SF - 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.
What changed
SF - CONSTRUCT
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€178,939
2024 · €341,560-€162,621
Equity
€6.0m
2024 · €4.6m+€1.4m
Cash
€463,957
2024 · €526,097-€62,140
Balance sheet total
€11.2m
2024 · €12.1m-€902,499
Largest movements
Assets
- Stocks and contracts -€833,231
down €833,231 (-7.8%), from €10.7m to €9.9m
of which Contracts in progress: -€828,156
Equity and liabilities
- Profit (loss) carried forward -€4.3m
down €4.3m (-100%), from €4.3m to €0
- Contributions +€3.3m
up €3.3m (+1,304%), from €250,000 to €3.5m
- Short-term financial debts -€2.5m
down €2.5m (-74.2%), from €3.4m to €885,211
of which Credit institutions: -€2.5m
- Reserves +€2.5m
up €2.5m (+9,962%), from €25,000 to €2.5m
of which Distributable reserves: +€2.2m
- Tax, wage and social debts +€560,369
up €560,369 (+183%), from €305,677 to €866,046
of which Taxes: +€553,909
Income statement
- Turnover +€2.6m
up €2.6m (+22.9%), from €11.3m to €13.9m
- Goods and materials -€1.4m
down €1.4m (-12.3%), from €11.2m to €9.8m
of which Purchases: -€1.4m
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.
Result 2024
€341,560
Turnover
+€2.6m
Other operating income
+€83,132
Goods and materials
+€1.4m
Services and other goods
+€45,012
Staff costs
-€34,109
Depreciation
-€1,829
Other operating charges
-€5,351
Other operating items
-€4.3m
Financial income
+€11,490
Financial charges
+€48,781
Taxes
+€40,302
Result 2025
€178,939
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€1.3m
Investment
-€56,750
Financing
-€1.4m
Cash 2024
€526,097
From operations (derived)
+€1.3m
Net result for the year
+€178,939
Depreciation
+€117,230
Stocks and contracts
+€833,231
Receivables within one year
-€56,832
Deferred charges and accrued income
+€3,480
Trade debts
-€205,283
Tax, wage and social debts
+€560,369
Other debts
-€73,967
Accrued charges and deferred income
-€10,975
Investment (derived)
-€56,750
Investment in fixed assets (net)
-€56,750
Financing
-€1.4m
Debts after one year
-€79,891
Current portion of long-term debt
+€7,800
Short-term financial debts
-€2.5m
Contributions, distributions and other
+€1.3m
Cash 2025
€463,957
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,067,399 | €11,164,900 | -€902,499 | -7.5% |
| Fixed assets | 21/28 | €509,033 | €448,553 | -€60,480 | -11.9% |
| Tangible fixed assets | 22/27 | €420,833 | €360,353 | -€60,480 | -14.4% |
| Plant, machinery and equipment | 23 | €113,502 | €120,684 | +€7,182 | +6.3% |
| Furniture and vehicles | 24 | €307,331 | €212,179 | -€95,152 | -31.0% |
| Other tangible fixed assets | 26 | - | €27,490 | +€27,490 | |
| Financial fixed assets | 28 | €88,200 | €88,200 | = | 0.0% |
| Other financial fixed assets | 284/8 | €88,200 | €88,200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €88,200 | €88,200 | = | 0.0% |
| Current assets | 29/58 | €11,558,366 | €10,716,347 | -€842,019 | -7.3% |
| Stocks and contracts in progress | 3 | €10,744,671 | €9,911,440 | -€833,231 | -7.8% |
| Stocks | 30/36 | €32,235 | €27,160 | -€5,075 | -15.7% |
| Raw materials and consumables | 30/31 | €24,834 | €19,758 | -€5,075 | -20.4% |
| Property held for sale | 35 | €7,402 | €7,402 | = | 0.0% |
| Contracts in progress | 37 | €10,712,436 | €9,884,280 | -€828,156 | -7.7% |
| Amounts receivable within one year | 40/41 | €282,608 | €339,441 | +€56,832 | +20.1% |
| Trade receivables | 40 | €13,383 | €5,989 | -€7,394 | -55.2% |
| Other amounts receivable | 41 | €269,225 | €333,451 | +€64,226 | +23.9% |
| Cash at bank and in hand | 54/58 | €526,097 | €463,957 | -€62,140 | -11.8% |
| Deferred charges and accrued income | 490/1 | €4,990 | €1,510 | -€3,480 | -69.7% |
| Total equity and liabilities | 10/49 | €12,067,399 | €11,164,900 | -€902,499 | -7.5% |
| Equity | 10/15 | €4,586,653 | €6,025,592 | +€1.4m | +31.4% |
