3 D: what changed
Two fiscal 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
3 D
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€26.4m
2023 · €66.1m-€39.8m
Equity
€581.5m
2023 · €558.6m+€22.9m
Cash
€287,645
2023 · €358,540-€70,895
Balance sheet total
€623.2m
2023 · €610.8m+€12.4m
Largest movements
Assets
- Current investments +€28.1m
up €28.1m (+31.1%), from €90.3m to €118.4m
- Financial fixed assets -€11.0m
down €11.0m (-2.2%), from €504.3m to €493.3m
of which Affiliated companies: -€40.7m
Equity and liabilities
- Profit (loss) carried forward +€22.9m
up €22.9m (+5.0%), from €459.8m to €482.7m
- Debts after one year -€9.5m
down €9.5m (-26.3%), from €36.3m to €26.8m
Income statement
- Financial income -€66.0m
down €66.0m (-57.3%), from €115.1m to €49.2m
of which Non-recurring financial income: -€87.9m
- Financial charges -€27.5m
down €27.5m (-59.4%), from €46.3m to €18.8m
of which Non-recurring financial charges: -€28.1m
- Services and other goods +€687,929
up €687,929 (+19.2%), from €3.6m to €4.3m
- Turnover -€387,077
down €387,077 (-13.6%), from €2.8m to €2.5m
- Staff costs +€72,918
up €72,918 (+14.6%), from €498,345 to €571,263
From the 2023 result to the 2024 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 2023
€66.1m
Turnover
-€387,077
Other operating income
-€3,033
Goods and materials
-€69,083
Services and other goods
-€687,929
Staff costs
-€72,918
Depreciation
+€11,394
Write-downs
+€2,275
Other operating charges
-€31,276
Other operating items
-€3,305
Financial income
-€66.0m
Financial charges
+€27.5m
Taxes
-€67,561
Result 2024
€26.4m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€31.6m
Investment
-€17.2m
Financing
-€14.5m
Cash 2023
€358,540
From operations (derived)
+€31.6m
Net result for the year
+€26.4m
Depreciation
+€335,271
Smaller working-capital items
+€53,594
Stocks and contracts
+€329,236
Receivables within one year
+€3.8m
Deferred charges and accrued income
+€129,063
Trade debts
+€182,031
Other debts
+€267,500
Accrued charges and deferred income
+€101,615
Investment (derived)
-€17.2m
Investment in fixed assets (net)
+€10.9m
Current investments
-€28.1m
Financing
-€14.5m
Debts after one year
-€9.5m
Current portion of long-term debt
-€1.5m
Contributions, distributions and other
-€3.5m
Not broken down
-€1
Cash 2024
€287,645
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €610,846,515 | €623,240,960 | +€12.4m | +2.0% |
| Fixed assets | 21/28 | €509,425,066 | €498,155,927 | -€11.3m | -2.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €5,171,715 | €4,860,683 | -€311,032 | -6.0% |
| Land and buildings | 22 | €4,693,522 | €4,460,130 | -€233,392 | -5.0% |
| Plant, machinery and equipment | 23 | €96,898 | €88,992 | -€7,906 | -8.2% |
| Furniture and vehicles | 24 | €381,295 | €311,560 | -€69,735 | -18.3% |
| Financial fixed assets | 28 | €504,253,351 | €493,295,244 | -€11.0m | -2.2% |
| Affiliated companies | 280/1 | €245,116,846 | €204,464,540 | -€40.7m | -16.6% |
| Participating interests | 280 | €207,844,680 | €179,574,680 | -€28.3m | -13.6% |
| Amounts receivable | 281 | €37,272,166 | €24,889,860 | -€12.4m | -33.2% |
| Companies linked by participating interests | 282/3 | €105,963,693 | €119,216,657 | +€13.3m | +12.5% |
| Participating interests | 282 | €86,445,810 | €118,965,498 | +€32.5m | +37.6% |
| Amounts receivable | 283 | €19,517,883 | €251,159 | -€19.3m | -98.7% |
| Other financial fixed assets | 284/8 | €153,172,812 | €169,614,047 | +€16.4m | +10.7% |
| Shares | 284 | €153,172,812 | €169,614,047 | +€16.4m | +10.7% |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €101,421,449 | €125,085,033 | +€23.7m | +23.3% |
| Amounts receivable after more than one year | 29 | €156,199 | €100,673 | -€55,526 | -35.5% |
| Other amounts receivable | 291 | €156,199 | €100,673 | -€55,526 | -35.5% |
| Stocks and contracts in progress | 3 | €496,098 | €166,862 | -€329,236 | -66.4% |
| Stocks | 30/36 | €496,098 | €166,862 | -€329,236 | -66.4% |
| Property held for sale | 35 | €496,098 | €166,862 | -€329,236 | -66.4% |
| Amounts receivable within one year | 40/41 | €9,836,497 | €5,994,164 | -€3.8m | -39.1% |
| Trade receivables | 40 | €284,147 | €509,549 | +€225,402 | +79.3% |
| Other amounts receivable | 41 | €9,552,350 | €5,484,616 | -€4.1m | -42.6% |
| Current investments | 50/53 | €90,299,674 | €118,390,311 | +€28.1m | +31.1% |
| Other investments | 51/53 | €90,299,674 | €118,390,311 | +€28.1m | +31.1% |
| Cash at bank and in hand | 54/58 | €358,540 | €287,645 | -€70,895 | -19.8% |
