SPAC 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.
SPAC CONSTRUCT
Largest movements
- Receivables within one year +€17,993
up €17,993 (+44.4%), from €40,541 to €58,534
of which Trade receivables: +€10,422
- Trade debts +€10,994
up €10,994 (+81.9%), from €13,424 to €24,418
of which Suppliers: +€8,500
- Profit (loss) carried forward +€4,844
up €4,844 (+17.9%), from €27,004 to €31,848
- Tax, wage and social debts +€1,896
up €1,896 (+98.2%), from €1,931 to €3,827
- Gross operating margin -€2,663
down €2,663 (-23.6%), from €11,278 to €8,615
- Staff costs -€626
down €626 (-50.3%), from €1,246 to €620
- Taxes -€205
down €205 (-9.8%), from €2,101 to €1,896
- Other operating charges -€135
down €135 (-10.5%), from €1,295 to €1,159
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 | €43,359 | €61,092 | +€17,734 | +40.9% |
| Current assets | 29/58 | €43,359 | €61,092 | +€17,734 | +40.9% |
| Amounts receivable within one year | 40/41 | €40,541 | €58,534 | +€17,993 | +44.4% |
| Trade receivables | 40 | €20,895 | €31,317 | +€10,422 | +49.9% |
| Other amounts receivable | 41 | €19,646 | €27,218 | +€7,571 | +38.5% |
| Cash at bank and in hand | 54/58 | €2,817 | €2,558 | -€259 | -9.2% |
| Total equity and liabilities | 10/49 | €43,359 | €61,092 | +€17,734 | +40.9% |
| Equity | 10/15 | €28,004 | €32,848 | +€4,844 | +17.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,004 | €31,848 | +€4,844 | +17.9% |
| Amounts payable | 17/49 | €15,355 | €28,245 | +€12,890 | +83.9% |
| Amounts payable within one year | 42/48 | €15,355 | €28,245 | +€12,890 | +83.9% |
| Trade debts | 44 | €13,424 | €24,418 | +€10,994 | +81.9% |
| Suppliers | 440/4 | - | €8,500 | +€8,500 | |
| Bills of exchange payable | 441 | €13,424 | €15,918 | +€2,494 | +18.6% |
| Taxes, remuneration and social security | 45 | €1,931 | €3,827 | +€1,896 | +98.2% |
| Taxes | 450/3 | €1,931 | €3,827 | +€1,896 | +98.2% |
| Remuneration, social security and pensions | 62 | €1,246 | €620 | -€626 | -50.3% |
| Other operating charges | 640/8 | €1,295 | €1,159 | -€135 | -10.5% |
| Gross operating margin | 9900 | €11,278 | €8,615 | -€2,663 | -23.6% |
| Operating profit (loss) | 9901 | €8,737 | €6,836 | -€1,901 | -21.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €189 | €96 | -€92 | -48.9% |
| Recurring financial charges | 65 | €189 | €96 | -€92 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | €8,548 | €6,739 | -€1,809 | -21.2% |
| Income taxes | 67/77 | €2,101 | €1,896 | -€205 | -9.8% |
| Profit (loss) for the period | 9904 | €6,447 | €4,844 | -€1,603 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,447 | €4,844 | -€1,603 | -24.9% |
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 5 October 2026 via checked.be.