A.A.S.V.: 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
A.A.S.V.
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
€642,781
2024 · €312,340+€330,442
Equity
€12.3m
2024 · €11.7m+€642,781
Cash
€454,938
2024 · €467,099-€12,161
Balance sheet total
€49.3m
2024 · €51.0m-€1.7m
Largest movements
Assets
- Receivables after one year -€2.8m
down €2.8m (-15.6%), from €17.8m to €15.0m
- Tangible fixed assets +€1.3m
up €1.3m (+4.6%), from €28.7m to €30.0m
Equity and liabilities
- Short-term financial debts -€2.0m
down €2.0m (-18.7%), from €10.8m to €8.8m
of which Credit institutions: -€2.0m
- Profit (loss) carried forward +€615,867
up €615,867 (+26.4%), from €2.3m to €2.9m
Income statement
- Gross operating margin +€314,505
up €314,505 (+12.2%), from €2.6m to €2.9m
- Financial charges -€168,245
down €168,245 (-18.3%), from €918,467 to €750,222
- Taxes +€74,458
up €74,458 (+47.8%), from €155,902 to €230,360
- Depreciation +€39,796
up €39,796 (+3.4%), from €1.2m to €1.2m
- Financial income +€34,732
up €34,732 (+24.1%), from €144,325 to €179,058
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
€312,340
Gross operating margin
+€314,505
Depreciation
-€39,796
Other operating charges
-€25,821
Other operating items
+€758
Financial income
+€34,732
Financial charges
+€168,245
Taxes
-€74,458
Deferred taxes and other
-€47,724
Result 2025
€642,781
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
+€4.6m
Investment
-€2.5m
Financing
-€2.1m
Cash 2024
€467,099
From operations (derived)
+€4.6m
Net result for the year
+€642,781
Depreciation
+€1.2m
Receivables after one year
+€2.8m
Receivables within one year
+€181,891
Deferred charges and accrued income
+€38,418
Smaller working-capital items
-€2,701
Trade debts
-€159,211
Tax, wage and social debts
-€62,744
Advances received
-€8,799
Accrued charges and deferred income
+€8,133
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€2.5m
Financing
-€2.1m
Debts after one year
-€110,379
Current portion of long-term debt
+€7,489
Short-term financial debts
-€2.0m
Cash 2025
€454,938
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,956,988 | €49,253,556 | -€1.7m | -3.3% |
| Fixed assets | 21/28 | €31,912,580 | €33,218,691 | +€1.3m | +4.1% |
| Tangible fixed assets | 22/27 | €28,696,980 | €30,003,091 | +€1.3m | +4.6% |
| Land and buildings | 22 | €28,696,980 | €30,003,091 | +€1.3m | +4.6% |
| Financial fixed assets | 28 | €3,215,600 | €3,215,600 | = | 0.0% |
| Current assets | 29/58 | €19,044,409 | €16,034,864 | -€3.0m | -15.8% |
| Amounts receivable after more than one year | 29 | €17,790,479 | €15,013,405 | -€2.8m | -15.6% |
| Other amounts receivable | 291 | €17,790,479 | €15,013,405 | -€2.8m | -15.6% |
| Amounts receivable within one year | 40/41 | €698,576 | €516,686 | -€181,891 | -26.0% |
| Trade receivables | 40 | €653,807 | €472,283 | -€181,523 | -27.8% |
| Other amounts receivable | 41 | €44,770 | €44,402 | -€368 | -0.8% |
| Cash at bank and in hand | 54/58 | €467,099 | €454,938 | -€12,161 | -2.6% |
| Deferred charges and accrued income | 490/1 | €88,254 | €49,836 | -€38,418 | -43.5% |
| Total equity and liabilities | 10/49 | €50,956,988 | €49,253,556 | -€1.7m | -3.3% |
| Equity | 10/15 | €11,690,936 | €12,333,718 | +€642,781 | +5.5% |
| Contributions | 10/11 | €4,693,000 | €4,693,000 | = | 0.0% |
| Capital | 10 | €4,693,000 | €4,693,000 | = | 0.0% |
