B-REAL: 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.
B-REAL
Largest movements
- Tangible fixed assets -€72,137
down €72,137 (-4.4%), from €1.6m to €1.6m
of which Land and buildings: -€72,137
- Cash +€27,178
up €27,178 (+310%), from €8,756 to €35,934
mainly Depreciation (+€72,137) and Other debts (+€36,457)
- Profit (loss) carried forward -€53,021
down €53,021 (-108%), from -€48,957 to -€101,978
- Other debts +€36,457
up €36,457 (+3.4%), from €1.1m to €1.1m
- Debts after one year -€32,038
down €32,038 (-6.7%), from €478,587 to €446,549
- Depreciation +€42,490
up €42,490 (+143%), from €29,647 to €72,137
- Financial charges +€34,169
up €34,169 (+345%), from €9,916 to €44,085
- Gross operating margin +€32,767
up €32,767 (+75.2%), from €43,578 to €76,345
- Other operating charges +€9,007
up €9,007 (+218%), from €4,137 to €13,145
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 | €1,635,573 | €1,588,974 | -€46,599 | -2.8% |
| Fixed assets | 21/28 | €1,625,056 | €1,552,919 | -€72,137 | -4.4% |
| Tangible fixed assets | 22/27 | €1,625,056 | €1,552,919 | -€72,137 | -4.4% |
| Land and buildings | 22 | €1,532,136 | €1,460,000 | -€72,137 | -4.7% |
| Other tangible fixed assets | 26 | €92,920 | €92,920 | = | 0.0% |
| Current assets | 29/58 | €10,517 | €36,054 | +€25,537 | +243% |
| Amounts receivable within one year | 40/41 | €925 | €120 | -€805 | -87.0% |
| Trade receivables | 40 | €925 | €120 | -€805 | -87.0% |
| Cash at bank and in hand | 54/58 | €8,756 | €35,934 | +€27,178 | +310% |
| Deferred charges and accrued income | 490/1 | €836 | - | -€836 | |
| Total equity and liabilities | 10/49 | €1,635,573 | €1,588,974 | -€46,599 | -2.8% |
| Equity | 10/15 | €61,043 | €8,022 | -€53,021 | -86.9% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,957 | -€101,978 | -€53,021 | -108% |
| Amounts payable | 17/49 | €1,574,530 | €1,580,952 | +€6,422 | +0.4% |
| Amounts payable after more than one year | 17 | €478,587 | €446,549 | -€32,038 | -6.7% |
| Financial debts | 170/4 | €478,587 | €446,549 | -€32,038 | -6.7% |
| Amounts payable within one year | 42/48 | €1,094,264 | €1,132,733 | +€38,470 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €31,852 | €32,038 | +€185 | +0.6% |
| Trade debts | 44 | €57 | €1,885 | +€1,828 | +3,180% |
| Suppliers | 440/4 | €57 | €1,885 | +€1,828 | +3,180% |
| Other amounts payable | 47/48 | €1,062,354 | €1,098,810 | +€36,457 | +3.4% |
| Accrued charges and deferred income | 492/3 | €1,680 | €1,670 | -€10 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,647 | €72,137 | +€42,490 | +143% |
| Other operating charges | 640/8 | €4,137 | €13,145 | +€9,007 | +218% |
| Gross operating margin | 9900 | €43,578 | €76,345 | +€32,767 | +75.2% |
| Operating profit (loss) | 9901 | €9,795 | -€8,936 | -€18,731 | |
| Financial charges | 65/66B | €9,916 | €44,085 | +€34,169 | +345% |
| Recurring financial charges | 65 | €9,916 | €44,085 | +€34,169 | +345% |
| Profit (loss) for the period before taxes | 9903 | -€122 | -€53,021 | -€52,900 | -43,539% |
| Profit (loss) for the period | 9904 | -€122 | -€53,021 | -€52,900 | -43,539% |
| Profit (loss) for the period to be appropriated | 9905 | -€122 | -€53,021 | -€52,900 | -43,539% |
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 14 October 2026 via checked.be.