CSTRUCT: what changed
CSTRUCT
Largest movements
- Stocks and contracts +€549,787
up €549,787 (+203%), from €270,882 to €820,669
- Cash -€174,954
down €174,954 (-95.0%), from €184,181 to €9,226
mainly Stocks and contracts (-€549,787) and Debts after one year (-€147,000)
- Receivables within one year +€92,384
up €92,384 (+89.4%), from €103,288 to €195,672
of which Other amounts receivable: +€114,852
- Trade debts +€164,255
up €164,255 (+120%), from €137,214 to €301,470
- Debts after one year -€147,000
down €147,000 (-64.8%), from €227,000 to €80,000
- Short-term financial debts +€140,000
up €140,000, from €0 to €140,000
- Advances received +€127,812
up €127,812, from €0 to €127,812
- Reserves +€96,320
up €96,320 (+71.8%), from €134,233 to €230,553
- Gross operating margin +€95,456
up €95,456 (+214%), from €44,628 to €140,085
- Taxes +€29,647
up €29,647 (+158%), from €18,709 to €48,356
- Financial income -€24,786
down €24,786 (-48.4%), from €51,176 to €26,391
- Financial charges +€6,333
up €6,333 (+51.5%), from €12,290 to €18,623
- Other operating charges -€2,260
down €2,260 (-41.6%), from €5,436 to €3,176
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €927,538 | €1,396,728 | +€469,190 | +50.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | - | €10,642 | +€10,642 | |
| Financial fixed assets | 28 | - | €10,642 | +€10,642 | |
| Current assets | 29/58 | €927,538 | €1,386,086 | +€458,549 | +49.4% |
| Stocks and contracts in progress | 3 | €270,882 | €820,669 | +€549,787 | +203% |
| Stocks | 30/36 | €270,882 | €820,669 | +€549,787 | +203% |
| Amounts receivable within one year | 40/41 | €103,288 | €195,672 | +€92,384 | +89.4% |
| Trade receivables | 40 | €96,420 | €73,952 | -€22,468 | -23.3% |
| Other amounts receivable | 41 | €6,868 | €121,720 | +€114,852 | +1,672% |
| Current investments | 50/53 | €365,865 | €360,360 | -€5,505 | -1.5% |
| Cash at bank and in hand | 54/58 | €184,181 | €9,226 | -€174,954 | -95.0% |
| Deferred charges and accrued income | 490/1 | €3,323 | €160 | -€3,163 | -95.2% |
| Total equity and liabilities | 10/49 | €927,538 | €1,396,728 | +€469,190 | +50.6% |
| Equity | 10/15 | €254,233 | €350,553 | +€96,320 | +37.9% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €134,233 | €230,553 | +€96,320 | +71.8% |
| Distributable reserves | 133 | €134,233 | €230,553 | +€96,320 | +71.8% |
| Profit (loss) carried forward | 14 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €673,305 | €1,046,175 | +€372,870 | +55.4% |
| Amounts payable after more than one year | 17 | €227,000 | €80,000 | -€147,000 | -64.8% |
| Financial debts | 170/4 | €227,000 | €80,000 | -€147,000 | -64.8% |
| Amounts payable within one year | 42/48 | €442,676 | €962,975 | +€520,299 | +118% |
| Financial debts | 43 | €0 | €140,000 | +€140,000 | |
| Credit institutions | 430/8 | €0 | €140,000 | +€140,000 | |
| Trade debts | 44 | €137,214 | €301,470 | +€164,255 | +120% |
| Suppliers | 440/4 | €137,214 | €301,470 | +€164,255 | +120% |
| Advances received on contracts in progress | 46 | €0 | €127,812 | +€127,812 | |
| Taxes, remuneration and social security | 45 | €12,021 | €20,453 | +€8,432 | +70.1% |
| Taxes | 450/3 | €12,021 | €20,453 | +€8,432 | +70.1% |
| Other amounts payable | 47/48 | €293,440 | €373,240 | +€79,800 | +27.2% |
| Accrued charges and deferred income | 492/3 | €3,629 | €3,200 | -€429 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197 | €0 | -€197 | -100% |
| Other operating charges | 640/8 | €5,436 | €3,176 | -€2,260 | -41.6% |
| Gross operating margin | 9900 | €44,628 | €140,085 | +€95,456 | +214% |
| Operating profit (loss) | 9901 | €38,995 | €136,909 | +€97,914 | +251% |
| Financial income | 75/76B | €51,176 | €26,391 | -€24,786 | -48.4% |
| Recurring financial income | 75 | €51,176 | €26,391 | -€24,786 | -48.4% |
| Financial charges | 65/66B | €12,290 | €18,623 | +€6,333 | +51.5% |
| Recurring financial charges | 65 | €12,290 | €18,623 | +€6,333 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €77,881 | €144,676 | +€66,795 | +85.8% |
| Income taxes | 67/77 | €18,709 | €48,356 | +€29,647 | +158% |
| Profit (loss) for the period | 9904 | €59,173 | €96,320 | +€37,148 | +62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,173 | €96,320 | +€37,148 | +62.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.