| Issued capital | 100 | €4,693,000 | €4,693,000 | = | 0.0% |
| Revaluation surpluses | 12 | €108,364 | €102,882 | -€5,482 | -5.1% |
| Reserves | 13 | €4,561,006 | €4,593,402 | +€32,396 | +0.7% |
| Non-distributable reserves | 130/1 | €139,950 | €175,000 | +€35,050 | +25.0% |
| Legal reserve | 130 | €139,950 | €175,000 | +€35,050 | +25.0% |
| Tax-exempt reserves | 132 | €3,789,044 | €3,780,908 | -€8,136 | -0.2% |
| Distributable reserves | 133 | €632,012 | €637,494 | +€5,482 | +0.9% |
| Profit (loss) carried forward | 14 | €2,328,567 | €2,944,434 | +€615,867 | +26.4% |
| Provisions and deferred taxes | 16 | €1,263,015 | €1,260,303 | -€2,712 | -0.2% |
| Deferred taxes | 168 | €1,263,015 | €1,260,303 | -€2,712 | -0.2% |
| Amounts payable | 17/49 | €38,003,037 | €35,659,535 | -€2.3m | -6.2% |
| Amounts payable after more than one year | 17 | €25,747,205 | €25,636,826 | -€110,379 | -0.4% |
| Financial debts | 170/4 | €7,460,936 | €6,945,279 | -€515,657 | -6.9% |
| Other amounts payable | 178/9 | €18,286,269 | €18,691,548 | +€405,278 | +2.2% |
| Amounts payable within one year | 42/48 | €12,062,172 | €9,820,916 | -€2.2m | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €507,711 | €515,200 | +€7,489 | +1.5% |
| Financial debts | 43 | €10,808,548 | €8,790,546 | -€2.0m | -18.7% |
| Credit institutions | 430/8 | €10,805,369 | €8,787,155 | -€2.0m | -18.7% |
| Other loans | 439 | €3,179 | €3,391 | +€212 | +6.7% |
| Trade debts | 44 | €475,341 | €316,130 | -€159,211 | -33.5% |
| Suppliers | 440/4 | €475,341 | €316,130 | -€159,211 | -33.5% |
| Advances received on contracts in progress | 46 | €71,368 | €62,569 | -€8,799 | -12.3% |
| Taxes, remuneration and social security | 45 | €199,094 | €136,350 | -€62,744 | -31.5% |
| Taxes | 450/3 | €199,094 | €136,350 | -€62,744 | -31.5% |
| Other amounts payable | 47/48 | €110 | €121 | +€11 | +9.8% |
| Accrued charges and deferred income | 492/3 | €193,660 | €201,793 | +€8,133 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,187,475 | €1,227,272 | +€39,796 | +3.4% |
| Other operating charges | 640/8 | €187,223 | €213,044 | +€25,821 | +13.8% |
| Non-recurring operating charges | 66A | €758 | - | -€758 | |
| Gross operating margin | 9900 | €2,567,404 | €2,881,909 | +€314,505 | +12.2% |
| Operating profit (loss) | 9901 | €1,191,948 | €1,441,593 | +€249,646 | +20.9% |
| Financial income | 75/76B | €144,325 | €179,058 | +€34,732 | +24.1% |
| Recurring financial income | 75 | €144,325 | €179,058 | +€34,732 | +24.1% |
| Financial charges | 65/66B | €918,467 | €750,222 | -€168,245 | -18.3% |
| Recurring financial charges | 65 | €918,467 | €750,222 | -€168,245 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €417,806 | €870,429 | +€452,623 | +108% |
| Transfer from deferred taxes | 780 | €50,436 | €51,524 | +€1,088 | +2.2% |
| Transfer to deferred taxes | 680 | - | €48,813 | +€48,813 | |
| Income taxes | 67/77 | €155,902 | €230,360 | +€74,458 | +47.8% |
| Profit (loss) for the period | 9904 | €312,340 | €642,781 | +€330,442 | +106% |
| Transfer from tax-exempt reserves | 789 | €151,309 | €154,573 | +€3,265 | +2.2% |
| Transfer to tax-exempt reserves | 689 | - | €146,438 | +€146,438 | |
| Profit (loss) for the period to be appropriated | 9905 | €463,648 | €650,917 | +€187,269 | +40.4% |
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 18 October 2026 via checked.be.