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NFR 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.

What changed

NFR CONSTRUCT

BE 0768.374.909
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€116,644
2024 · €59,727+€56,917
Equity
€274,474
2024 · €207,830+€66,644
Cash
€299,450
2024 · €276,084+€23,366
Balance sheet total
€802,407
2024 · €492,425+€309,982

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets +€221,304

    up €221,304 (+137%), from €161,194 to €382,499

    of which Land and buildings: +€244,736

  • Receivables within one year +€51,877

    up €51,877 (+140%), from €37,183 to €89,061

    of which Trade receivables: +€65,509

  • Cash +€23,366

    up €23,366 (+8.5%), from €276,084 to €299,450

    mainly Debts after one year (+€142,597) and Net result for the year (+€116,644)

Equity and liabilities
  • Debts after one year +€142,597

    up €142,597 (+219%), from €65,034 to €207,631

  • Other debts +€77,952

    up €77,952 (+229%), from €34,005 to €111,958

  • Profit (loss) carried forward +€66,644

    up €66,644 (+33.7%), from €197,830 to €264,474

  • Tax, wage and social debts +€28,862

    up €28,862 (+53.8%), from €53,693 to €82,554

    of which Taxes: +€27,384

  • Trade debts -€15,442

    down €15,442 (-39.8%), from €38,774 to €23,332

Income statement
  • Gross operating margin +€229,149

    up €229,149 (+97.2%), from €235,773 to €464,923

  • Staff costs +€133,873

    up €133,873 (+116%), from €115,877 to €249,750

  • Taxes +€16,992

    up €16,992 (+79.6%), from €21,339 to €38,331

  • Financial charges +€11,238

    up €11,238 (+276%), from €4,073 to €15,311

  • Depreciation +€10,037

    up €10,037 (+30.8%), from €32,639 to €42,675

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €59,727
Gross operating margin +€229,149
Staff costs -€133,873
Depreciation -€10,037
Other operating charges -€41
Financial income -€51
Financial charges -€11,238
Taxes -€16,992
Result 2025 €116,644
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€195,378
Investment -€271,779
Financing +€99,767
Cash 2024 €276,084
Net result for the year +€116,644
Depreciation +€42,675
Stocks and contracts -€5,140
Receivables within one year -€51,877
Deferred charges and accrued income -€495
Trade debts -€15,442
Tax, wage and social debts +€28,862
Advances received +€2,199
Other debts +€77,952
Investment in fixed assets (net) -€271,779
Debts after one year +€142,597
Current portion of long-term debt +€7,170
Contributions, distributions and other -€50,000
Cash 2025 €299,450
brings cash intakes cash out
Every line side by side 47 lines
Line Code 2024 2025 Change %
Total assets 20/58 €492,425 €802,407 +€309,982 +63.0%
Fixed assets 21/28 €165,067 €394,171 +€229,103 +139%
Intangible fixed assets 21 €3,698 €6,547 +€2,849 +77.1%
Tangible fixed assets 22/27 €161,194 €382,499 +€221,304 +137%
Land and buildings 22 - €244,736 +€244,736
Plant, machinery and equipment 23 €60,125 €44,992 -€15,133 -25.2%
Furniture and vehicles 24 €18,029 €9,846 -€8,184 -45.4%
Leasing and similar rights 25 €83,040 €50,924 -€32,116 -38.7%
Assets under construction and advance payments 27 - €32,000 +€32,000
Financial fixed assets 28 €175 €5,125 +€4,950 +2,829%
Current assets 29/58 €327,358 €408,237 +€80,879 +24.7%
Stocks and contracts in progress 3 €10,500 €15,640 +€5,140 +49.0%
Stocks 30/36 €10,500 €15,640 +€5,140 +49.0%
Amounts receivable within one year 40/41 €37,183 €89,061 +€51,877 +140%
Trade receivables 40 €21,827 €87,336 +€65,509 +300%
Other amounts receivable 41 €15,357 €1,725 -€13,632 -88.8%
Cash at bank and in hand 54/58 €276,084 €299,450 +€23,366 +8.5%
Deferred charges and accrued income 490/1 €3,591 €4,086 +€495 +13.8%
Total equity and liabilities 10/49 €492,425 €802,407 +€309,982 +63.0%
Equity 10/15 €207,830 €274,474 +€66,644 +32.1%
Contributions 10/11 €10,000 €10,000 = 0.0%
Profit (loss) carried forward 14 €197,830 €264,474 +€66,644 +33.7%
Amounts payable 17/49 €284,595 €527,933 +€243,338 +85.5%
Amounts payable after more than one year 17 €65,034 €207,631 +€142,597 +219%
Financial debts 170/4 €65,034 €207,631 +€142,597 +219%
Amounts payable within one year 42/48 €219,561 €320,301 +€100,741 +45.9%
Current portion of amounts payable after more than one year 42 €17,961 €25,131 +€7,170 +39.9%
Trade debts 44 €38,774 €23,332 -€15,442 -39.8%
Suppliers 440/4 €38,774 €23,332 -€15,442 -39.8%
Advances received on contracts in progress 46 €75,127 €77,326 +€2,199 +2.9%
Taxes, remuneration and social security 45 €53,693 €82,554 +€28,862 +53.8%
Taxes 450/3 €46,056 €73,439 +€27,384 +59.5%
Remuneration and social security 454/9 €7,637 €9,115 +€1,478 +19.4%
Other amounts payable 47/48 €34,005 €111,958 +€77,952 +229%
Remuneration, social security and pensions 62 €115,877 €249,750 +€133,873 +116%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €32,639 €42,675 +€10,037 +30.8%
Other operating charges 640/8 €2,379 €2,420 +€41 +1.7%
Gross operating margin 9900 €235,773 €464,923 +€229,149 +97.2%
Operating profit (loss) 9901 €84,879 €170,077 +€85,198 +100%
Financial income 75/76B €260 €210 -€51 -19.5%
Recurring financial income 75 €260 €210 -€51 -19.5%
Financial charges 65/66B €4,073 €15,311 +€11,238 +276%
Recurring financial charges 65 €4,073 €15,311 +€11,238 +276%
Profit (loss) for the period before taxes 9903 €81,066 €154,975 +€73,909 +91.2%
Income taxes 67/77 €21,339 €38,331 +€16,992 +79.6%
Profit (loss) for the period 9904 €59,727 €116,644 +€56,917 +95.3%
Profit (loss) for the period to be appropriated 9905 €59,727 €116,644 +€56,917 +95.3%

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.