28 ESTATE: 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
28 ESTATE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,205
2024 · €23,159-€14,953
Equity
€2.9m
2024 · €2.9m+€8,205
Cash
€330,397
2024 · €119,439+€210,958
Balance sheet total
€6.0m
2024 · €5.7m+€333,496
Largest movements
Assets
- Cash +€210,958
up €210,958 (+177%), from €119,439 to €330,397
mainly Other debts (+€296,975) and Depreciation (+€114,627)
- Tangible fixed assets +€123,035
up €123,035 (+2.8%), from €4.4m to €4.5m
of which Land and buildings: +€131,713
Equity and liabilities
- Other debts +€296,975
up €296,975 (+25.0%), from €1.2m to €1.5m
Income statement
- Depreciation +€30,110
up €30,110 (+35.6%), from €84,517 to €114,627
- Gross operating margin +€18,493
up €18,493 (+6.2%), from €296,772 to €315,265
- Financial charges +€8,721
up €8,721 (+5.9%), from €146,758 to €155,479
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
€23,159
Gross operating margin
+€18,493
Depreciation
-€30,110
Other operating charges
+€2,234
Financial income
-€757
Financial charges
-€8,721
Taxes
+€1,355
Deferred taxes and other
+€2,553
Result 2025
€8,205
raises the resultlowers the resultnot broken down further in the accounts
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
+€448,620
Investment
-€237,662
Financing
€0
Cash 2024
€119,439
From operations (derived)
+€448,620
Net result for the year
+€8,205
Depreciation
+€114,627
Receivables within one year
+€1,011
Deferred charges and accrued income
-€514
Provisions
-€3,094
Trade debts
+€34,228
Tax, wage and social debts
-€1,592
Other debts
+€296,975
Accrued charges and deferred income
-€1,227
Investment (derived)
-€237,662
Investment in fixed assets (net)
-€237,662
Cash 2025
€330,397
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,708,458 | €6,041,954 | +€333,496 | +5.8% |
| Fixed assets | 21/28 | €5,088,674 | €5,211,709 | +€123,035 | +2.4% |
| Tangible fixed assets | 22/27 | €4,365,601 | €4,488,636 | +€123,035 | +2.8% |
| Land and buildings | 22 | €4,325,852 | €4,457,565 | +€131,713 | +3.0% |
| Plant, machinery and equipment | 23 | €39,749 | €31,071 | -€8,678 | -21.8% |
| Financial fixed assets | 28 | €723,073 | €723,073 | = | 0.0% |
| Current assets | 29/58 | €619,784 | €830,245 | +€210,461 | +34.0% |
| Stocks and contracts in progress | 3 | €106,629 | €106,629 | = | 0.0% |
| Stocks | 30/36 | €106,629 | €106,629 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €393,716 | €392,705 | -€1,011 | -0.3% |
| Trade receivables | 40 | €150,000 | €175,000 | +€25,000 | +16.7% |
| Other amounts receivable | 41 | €243,716 | €217,705 | -€26,011 | -10.7% |
| Cash at bank and in hand | 54/58 | €119,439 | €330,397 | +€210,958 | +177% |
| Deferred charges and accrued income | 490/1 | €0 | €514 | +€514 | |
| Total equity and liabilities | 10/49 | €5,708,458 | €6,041,954 | +€333,496 | +5.8% |
| Equity | 10/15 | €2,898,120 | €2,906,325 | +€8,205 | +0.3% |
| Contributions | 10/11 | €4,918,991 | €4,918,991 | = | 0.0% |
| Reserves | 13 | €872,449 | €863,166 | -€9,283 | -1.1% |
| Non-distributable reserves | 130/1 | €30,044 | €30,044 | = | 0.0% |
| Other | 1319 | €30,044 | €30,044 | = | 0.0% |
| Tax-exempt reserves | 132 | €842,405 | €833,122 | -€9,283 | -1.1% |
| Profit (loss) carried forward | 14 | -€2,893,319 | -€2,875,831 | +€17,488 | +0.6% |
| Provisions and deferred taxes | 16 | €102,599 | €99,505 | -€3,094 | -3.0% |
| Deferred taxes | 168 | €102,599 | €99,505 | -€3,094 | -3.0% |
| Amounts payable | 17/49 | €2,707,738 | €3,036,124 | +€328,385 | +12.1% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,201,190 | €1,530,802 | +€329,612 | +27.4% |
| Trade debts | 44 | €9,047 | €43,275 | +€34,228 | +378% |
| Suppliers | 440/4 | €9,047 | €43,275 | +€34,228 | +378% |
| Taxes, remuneration and social security | 45 | €2,765 | €1,173 | -€1,592 | -57.6% |
| Taxes | 450/3 | €2,765 | €1,173 | -€1,592 | -57.6% |
| Other amounts payable | 47/48 | €1,189,378 | €1,486,353 | +€296,975 | +25.0% |
| Accrued charges and deferred income | 492/3 | €6,549 | €5,322 | -€1,227 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,517 | €114,627 | +€30,110 | +35.6% |
| Other operating charges | 640/8 | €38,293 | €36,060 | -€2,234 | -5.8% |
| Gross operating margin | 9900 | €296,772 | €315,265 | +€18,493 | +6.2% |
| Operating profit (loss) | 9901 | €173,961 | €164,578 | -€9,383 | -5.4% |
| Financial income | 75/76B | €3,467 | €2,710 | -€757 | -21.8% |
| Recurring financial income | 75 | €3,467 | €2,710 | -€757 | -21.8% |
| Financial charges | 65/66B | €146,758 | €155,479 | +€8,721 | +5.9% |
| Recurring financial charges | 65 | €146,758 | €155,479 | +€8,721 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €30,670 | €11,809 | -€18,861 | -61.5% |
| Transfer from deferred taxes | 780 | €542 | €3,094 | +€2,553 | +471% |
| Income taxes | 67/77 | €8,053 | €6,698 | -€1,355 | -16.8% |
| Profit (loss) for the period | 9904 | €23,159 | €8,205 | -€14,953 | -64.6% |
| Transfer from tax-exempt reserves | 789 | €1,625 | €9,283 | +€7,658 | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €24,783 | €17,488 | -€7,296 | -29.4% |
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 30 October 2026 via checked.be.