| Deferred charges and accrued income | 490/1 | €274,441 | €145,378 | -€129,063 | -47.0% |
| Total equity and liabilities | 10/49 | €610,846,515 | €623,240,960 | +€12.4m | +2.0% |
| Equity | 10/15 | €558,591,682 | €581,474,340 | +€22.9m | +4.1% |
| Contributions | 10/11 | €89,864,605 | €89,864,605 | -€0 | 0.0% |
| Capital | 10 | €89,368,818 | €89,368,818 | -€0 | 0.0% |
| Issued capital | 100 | €89,368,818 | €89,368,818 | -€0 | 0.0% |
| Outside capital | 11 | €495,787 | €495,787 | +€0 | 0.0% |
| Share premium | 1100/10 | €495,787 | €495,787 | +€0 | 0.0% |
| Reserves | 13 | €8,936,882 | €8,936,882 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €8,936,882 | €8,936,882 | -€0 | 0.0% |
| Legal reserve | 130 | €8,936,882 | €8,936,882 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €459,790,196 | €482,672,853 | +€22.9m | +5.0% |
| Amounts payable | 17/49 | €52,254,832 | €41,766,620 | -€10.5m | -20.1% |
| Amounts payable after more than one year | 17 | €36,314,996 | €26,777,571 | -€9.5m | -26.3% |
| Financial debts | 170/4 | €36,314,996 | €26,777,571 | -€9.5m | -26.3% |
| Leasing and similar obligations | 172 | €314,996 | €277,571 | -€37,425 | -11.9% |
| Credit institutions | 173 | €36,000,000 | €26,500,000 | -€9.5m | -26.4% |
| Amounts payable within one year | 42/48 | €14,864,149 | €13,811,747 | -€1.1m | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €11,037,425 | €9,537,425 | -€1.5m | -13.6% |
| Trade debts | 44 | €534,619 | €716,650 | +€182,031 | +34.0% |
| Suppliers | 440/4 | €534,619 | €716,650 | +€182,031 | +34.0% |
| Taxes, remuneration and social security | 45 | €56,898 | €54,966 | -€1,932 | -3.4% |
| Remuneration and social security | 454/9 | €56,898 | €54,966 | -€1,932 | -3.4% |
| Other amounts payable | 47/48 | €3,235,206 | €3,502,706 | +€267,500 | +8.3% |
| Accrued charges and deferred income | 492/3 | €1,075,687 | €1,177,302 | +€101,615 | +9.4% |
| Operating income | 70/76A | €2,877,161 | €2,483,746 | -€393,415 | -13.7% |
| Turnover | 70 | €2,849,206 | €2,462,129 | -€387,077 | -13.6% |
| Other operating income | 74 | €24,649 | €21,616 | -€3,033 | -12.3% |
| Non-recurring operating income | 76A | €3,306 | €0 | -€3,306 | -100.0% |
| Operating charges | 60/66A | €5,535,923 | €6,383,461 | +€847,538 | +15.3% |
| Goods for resale, raw materials and consumables | 60 | €1,094,517 | €1,163,600 | +€69,083 | +6.3% |
| Purchases | 600/8 | €633,791 | €829,438 | +€195,647 | +30.9% |
| Change in stocks: decrease (increase) | 609 | €460,726 | €334,162 | -€126,564 | -27.5% |
| Services and other goods | 61 | €3,584,098 | €4,272,027 | +€687,929 | +19.2% |
| Remuneration, social security and pensions | 62 | €498,345 | €571,263 | +€72,918 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,665 | €335,271 | -€11,394 | -3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,651 | -€4,926 | -€2,275 | -85.8% |
| Other operating charges | 640/8 | €14,949 | €46,225 | +€31,276 | +209.2% |
| Operating profit (loss) | 9901 | -€2,658,763 | -€3,899,715 | -€1.2m | -46.7% |
| Financial income | 75/76B | €115,137,387 | €49,169,078 | -€66.0m | -57.3% |
| Recurring financial income | 75 | €17,094,503 | €39,032,149 | +€21.9m | +128.3% |
| Income from financial fixed assets | 750 | €15,158,677 | €36,234,269 | +€21.1m | +139.0% |
| Income from current assets | 751 | €1,860,505 | €2,797,762 | +€937,257 | +50.4% |
| Other financial income | 752/9 | €75,321 | €117 | -€75,204 | -99.8% |
| Non-recurring financial income | 76B | €98,042,884 | €10,136,929 | -€87.9m | -89.7% |
| Financial charges | 65/66B | €46,323,361 | €18,811,738 | -€27.5m | -59.4% |
| Recurring financial charges | 65 | €1,797,092 | €2,429,110 | +€632,018 | +35.2% |
| Debt charges | 650 | €527,250 | €501,108 | -€26,142 | -5.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,236,638 | €1,851,114 | +€614,476 | +49.7% |
| Other financial charges | 652/9 | €33,205 | €76,887 | +€43,682 | +131.6% |
| Non-recurring financial charges | 66B | €44,526,269 | €16,382,628 | -€28.1m | -63.2% |
| Profit (loss) for the period before taxes | 9903 | €66,155,263 | €26,457,625 | -€39.7m | -60.0% |
| Income taxes | 67/77 | €14,907 | €82,468 | +€67,561 | +453.2% |
| Taxes | 670/3 | €14,907 | €82,468 | +€67,561 | +453.2% |
| Profit (loss) for the period | 9904 | €66,140,356 | €26,375,157 | -€39.8m | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,140,356 | €26,375,157 | -€39.8m | -60.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.