ASSISTANT REAL ESTATE: 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
ASSISTANT REAL ESTATE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €187,475+€1.7m
Equity
€12.5m
2024 · €10.8m+€1.7m
Cash
€129,253
2024 · €55,328+€73,924
Balance sheet total
€16.8m
2024 · €14.8m+€1.9m
Largest movements
Assets
- Current investments +€3.8m
up €3.8m (+3,093%), from €122,848 to €3.9m
- Tangible fixed assets -€1.8m
down €1.8m (-13.7%), from €13.3m to €11.5m
of which Land and buildings: -€2.2m
Equity and liabilities
- Reserves +€1.7m
up €1.7m (+22.6%), from €7.6m to €9.3m
of which Tax-exempt reserves: +€1.5m
- Provisions +€504,541
up €504,541 (+37.6%), from €1.3m to €1.8m
of which Deferred taxes: +€504,541
- Short-term financial debts -€293,547
down €293,547 (-80.1%), from €366,697 to €73,150
of which Credit institutions: -€317,712
Income statement
- Gross operating margin +€2.3m
up €2.3m (+122%), from €1.9m to €4.1m
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
€187,475
Gross operating margin
+€2.3m
Staff costs
-€1,412
Depreciation
-€5,781
Other operating charges
-€8,116
Other operating items
-€94
Financial income
+€26,330
Financial charges
+€26,404
Taxes
+€17,589
Deferred taxes and other
-€580,715
Result 2025
€1.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.9m
Investment
-€3.3m
Financing
-€514,976
Cash 2024
€55,328
From operations (derived)
+€3.9m
Net result for the year
+€1.9m
Depreciation
+€1.3m
Receivables within one year
+€126,633
Smaller working-capital items
-€15,147
Provisions
+€504,541
Tax, wage and social debts
-€22,600
Other debts
+€120,158
Accrued charges and deferred income
-€81,641
Investment (derived)
-€3.3m
Investment in fixed assets (net)
+€523,192
Current investments
-€3.8m
Financing
-€514,976
Short-term financial debts
-€293,547
Contributions, distributions and other
-€221,429
Cash 2025
€129,253
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,839,181 | €16,767,798 | +€1.9m | +13.0% |
| Fixed assets | 21/28 | €14,478,240 | €12,650,354 | -€1.8m | -12.6% |
| Intangible fixed assets | 21 | €1,136,376 | €1,136,376 | = | 0.0% |
| Tangible fixed assets | 22/27 | €13,340,205 | €11,512,319 | -€1.8m | -13.7% |
| Land and buildings | 22 | €12,952,557 | €10,771,008 | -€2.2m | -16.8% |
| Plant, machinery and equipment | 23 | €6,832 | €5,726 | -€1,106 | -16.2% |
| Furniture and vehicles | 24 | €69,261 | €44,058 | -€25,204 | -36.4% |
| Assets under construction and advance payments | 27 | €311,554 | €691,527 | +€379,973 | +122% |
| Financial fixed assets | 28 | €1,658 | €1,658 | = | 0.0% |
| Current assets | 29/58 | €360,941 | €4,117,445 | +€3.8m | +1,041% |
| Amounts receivable within one year | 40/41 | €169,226 | €42,593 | -€126,633 | -74.8% |
| Trade receivables | 40 | - | €93 | +€93 | |
| Other amounts receivable | 41 | €169,226 | €42,500 | -€126,726 | -74.9% |
| Current investments | 50/53 | €122,848 | €3,922,848 | +€3.8m | +3,093% |
| Cash at bank and in hand | 54/58 | €55,328 | €129,253 | +€73,924 | +134% |
| Deferred charges and accrued income | 490/1 | €13,539 | €22,751 | +€9,212 | +68.0% |
| Total equity and liabilities | 10/49 | €14,839,181 | €16,767,798 | +€1.9m | +13.0% |
