ALEX DEWULF: 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
ALEX DEWULF
NACE 68.310, Real estate agency activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€408,737
2024 · €431,816-€23,079
Equity
€2.4m
2024 · €2.4m+€33,366
Cash
€221,401
2024 · €162,835+€58,565
Balance sheet total
€7.0m
2024 · €5.1m+€1.9m
Largest movements
Assets
- Tangible fixed assets +€1.6m
up €1.6m (+36.8%), from €4.2m to €5.8m
of which Land and buildings: +€1.7m
- Intangible fixed assets +€178,675
up €178,675 (+65.3%), from €273,534 to €452,209
Equity and liabilities
- Debts after one year +€1.3m
up €1.3m (+55.5%), from €2.3m to €3.6m
- Other debts +€229,712
up €229,712 (+625.9%), from €36,699 to €266,410
- Trade debts +€174,194
up €174,194 (+589.9%), from €29,531 to €203,725
- Current portion of long-term debt +€82,798
up €82,798 (+40.5%), from €204,357 to €287,155
Income statement
- Gross operating margin +€276,069
up €276,069 (+36.3%), from €761,544 to €1.0m
- Depreciation +€106,688
up €106,688 (+38.9%), from €274,525 to €381,213
- Financial income -€99,475
down €99,475 (-33.3%), from €298,503 to €199,027
- Taxes +€65,220
up €65,220 (+90.5%), from €72,054 to €137,274
- Financial charges +€21,024
up €21,024 (+29.7%), from €70,714 to €91,738
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
€431,816
Gross operating margin
+€276,069
Staff costs
-€5,005
Depreciation
-€106,688
Other operating charges
-€410
Other operating items
-€1,325
Financial income
-€99,475
Financial charges
-€21,024
Taxes
-€65,220
Result 2025
€408,737
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
+€1.2m
Investment
-€2.1m
Financing
+€1.0m
Cash 2024
€162,835
From operations (derived)
+€1.2m
Net result for the year
+€408,737
Depreciation
+€381,213
Receivables within one year
-€53,320
Smaller working-capital items
-€6,611
Trade debts
+€174,194
Tax, wage and social debts
+€24,574
Advances received
+€16,507
Other debts
+€229,712
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
+€1.0m
Debts after one year
+€1.3m
Current portion of long-term debt
+€82,798
Contributions, distributions and other
-€375,371
Cash 2025
€221,401
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,142,467 | €6,998,596 | +€1.9m | +36.1% |
| Fixed assets | 21/28 | €4,718,924 | €6,459,263 | +€1.7m | +36.9% |
| Intangible fixed assets | 21 | €273,534 | €452,209 | +€178,675 | +65.3% |
| Tangible fixed assets | 22/27 | €4,240,340 | €5,802,004 | +€1.6m | +36.8% |
| Land and buildings | 22 | €3,755,870 | €5,418,946 | +€1.7m | +44.3% |
| Plant, machinery and equipment | 23 | €286,639 | €251,886 | -€34,754 | -12.1% |
| Furniture and vehicles | 24 | €184,827 | €122,481 | -€62,347 | -33.7% |
| Other tangible fixed assets | 26 | €13,003 | €8,691 | -€4,312 | -33.2% |
| Financial fixed assets | 28 | €205,050 | €205,050 | = | 0.0% |
| Current assets | 29/58 | €423,543 | €539,333 | +€115,791 | +27.3% |
| Amounts receivable within one year | 40/41 | €253,879 | €307,200 | +€53,320 | +21.0% |
| Trade receivables | 40 | €135,052 | €100,228 | -€34,824 | -25.8% |
| Other amounts receivable | 41 | €118,828 | €206,972 | +€88,144 | +74.2% |
| Cash at bank and in hand | 54/58 | €162,835 | €221,401 | +€58,565 | +36.0% |
