AFT RE BELGIUM: what changed
What changed
AFT RE BELGIUM
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€95,225
2024 · -€136,738+€231,962
Equity
€337,702
2024 · €242,478+€95,225
Cash
€121,162
2024 · €79,052+€42,110
Balance sheet total
€4.5m
2024 · €5.9m-€1.3m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-23.3%), from €5.7m to €4.4m
of which Land and buildings: -€1.3m
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-24.9%), from €5.5m to €4.1m
of which Financial debts: -€1.4m
- Profit (loss) carried forward +€95,225
up €95,225 (+12.3%), from -€776,072 to -€680,848
Income statement
- Gross operating margin +€151,948
up €151,948 (+139%), from €109,115 to €261,063
- Financial charges -€44,172
down €44,172 (-98.1%), from €45,008 to €836
- Depreciation -€40,342
down €40,342 (-21.4%), from €188,191 to €147,849
- Other operating charges +€4,500
up €4,500 (+35.6%), from €12,654 to €17,154
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€136,738
Gross operating margin
+€151,948
Depreciation
+€40,342
Other operating charges
-€4,500
Financial income
-€0
Financial charges
+€44,172
Result 2025
€95,225
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€226,751
Investment
+€1.2m
Financing
-€1.4m
Cash 2024
€79,052
From operations (derived)
+€226,751
Net result for the year
+€95,225
Depreciation
+€147,849
Deferred charges and accrued income
+€22,084
Trade debts
+€4,795
Other debts
-€4,699
Accrued charges and deferred income
-€38,502
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.2m
Financing
-€1.4m
Debts after one year
-€1.4m
Cash 2025
€121,162
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,853,086 | €4,537,699 | -€1.3m | -22.5% |
| Fixed assets | 21/28 | €5,734,659 | €4,399,246 | -€1.3m | -23.3% |
| Tangible fixed assets | 22/27 | €5,734,659 | €4,399,246 | -€1.3m | -23.3% |
| Land and buildings | 22 | €5,705,218 | €4,391,092 | -€1.3m | -23.0% |
| Furniture and vehicles | 24 | €29,442 | €8,154 | -€21,287 | -72.3% |
| Current assets | 29/58 | €118,426 | €138,453 | +€20,026 | +16.9% |
| Cash at bank and in hand | 54/58 | €79,052 | €121,162 | +€42,110 | +53.3% |
| Deferred charges and accrued income | 490/1 | €39,374 | €17,290 | -€22,084 | -56.1% |
| Total equity and liabilities | 10/49 | €5,853,086 | €4,537,699 | -€1.3m | -22.5% |
| Equity | 10/15 | €242,478 | €337,702 | +€95,225 | +39.3% |
| Contributions | 10/11 | €1,018,550 | €1,018,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€776,072 | -€680,848 | +€95,225 | +12.3% |
| Amounts payable | 17/49 | €5,610,608 | €4,199,996 | -€1.4m | -25.1% |
| Amounts payable after more than one year | 17 | €5,504,090 | €4,131,884 | -€1.4m | -24.9% |
| Financial debts | 170/4 | €3,272,932 | €1,900,726 | -€1.4m | -41.9% |
| Other amounts payable | 178/9 | €2,231,158 | €2,231,158 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,188 | €52,285 | +€96 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €26,456 | €26,456 | = | 0.0% |
| Trade debts | 44 | €21,033 | €25,828 | +€4,795 | +22.8% |
| Suppliers | 440/4 | €21,033 | €25,828 | +€4,795 | +22.8% |
| Other amounts payable | 47/48 | €4,699 | - | -€4,699 | |
| Accrued charges and deferred income | 492/3 | €54,330 | €15,827 | -€38,502 | -70.9% |
| Non-recurring operating income | 76A | - | €219,936 | +€219,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,191 | €147,849 | -€40,342 | -21.4% |
| Other operating charges | 640/8 | €12,654 | €17,154 | +€4,500 | +35.6% |
| Gross operating margin | 9900 | €109,115 | €261,063 | +€151,948 | +139% |
| Operating profit (loss) | 9901 | -€91,730 | €96,061 | +€187,791 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €45,008 | €836 | -€44,172 | -98.1% |
| Recurring financial charges | 65 | €45,008 | €836 | -€44,172 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | -€136,738 | €95,225 | +€231,962 | |
| Profit (loss) for the period | 9904 | -€136,738 | €95,225 | +€231,962 | |
| Profit (loss) for the period to be appropriated | 9905 | -€136,738 | €95,225 | +€231,962 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.