| Equity | 10/15 | €10,788,118 | €12,495,758 | +€1.7m | +15.8% |
| Contributions | 10/11 | €3,222,616 | €3,222,616 | = | 0.0% |
| Capital | 10 | €3,222,616 | €3,222,616 | = | 0.0% |
| Issued capital | 100 | €3,222,616 | €3,222,616 | = | 0.0% |
| Reserves | 13 | €7,565,502 | €9,273,143 | +€1.7m | +22.6% |
| Non-distributable reserves | 130/1 | €216,198 | €235,849 | +€19,651 | +9.1% |
| Legal reserve | 130 | €216,198 | €235,849 | +€19,651 | +9.1% |
| Tax-exempt reserves | 132 | €3,593,941 | €5,129,990 | +€1.5m | +42.7% |
| Distributable reserves | 133 | €3,755,363 | €3,907,304 | +€151,940 | +4.0% |
| Provisions and deferred taxes | 16 | €1,341,786 | €1,846,327 | +€504,541 | +37.6% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,000 | €40,000 | = | 0.0% |
| Deferred taxes | 168 | €1,301,786 | €1,806,327 | +€504,541 | +38.8% |
| Amounts payable | 17/49 | €2,709,277 | €2,425,712 | -€283,565 | -10.5% |
| Amounts payable within one year | 42/48 | €2,574,318 | €2,372,395 | -€201,924 | -7.8% |
| Financial debts | 43 | €366,697 | €73,150 | -€293,547 | -80.1% |
| Credit institutions | 430/8 | €317,712 | - | -€317,712 | |
| Other loans | 439 | €48,985 | €73,150 | +€24,165 | +49.3% |
| Trade debts | 44 | €15,387 | €9,452 | -€5,935 | -38.6% |
| Suppliers | 440/4 | €15,387 | €9,452 | -€5,935 | -38.6% |
| Taxes, remuneration and social security | 45 | €42,081 | €19,482 | -€22,600 | -53.7% |
| Taxes | 450/3 | €30,182 | €7,372 | -€22,811 | -75.6% |
| Remuneration and social security | 454/9 | €11,899 | €12,110 | +€211 | +1.8% |
| Other amounts payable | 47/48 | €2,150,152 | €2,270,311 | +€120,158 | +5.6% |
| Accrued charges and deferred income | 492/3 | €134,959 | €53,318 | -€81,641 | -60.5% |
| Non-recurring operating income | 76A | - | €2,467,376 | +€2.5m | |
| Remuneration, social security and pensions | 62 | €32,422 | €33,835 | +€1,412 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,298,913 | €1,304,694 | +€5,781 | +0.4% |
| Other operating charges | 640/8 | €155,369 | €163,485 | +€8,116 | +5.2% |
| Non-recurring operating charges | 66A | - | €94 | +€94 | |
| Gross operating margin | 9900 | €1,854,282 | €4,121,671 | +€2.3m | +122% |
| Operating profit (loss) | 9901 | €367,577 | €2,619,563 | +€2.3m | +613% |
| Financial income | 75/76B | €5,068 | €31,398 | +€26,330 | +520% |
| Recurring financial income | 75 | €5,068 | €31,398 | +€26,330 | +520% |
| Financial charges | 65/66B | €137,299 | €110,896 | -€26,404 | -19.2% |
| Recurring financial charges | 65 | €137,299 | €110,896 | -€26,404 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €235,345 | €2,540,065 | +€2.3m | +979% |
| Transfer from deferred taxes | 780 | €76,173 | €76,173 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €580,715 | +€580,715 | |
| Income taxes | 67/77 | €124,044 | €106,454 | -€17,589 | -14.2% |
| Profit (loss) for the period | 9904 | €187,475 | €1,929,069 | +€1.7m | +929% |
| Transfer from tax-exempt reserves | 789 | €206,095 | €206,095 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €1,742,144 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €393,570 | €393,020 | -€550 | -0.1% |
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 29 October 2026 via checked.be.