ST + 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.
ST + Construct
Largest movements
- Tangible fixed assets +€47,663
up €47,663 (+65.6%), from €72,670 to €120,334
of which Furniture and vehicles: +€62,277
- Receivables within one year +€33,624
up €33,624 (+35.7%), from €94,173 to €127,797
of which Other amounts receivable: +€19,569
- Cash +€8,723
up €8,723 (+201.4%), from €4,331 to €13,054
mainly Debts after one year (+€45,353) and Depreciation (+€39,028)
- Deferred charges and accrued income -€3,296
down €3,296 (-77.8%), from €4,238 to €942
- Debts after one year +€45,353
up €45,353 (+178.3%), from €25,437 to €70,790
- Reserves +€34,992
up €34,992 (+46.3%), from €75,554 to €110,546
of which Tax-exempt reserves: +€22,792
- Trade debts -€12,998
down €12,998 (-51.9%), from €25,039 to €12,041
- Current portion of long-term debt +€10,919
up €10,919 (+41.0%), from €26,626 to €37,545
- Provisions +€7,597
new in 2025: €7,597
- Gross operating margin +€47,100
up €47,100 (+90.9%), from €51,830 to €98,930
- Depreciation +€14,144
up €14,144 (+56.8%), from €24,884 to €39,028
- Other operating charges +€3,161
up €3,161 (+209.5%), from €1,509 to €4,670
- Financial charges +€1,528
up €1,528 (+27.0%), from €5,650 to €7,178
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 | €175,412 | €262,126 | +€86,715 | +49.4% |
| Fixed assets | 21/28 | €72,670 | €120,334 | +€47,663 | +65.6% |
| Tangible fixed assets | 22/27 | €72,670 | €120,334 | +€47,663 | +65.6% |
| Land and buildings | 22 | €35,896 | €31,045 | -€4,851 | -13.5% |
| Plant, machinery and equipment | 23 | €20,106 | €10,344 | -€9,762 | -48.6% |
| Furniture and vehicles | 24 | €16,668 | €78,945 | +€62,277 | +373.6% |
| Current assets | 29/58 | €102,741 | €141,792 | +€39,051 | +38.0% |
| Amounts receivable within one year | 40/41 | €94,173 | €127,797 | +€33,624 | +35.7% |
| Trade receivables | 40 | €35,520 | €49,576 | +€14,055 | +39.6% |
| Other amounts receivable | 41 | €58,652 | €78,221 | +€19,569 | +33.4% |
| Cash at bank and in hand | 54/58 | €4,331 | €13,054 | +€8,723 | +201.4% |
| Deferred charges and accrued income | 490/1 | €4,238 | €942 | -€3,296 | -77.8% |
| Total equity and liabilities | 10/49 | €175,412 | €262,126 | +€86,715 | +49.4% |
| Equity | 10/15 | €98,310 | €133,385 | +€35,075 | +35.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,554 | €110,546 | +€34,992 | +46.3% |
| Tax-exempt reserves | 132 | - | €22,792 | +€22,792 | |
| Distributable reserves | 133 | €75,554 | €87,754 | +€12,200 | +16.1% |
| Profit (loss) carried forward | 14 | €4,156 | €4,239 | +€82 | +2.0% |
| Provisions and deferred taxes | 16 | - | €7,597 | +€7,597 | |
| Deferred taxes | 168 | - | €7,597 | +€7,597 | |
| Amounts payable | 17/49 | €77,101 | €121,143 | +€44,042 | +57.1% |
| Amounts payable after more than one year | 17 | €25,437 | €70,790 | +€45,353 | +178.3% |
| Financial debts | 170/4 | €25,437 | €70,790 | +€45,353 | +178.3% |
| Amounts payable within one year | 42/48 | €51,665 | €50,354 | -€1,311 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €26,626 | €37,545 | +€10,919 | +41.0% |
| Trade debts | 44 | €25,039 | €12,041 | -€12,998 | -51.9% |
| Suppliers | 440/4 | €25,039 | €12,041 | -€12,998 | -51.9% |
| Taxes, remuneration and social security | 45 | - | €768 | +€768 | |
| Taxes | 450/3 | - | €768 | +€768 | |
| Non-recurring operating income | 76A | €1,100 | €37,987 | +€36,888 | +3354.6% |
| Remuneration, social security and pensions | 62 | €2,016 | €1,848 | -€168 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,884 | €39,028 | +€14,144 | +56.8% |
| Other operating charges | 640/8 | €1,509 | €4,670 | +€3,161 | +209.5% |
| Gross operating margin | 9900 | €51,830 | €98,930 | +€47,100 | +90.9% |
| Operating profit (loss) | 9901 | €23,422 | €53,385 | +€29,963 | +127.9% |
| Financial income | 75/76B | €3,185 | €3,436 | +€250 | +7.9% |
| Recurring financial income | 75 | €3,185 | €3,436 | +€250 | +7.9% |
| Financial charges | 65/66B | €5,650 | €7,178 | +€1,528 | +27.0% |
| Recurring financial charges | 65 | €5,650 | €7,178 | +€1,528 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €20,957 | €49,642 | +€28,685 | +136.9% |
| Transfer from deferred taxes | 780 | - | €5,698 | +€5,698 | |
| Transfer to deferred taxes | 680 | - | €9,497 | +€9,497 | |
| Income taxes | 67/77 | €6,938 | €6,970 | +€31 | +0.4% |
| Profit (loss) for the period | 9904 | €14,018 | €38,874 | +€24,855 | +177.3% |
| Transfer from tax-exempt reserves | 789 | - | €1,899 | +€1,899 | |
| Transfer to tax-exempt reserves | 689 | - | €28,491 | +€28,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,018 | €12,282 | -€1,736 | -12.4% |
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.