TIBOR 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.
TIBOR CONSTRUCT
Largest movements
- Cash +€252,919
up €252,919 (+582.9%), from €43,393 to €296,313
mainly Net result for the year (+€115,137) and Debts after one year (+€92,149)
- Stocks and contracts +€138,531
up €138,531 (+74.8%), from €185,121 to €323,652
- Receivables within one year -€58,781
down €58,781 (-58.4%), from €100,681 to €41,900
of which Trade receivables: -€58,617
- Tangible fixed assets -€42,066
down €42,066 (-10.4%), from €404,073 to €362,007
of which Furniture and vehicles: -€39,178
- Debts after one year +€92,149
up €92,149 (+66.0%), from €139,628 to €231,777
- Tax, wage and social debts +€81,904
up €81,904 (+154.8%), from €52,921 to €134,825
of which Taxes: +€83,186
- Short-term financial debts +€70,000
up €70,000, from €0 to €70,000
- Reserves +€51,309
up €51,309 (+13.1%), from €392,242 to €443,550
- Other debts -€20,321
down €20,321 (-39.5%), from €51,438 to €31,117
- Gross operating margin -€57,438
down €57,438 (-18.5%), from €310,953 to €253,515
- Staff costs -€13,477
down €13,477 (-45.6%), from €29,577 to €16,100
- Taxes -€12,929
down €12,929 (-19.8%), from €65,435 to €52,505
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 | €738,443 | €1,028,620 | +€290,177 | +39.3% |
| Fixed assets | 21/28 | €404,073 | €362,007 | -€42,066 | -10.4% |
| Tangible fixed assets | 22/27 | €404,073 | €362,007 | -€42,066 | -10.4% |
| Land and buildings | 22 | €273,136 | €266,768 | -€6,369 | -2.3% |
| Plant, machinery and equipment | 23 | €8,258 | €11,739 | +€3,481 | +42.1% |
| Furniture and vehicles | 24 | €122,679 | €83,500 | -€39,178 | -31.9% |
| Current assets | 29/58 | €334,369 | €666,612 | +€332,243 | +99.4% |
| Stocks and contracts in progress | 3 | €185,121 | €323,652 | +€138,531 | +74.8% |
| Stocks | 30/36 | €185,121 | €323,652 | +€138,531 | +74.8% |
| Amounts receivable within one year | 40/41 | €100,681 | €41,900 | -€58,781 | -58.4% |
| Trade receivables | 40 | €100,515 | €41,898 | -€58,617 | -58.3% |
| Other amounts receivable | 41 | €167 | €3 | -€164 | -98.3% |
| Cash at bank and in hand | 54/58 | €43,393 | €296,313 | +€252,919 | +582.9% |
| Deferred charges and accrued income | 490/1 | €5,174 | €4,747 | -€427 | -8.2% |
| Total equity and liabilities | 10/49 | €738,443 | €1,028,620 | +€290,177 | +39.3% |
| Equity | 10/15 | €398,442 | €449,750 | +€51,309 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €392,242 | €443,550 | +€51,309 | +13.1% |
| Distributable reserves | 133 | €392,242 | €443,550 | +€51,309 | +13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,001 | €578,869 | +€238,868 | +70.3% |
| Amounts payable after more than one year | 17 | €139,628 | €231,777 | +€92,149 | +66.0% |
| Financial debts | 170/4 | €139,628 | €231,777 | +€92,149 | +66.0% |
| Amounts payable within one year | 42/48 | €196,570 | €344,170 | +€147,599 | +75.1% |
| Current portion of amounts payable after more than one year | 42 | €64,082 | €66,931 | +€2,849 | +4.4% |
| Financial debts | 43 | €0 | €70,000 | +€70,000 | |
| Credit institutions | 430/8 | €0 | €70,000 | +€70,000 | |
| Trade debts | 44 | €28,129 | €31,408 | +€3,279 | +11.7% |
| Suppliers | 440/4 | €28,129 | €31,408 | +€3,279 | +11.7% |
| Advances received on contracts in progress | 46 | €0 | €9,889 | +€9,889 | |
| Taxes, remuneration and social security | 45 | €52,921 | €134,825 | +€81,904 | +154.8% |
| Taxes | 450/3 | €51,638 | €134,825 | +€83,186 | +161.1% |
| Remuneration and social security | 454/9 | €1,283 | €0 | -€1,283 | -100.0% |
| Other amounts payable | 47/48 | €51,438 | €31,117 | -€20,321 | -39.5% |
| Accrued charges and deferred income | 492/3 | €3,803 | €2,922 | -€880 | -23.1% |
| Non-recurring operating income | 76A | €23,008 | €0 | -€23,008 | -100.0% |
| Remuneration, social security and pensions | 62 | €29,577 | €16,100 | -€13,477 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,289 | €51,406 | +€117 | +0.2% |
| Other operating charges | 640/8 | €7,898 | €6,098 | -€1,800 | -22.8% |
| Non-recurring operating charges | 66A | €1,184 | €0 | -€1,184 | -100.0% |
| Gross operating margin | 9900 | €310,953 | €253,515 | -€57,438 | -18.5% |
| Operating profit (loss) | 9901 | €221,004 | €179,911 | -€41,093 | -18.6% |
| Financial income | 75/76B | €3,372 | €2,533 | -€838 | -24.9% |
| Recurring financial income | 75 | €3,372 | €2,533 | -€838 | -24.9% |
| Financial charges | 65/66B | €15,272 | €14,802 | -€470 | -3.1% |
| Recurring financial charges | 65 | €15,272 | €14,802 | -€470 | -3.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €209,103 | €167,643 | -€41,461 | -19.8% |
| Income taxes | 67/77 | €65,435 | €52,505 | -€12,929 | -19.8% |
| Profit (loss) for the period | 9904 | €143,669 | €115,137 | -€28,531 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,669 | €115,137 | -€28,531 | -19.9% |
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 29 September 2026 via checked.be.