ANDRENEL: 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
ANDRENEL
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
€22,658
2024 · €57,238-€34,580
Equity
€821,326
2024 · €798,667+€22,659
Cash
€3,895
2024 · €4,277-€382
Balance sheet total
€1.1m
2024 · €1.1m-€8,559
Largest movements
Assets
- Financial fixed assets -€966,282
down €966,282 (-100.0%), from €966,284 to €2
- Tangible fixed assets +€925,718
up €925,718 (+876.0%), from €105,676 to €1.0m
of which Land and buildings: +€928,194
- Intangible fixed assets +€24,413
new in 2025: €24,413
Equity and liabilities
- Current portion of long-term debt -€32,161
down €32,161 (-79.6%), from €40,413 to €8,252
- Tax, wage and social debts -€29,339
down €29,339 (-76.2%), from €38,502 to €9,163
- Other debts +€26,687
up €26,687 (+13.4%), from €199,023 to €225,710
- Profit (loss) carried forward +€21,525
up €21,525 (+37.0%), from €58,173 to €79,698
Income statement
- Provisions +€63,186
up €63,186, from -€63,186 to €0
- Taxes -€17,740
down €17,740 (-67.0%), from €26,487 to €8,747
- Gross operating margin +€17,159
up €17,159 (+39.7%), from €43,266 to €60,425
- Other operating charges +€6,712
up €6,712 (+72.9%), from €9,206 to €15,918
- Write-downs -€3,350
down €3,350, from €0 to -€3,350
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
€57,238
Gross operating margin
+€17,159
Depreciation
-€2,756
Write-downs
+€3,350
Provisions
-€63,186
Other operating charges
-€6,712
Financial income
-€0
Financial charges
-€175
Taxes
+€17,740
Result 2025
€22,658
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
+€27,379
Investment
+€5,652
Financing
-€33,412
Cash 2024
€4,277
From operations (derived)
+€27,379
Net result for the year
+€22,658
Depreciation
+€10,500
Receivables within one year
-€4,928
Deferred charges and accrued income
-€3,046
Trade debts
+€4,598
Tax, wage and social debts
-€29,339
Advances received
+€226
Other debts
+€26,687
Accrued charges and deferred income
+€24
Investment (derived)
+€5,652
Investment in fixed assets (net)
+€5,652
Financing
-€33,412
Debts after one year
-€1,252
Current portion of long-term debt
-€32,161
Contributions, distributions and other
+€1
Not broken down
-€1
Cash 2025
€3,895
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,130,712 | €1,122,153 | -€8,559 | -0.8% |
| Fixed assets | 21/28 | €1,071,961 | €1,055,809 | -€16,152 | -1.5% |
| Intangible fixed assets | 21 | - | €24,413 | +€24,413 | |
| Tangible fixed assets | 22/27 | €105,676 | €1,031,394 | +€925,718 | +876.0% |
| Land and buildings | 22 | €101,183 | €1,029,377 | +€928,194 | +917.3% |
| Plant, machinery and equipment | 23 | €466 | €90 | -€376 | -80.7% |
| Furniture and vehicles | 24 | €4,027 | €1,927 | -€2,100 | -52.1% |
| Financial fixed assets | 28 | €966,284 | €2 | -€966,282 | -100.0% |
| Current assets | 29/58 | €58,751 | €66,344 | +€7,593 | +12.9% |
| Amounts receivable within one year | 40/41 | €44,290 | €49,218 | +€4,928 | +11.1% |
| Trade receivables | 40 | €7,161 | €11,698 | +€4,537 | +63.3% |
| Other amounts receivable | 41 | €37,128 | €37,520 | +€392 | +1.1% |
| Cash at bank and in hand | 54/58 | €4,277 | €3,895 | -€382 | -8.9% |
| Deferred charges and accrued income | 490/1 | €10,185 | €13,231 | +€3,046 | +29.9% |
| Total equity and liabilities | 10/49 | €1,130,712 | €1,122,153 | -€8,559 | -0.8% |
| Equity | 10/15 | €798,667 | €821,326 | +€22,659 | +2.8% |
| Contributions | 10/11 | €727,909 | €727,909 | +€0 | 0.0% |
| Capital | 10 | €727,909 | €727,909 | +€0 | 0.0% |
| Issued capital | 100 | €727,909 | €727,909 | +€0 | 0.0% |
| Reserves | 13 | €12,586 | €13,719 | +€1,133 | +9.0% |
| Non-distributable reserves | 130/1 | €12,586 | €13,719 | +€1,133 | +9.0% |
| Legal reserve | 130 | €12,586 | €13,719 | +€1,133 | +9.0% |
| Profit (loss) carried forward | 14 | €58,173 | €79,698 | +€21,525 | +37.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €332,045 | €300,827 | -€31,218 | -9.4% |
| Amounts payable after more than one year | 17 | €10,052 | €8,800 | -€1,252 | -12.5% |
| Financial debts | 170/4 | €8,252 | €0 | -€8,252 | -100.0% |
| Other amounts payable | 178/9 | €1,800 | €8,800 | +€7,000 | +388.9% |
| Amounts payable within one year | 42/48 | €321,993 | €292,004 | -€29,989 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €40,413 | €8,252 | -€32,161 | -79.6% |
| Trade debts | 44 | €44,026 | €48,624 | +€4,598 | +10.4% |
| Suppliers | 440/4 | €44,026 | €48,624 | +€4,598 | +10.4% |
| Advances received on contracts in progress | 46 | €29 | €255 | +€226 | +778.7% |
| Taxes, remuneration and social security | 45 | €38,502 | €9,163 | -€29,339 | -76.2% |
| Taxes | 450/3 | €38,502 | €9,163 | -€29,339 | -76.2% |
| Other amounts payable | 47/48 | €199,023 | €225,710 | +€26,687 | +13.4% |
| Accrued charges and deferred income | 492/3 | - | €24 | +€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,744 | €10,500 | +€2,756 | +35.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€3,350 | -€3,350 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€63,186 | €0 | +€63,186 | |
| Other operating charges | 640/8 | €9,206 | €15,918 | +€6,712 | +72.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €43,266 | €60,425 | +€17,159 | +39.7% |
| Operating profit (loss) | 9901 | €89,502 | €37,357 | -€52,145 | -58.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €5,777 | €5,952 | +€175 | +3.0% |
| Recurring financial charges | 65 | €5,777 | €5,952 | +€175 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €83,725 | €31,405 | -€52,320 | -62.5% |
| Income taxes | 67/77 | €26,487 | €8,747 | -€17,740 | -67.0% |
| Profit (loss) for the period | 9904 | €57,238 | €22,658 | -€34,580 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,238 | €22,658 | -€34,580 | -60.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.