11 Francs: 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
11 Francs
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€33,832
2024 · -€54,353+€88,185
Equity
-€123,858
2024 · -€157,690+€33,832
Cash
€24,916
2024 · €12,438+€12,478
Balance sheet total
€2.6m
2024 · €2.7m-€60,858
Largest movements
Assets
- Tangible fixed assets -€73,757
down €73,757 (-2.8%), from €2.6m to €2.6m
of which Land and buildings: -€73,757
Equity and liabilities
- Debts after one year -€126,671
down €126,671 (-5.8%), from €2.2m to €2.0m
of which Financial debts: -€126,671
- Profit (loss) carried forward +€33,832
up €33,832 (+20.6%), from -€164,090 to -€130,258
Income statement
- Gross operating margin +€90,660
up €90,660 (+79.2%), from €114,486 to €205,147
- Financial charges -€2,618
down €2,618 (-3.5%), from €74,172 to €71,554
- Other operating charges +€2,562
up €2,562 (+20.8%), from €12,329 to €14,891
- Staff costs +€2,169
up €2,169 (+33.6%), from €6,452 to €8,621
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.
Result 2024
-€54,353
Gross operating margin
+€90,660
Staff costs
-€2,169
Depreciation
-€460
Other operating charges
-€2,562
Financial income
+€97
Financial charges
+€2,618
Result 2025
€33,832
raises the resultlowers the result
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.
From operations
+€137,761
Investment
-€2,589
Financing
-€122,694
Cash 2024
€12,438
From operations (derived)
+€137,761
Net result for the year
+€33,832
Depreciation
+€76,346
Stocks and contracts
+€84
Receivables within one year
+€438
Deferred charges and accrued income
-€944
Trade debts
-€9,637
Tax, wage and social debts
+€4,286
Other debts
+€20,859
Accrued charges and deferred income
+€12,496
Investment (derived)
-€2,589
Investment in fixed assets (net)
-€2,589
Financing
-€122,694
Debts after one year
-€126,671
Current portion of long-term debt
+€3,976
Cash 2025
€24,916
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,664,621 | €2,603,763 | -€60,858 | -2.3% |
| Fixed assets | 21/28 | €2,627,947 | €2,554,190 | -€73,757 | -2.8% |
| Tangible fixed assets | 22/27 | €2,627,742 | €2,553,985 | -€73,757 | -2.8% |
| Land and buildings | 22 | €2,571,409 | €2,497,652 | -€73,757 | -2.9% |
| Furniture and vehicles | 24 | €56,333 | €56,333 | = | 0.0% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €36,674 | €49,573 | +€12,899 | +35.2% |
| Stocks and contracts in progress | 3 | €501 | €417 | -€84 | -16.8% |
| Stocks | 30/36 | €501 | €417 | -€84 | -16.8% |
| Amounts receivable within one year | 40/41 | €22,825 | €22,386 | -€438 | -1.9% |
| Trade receivables | 40 | €749 | €0 | -€749 | -100% |
| Other amounts receivable | 41 | €22,076 | €22,386 | +€311 | +1.4% |
| Cash at bank and in hand | 54/58 | €12,438 | €24,916 | +€12,478 | +100% |
| Deferred charges and accrued income | 490/1 | €910 | €1,854 | +€944 | +104% |
| Total equity and liabilities | 10/49 | €2,664,621 | €2,603,763 | -€60,858 | -2.3% |
| Equity | 10/15 | -€157,690 | -€123,858 | +€33,832 | +21.5% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€164,090 | -€130,258 | +€33,832 | +20.6% |
| Amounts payable | 17/49 | €2,822,311 | €2,727,622 | -€94,689 | -3.4% |
| Amounts payable after more than one year | 17 | €2,167,173 | €2,040,503 | -€126,671 | -5.8% |
| Financial debts | 170/4 | €2,167,173 | €2,040,503 | -€126,671 | -5.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €654,661 | €674,146 | +€19,485 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €122,694 | €126,671 | +€3,976 | +3.2% |
| Trade debts | 44 | €72,388 | €62,751 | -€9,637 | -13.3% |
| Suppliers | 440/4 | €72,388 | €62,751 | -€9,637 | -13.3% |
| Taxes, remuneration and social security | 45 | €4,535 | €8,821 | +€4,286 | +94.5% |
| Taxes | 450/3 | €2,887 | €7,144 | +€4,257 | +147% |
| Remuneration and social security | 454/9 | €1,647 | €1,677 | +€29 | +1.8% |
| Other amounts payable | 47/48 | €455,044 | €475,903 | +€20,859 | +4.6% |
| Accrued charges and deferred income | 492/3 | €477 | €12,973 | +€12,496 | +2,622% |
| Remuneration, social security and pensions | 62 | €6,452 | €8,621 | +€2,169 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,887 | €76,346 | +€460 | +0.6% |
| Other operating charges | 640/8 | €12,329 | €14,891 | +€2,562 | +20.8% |
| Gross operating margin | 9900 | €114,486 | €205,147 | +€90,660 | +79.2% |
| Operating profit (loss) | 9901 | €19,819 | €105,288 | +€85,469 | +431% |
| Financial income | 75/76B | €0 | €97 | +€97 | +485,350% |
| Recurring financial income | 75 | €0 | €97 | +€97 | +485,350% |
| Financial charges | 65/66B | €74,172 | €71,554 | -€2,618 | -3.5% |
| Recurring financial charges | 65 | €74,172 | €71,554 | -€2,618 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€54,353 | €33,832 | +€88,185 | |
| Profit (loss) for the period | 9904 | -€54,353 | €33,832 | +€88,185 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,353 | €33,832 | +€88,185 |
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 23 October 2026 via checked.be.