AED Rent: 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
AED Rent
NACE 77.222, Rental and leasing activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · €2.3m+€1.1m
Equity
€28.8m
2024 · €25.5m+€3.4m
Cash
€4.6m
2024 · €8.7m-€4.1m
Balance sheet total
€84.6m
2024 · €89.6m-€5.1m
Largest movements
Assets
- Current investments +€5.2m
up €5.2m (+76.5%), from €6.7m to €11.9m
- Cash -€4.1m
down €4.1m (-47.5%), from €8.7m to €4.6m
mainly Investment in fixed assets (net) (-€9.9m) and Current investments (-€5.2m)
- Tangible fixed assets -€4.0m
down €4.0m (-9.9%), from €39.9m to €35.9m
of which Leasing and similar rights: -€2.1m
- Financial fixed assets -€2.4m
down €2.4m (-18.0%), from €13.6m to €11.2m
of which Companies linked by participating interests: -€2.1m
Equity and liabilities
- Current portion of long-term debt -€3.9m
down €3.9m (-24.9%), from €15.8m to €11.8m
- Other debts -€3.6m
down €3.6m (-16.4%), from €21.8m to €18.2m
- Reserves +€3.4m
up €3.4m (+19.8%), from €17.0m to €20.4m
of which Non-distributable reserves: +€5.2m
- Debts after one year -€1.9m
down €1.9m (-8.5%), from €22.3m to €20.4m
- Short-term financial debts +€1.2m
up €1.2m (+176.2%), from €670,383 to €1.9m
Income statement
- Financial income +€3.8m
up €3.8m (+216.1%), from €1.8m to €5.6m
of which Financial income: +€3.7m
- Turnover -€1.4m
down €1.4m (-3.8%), from €37.8m to €36.3m
- Goods and materials -€1.0m
down €1.0m (-15.2%), from €6.6m to €5.6m
of which Purchases: -€731,016
- Financial charges +€719,317
up €719,317 (+22.1%), from €3.3m to €4.0m
of which Non-recurring financial charges: +€777,000
- Depreciation +€679,079
up €679,079 (+4.3%), from €15.7m to €16.3m
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
€2.3m
Turnover
-€1.4m
Other operating income
-€95,460
Goods and materials
+€1.0m
Services and other goods
+€658,123
Staff costs
-€634,760
Depreciation
-€679,079
Write-downs
-€42,808
Other operating charges
-€408,950
Other operating items
-€869,088
Financial income
+€3.8m
Financial charges
-€719,317
Taxes
+€481,651
Result 2025
€3.4m
Cash bridge derived
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
+€15.6m
Investment
-€15.1m
Financing
-€4.6m
Cash 2024
€8.7m
From operations (derived)
+€15.6m
Net result for the year
+€3.4m
Depreciation
+€16.3m
Smaller working-capital items
-€59,369
Receivables within one year
-€290,328
Trade debts
-€322,548
Other debts
-€3.6m
Accrued charges and deferred income
+€93,129
Investment (derived)
-€15.1m
Investment in fixed assets (net)
-€9.9m
Current investments
-€5.2m
Financing
-€4.6m
Debts after one year
-€1.9m
Current portion of long-term debt
-€3.9m
Short-term financial debts
+€1.2m
Contributions, distributions and other
-€5,673
Cash 2025
€4.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,630,260 | €84,571,341 | -€5.1m | -5.6% |
| Fixed assets | 21/28 | €53,533,305 | €47,118,149 | -€6.4m | -12.0% |
| Intangible fixed assets | 21 | €30,585 | €31,884 | +€1,300 | +4.2% |
| Tangible fixed assets | 22/27 | €39,885,190 | €35,918,723 | -€4.0m | -9.9% |
| Land and buildings | 22 | €4,565,540 | €4,628,633 | +€63,094 | +1.4% |
| Plant, machinery and equipment | 23 | €5,791,608 | €4,158,459 | -€1.6m | -28.2% |
| Furniture and vehicles | 24 | €323,341 | €261,248 | -€62,093 | -19.2% |
| Leasing and similar rights | 25 | €28,903,971 | €26,829,041 | -€2.1m | -7.2% |
| Assets under construction and advance payments | 27 | €300,731 | €41,342 | -€259,389 | -86.3% |