| Contributions | 10/11 | €250,000 | €3,510,000 | +€3.3m | +1,304% |
| Capital | 10 | €250,000 | €3,510,000 | +€3.3m | +1,304% |
| Issued capital | 100 | €250,000 | €3,510,000 | +€3.3m | +1,304% |
| Reserves | 13 | €25,000 | €2,515,592 | +€2.5m | +9,962% |
| Non-distributable reserves | 130/1 | €25,000 | €351,000 | +€326,000 | +1,304% |
| Legal reserve | 130 | €25,000 | €351,000 | +€326,000 | +1,304% |
| Distributable reserves | 133 | - | €2,164,592 | +€2.2m | |
| Profit (loss) carried forward | 14 | €4,311,653 | €0 | -€4.3m | -100% |
| Amounts payable | 17/49 | €7,480,746 | €5,139,308 | -€2.3m | -31.3% |
| Amounts payable after more than one year | 17 | €267,591 | €187,700 | -€79,891 | -29.9% |
| Financial debts | 170/4 | €267,591 | €187,700 | -€79,891 | -29.9% |
| Credit institutions | 173 | €267,591 | €187,700 | -€79,891 | -29.9% |
| Amounts payable within one year | 42/48 | €7,169,834 | €4,919,263 | -€2.3m | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €97,223 | €105,023 | +€7,800 | +8.0% |
| Financial debts | 43 | €3,424,702 | €885,211 | -€2.5m | -74.2% |
| Credit institutions | 430/8 | €3,424,702 | €885,211 | -€2.5m | -74.2% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,011,516 | €806,233 | -€205,283 | -20.3% |
| Suppliers | 440/4 | €1,011,516 | €806,233 | -€205,283 | -20.3% |
| Taxes, remuneration and social security | 45 | €305,677 | €866,046 | +€560,369 | +183% |
| Taxes | 450/3 | €195,133 | €749,042 | +€553,909 | +284% |
| Remuneration and social security | 454/9 | €110,544 | €117,004 | +€6,460 | +5.8% |
| Other amounts payable | 47/48 | €2,330,717 | €2,256,750 | -€73,967 | -3.2% |
| Accrued charges and deferred income | 492/3 | €43,321 | €32,345 | -€10,975 | -25.3% |
| Operating income | 70/76A | €14,858,861 | €13,211,520 | -€1.6m | -11.1% |
| Turnover | 70 | €11,311,656 | €13,902,675 | +€2.6m | +22.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €3,493,336 | -€828,156 | -€4.3m | |
| Other operating income | 74 | €53,869 | €137,002 | +€83,132 | +154% |
| Operating charges | 60/66A | €14,202,023 | €12,817,877 | -€1.4m | -9.7% |
| Goods for resale, raw materials and consumables | 60 | €11,180,341 | €9,799,919 | -€1.4m | -12.3% |
| Purchases | 600/8 | €11,152,747 | €9,794,843 | -€1.4m | -12.2% |
| Change in stocks: decrease (increase) | 609 | €27,594 | €5,075 | -€22,519 | -81.6% |
| Services and other goods | 61 | €1,910,337 | €1,865,325 | -€45,012 | -2.4% |
| Remuneration, social security and pensions | 62 | €955,088 | €989,197 | +€34,109 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,401 | €117,230 | +€1,829 | +1.6% |
| Other operating charges | 640/8 | €40,855 | €46,206 | +€5,351 | +13.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €656,838 | €393,644 | -€263,194 | -40.1% |
| Financial income | 75/76B | €2,490 | €13,979 | +€11,490 | +462% |
| Recurring financial income | 75 | €2,490 | €13,979 | +€11,490 | +462% |
| Income from financial fixed assets | 750 | €2,490 | €0 | -€2,490 | -100% |
| Income from current assets | 751 | €0 | €621 | +€621 | |
| Other financial income | 752/9 | €0 | €13,358 | +€13,358 | +44,527,600% |
| Financial charges | 65/66B | €198,397 | €149,616 | -€48,781 | -24.6% |
| Recurring financial charges | 65 | €198,397 | €149,616 | -€48,781 | -24.6% |
| Debt charges | 650 | €191,125 | €139,059 | -€52,066 | -27.2% |
| Other financial charges | 652/9 | €7,272 | €10,557 | +€3,285 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €460,931 | €258,007 | -€202,923 | -44.0% |
| Income taxes | 67/77 | €119,371 | €79,069 | -€40,302 | -33.8% |
| Taxes | 670/3 | €119,371 | €79,069 | -€40,302 | -33.8% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €341,560 | €178,939 | -€162,621 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €341,560 | €178,939 | -€162,621 | -47.6% |
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 13 October 2026 via checked.be.