| Deferred charges and accrued income | 490/1 | €6,828 | €10,733 | +€3,905 | +57.2% |
| Total equity and liabilities | 10/49 | €5,142,467 | €6,998,596 | +€1.9m | +36.1% |
| Equity | 10/15 | €2,373,310 | €2,406,676 | +€33,366 | +1.4% |
| Contributions | 10/11 | €62,010 | €62,010 | = | 0.0% |
| Capital | 10 | €62,010 | €62,010 | = | 0.0% |
| Issued capital | 100 | €62,010 | €62,010 | = | 0.0% |
| Reserves | 13 | €2,311,300 | €2,344,666 | +€33,366 | +1.4% |
| Non-distributable reserves | 130/1 | €6,201 | €6,201 | = | 0.0% |
| Legal reserve | 130 | €6,201 | €6,201 | = | 0.0% |
| Tax-exempt reserves | 132 | €215,410 | €201,750 | -€13,660 | -6.3% |
| Distributable reserves | 133 | €2,089,689 | €2,136,715 | +€47,026 | +2.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €65,562 | €62,147 | -€3,415 | -5.2% |
| Deferred taxes | 168 | €65,562 | €62,147 | -€3,415 | -5.2% |
| Amounts payable | 17/49 | €2,703,596 | €4,529,774 | +€1.8m | +67.5% |
| Amounts payable after more than one year | 17 | €2,336,289 | €3,633,974 | +€1.3m | +55.5% |
| Financial debts | 170/4 | €2,336,289 | €3,633,974 | +€1.3m | +55.5% |
| Amounts payable within one year | 42/48 | €367,307 | €895,091 | +€527,784 | +143.7% |
| Current portion of amounts payable after more than one year | 42 | €204,357 | €287,155 | +€82,798 | +40.5% |
| Trade debts | 44 | €29,531 | €203,725 | +€174,194 | +589.9% |
| Suppliers | 440/4 | €29,531 | €203,725 | +€174,194 | +589.9% |
| Advances received on contracts in progress | 46 | €2,070 | €18,577 | +€16,507 | +797.5% |
| Taxes, remuneration and social security | 45 | €94,651 | €119,224 | +€24,574 | +26.0% |
| Taxes | 450/3 | €57,496 | €61,908 | +€4,412 | +7.7% |
| Remuneration and social security | 454/9 | €37,155 | €57,316 | +€20,161 | +54.3% |
| Other amounts payable | 47/48 | €36,699 | €266,410 | +€229,712 | +625.9% |
| Accrued charges and deferred income | 492/3 | - | €709 | +€709 | |
| Remuneration, social security and pensions | 62 | €191,728 | €196,733 | +€5,005 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,525 | €381,213 | +€106,688 | +38.9% |
| Other operating charges | 640/8 | €22,625 | €23,035 | +€410 | +1.8% |
| Non-recurring operating charges | 66A | - | €1,325 | +€1,325 | |
| Gross operating margin | 9900 | €761,544 | €1,037,612 | +€276,069 | +36.3% |
| Operating profit (loss) | 9901 | €272,666 | €435,306 | +€162,640 | +59.6% |
| Financial income | 75/76B | €298,503 | €199,027 | -€99,475 | -33.3% |
| Recurring financial income | 75 | €298,503 | €199,027 | -€99,475 | -33.3% |
| Financial charges | 65/66B | €70,714 | €91,738 | +€21,024 | +29.7% |
| Recurring financial charges | 65 | €70,714 | €91,738 | +€21,024 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €500,455 | €542,596 | +€42,141 | +8.4% |
| Transfer from deferred taxes | 780 | €3,415 | €3,415 | = | 0.0% |
| Income taxes | 67/77 | €72,054 | €137,274 | +€65,220 | +90.5% |
| Profit (loss) for the period | 9904 | €431,816 | €408,737 | -€23,079 | -5.3% |
| Transfer from tax-exempt reserves | 789 | €13,660 | €13,660 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €445,475 | €422,396 | -€23,079 | -5.2% |
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 11 October 2026 via checked.be.