B.RETAIL: 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
B.RETAIL
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
€1.4m
2024 · €1.3m+€101,748
Equity
€7.8m
2024 · €7.9m-€88,398
Cash
€1.0m
2024 · €720,956+€288,532
Balance sheet total
€11.0m
2024 · €11.4m-€422,640
Largest movements
Assets
- Receivables within one year -€929,094
down €929,094 (-61.6%), from €1.5m to €579,850
of which Other amounts receivable: -€886,210
- Cash +€288,532
up €288,532 (+40.0%), from €720,956 to €1.0m
mainly Net result for the year (+€1.4m) and Receivables within one year (+€929,094)
- Tangible fixed assets +€229,492
up €229,492 (+2.5%), from €9.2m to €9.4m
of which Land and buildings: +€176,759
Equity and liabilities
- Debts after one year -€458,333
down €458,333 (-100.0%), from €458,333 to €0
- Other debts +€194,365
up €194,365 (+14.9%), from €1.3m to €1.5m
Income statement
- Gross operating margin +€153,584
up €153,584 (+6.3%), from €2.5m to €2.6m
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
€1.3m
Gross operating margin
+€153,584
Depreciation
-€19,660
Other operating charges
-€4,573
Financial income
-€21,770
Financial charges
+€4,913
Taxes
-€10,202
Deferred taxes and other
-€544
Result 2025
€1.4m
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
+€3.0m
Investment
-€711,827
Financing
-€2.0m
Cash 2024
€720,956
From operations (derived)
+€3.0m
Net result for the year
+€1.4m
Depreciation
+€482,336
Receivables within one year
+€929,094
Deferred charges and accrued income
+€11,569
Provisions
-€64,074
Trade debts
+€30,096
Smaller working-capital items
+€5,372
Other debts
+€194,365
Investment (derived)
-€711,827
Investment in fixed assets (net)
-€711,827
Financing
-€2.0m
Debts after one year
-€458,333
Current portion of long-term debt
-€41,667
Contributions, distributions and other
-€1.5m
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,445,097 | €11,022,457 | -€422,640 | -3.7% |
| Fixed assets | 21/28 | €9,195,902 | €9,425,394 | +€229,492 | +2.5% |
| Tangible fixed assets | 22/27 | €9,193,474 | €9,422,966 | +€229,492 | +2.5% |
| Land and buildings | 22 | €9,193,474 | €9,370,233 | +€176,759 | +1.9% |
| Plant, machinery and equipment | 23 | - | €52,733 | +€52,733 | |
| Financial fixed assets | 28 | €2,428 | €2,428 | = | 0.0% |
| Current assets | 29/58 | €2,249,194 | €1,597,063 | -€652,131 | -29.0% |
| Amounts receivable within one year | 40/41 | €1,508,944 | €579,850 | -€929,094 | -61.6% |
| Trade receivables | 40 | €65,445 | €22,561 | -€42,884 | -65.5% |
| Other amounts receivable | 41 | €1,443,499 | €557,289 | -€886,210 | -61.4% |
| Cash at bank and in hand | 54/58 | €720,956 | €1,009,488 | +€288,532 | +40.0% |
| Deferred charges and accrued income | 490/1 | €19,294 | €7,725 | -€11,569 | -60.0% |
| Total equity and liabilities | 10/49 | €11,445,097 | €11,022,457 | -€422,640 | -3.7% |
| Equity | 10/15 | €7,929,506 | €7,841,108 | -€88,398 | -1.1% |
| Contributions | 10/11 | €3,400,000 | €3,400,000 | = | 0.0% |
| Capital | 10 | €3,400,000 | €3,400,000 | = | 0.0% |
| Issued capital | 100 | €3,400,000 | €3,400,000 | = | 0.0% |
| Reserves | 13 | €4,529,506 | €4,441,108 | -€88,398 | -2.0% |
| Non-distributable reserves | 130/1 | €340,000 | €340,000 | = | 0.0% |
| Legal reserve | 130 | €340,000 | €340,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,257,185 | €3,064,962 | -€192,223 | -5.9% |
| Distributable reserves | 133 | €932,321 | €1,036,146 | +€103,825 | +11.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €1,085,728 | €1,021,654 | -€64,074 | -5.9% |
| Deferred taxes | 168 | €1,085,728 | €1,021,654 | -€64,074 | -5.9% |
| Amounts payable | 17/49 | €2,429,862 | €2,159,695 | -€270,167 | -11.1% |
| Amounts payable after more than one year | 17 | €458,333 | €0 | -€458,333 | -100.0% |
| Financial debts | 170/4 | €458,333 | €0 | -€458,333 | -100.0% |
| Amounts payable within one year | 42/48 | €1,960,997 | €2,149,163 | +€188,166 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €500,000 | €458,333 | -€41,667 | -8.3% |
| Trade debts | 44 | €33,917 | €64,013 | +€30,096 | +88.7% |
| Suppliers | 440/4 | €33,917 | €64,013 | +€30,096 | +88.7% |
| Advances received on contracts in progress | 46 | €69,499 | €72,928 | +€3,430 | +4.9% |
| Taxes, remuneration and social security | 45 | €51,946 | €53,888 | +€1,942 | +3.7% |
| Taxes | 450/3 | €51,946 | €53,888 | +€1,942 | +3.7% |
| Other amounts payable | 47/48 | €1,305,635 | €1,500,000 | +€194,365 | +14.9% |
| Accrued charges and deferred income | 492/3 | €10,532 | €10,532 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,676 | €482,336 | +€19,660 | +4.2% |
| Other operating charges | 640/8 | €293,328 | €297,901 | +€4,573 | +1.6% |
| Gross operating margin | 9900 | €2,453,877 | €2,607,461 | +€153,584 | +6.3% |
| Operating profit (loss) | 9901 | €1,697,873 | €1,827,224 | +€129,351 | +7.6% |
| Financial income | 75/76B | €63,268 | €41,498 | -€21,770 | -34.4% |
| Recurring financial income | 75 | €63,268 | €41,498 | -€21,770 | -34.4% |
| Financial charges | 65/66B | €13,896 | €8,983 | -€4,913 | -35.4% |
| Recurring financial charges | 65 | €13,896 | €8,983 | -€4,913 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €1,747,244 | €1,859,738 | +€112,494 | +6.4% |
| Transfer from deferred taxes | 780 | €64,619 | €64,074 | -€544 | -0.8% |
| Income taxes | 67/77 | €502,009 | €512,211 | +€10,202 | +2.0% |
| Profit (loss) for the period | 9904 | €1,309,854 | €1,411,602 | +€101,748 | +7.8% |
| Transfer from tax-exempt reserves | 789 | €193,857 | €192,223 | -€1,633 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,503,711 | €1,603,825 | +€100,114 | +6.7% |
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 6 October 2026 via checked.be.