AVERDE: 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
AVERDE
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
-€20,938
2024 · -€86,192+€65,255
Equity
€6.3m
2024 · €6.3m-€20,938
Cash
€1.7m
2024 · €904,222+€804,114
Balance sheet total
€7.2m
2024 · €7.4m-€217,882
Largest movements
Assets
- Current investments -€1.1m
down €1.1m (-93.7%), from €1.2m to €73,228
- Cash +€804,114
up €804,114 (+88.9%), from €904,222 to €1.7m
mainly Current investments (+€1.1m) and Depreciation (+€302,632)
- Receivables after one year +€80,000
up €80,000 (+85.1%), from €94,000 to €174,000
Equity and liabilities
- Provisions -€121,566
down €121,566 (-30.1%), from €403,251 to €281,685
of which Provisions for liabilities and charges: -€106,291
- Current portion of long-term debt -€87,977
down €87,977 (-70.0%), from €125,715 to €37,738
Income statement
- Gross operating margin +€46,429
up €46,429 (+36.3%), from €127,741 to €174,170
- Provisions -€45,025
down €45,025 (-73.5%), from -€61,267 to -€106,291
- Depreciation +€20,743
up €20,743 (+7.4%), from €281,889 to €302,632
- Financial income -€11,527
down €11,527 (-27.5%), from €41,847 to €30,320
- Financial charges -€2,287
down €2,287 (-16.8%), from €13,620 to €11,333
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
-€86,192
Gross operating margin
+€46,429
Depreciation
-€20,743
Write-downs
+€868
Provisions
+€45,025
Other operating charges
+€2,192
Financial income
-€11,527
Financial charges
+€2,287
Deferred taxes and other
+€723
Result 2025
-€20,938
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
+€77,367
Investment
+€852,261
Financing
-€125,515
Cash 2024
€904,222
From operations (derived)
+€77,367
Net result for the year
-€20,938
Depreciation
+€302,632
Receivables after one year
-€80,000
Receivables within one year
-€46,430
Deferred charges and accrued income
-€6,468
Provisions
-€121,566
Trade debts
-€9,702
Tax, wage and social debts
+€18,158
Other debts
+€488
Accrued charges and deferred income
+€41,192
Investment (derived)
+€852,261
Investment in fixed assets (net)
-€245,673
Current investments
+€1.1m
Financing
-€125,515
Debts after one year
-€37,538
Current portion of long-term debt
-€87,977
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,405,155 | €7,187,272 | -€217,882 | -2.9% |
| Fixed assets | 21/28 | €5,105,892 | €5,048,932 | -€56,959 | -1.1% |
| Tangible fixed assets | 22/27 | €4,875,245 | €4,806,740 | -€68,505 | -1.4% |
| Land and buildings | 22 | €3,771,941 | €3,658,374 | -€113,567 | -3.0% |
| Plant, machinery and equipment | 23 | €1,099,347 | €1,146,013 | +€46,666 | +4.2% |
| Furniture and vehicles | 24 | €3,957 | €2,354 | -€1,603 | -40.5% |
| Financial fixed assets | 28 | €230,646 | €242,192 | +€11,546 | +5.0% |
| Current assets | 29/58 | €2,299,263 | €2,138,340 | -€160,923 | -7.0% |
| Amounts receivable after more than one year | 29 | €94,000 | €174,000 | +€80,000 | +85.1% |
| Other amounts receivable | 291 | €94,000 | €174,000 | +€80,000 | +85.1% |
| Amounts receivable within one year | 40/41 | €111,281 | €157,711 | +€46,430 | +41.7% |
| Trade receivables | 40 | €87,105 | €136,958 | +€49,852 | +57.2% |
| Other amounts receivable | 41 | €24,176 | €20,753 | -€3,423 | -14.2% |
| Current investments | 50/53 | €1,171,162 | €73,228 | -€1.1m | -93.7% |
| Cash at bank and in hand | 54/58 | €904,222 | €1,708,335 | +€804,114 | +88.9% |
| Deferred charges and accrued income | 490/1 | €18,598 | €25,066 | +€6,468 | +34.8% |
| Total equity and liabilities | 10/49 | €7,405,155 | €7,187,272 | -€217,882 | -2.9% |
| Equity | 10/15 | €6,296,429 | €6,275,491 | -€20,938 | -0.3% |
| Contributions | 10/11 | €2,231,042 | €2,231,042 | = | 0.0% |
| Reserves | 13 | €1,619,331 | €1,573,507 | -€45,823 | -2.8% |
| Non-distributable reserves | 130/1 | €223,104 | €223,104 | = | 0.0% |
| Reserves not available under the articles | 1311 | €223,104 | €223,104 | = | 0.0% |
| Tax-exempt reserves | 132 | €890,878 | €845,055 | -€45,823 | -5.1% |
| Distributable reserves | 133 | €505,348 | €505,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,446,057 | €2,470,942 | +€24,886 | +1.0% |
| Provisions and deferred taxes | 16 | €403,251 | €281,685 | -€121,566 | -30.1% |
| Provisions for liabilities and charges | 160/5 | €106,291 | - | -€106,291 | |
| Major repairs and maintenance | 162 | €106,291 | - | -€106,291 | |
| Deferred taxes | 168 | €296,959 | €281,685 | -€15,274 | -5.1% |
| Amounts payable | 17/49 | €705,475 | €630,096 | -€75,379 | -10.7% |
| Amounts payable after more than one year | 17 | €503,703 | €466,165 | -€37,538 | -7.5% |
| Financial debts | 170/4 | €503,703 | €466,165 | -€37,538 | -7.5% |
| Amounts payable within one year | 42/48 | €166,127 | €87,095 | -€79,033 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €125,715 | €37,738 | -€87,977 | -70.0% |
| Trade debts | 44 | €36,578 | €26,876 | -€9,702 | -26.5% |
| Suppliers | 440/4 | €36,578 | €26,876 | -€9,702 | -26.5% |
| Taxes, remuneration and social security | 45 | - | €18,158 | +€18,158 | |
| Taxes | 450/3 | - | €18,158 | +€18,158 | |
| Other amounts payable | 47/48 | €3,834 | €4,322 | +€488 | +12.7% |
| Accrued charges and deferred income | 492/3 | €35,645 | €76,836 | +€41,192 | +115.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281,889 | €302,632 | +€20,743 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €868 | - | -€868 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€61,267 | -€106,291 | -€45,025 | -73.5% |
| Other operating charges | 640/8 | €35,220 | €33,029 | -€2,192 | -6.2% |
| Gross operating margin | 9900 | €127,741 | €174,170 | +€46,429 | +36.3% |
| Operating profit (loss) | 9901 | -€128,970 | -€55,199 | +€73,771 | +57.2% |
| Financial income | 75/76B | €41,847 | €30,320 | -€11,527 | -27.5% |
| Recurring financial income | 75 | €41,847 | €30,320 | -€11,527 | -27.5% |
| Financial charges | 65/66B | €13,620 | €11,333 | -€2,287 | -16.8% |
| Recurring financial charges | 65 | €13,620 | €11,333 | -€2,287 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€100,743 | -€36,212 | +€64,531 | +64.1% |
| Transfer from deferred taxes | 780 | €14,551 | €15,274 | +€723 | +5.0% |
| Profit (loss) for the period | 9904 | -€86,192 | -€20,938 | +€65,255 | +75.7% |
| Transfer from tax-exempt reserves | 789 | €43,653 | €45,823 | +€2,170 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,539 | €24,886 | +€67,425 |
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 7 October 2026 via checked.be.