BSEG 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.
BSEG CONSTRUCT
Largest movements
- Tangible fixed assets +€48,947
up €48,947 (+34.7%), from €140,937 to €189,884
of which Land and buildings: +€97,512
- Deferred charges and accrued income -€37,961
down €37,961 (-56.0%), from €67,835 to €29,874
- Cash -€18,026
down €18,026 (-43.4%), from €41,570 to €23,544
mainly Investment in fixed assets (net) (-€113,303) and Net result for the year (-€44,018)
- Debts after one year +€68,798
up €68,798 (+89.0%), from €77,338 to €146,135
- Profit (loss) carried forward -€44,018
down €44,018 (-56.3%), from €78,143 to €34,125
- Other debts -€19,350
down €19,350 (-38.9%), from €49,692 to €30,342
- Trade debts -€13,205
down €13,205 (-48.2%), from €27,424 to €14,219
- Tax, wage and social debts -€5,076
down €5,076 (-31.3%), from €16,211 to €11,135
of which Taxes: -€10,411
- Staff costs +€118,829
up €118,829 (+166%), from €71,621 to €190,450
- Gross operating margin +€76,262
up €76,262 (+53.1%), from €143,592 to €219,854
- Depreciation +€8,340
up €8,340 (+14.7%), from €56,899 to €65,239
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,265 | €270,396 | -€7,869 | -2.8% |
| Fixed assets | 21/28 | €142,053 | €190,117 | +€48,064 | +33.8% |
| Intangible fixed assets | 21 | €956 | €73 | -€883 | -92.4% |
| Tangible fixed assets | 22/27 | €140,937 | €189,884 | +€48,947 | +34.7% |
| Land and buildings | 22 | €995 | €98,507 | +€97,512 | +9,799% |
| Plant, machinery and equipment | 23 | €35,423 | €24,327 | -€11,096 | -31.3% |
| Furniture and vehicles | 24 | €104,518 | €67,050 | -€37,468 | -35.8% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €136,212 | €80,279 | -€55,933 | -41.1% |
| Amounts receivable within one year | 40/41 | €26,807 | €26,861 | +€55 | +0.2% |
| Trade receivables | 40 | €26,532 | €26,532 | = | 0.0% |
| Other amounts receivable | 41 | €275 | €330 | +€55 | +19.9% |
| Cash at bank and in hand | 54/58 | €41,570 | €23,544 | -€18,026 | -43.4% |
| Deferred charges and accrued income | 490/1 | €67,835 | €29,874 | -€37,961 | -56.0% |
| Total equity and liabilities | 10/49 | €278,265 | €270,396 | -€7,869 | -2.8% |
| Equity | 10/15 | €86,203 | €42,185 | -€44,018 | -51.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Contributions outside capital | 11 | €8,060 | €8,060 | = | 0.0% |
| Other | 1109/19 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,143 | €34,125 | -€44,018 | -56.3% |
| Amounts payable | 17/49 | €192,062 | €228,211 | +€36,149 | +18.8% |
| Amounts payable after more than one year | 17 | €77,338 | €146,135 | +€68,798 | +89.0% |
| Financial debts | 170/4 | €77,338 | €146,135 | +€68,798 | +89.0% |
| Amounts payable within one year | 42/48 | €114,724 | €82,076 | -€32,648 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €21,397 | €26,380 | +€4,983 | +23.3% |
| Trade debts | 44 | €27,424 | €14,219 | -€13,205 | -48.2% |
| Suppliers | 440/4 | €27,424 | €14,219 | -€13,205 | -48.2% |
| Taxes, remuneration and social security | 45 | €16,211 | €11,135 | -€5,076 | -31.3% |
| Taxes | 450/3 | €12,401 | €1,991 | -€10,411 | -83.9% |
| Remuneration and social security | 454/9 | €3,810 | €9,144 | +€5,334 | +140% |
| Other amounts payable | 47/48 | €49,692 | €30,342 | -€19,350 | -38.9% |
| Remuneration, social security and pensions | 62 | €71,621 | €190,450 | +€118,829 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,899 | €65,239 | +€8,340 | +14.7% |
| Other operating charges | 640/8 | €1,924 | €2,274 | +€349 | +18.2% |
| Gross operating margin | 9900 | €143,592 | €219,854 | +€76,262 | +53.1% |
| Operating profit (loss) | 9901 | €13,147 | -€38,110 | -€51,257 | |
| Financial income | 75/76B | €33 | €438 | +€406 | +1,235% |
| Recurring financial income | 75 | €9 | €3 | -€6 | -66.7% |
| Non-recurring financial income | 76B | €24 | €435 | +€411 | +1,712% |
| Financial charges | 65/66B | €6,451 | €6,346 | -€104 | -1.6% |
| Recurring financial charges | 65 | €4,513 | €6,233 | +€1,721 | +38.1% |
| Non-recurring financial charges | 66B | €1,938 | €113 | -€1,825 | -94.2% |
| Profit (loss) for the period before taxes | 9903 | €6,729 | -€44,018 | -€50,747 | |
| Income taxes | 67/77 | €1,557 | - | -€1,557 | |
| Profit (loss) for the period | 9904 | €5,172 | -€44,018 | -€49,189 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,172 | -€44,018 | -€49,189 |
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 27 October 2026 via checked.be.