BELGRET: 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
BELGRET
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€100,359
2024 · €110,038-€9,679
Equity
€209,764
2024 · €109,404+€100,359
Cash
€15,183
2024 · €24,022-€8,839
Balance sheet total
€1.7m
2024 · €1.8m-€94,064
Largest movements
Assets
- Tangible fixed assets -€72,061
down €72,061 (-4.3%), from €1.7m to €1.6m
of which Land and buildings: -€75,104
Equity and liabilities
- Debts after one year -€157,320
down €157,320 (-11.5%), from €1.4m to €1.2m
- Profit (loss) carried forward +€100,359
up €100,359 (+244%), from €41,204 to €141,564
- Tax, wage and social debts -€29,166
down €29,166 (-73.4%), from €39,744 to €10,578
Income statement
- Gross operating margin -€15,790
down €15,790 (-5.6%), from €283,026 to €267,236
- Financial charges -€3,828
down €3,828 (-9.2%), from €41,464 to €37,636
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
€110,038
Gross operating margin
-€15,790
Depreciation
+€1,435
Other operating charges
-€1,883
Financial charges
+€3,828
Taxes
+€2,731
Result 2025
€100,359
raises the resultlowers the result
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
+€152,381
Investment
-€3,900
Financing
-€157,320
Cash 2024
€24,022
From operations (derived)
+€152,381
Net result for the year
+€100,359
Depreciation
+€75,961
Receivables within one year
+€15,129
Deferred charges and accrued income
-€1,965
Trade debts
+€3,138
Tax, wage and social debts
-€29,166
Other debts
-€11,490
Accrued charges and deferred income
+€415
Investment (derived)
-€3,900
Investment in fixed assets (net)
-€3,900
Financing
-€157,320
Debts after one year
-€157,320
Cash 2025
€15,183
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,797,394 | €1,703,330 | -€94,064 | -5.2% |
| Fixed assets | 21/28 | €1,684,035 | €1,611,974 | -€72,061 | -4.3% |
| Tangible fixed assets | 22/27 | €1,684,035 | €1,611,974 | -€72,061 | -4.3% |
| Land and buildings | 22 | €1,682,474 | €1,607,370 | -€75,104 | -4.5% |
| Plant, machinery and equipment | 23 | €1,561 | €4,604 | +€3,043 | +195% |
| Current assets | 29/58 | €113,359 | €91,355 | -€22,003 | -19.4% |
| Amounts receivable within one year | 40/41 | €89,337 | €74,207 | -€15,129 | -16.9% |
| Trade receivables | 40 | €89,337 | €72,182 | -€17,154 | -19.2% |
| Other amounts receivable | 41 | - | €2,025 | +€2,025 | |
| Cash at bank and in hand | 54/58 | €24,022 | €15,183 | -€8,839 | -36.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,965 | +€1,965 | |
| Total equity and liabilities | 10/49 | €1,797,394 | €1,703,330 | -€94,064 | -5.2% |
| Equity | 10/15 | €109,404 | €209,764 | +€100,359 | +91.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,204 | €141,564 | +€100,359 | +244% |
| Amounts payable | 17/49 | €1,687,990 | €1,493,566 | -€194,423 | -11.5% |
| Amounts payable after more than one year | 17 | €1,363,640 | €1,206,320 | -€157,320 | -11.5% |
| Financial debts | 170/4 | €1,363,640 | €1,206,320 | -€157,320 | -11.5% |
| Amounts payable within one year | 42/48 | €305,274 | €267,756 | -€37,518 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €157,320 | €157,320 | = | 0.0% |
| Trade debts | 44 | €4,793 | €7,932 | +€3,138 | +65.5% |
| Suppliers | 440/4 | €4,793 | €7,932 | +€3,138 | +65.5% |
| Taxes, remuneration and social security | 45 | €39,744 | €10,578 | -€29,166 | -73.4% |
| Taxes | 450/3 | €39,744 | €10,578 | -€29,166 | -73.4% |
| Other amounts payable | 47/48 | €103,417 | €91,926 | -€11,490 | -11.1% |
| Accrued charges and deferred income | 492/3 | €19,075 | €19,490 | +€415 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,396 | €75,961 | -€1,435 | -1.9% |
| Other operating charges | 640/8 | €17,458 | €19,341 | +€1,883 | +10.8% |
| Gross operating margin | 9900 | €283,026 | €267,236 | -€15,790 | -5.6% |
| Operating profit (loss) | 9901 | €188,172 | €171,934 | -€16,238 | -8.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €41,464 | €37,636 | -€3,828 | -9.2% |
| Recurring financial charges | 65 | €41,464 | €37,636 | -€3,828 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €146,708 | €134,298 | -€12,410 | -8.5% |
| Income taxes | 67/77 | €36,669 | €33,939 | -€2,731 | -7.4% |
| Profit (loss) for the period | 9904 | €110,038 | €100,359 | -€9,679 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,038 | €100,359 | -€9,679 | -8.8% |
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.