BELGIAN LAND: 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.
BELGIAN LAND
Largest movements
- Financial fixed assets -€1.7m
down €1.7m (-6.6%), from €25.2m to €23.5m
of which Affiliated companies: -€2.2m
- Cash -€1.6m
down €1.6m (-99.5%), from €1.6m to €8,285
mainly Net result for the year (-€2.7m) and Deferred charges and accrued income (-€754,984)
- Deferred charges and accrued income +€754,984
up €754,984 (+28.1%), from €2.7m to €3.4m
- Profit (loss) carried forward -€2.7m
down €2.7m (-40.9%), from €6.6m to €3.9m
- Financial charges +€3.2m
up €3.2m (+19,052%), from €16,561 to €3.2m
of which Non-recurring financial charges: +€3.2m
- Services and other goods +€328,947
up €328,947 (+89.8%), from €366,134 to €695,081
- Financial income +€280,478
up €280,478 (+38.3%), from €732,960 to €1.0m
- Taxes +€60,962
up €60,962 (+144%), from €42,481 to €103,443
- Other operating income -€6,760
no longer reported in 2025 (was €6,760)
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 | €29,633,954 | €27,404,295 | -€2.2m | -7.5% |
| Fixed assets | 21/28 | €25,190,348 | €23,539,316 | -€1.7m | -6.6% |
| Financial fixed assets | 28 | €25,190,348 | €23,539,316 | -€1.7m | -6.6% |
| Affiliated companies | 280/1 | €20,835,765 | €18,664,733 | -€2.2m | -10.4% |
| Participating interests | 280 | €1,648,550 | €1,648,550 | = | 0.0% |
| Amounts receivable | 281 | €19,187,215 | €17,016,183 | -€2.2m | -11.3% |
| Companies linked by participating interests | 282/3 | €4,354,583 | €4,874,583 | +€520,000 | +11.9% |
| Participating interests | 282 | €2,150,833 | €2,150,833 | = | 0.0% |
| Amounts receivable | 283 | €2,203,750 | €2,723,750 | +€520,000 | +23.6% |
| Current assets | 29/58 | €4,443,606 | €3,864,979 | -€578,627 | -13.0% |
| Amounts receivable within one year | 40/41 | €163,966 | €415,384 | +€251,418 | +153% |
| Trade receivables | 40 | €144,175 | €319,625 | +€175,450 | +122% |
| Other amounts receivable | 41 | €19,791 | €95,759 | +€75,968 | +384% |
| Cash at bank and in hand | 54/58 | €1,593,314 | €8,285 | -€1.6m | -99.5% |
| Deferred charges and accrued income | 490/1 | €2,686,326 | €3,441,310 | +€754,984 | +28.1% |
| Total equity and liabilities | 10/49 | €29,633,954 | €27,404,295 | -€2.2m | -7.5% |
| Equity | 10/15 | €29,398,447 | €26,703,209 | -€2.7m | -9.2% |
| Contributions | 10/11 | €22,457,000 | €22,457,000 | = | 0.0% |
| Capital | 10 | €22,457,000 | €22,457,000 | = | 0.0% |
| Issued capital | 100 | €22,457,000 | €22,457,000 | = | 0.0% |
| Reserves | 13 | €351,405 | €351,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €351,405 | €351,405 | = | 0.0% |
| Legal reserve | 130 | €351,405 | €351,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,590,043 | €3,894,805 | -€2.7m | -40.9% |
| Amounts payable | 17/49 | €235,507 | €701,086 | +€465,579 | +198% |
| Amounts payable within one year | 42/48 | €235,507 | €701,086 | +€465,579 | +198% |
| Financial debts | 43 | - | €180,430 | +€180,430 | |
| Credit institutions | 430/8 | - | €180,430 | +€180,430 | |
| Trade debts | 44 | €159,040 | €152,319 | -€6,721 | -4.2% |
| Suppliers | 440/4 | €159,040 | €152,319 | -€6,721 | -4.2% |
| Taxes, remuneration and social security | 45 | €76,467 | €91,369 | +€14,903 | +19.5% |
| Taxes | 450/3 | €76,467 | €91,369 | +€14,903 | +19.5% |
| Other amounts payable | 47/48 | - | €276,968 | +€276,968 | |
| Operating income | 70/76A | €269,260 | €262,500 | -€6,760 | -2.5% |
| Turnover | 70 | €262,500 | €262,500 | = | 0.0% |
| Other operating income | 74 | €6,760 | - | -€6,760 | |
| Operating charges | 60/66A | €367,101 | €696,079 | +€328,978 | +89.6% |
| Services and other goods | 61 | €366,134 | €695,081 | +€328,947 | +89.8% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | -€97,841 | -€433,579 | -€335,738 | -343% |
| Financial income | 75/76B | €732,960 | €1,013,439 | +€280,478 | +38.3% |
| Recurring financial income | 75 | €732,960 | €1,013,439 | +€280,478 | +38.3% |
| Income from financial fixed assets | 750 | €677,031 | €754,984 | +€77,953 | +11.5% |
| Income from current assets | 751 | €55,929 | €258,455 | +€202,525 | +362% |
| Financial charges | 65/66B | €16,561 | €3,171,654 | +€3.2m | +19,052% |
| Recurring financial charges | 65 | €16,561 | €1,654 | -€14,906 | -90.0% |
| Debt charges | 650 | €16,538 | €79 | -€16,459 | -99.5% |
| Other financial charges | 652/9 | €23 | €1,576 | +€1,552 | +6,738% |
| Non-recurring financial charges | 66B | - | €3,170,000 | +€3.2m | |
| Profit (loss) for the period before taxes | 9903 | €618,558 | -€2,591,795 | -€3.2m | |
| Income taxes | 67/77 | €42,481 | €103,443 | +€60,962 | +144% |
| Taxes | 670/3 | €42,481 | €103,443 | +€60,962 | +144% |
| Profit (loss) for the period | 9904 | €576,078 | -€2,695,238 | -€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €576,078 | -€2,695,238 | -€3.3m |
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 19 October 2026 via checked.be.