SEBI 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.
SEBI CONSTRUCT
Largest movements
- Receivables within one year +€43,640
up €43,640 (+32.8%), from €133,135 to €176,775
of which Trade receivables: +€24,989
- Cash -€20,555
down €20,555 (-76.7%), from €26,803 to €6,248
mainly Receivables within one year (-€43,640) and Tax, wage and social debts (-€25,235)
- Profit (loss) carried forward +€50,065
up €50,065 (+49.2%), from €101,674 to €151,738
- Tax, wage and social debts -€25,235
down €25,235 (-47.8%), from €52,787 to €27,553
of which Remuneration and social security: -€30,572
- Gross operating margin +€28,495
up €28,495 (+72.7%), from €39,184 to €67,678
- Taxes +€4,167
up €4,167 (+36.3%), from €11,477 to €15,644
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 | €160,520 | €185,409 | +€24,889 | +15.5% |
| Fixed assets | 21/28 | - | €1,165 | +€1,165 | |
| Tangible fixed assets | 22/27 | - | €1,165 | +€1,165 | |
| Furniture and vehicles | 24 | - | €1,165 | +€1,165 | |
| Current assets | 29/58 | €160,520 | €184,244 | +€23,724 | +14.8% |
| Amounts receivable within one year | 40/41 | €133,135 | €176,775 | +€43,640 | +32.8% |
| Trade receivables | 40 | €1,837 | €26,826 | +€24,989 | +1,361% |
| Other amounts receivable | 41 | €131,298 | €149,949 | +€18,651 | +14.2% |
| Cash at bank and in hand | 54/58 | €26,803 | €6,248 | -€20,555 | -76.7% |
| Deferred charges and accrued income | 490/1 | €582 | €1,221 | +€639 | +110% |
| Total equity and liabilities | 10/49 | €160,520 | €185,409 | +€24,889 | +15.5% |
| Equity | 10/15 | €107,674 | €157,738 | +€50,065 | +46.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,674 | €151,738 | +€50,065 | +49.2% |
| Amounts payable | 17/49 | €52,846 | €27,671 | -€25,176 | -47.6% |
| Amounts payable within one year | 42/48 | €52,846 | €27,671 | -€25,176 | -47.6% |
| Trade debts | 44 | €59 | €118 | +€59 | +100% |
| Suppliers | 440/4 | €59 | €118 | +€59 | +100% |
| Taxes, remuneration and social security | 45 | €52,787 | €27,553 | -€25,235 | -47.8% |
| Taxes | 450/3 | €22,215 | €27,553 | +€5,337 | +24.0% |
| Remuneration and social security | 454/9 | €30,572 | - | -€30,572 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215 | €226 | +€11 | +5.2% |
| Other operating charges | 640/8 | €512 | - | -€512 | |
| Gross operating margin | 9900 | €39,184 | €67,678 | +€28,495 | +72.7% |
| Operating profit (loss) | 9901 | €38,457 | €67,452 | +€28,996 | +75.4% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €1,652 | €1,749 | +€98 | +5.9% |
| Recurring financial charges | 65 | €1,652 | €1,749 | +€98 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €36,805 | €65,708 | +€28,903 | +78.5% |
| Income taxes | 67/77 | €11,477 | €15,644 | +€4,167 | +36.3% |
| Profit (loss) for the period | 9904 | €25,328 | €50,065 | +€24,737 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,328 | €50,065 | +€24,737 | +97.7% |
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 25 October 2026 via checked.be.