BHAVAN: 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
BHAVAN
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
€116,445
2024 · €127,109-€10,664
Equity
€467,286
2024 · €604,230-€136,944
Cash
€76,780
2024 · €41,358+€35,423
Balance sheet total
€5.3m
2024 · €5.4m-€88,517
Largest movements
Assets
- Tangible fixed assets -€124,943
down €124,943 (-2.4%), from €5.3m to €5.2m
of which Land and buildings: -€127,073
Equity and liabilities
- Reserves -€133,555
down €133,555 (-28.6%), from €466,931 to €333,376
of which Distributable reserves: -€120,163
- Other debts +€110,890
up €110,890 (+70.3%), from €157,750 to €268,640
Income statement
- Gross operating margin +€63,351
up €63,351 (+15.0%), from €422,958 to €486,309
- Depreciation +€39,414
up €39,414 (+44.3%), from €88,924 to €128,338
- Financial charges +€18,394
up €18,394 (+10.0%), from €183,063 to €201,458
- Taxes +€11,791
up €11,791 (+38.8%), from €30,358 to €42,149
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
€127,109
Gross operating margin
+€63,351
Depreciation
-€39,414
Other operating charges
-€4,415
Financial charges
-€18,394
Taxes
-€11,791
Result 2025
€116,445
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
+€355,664
Investment
-€3,395
Financing
-€316,847
Cash 2024
€41,358
From operations (derived)
+€355,664
Net result for the year
+€116,445
Depreciation
+€128,338
Receivables within one year
+€3,070
Deferred charges and accrued income
-€4,074
Provisions
-€4,464
Trade debts
+€852
Tax, wage and social debts
+€1,649
Other debts
+€110,890
Accrued charges and deferred income
+€2,957
Investment (derived)
-€3,395
Investment in fixed assets (net)
-€3,395
Financing
-€316,847
Debts after one year
-€44,586
Current portion of long-term debt
-€6,775
Short-term financial debts
-€12,097
Contributions, distributions and other
-€253,389
Cash 2025
€76,780
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,362,555 | €5,274,038 | -€88,517 | -1.7% |
| Fixed assets | 21/28 | €5,315,185 | €5,190,243 | -€124,943 | -2.4% |
| Tangible fixed assets | 22/27 | €5,315,185 | €5,190,243 | -€124,943 | -2.4% |
| Land and buildings | 22 | €5,312,352 | €5,185,278 | -€127,073 | -2.4% |
| Furniture and vehicles | 24 | €2,834 | €4,964 | +€2,131 | +75.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €47,369 | €83,795 | +€36,426 | +76.9% |
| Amounts receivable within one year | 40/41 | €5,591 | €2,520 | -€3,070 | -54.9% |
| Trade receivables | 40 | - | €496 | +€496 | |
| Other amounts receivable | 41 | €5,591 | €2,024 | -€3,566 | -63.8% |
| Cash at bank and in hand | 54/58 | €41,358 | €76,780 | +€35,423 | +85.6% |
| Deferred charges and accrued income | 490/1 | €421 | €4,494 | +€4,074 | +967.8% |
| Total equity and liabilities | 10/49 | €5,362,555 | €5,274,038 | -€88,517 | -1.7% |
| Equity | 10/15 | €604,230 | €467,286 | -€136,944 | -22.7% |
| Contributions | 10/11 | €10,106 | €10,106 | = | 0.0% |
| Reserves | 13 | €466,931 | €333,376 | -€133,555 | -28.6% |
| Non-distributable reserves | 130/1 | €496 | €496 | = | 0.0% |
| Other | 1319 | €496 | €496 | = | 0.0% |
| Tax-exempt reserves | 132 | €333,404 | €320,012 | -€13,391 | -4.0% |
| Distributable reserves | 133 | €133,031 | €12,868 | -€120,163 | -90.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €127,193 | €123,804 | -€3,389 | -2.7% |
| Provisions and deferred taxes | 16 | €110,849 | €106,385 | -€4,464 | -4.0% |
| Deferred taxes | 168 | €110,849 | €106,385 | -€4,464 | -4.0% |
| Amounts payable | 17/49 | €4,647,476 | €4,700,367 | +€52,891 | +1.1% |
| Amounts payable after more than one year | 17 | €4,062,222 | €4,017,637 | -€44,586 | -1.1% |
| Financial debts | 170/4 | €4,062,222 | €4,017,637 | -€44,586 | -1.1% |
| Amounts payable within one year | 42/48 | €551,568 | €646,087 | +€94,519 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €351,306 | €344,532 | -€6,775 | -1.9% |
| Financial debts | 43 | €24,625 | €12,528 | -€12,097 | -49.1% |
| Credit institutions | 430/8 | €24,625 | €12,528 | -€12,097 | -49.1% |
| Trade debts | 44 | €16,327 | €17,179 | +€852 | +5.2% |
| Suppliers | 440/4 | €16,327 | €17,179 | +€852 | +5.2% |
| Taxes, remuneration and social security | 45 | €1,560 | €3,209 | +€1,649 | +105.7% |
| Taxes | 450/3 | €1,560 | €3,209 | +€1,649 | +105.7% |
| Other amounts payable | 47/48 | €157,750 | €268,640 | +€110,890 | +70.3% |
| Accrued charges and deferred income | 492/3 | €33,686 | €36,643 | +€2,957 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,924 | €128,338 | +€39,414 | +44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,358 | €5,772 | +€4,415 | +325.2% |
| Gross operating margin | 9900 | €422,958 | €486,309 | +€63,351 | +15.0% |
| Operating profit (loss) | 9901 | €332,677 | €352,199 | +€19,522 | +5.9% |
| Financial income | 75/76B | €3,389 | €3,389 | = | 0.0% |
| Recurring financial income | 75 | €3,389 | €3,389 | = | 0.0% |
| Financial charges | 65/66B | €183,063 | €201,458 | +€18,394 | +10.0% |
| Recurring financial charges | 65 | €183,063 | €201,458 | +€18,394 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €153,003 | €154,131 | +€1,128 | +0.7% |
| Transfer from deferred taxes | 780 | €4,464 | €4,464 | = | 0.0% |
| Income taxes | 67/77 | €30,358 | €42,149 | +€11,791 | +38.8% |
| Profit (loss) for the period | 9904 | €127,109 | €116,445 | -€10,664 | -8.4% |
| Transfer from tax-exempt reserves | 789 | €13,391 | €13,391 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €140,500 | €129,837 | -€10,664 | -7.6% |
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 5 October 2026 via checked.be.