ALMADES: 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
ALMADES
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€497,835
2024 · €184,336+€313,498
Equity
€1.4m
2024 · €889,394+€497,835
Cash
€20,281
2024 · €14,945+€5,336
Balance sheet total
€4.4m
2024 · €8.4m-€4.1m
Largest movements
Assets
- Receivables after one year -€4.2m
down €4.2m (-61.1%), from €7.0m to €2.7m
- Tangible fixed assets +€229,079
up €229,079 (+18.6%), from €1.2m to €1.5m
of which Land and buildings: +€173,633
Equity and liabilities
- Current portion of long-term debt -€4.2m
down €4.2m (-99.8%), from €4.2m to €7,069
- Debts after one year -€1.3m
down €1.3m (-57.4%), from €2.3m to €1.0m
- Other debts +€377,199
up €377,199 (+38.8%), from €971,256 to €1.3m
- Reserves +€285,540
up €285,540 (+1247.8%), from €22,884 to €308,424
of which Distributable reserves: +€271,263
- Trade debts +€263,201
up €263,201 (+3430.3%), from €7,673 to €270,873
Income statement
- Gross operating margin +€436,885
up €436,885 (+145.5%), from €300,188 to €737,073
- Taxes +€190,327
up €190,327 (+14278.3%), from €1,333 to €191,660
- Financial charges -€70,782
down €70,782 (-28.8%), from €245,493 to €174,711
- Depreciation +€11,561
up €11,561 (+8.3%), from €139,638 to €151,199
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
€184,336
Gross operating margin
+€436,885
Depreciation
-€11,561
Other operating charges
+€1,822
Financial income
+€5,898
Financial charges
+€70,782
Taxes
-€190,327
Result 2025
€497,835
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
+€5.9m
Investment
-€372,878
Financing
-€5.5m
Cash 2024
€14,945
From operations (derived)
+€5.9m
Net result for the year
+€497,835
Depreciation
+€151,199
Receivables after one year
+€4.2m
Receivables within one year
+€65,663
Deferred charges and accrued income
-€28,062
Trade debts
+€263,201
Tax, wage and social debts
+€194,978
Advances received
+€142,605
Other debts
+€377,199
Investment (derived)
-€372,878
Investment in fixed assets (net)
-€372,878
Financing
-€5.5m
Debts after one year
-€1.3m
Current portion of long-term debt
-€4.2m
Short-term financial debts
-€13,537
Cash 2025
€20,281
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,446,481 | €4,386,908 | -€4.1m | -48.1% |
| Fixed assets | 21/28 | €1,238,031 | €1,459,710 | +€221,679 | +17.9% |
| Tangible fixed assets | 22/27 | €1,230,631 | €1,459,710 | +€229,079 | +18.6% |
| Land and buildings | 22 | €1,148,936 | €1,322,570 | +€173,633 | +15.1% |
| Plant, machinery and equipment | 23 | €14,495 | €14,960 | +€466 | +3.2% |
| Furniture and vehicles | 24 | €27,726 | €95,864 | +€68,138 | +245.7% |
| Other tangible fixed assets | 26 | €39,474 | €26,316 | -€13,158 | -33.3% |
| Financial fixed assets | 28 | €7,400 | €0 | -€7,400 | -100.0% |
| Current assets | 29/58 | €7,208,450 | €2,927,198 | -€4.3m | -59.4% |
| Amounts receivable after more than one year | 29 | €6,956,377 | €2,707,390 | -€4.2m | -61.1% |
| Other amounts receivable | 291 | €6,956,377 | €2,707,390 | -€4.2m | -61.1% |
| Amounts receivable within one year | 40/41 | €233,747 | €168,084 | -€65,663 | -28.1% |
| Trade receivables | 40 | €190,461 | €136,979 | -€53,483 | -28.1% |
| Other amounts receivable | 41 | €43,285 | €31,105 | -€12,180 | -28.1% |
| Cash at bank and in hand | 54/58 | €14,945 | €20,281 | +€5,336 | +35.7% |
| Deferred charges and accrued income | 490/1 | €3,381 | €31,443 | +€28,062 | +829.9% |
| Total equity and liabilities | 10/49 | €8,446,481 | €4,386,908 | -€4.1m | -48.1% |
| Equity | 10/15 | €889,394 | €1,387,229 | +€497,835 | +56.0% |
| Contributions | 10/11 | €1,078,805 | €1,078,805 | = | 0.0% |
| Capital | 10 | €1,078,805 | €1,078,805 | = | 0.0% |
| Issued capital | 100 | €1,078,805 | €1,078,805 | = | 0.0% |
| Reserves | 13 | €22,884 | €308,424 | +€285,540 | +1247.8% |
| Non-distributable reserves | 130/1 | - | €14,277 | +€14,277 | |
| Legal reserve | 130 | - | €14,277 | +€14,277 | |
| Tax-exempt reserves | 132 | €22,884 | €22,884 | = | 0.0% |
| Distributable reserves | 133 | - | €271,263 | +€271,263 | |
| Profit (loss) carried forward | 14 | -€212,295 | €0 | +€212,295 | |
| Amounts payable | 17/49 | €7,557,087 | €2,999,679 | -€4.6m | -60.3% |
| Amounts payable after more than one year | 17 | €2,347,886 | €1,000,000 | -€1.3m | -57.4% |
| Financial debts | 170/4 | €2,347,886 | €1,000,000 | -€1.3m | -57.4% |
| Amounts payable within one year | 42/48 | €5,209,201 | €1,999,679 | -€3.2m | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €4,181,037 | €7,069 | -€4.2m | -99.8% |
| Financial debts | 43 | €32,497 | €18,960 | -€13,537 | -41.7% |
| Credit institutions | 430/8 | €32,497 | €18,960 | -€13,537 | -41.7% |
| Trade debts | 44 | €7,673 | €270,873 | +€263,201 | +3430.3% |
| Suppliers | 440/4 | €7,673 | €270,873 | +€263,201 | +3430.3% |
| Advances received on contracts in progress | 46 | - | €142,605 | +€142,605 | |
| Taxes, remuneration and social security | 45 | €16,738 | €211,717 | +€194,978 | +1164.8% |
| Taxes | 450/3 | €16,738 | €211,717 | +€194,978 | +1164.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €971,256 | €1,348,455 | +€377,199 | +38.8% |
| Non-recurring operating income | 76A | - | €7,162 | +€7,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,638 | €151,199 | +€11,561 | +8.3% |
| Other operating charges | 640/8 | €8,065 | €6,243 | -€1,822 | -22.6% |
| Gross operating margin | 9900 | €300,188 | €737,073 | +€436,885 | +145.5% |
| Operating profit (loss) | 9901 | €152,486 | €579,631 | +€427,146 | +280.1% |
| Financial income | 75/76B | €278,677 | €284,575 | +€5,898 | +2.1% |
| Recurring financial income | 75 | €278,677 | €284,575 | +€5,898 | +2.1% |
| Financial charges | 65/66B | €245,493 | €174,711 | -€70,782 | -28.8% |
| Recurring financial charges | 65 | €245,493 | €174,711 | -€70,782 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €185,669 | €689,495 | +€503,826 | +271.4% |
| Income taxes | 67/77 | €1,333 | €191,660 | +€190,327 | +14278.3% |
| Profit (loss) for the period | 9904 | €184,336 | €497,835 | +€313,498 | +170.1% |
| Profit (loss) for the period to be appropriated | 9905 | €184,336 | €497,835 | +€313,498 | +170.1% |
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 8 October 2026 via checked.be.