BACAF: 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
BACAF
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
€251,078
2024 · €137,270+€113,808
Equity
€3.1m
2024 · €3.8m-€713,199
Cash
€352,722
2024 · €221,547+€131,175
Balance sheet total
€8.1m
2024 · €8.8m-€720,600
Largest movements
Assets
- Tangible fixed assets -€601,399
down €601,399 (-8.8%), from €6.8m to €6.2m
- Current investments -€250,000
down €250,000 (-14.3%), from €1.8m to €1.5m
- Cash +€131,175
up €131,175 (+59.2%), from €221,547 to €352,722
mainly Depreciation (+€591,333) and Net result for the year (+€251,078)
Equity and liabilities
- Reserves -€713,199
down €713,199 (-28.3%), from €2.5m to €1.8m
of which Distributable reserves: -€639,143
- Other debts +€105,187
up €105,187 (+2.6%), from €4.0m to €4.1m
Income statement
- Depreciation -€108,790
down €108,790 (-15.5%), from €700,122 to €591,333
- Financial charges -€88,766
down €88,766 (-36.0%), from €246,736 to €157,970
- Other operating charges +€62,038
up €62,038 (+48.5%), from €127,898 to €189,936
- Taxes +€61,417
up €61,417 (+72.8%), from €84,339 to €145,756
- Gross operating margin +€49,210
up €49,210 (+4.1%), from €1.2m to €1.3m
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
€137,270
Gross operating margin
+€49,210
Depreciation
+€108,790
Other operating charges
-€62,038
Other operating items
+€1,000
Financial income
-€19,122
Financial charges
+€88,766
Taxes
-€61,417
Deferred taxes and other
+€8,619
Result 2025
€251,078
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
+€835,385
Investment
+€260,067
Financing
-€964,277
Cash 2024
€221,547
From operations (derived)
+€835,385
Net result for the year
+€251,078
Depreciation
+€591,333
Receivables within one year
+€7,800
Deferred charges and accrued income
-€7,424
Provisions
-€46,795
Trade debts
+€566
Tax, wage and social debts
+€8,716
Other debts
+€105,187
Accrued charges and deferred income
-€75,074
Investment (derived)
+€260,067
Investment in fixed assets (net)
+€10,067
Current investments
+€250,000
Financing
-€964,277
Contributions, distributions and other
-€964,277
Cash 2025
€352,722
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,849,730 | €8,129,130 | -€720,600 | -8.1% |
| Fixed assets | 21/28 | €6,822,329 | €6,220,930 | -€601,399 | -8.8% |
| Tangible fixed assets | 22/27 | €6,803,763 | €6,202,364 | -€601,399 | -8.8% |
| Land and buildings | 22 | €6,803,763 | €6,202,364 | -€601,399 | -8.8% |
| Financial fixed assets | 28 | €18,566 | €18,566 | = | 0.0% |
| Current assets | 29/58 | €2,027,400 | €1,908,200 | -€119,201 | -5.9% |
| Amounts receivable within one year | 40/41 | €41,064 | €33,265 | -€7,800 | -19.0% |
| Trade receivables | 40 | €13,077 | €11,100 | -€1,978 | -15.1% |
| Other amounts receivable | 41 | €27,987 | €22,165 | -€5,822 | -20.8% |
| Current investments | 50/53 | €1,750,000 | €1,500,000 | -€250,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €221,547 | €352,722 | +€131,175 | +59.2% |
| Deferred charges and accrued income | 490/1 | €14,789 | €22,213 | +€7,424 | +50.2% |
| Total equity and liabilities | 10/49 | €8,849,730 | €8,129,130 | -€720,600 | -8.1% |
| Equity | 10/15 | €3,842,098 | €3,128,898 | -€713,199 | -18.6% |
| Contributions | 10/11 | €1,324,676 | €1,324,676 | = | 0.0% |
| Capital | 10 | €1,324,676 | €1,324,676 | = | 0.0% |
| Issued capital | 100 | €1,324,676 | €1,324,676 | = | 0.0% |
| Reserves | 13 | €2,517,422 | €1,804,223 | -€713,199 | -28.3% |
| Non-distributable reserves | 130/1 | €132,468 | €132,468 | = | 0.0% |
| Legal reserve | 130 | €132,468 | €132,468 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,611,483 | €1,537,426 | -€74,057 | -4.6% |
| Distributable reserves | 133 | €773,471 | €134,329 | -€639,143 | -82.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €681,880 | €635,085 | -€46,795 | -6.9% |
| Deferred taxes | 168 | €681,880 | €635,085 | -€46,795 | -6.9% |
| Amounts payable | 17/49 | €4,325,752 | €4,365,147 | +€39,395 | +0.9% |
| Amounts payable after more than one year | 17 | €65,000 | €65,000 | = | 0.0% |
| Other amounts payable | 178/9 | €65,000 | €65,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,005,626 | €4,120,095 | +€114,468 | +2.9% |
| Trade debts | 44 | €1,870 | €2,436 | +€566 | +30.3% |
| Suppliers | 440/4 | €1,870 | €2,436 | +€566 | +30.3% |
| Taxes, remuneration and social security | 45 | €2,632 | €11,348 | +€8,716 | +331.1% |
| Taxes | 450/3 | €2,632 | €11,348 | +€8,716 | +331.1% |
| Other amounts payable | 47/48 | €4,001,124 | €4,106,311 | +€105,187 | +2.6% |
| Accrued charges and deferred income | 492/3 | €255,126 | €180,052 | -€75,074 | -29.4% |
| Non-recurring operating income | 76A | €122,605 | €96,933 | -€25,672 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €700,122 | €591,333 | -€108,790 | -15.5% |
| Other operating charges | 640/8 | €127,898 | €189,936 | +€62,038 | +48.5% |
| Non-recurring operating charges | 66A | €1,000 | €0 | -€1,000 | -100.0% |
| Gross operating margin | 9900 | €1,206,251 | €1,255,461 | +€49,210 | +4.1% |
| Operating profit (loss) | 9901 | €377,230 | €474,192 | +€96,962 | +25.7% |
| Financial income | 75/76B | €52,939 | €33,817 | -€19,122 | -36.1% |
| Recurring financial income | 75 | €52,939 | €33,817 | -€19,122 | -36.1% |
| Financial charges | 65/66B | €246,736 | €157,970 | -€88,766 | -36.0% |
| Recurring financial charges | 65 | €246,736 | €157,970 | -€88,766 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €183,433 | €350,039 | +€166,606 | +90.8% |
| Transfer from deferred taxes | 780 | €68,827 | €71,029 | +€2,201 | +3.2% |
| Transfer to deferred taxes | 680 | €30,651 | €24,233 | -€6,418 | -20.9% |
| Income taxes | 67/77 | €84,339 | €145,756 | +€61,417 | +72.8% |
| Profit (loss) for the period | 9904 | €137,270 | €251,078 | +€113,808 | +82.9% |
| Transfer from tax-exempt reserves | 789 | €140,495 | €146,757 | +€6,262 | +4.5% |
| Transfer to tax-exempt reserves | 689 | €91,954 | €72,700 | -€19,254 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €185,811 | €325,135 | +€139,324 | +75.0% |
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 3 October 2026 via checked.be.