24,748
up €24,748 (+407.5%), from €6,073 to €30,820
- Depreciation +€6,554
up €6,554 (+21280.1%), from €31 to €6,585
- Taxes +€3,340
new in 2025: €3,340
- Financial charges +€2,073
up €2,073 (+104.5%), from €1,984 to €4,057
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 | €125,661 | €475,161 | +€349,500 | +278.1% |
| Fixed assets | 21/28 | €2,133 | €33,781 | +€31,648 | +1483.9% |
| Tangible fixed assets | 22/27 | €2,133 | €33,781 | +€31,648 | +1483.9% |
| Plant, machinery and equipment | 23 | €2,133 | €1,916 | -€216 | -10.1% |
| Furniture and vehicles | 24 | - | €31,864 | +€31,864 | |
| Current assets | 29/58 | €123,528 | €441,380 | +€317,852 | +257.3% |
| Stocks and contracts in progress | 3 | €113,741 | €273,821 | +€160,080 | +140.7% |
| Stocks | 30/36 | €113,741 | €273,821 | +€160,080 | +140.7% |
| Amounts receivable within one year | 40/41 | - | €165,640 | +€165,640 | |
| Trade receivables | 40 | - | €740 | +€740 | |
| Other amounts receivable | 41 | - | €164,900 | +€164,900 | |
| Cash at bank and in hand | 54/58 | €9,078 | €526 | -€8,551 | -94.2% |
| Deferred charges and accrued income | 490/1 | €709 | €1,392 | +€683 | +96.3% |
| Total equity and liabilities | 10/49 | €125,661 | €475,161 | +€349,500 | +278.1% |
| Equity | 10/15 | €43,801 | €59,909 | +€16,108 | +36.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,199 | €9,909 | +€16,108 | |
| Amounts payable | 17/49 | €81,860 | €415,253 | +€333,392 | +407.3% |
| Amounts payable after more than one year | 17 | €76,827 | €297,460 | +€220,634 | +287.2% |
| Financial debts | 170/4 | - | €25,538 | +€25,538 | |
| Other amounts payable | 178/9 | €76,827 | €271,922 | +€195,095 | +253.9% |
| Amounts payable within one year | 42/48 | €2,289 | €114,992 | +€112,704 | +4924.6% |
| Current portion of amounts payable after more than one year | 42 | - | €7,341 | +€7,341 | |
| Trade debts | 44 | €1,075 | €106,812 | +€105,737 | +9835.5% |
| Suppliers | 440/4 | €1,075 | €106,812 | +€105,737 | +9835.5% |
| Taxes, remuneration and social security | 45 | €1,214 | €840 | -€373 | -30.8% |
| Taxes | 450/3 | €1,214 | €840 | -€373 | -30.8% |
| Accrued charges and deferred income | 492/3 | €2,745 | €2,800 | +€55 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31 | €6,585 | +€6,554 | +21280.1% |
| Other operating charges | 640/8 | €578 | €718 | +€140 | +24.2% |
| Non-recurring operating charges | 66A | - | €101 | +€101 | |
| Gross operating margin | 9900 | €6,073 | €30,820 | +€24,748 | +407.5% |
| Operating profit (loss) | 9901 | €5,464 | €23,416 | +€17,952 | +328.6% |
| Financial income | 75/76B | €20 | €89 | +€69 | +335.2% |
| Recurring financial income | 75 | €20 | €89 | +€69 | +335.2% |
| Financial charges | 65/66B | €1,984 | €4,057 | +€2,073 | +104.5% |
| Recurring financial charges | 65 | €1,984 | €4,057 | +€2,073 | +104.5% |
| Profit (loss) for the period before taxes | 9903 | €3,501 | €19,448 | +€15,947 | +455.5% |
| Income taxes | 67/77 | - | €3,340 | +€3,340 | |
| Profit (loss) for the period | 9904 | €3,501 | €16,108 | +€12,607 | +360.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,501 | €16,108 | +€12,607 | +360.1% |
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 8 October 2026 via checked.be.