| Financial fixed assets | 28 | €13,617,530 | €11,167,541 | -€2.4m | -18.0% |
| Affiliated companies | 280/1 | €10,926,040 | €10,529,121 | -€396,919 | -3.6% |
| Participating interests | 280 | €8,827,360 | €8,481,621 | -€345,739 | -3.9% |
| Amounts receivable | 281 | €2,098,680 | €2,047,500 | -€51,180 | -2.4% |
| Companies linked by participating interests | 282/3 | €2,691,490 | €637,610 | -€2.1m | -76.3% |
| Participating interests | 282 | €1,437,550 | €637,610 | -€799,940 | -55.6% |
| Amounts receivable | 283 | €1,253,940 | - | -€1.3m | |
| Other financial fixed assets | 284/8 | - | €810 | +€810 | |
| Amounts receivable and cash guarantees | 285/8 | - | €810 | +€810 | |
| Current assets | 29/58 | €36,096,955 | €37,453,192 | +€1.4m | +3.8% |
| Stocks and contracts in progress | 3 | €1,504,135 | €1,537,243 | +€33,108 | +2.2% |
| Stocks | 30/36 | €1,504,135 | €1,537,243 | +€33,108 | +2.2% |
| Raw materials and consumables | 30/31 | €315,481 | €225,313 | -€90,168 | -28.6% |
| Goods purchased for resale | 34 | €1,188,654 | €1,311,931 | +€123,276 | +10.4% |
| Amounts receivable within one year | 40/41 | €18,271,373 | €18,561,701 | +€290,328 | +1.6% |
| Trade receivables | 40 | €5,384,959 | €5,833,243 | +€448,283 | +8.3% |
| Other amounts receivable | 41 | €12,886,414 | €12,728,459 | -€157,955 | -1.2% |
| Current investments | 50/53 | €6,733,289 | €11,884,839 | +€5.2m | +76.5% |
| Own shares | 50 | €6,733,289 | €11,884,839 | +€5.2m | +76.5% |
| Cash at bank and in hand | 54/58 | €8,735,082 | €4,588,968 | -€4.1m | -47.5% |
| Deferred charges and accrued income | 490/1 | €853,075 | €880,440 | +€27,365 | +3.2% |
| Total equity and liabilities | 10/49 | €89,630,260 | €84,571,341 | -€5.1m | -5.6% |
| Equity | 10/15 | €25,459,068 | €28,827,960 | +€3.4m | +13.2% |
| Contributions | 10/11 | €8,409,250 | €8,409,250 | = | 0.0% |
| Capital | 10 | €8,409,250 | €8,409,250 | = | 0.0% |
| Issued capital | 100 | €8,409,250 | €8,409,250 | = | 0.0% |
| Reserves | 13 | €17,027,127 | €20,401,692 | +€3.4m | +19.8% |
| Non-distributable reserves | 130/1 | €7,574,214 | €12,725,764 | +€5.2m | +68.0% |
| Legal reserve | 130 | €840,925 | €840,925 | = | 0.0% |
| Own shares acquired | 1312 | €6,733,289 | €11,884,839 | +€5.2m | +76.5% |
| Tax-exempt reserves | 132 | €874,982 | €757,746 | -€117,236 | -13.4% |
| Distributable reserves | 133 | €8,577,931 | €6,918,182 | -€1.7m | -19.3% |
| Investment grants | 15 | €22,691 | €17,019 | -€5,673 | -25.0% |
| Provisions and deferred taxes | 16 | €504,379 | €465,301 | -€39,079 | -7.7% |
| Provisions for liabilities and charges | 160/5 | €89,190 | €89,190 | = | 0.0% |
| Other liabilities and charges | 164/5 | €89,190 | €89,190 | = | 0.0% |
| Deferred taxes | 168 | €415,189 | €376,111 | -€39,079 | -9.4% |
| Amounts payable | 17/49 | €63,666,813 | €55,278,081 | -€8.4m | -13.2% |
| Amounts payable after more than one year | 17 | €22,334,983 | €20,443,766 | -€1.9m | -8.5% |
| Financial debts | 170/4 | €22,334,983 | €20,443,766 | -€1.9m | -8.5% |
| Leasing and similar obligations | 172 | €18,909,702 | €18,540,087 | -€369,615 | -2.0% |
| Credit institutions | 173 | €3,425,281 | €1,903,679 | -€1.5m | -44.4% |
| Amounts payable within one year | 42/48 | €40,943,557 | €34,352,913 | -€6.6m | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €15,774,401 | €11,848,726 | -€3.9m | -24.9% |
