AS PROPERTIES: 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.
AS PROPERTIES
Largest movements
- Tangible fixed assets +€16,385
up €16,385 (+5.9%), from €279,852 to €296,237
of which Plant, machinery and equipment: +€23,974
- Cash +€9,323
new in 2025: €9,323
mainly Contributions, distributions and other (+€67,000) and Depreciation (+€8,207)
- Receivables within one year +€4,270
up €4,270 (+20.9%), from €20,463 to €24,733
- Contributions +€67,000
new in 2025: €67,000
- Trade debts -€18,112
down €18,112 (-42.1%), from €43,043 to €24,931
- Debts after one year -€14,560
down €14,560 (-8.8%), from €165,514 to €150,954
- Tax, wage and social debts -€9,907
no longer reported in 2025 (was €9,907)
- Profit (loss) carried forward +€5,668
up €5,668 (+11.2%), from €50,746 to €56,414
- Gross operating margin +€22,313
up €22,313, from -€4,854 to €17,459
- Financial charges -€3,936
down €3,936 (-60.3%), from €6,525 to €2,589
- Other operating charges -€388
down €388 (-23.7%), from €1,635 to €1,247
- Taxes -€252
new in 2025: -€252
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.
Derived cash bridge
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €300,520 | €330,683 | +€30,163 | +10.0% |
| Fixed assets | 21/28 | €279,852 | €296,237 | +€16,385 | +5.9% |
| Tangible fixed assets | 22/27 | €279,852 | €296,237 | +€16,385 | +5.9% |
| Land and buildings | 22 | €275,680 | €268,091 | -€7,588 | -2.8% |
| Plant, machinery and equipment | 23 | €4,172 | €28,146 | +€23,974 | +575% |
| Current assets | 29/58 | €20,668 | €34,446 | +€13,778 | +66.7% |
| Amounts receivable within one year | 40/41 | €20,463 | €24,733 | +€4,270 | +20.9% |
| Other amounts receivable | 41 | €20,463 | €24,733 | +€4,270 | +20.9% |
| Cash at bank and in hand | 54/58 | - | €9,323 | +€9,323 | |
| Deferred charges and accrued income | 490/1 | €205 | €390 | +€185 | +90.3% |
| Total equity and liabilities | 10/49 | €300,520 | €330,683 | +€30,163 | +10.0% |
| Equity | 10/15 | €50,746 | €123,414 | +€72,668 | +143% |
| Contributions | 10/11 | - | €67,000 | +€67,000 | |
| Profit (loss) carried forward | 14 | €50,746 | €56,414 | +€5,668 | +11.2% |
| Amounts payable | 17/49 | €249,774 | €207,269 | -€42,505 | -17.0% |
| Amounts payable after more than one year | 17 | €165,514 | €150,954 | -€14,560 | -8.8% |
| Financial debts | 170/4 | €165,514 | €150,954 | -€14,560 | -8.8% |
| Amounts payable within one year | 42/48 | €84,259 | €56,315 | -€27,945 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €16,312 | €14,201 | -€2,111 | -12.9% |
| Financial debts | 43 | €5 | - | -€5 | |
| Credit institutions | 430/8 | €5 | - | -€5 | |
| Trade debts | 44 | €43,043 | €24,931 | -€18,112 | -42.1% |
| Suppliers | 440/4 | €43,043 | €24,931 | -€18,112 | -42.1% |
| Taxes, remuneration and social security | 45 | €9,907 | - | -€9,907 | |
| Taxes | 450/3 | €9,907 | - | -€9,907 | |
| Other amounts payable | 47/48 | €14,992 | €17,183 | +€2,190 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,193 | €8,207 | +€13 | +0.2% |
| Other operating charges | 640/8 | €1,635 | €1,247 | -€388 | -23.7% |
| Gross operating margin | 9900 | -€4,854 | €17,459 | +€22,313 | |
| Operating profit (loss) | 9901 | -€14,682 | €8,005 | +€22,687 | |
| Financial charges | 65/66B | €6,525 | €2,589 | -€3,936 | -60.3% |
| Recurring financial charges | 65 | €6,525 | €2,589 | -€3,936 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,208 | €5,415 | +€26,623 | |
| Income taxes | 67/77 | - | -€252 | -€252 | |
| Profit (loss) for the period | 9904 | -€21,208 | €5,668 | +€26,875 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,208 | €5,668 | +€26,875 |
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 24 October 2026 via checked.be.