B-INVEST: 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
B-INVEST
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€183,249
2024 · -€96,310-€86,939
Equity
€3.7m
2024 · €4.1m-€425,849
Cash
€232,114
2024 · €324,352-€92,238
Balance sheet total
€8.6m
2024 · €8.8m-€246,001
Largest movements
Assets
- Tangible fixed assets -€178,505
down €178,505 (-2.1%), from €8.5m to €8.3m
of which Other tangible fixed assets: -€560,425
- Cash -€92,238
down €92,238 (-28.4%), from €324,352 to €232,114
mainly Investment in fixed assets (net) (-€380,670) and Contributions, distributions and other (-€242,600)
Equity and liabilities
- Reserves -€425,849
down €425,849 (-11.4%), from €3.7m to €3.3m
of which Distributable reserves: -€246,810
- Short-term financial debts +€293,713
new in 2025: €293,713
- Debts after one year +€91,232
up €91,232 (+2.8%), from €3.3m to €3.4m
Income statement
- Depreciation +€104,975
up €104,975 (+23.1%), from €454,199 to €559,175
- Gross operating margin +€26,007
up €26,007 (+5.3%), from €492,106 to €518,113
- Financial charges +€18,088
up €18,088 (+16.3%), from €111,170 to €129,257
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
-€96,310
Gross operating margin
+€26,007
Depreciation
-€104,975
Other operating charges
+€2,943
Financial income
+€1,329
Financial charges
-€18,088
Deferred taxes and other
+€5,845
Result 2025
-€183,249
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
+€229,680
Investment
-€380,670
Financing
+€58,752
Cash 2024
€324,352
From operations (derived)
+€229,680
Net result for the year
-€183,249
Depreciation
+€559,175
Receivables within one year
-€23,115
Deferred charges and accrued income
-€1,627
Provisions
-€59,680
Trade debts
+€1,394
Tax, wage and social debts
+€2,118
Other debts
-€77,010
Accrued charges and deferred income
+€11,675
Investment (derived)
-€380,670
Investment in fixed assets (net)
-€380,670
Financing
+€58,752
Debts after one year
+€91,232
Current portion of long-term debt
-€83,594
Short-term financial debts
+€293,713
Contributions, distributions and other
-€242,600
Cash 2025
€232,114
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,830,401 | €8,584,400 | -€246,001 | -2.8% |
| Fixed assets | 21/28 | €8,494,552 | €8,316,047 | -€178,505 | -2.1% |
| Tangible fixed assets | 22/27 | €8,494,552 | €8,316,047 | -€178,505 | -2.1% |
| Land and buildings | 22 | €7,806,383 | €8,217,167 | +€410,785 | +5.3% |
| Plant, machinery and equipment | 23 | €48,986 | €29,773 | -€19,212 | -39.2% |
| Furniture and vehicles | 24 | €78,758 | €69,106 | -€9,652 | -12.3% |
| Other tangible fixed assets | 26 | €560,425 | €0 | -€560,425 | -100% |
| Current assets | 29/58 | €335,849 | €268,354 | -€67,496 | -20.1% |
| Amounts receivable within one year | 40/41 | €6,853 | €29,968 | +€23,115 | +337% |
| Trade receivables | 40 | €6,801 | €29,968 | +€23,167 | +341% |
| Other amounts receivable | 41 | €52 | €0 | -€52 | -100% |
| Cash at bank and in hand | 54/58 | €324,352 | €232,114 | -€92,238 | -28.4% |
| Deferred charges and accrued income | 490/1 | €4,645 | €6,272 | +€1,627 | +35.0% |
| Total equity and liabilities | 10/49 | €8,830,401 | €8,584,400 | -€246,001 | -2.8% |
| Equity | 10/15 | €4,131,886 | €3,706,037 | -€425,849 | -10.3% |
| Contributions | 10/11 | €385,832 | €385,832 | = | 0.0% |
| Reserves | 13 | €3,746,054 | €3,320,205 | -€425,849 | -11.4% |
| Tax-exempt reserves | 132 | €2,140,549 | €1,961,510 | -€179,039 | -8.4% |
| Distributable reserves | 133 | €1,605,505 | €1,358,695 | -€246,810 | -15.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €750,631 | €690,951 | -€59,680 | -8.0% |
| Deferred taxes | 168 | €750,631 | €690,951 | -€59,680 | -8.0% |
| Amounts payable | 17/49 | €3,947,884 | €4,187,412 | +€239,528 | +6.1% |
| Amounts payable after more than one year | 17 | €3,300,223 | €3,391,455 | +€91,232 | +2.8% |
| Financial debts | 170/4 | €3,300,223 | €3,391,455 | +€91,232 | +2.8% |
| Amounts payable within one year | 42/48 | €623,451 | €760,073 | +€136,622 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €477,362 | €393,768 | -€83,594 | -17.5% |
| Financial debts | 43 | - | €293,713 | +€293,713 | |
| Credit institutions | 430/8 | - | €293,713 | +€293,713 | |
| Trade debts | 44 | €9,181 | €10,575 | +€1,394 | +15.2% |
| Suppliers | 440/4 | €9,181 | €10,575 | +€1,394 | +15.2% |
| Taxes, remuneration and social security | 45 | €6,810 | €8,928 | +€2,118 | +31.1% |
| Taxes | 450/3 | €6,810 | €8,928 | +€2,118 | +31.1% |
| Other amounts payable | 47/48 | €130,098 | €53,088 | -€77,010 | -59.2% |
| Accrued charges and deferred income | 492/3 | €24,210 | €35,884 | +€11,675 | +48.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454,199 | €559,175 | +€104,975 | +23.1% |
| Other operating charges | 640/8 | €81,513 | €78,570 | -€2,943 | -3.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €492,106 | €518,113 | +€26,007 | +5.3% |
| Operating profit (loss) | 9901 | -€43,606 | -€119,631 | -€76,025 | -174% |
| Financial income | 75/76B | €4,631 | €5,960 | +€1,329 | +28.7% |
| Recurring financial income | 75 | €4,631 | €5,960 | +€1,329 | +28.7% |
| Financial charges | 65/66B | €111,170 | €129,257 | +€18,088 | +16.3% |
| Recurring financial charges | 65 | €111,170 | €129,257 | +€18,088 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | -€150,145 | -€242,929 | -€92,784 | -61.8% |
| Transfer from deferred taxes | 780 | €53,835 | €59,680 | +€5,845 | +10.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€96,310 | -€183,249 | -€86,939 | -90.3% |
| Transfer from tax-exempt reserves | 789 | €161,505 | €179,039 | +€17,534 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €65,195 | -€4,210 | -€69,405 |
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 27 October 2026 via checked.be.