| Financial debts | 43 | €670,383 | €1,851,627 | +€1.2m | +176.2% |
| Credit institutions | 430/8 | €670,383 | €1,851,627 | +€1.2m | +176.2% |
| Trade debts | 44 | €2,171,185 | €1,848,637 | -€322,548 | -14.9% |
| Suppliers | 440/4 | €2,171,185 | €1,848,637 | -€322,548 | -14.9% |
| Taxes, remuneration and social security | 45 | €563,713 | €603,895 | +€40,183 | +7.1% |
| Taxes | 450/3 | €97,138 | €78,356 | -€18,782 | -19.3% |
| Remuneration and social security | 454/9 | €466,575 | €525,539 | +€58,965 | +12.6% |
| Other amounts payable | 47/48 | €21,763,875 | €18,200,028 | -€3.6m | -16.4% |
| Accrued charges and deferred income | 492/3 | €388,273 | €481,402 | +€93,129 | +24.0% |
| Operating income | 70/76A | €41,191,081 | €39,538,972 | -€1.7m | -4.0% |
| Turnover | 70 | €37,794,766 | €36,347,260 | -€1.4m | -3.8% |
| Own construction capitalised | 72 | €110,761 | €1,618 | -€109,142 | -98.5% |
| Other operating income | 74 | €3,285,554 | €3,190,094 | -€95,460 | -2.9% |
| Operating charges | 60/66A | €36,554,977 | €37,420,598 | +€865,622 | +2.4% |
| Goods for resale, raw materials and consumables | 60 | €6,589,659 | €5,587,861 | -€1.0m | -15.2% |
| Purchases | 600/8 | €6,356,383 | €5,625,367 | -€731,016 | -11.5% |
| Change in stocks: decrease (increase) | 609 | €233,276 | -€37,506 | -€270,782 | |
| Services and other goods | 61 | €7,903,080 | €7,244,957 | -€658,123 | -8.3% |
| Remuneration, social security and pensions | 62 | €6,130,086 | €6,764,846 | +€634,760 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,651,487 | €16,330,566 | +€679,079 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,044 | €65,852 | +€42,808 | +185.8% |
| Other operating charges | 640/8 | €139,497 | €548,447 | +€408,950 | +293.2% |
| Non-recurring operating charges | 66A | €118,125 | €878,071 | +€759,946 | +643.3% |
| Operating profit (loss) | 9901 | €4,636,104 | €2,118,373 | -€2.5m | -54.3% |
| Financial income | 75/76B | €1,761,766 | €5,568,786 | +€3.8m | +216.1% |
| Recurring financial income | 75 | €748,386 | €4,442,926 | +€3.7m | +493.7% |
| Income from financial fixed assets | 750 | - | €3,701,691 | +€3.7m | |
| Income from current assets | 751 | €440,893 | €526,654 | +€85,760 | +19.5% |
| Other financial income | 752/9 | €307,493 | €214,581 | -€92,912 | -30.2% |
| Non-recurring financial income | 76B | €1,013,380 | €1,125,860 | +€112,480 | +11.1% |
| Financial charges | 65/66B | €3,254,378 | €3,973,695 | +€719,317 | +22.1% |
| Recurring financial charges | 65 | €2,834,378 | €2,776,695 | -€57,683 | -2.0% |
| Debt charges | 650 | €2,789,364 | €2,535,386 | -€253,978 | -9.1% |
| Other financial charges | 652/9 | €45,015 | €241,310 | +€196,295 | +436.1% |
| Non-recurring financial charges | 66B | €420,000 | €1,197,000 | +€777,000 | +185.0% |
| Profit (loss) for the period before taxes | 9903 | €3,143,491 | €3,713,464 | +€569,972 | +18.1% |
| Transfer from deferred taxes | 780 | €39,079 | €39,079 | = | 0.0% |
| Income taxes | 67/77 | €859,627 | €377,977 | -€481,651 | -56.0% |
| Taxes | 670/3 | €860,560 | €377,977 | -€482,583 | -56.1% |
| Tax adjustments and reversals of tax provisions | 77 | €932 | - | -€932 | |
| Profit (loss) for the period | 9904 | €2,322,942 | €3,374,565 | +€1.1m | +45.3% |
| Transfer from tax-exempt reserves | 789 | €117,236 | €117,236 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,440,178 | €3,491,801 | +€1.1m | +43.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.