BIRDNEST: 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
BIRDNEST
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€28,686
2024 · -€31,043+€2,357
Equity
-€144,485
2024 · -€115,800-€28,686
Cash
€5,089
2024 · €53,446-€48,357
Balance sheet total
€2.7m
2024 · €2.7m-€81,581
Largest movements
Assets
- Tangible fixed assets -€95,338
down €95,338 (-3.9%), from €2.4m to €2.3m
of which Land and buildings: -€86,811
- Current investments +€58,326
up €58,326 (+23.8%), from €245,567 to €303,893
- Cash -€48,357
down €48,357 (-90.5%), from €53,446 to €5,089
mainly Current investments (-€58,326) and Debts after one year (-€50,072)
Equity and liabilities
- Debts after one year -€50,072
down €50,072 (-1.8%), from €2.7m to €2.7m
- Profit (loss) carried forward -€28,686
down €28,686 (-3.7%), from -€772,300 to -€800,985
Income statement
- Gross operating margin +€5,584
up €5,584 (+3.8%), from €145,432 to €151,015
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
-€31,043
Gross operating margin
+€5,584
Depreciation
-€1,207
Other operating charges
+€448
Other operating items
-€1,642
Financial income
-€31
Financial charges
-€794
Result 2025
-€28,686
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
+€86,566
Investment
-€85,823
Financing
-€49,101
Cash 2024
€53,446
From operations (derived)
+€86,566
Net result for the year
-€28,686
Depreciation
+€122,835
Stocks and contracts
+€1,041
Receivables within one year
-€4,879
Smaller working-capital items
-€150
Trade debts
+€10,828
Tax, wage and social debts
-€13,995
Accrued charges and deferred income
-€428
Investment (derived)
-€85,823
Investment in fixed assets (net)
-€27,497
Current investments
-€58,326
Financing
-€49,101
Debts after one year
-€50,072
Current portion of long-term debt
+€971
Cash 2025
€5,089
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,738,886 | €2,657,304 | -€81,581 | -3.0% |
| Fixed assets | 21/28 | €2,429,247 | €2,333,908 | -€95,338 | -3.9% |
| Tangible fixed assets | 22/27 | €2,429,247 | €2,333,908 | -€95,338 | -3.9% |
| Land and buildings | 22 | €2,131,282 | €2,044,471 | -€86,811 | -4.1% |
| Plant, machinery and equipment | 23 | €197,451 | €199,204 | +€1,753 | +0.9% |
| Furniture and vehicles | 24 | €96,314 | €86,034 | -€10,280 | -10.7% |
| Other tangible fixed assets | 26 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €309,639 | €323,396 | +€13,757 | +4.4% |
| Stocks and contracts in progress | 3 | €1,041 | - | -€1,041 | |
| Stocks | 30/36 | €1,041 | - | -€1,041 | |
| Amounts receivable within one year | 40/41 | €923 | €5,802 | +€4,879 | +528.3% |
| Trade receivables | 40 | €890 | €5,756 | +€4,866 | +546.7% |
| Other amounts receivable | 41 | €33 | €46 | +€13 | +37.7% |
| Current investments | 50/53 | €245,567 | €303,893 | +€58,326 | +23.8% |
| Cash at bank and in hand | 54/58 | €53,446 | €5,089 | -€48,357 | -90.5% |
| Deferred charges and accrued income | 490/1 | €8,662 | €8,612 | -€50 | -0.6% |
| Total equity and liabilities | 10/49 | €2,738,886 | €2,657,304 | -€81,581 | -3.0% |
| Equity | 10/15 | -€115,800 | -€144,485 | -€28,686 | -24.8% |
| Contributions | 10/11 | €656,500 | €656,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€772,300 | -€800,985 | -€28,686 | -3.7% |
| Amounts payable | 17/49 | €2,854,685 | €2,801,790 | -€52,896 | -1.9% |
| Amounts payable after more than one year | 17 | €2,728,731 | €2,678,659 | -€50,072 | -1.8% |
| Financial debts | 170/4 | €2,728,731 | €2,678,659 | -€50,072 | -1.8% |
| Amounts payable within one year | 42/48 | €124,624 | €122,228 | -€2,396 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €89,810 | €90,781 | +€971 | +1.1% |
| Trade debts | 44 | €11,756 | €22,584 | +€10,828 | +92.1% |
| Suppliers | 440/4 | €11,756 | €22,584 | +€10,828 | +92.1% |
| Advances received on contracts in progress | 46 | €250 | - | -€250 | |
| Taxes, remuneration and social security | 45 | €22,741 | €8,747 | -€13,995 | -61.5% |
| Taxes | 450/3 | €22,741 | €8,747 | -€13,995 | -61.5% |
| Other amounts payable | 47/48 | €67 | €117 | +€50 | +75.1% |
| Accrued charges and deferred income | 492/3 | €1,330 | €902 | -€428 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,628 | €122,835 | +€1,207 | +1.0% |
| Other operating charges | 640/8 | €8,427 | €7,979 | -€448 | -5.3% |
| Non-recurring operating charges | 66A | - | €1,642 | +€1,642 | |
| Gross operating margin | 9900 | €145,432 | €151,015 | +€5,584 | +3.8% |
| Operating profit (loss) | 9901 | €15,377 | €18,559 | +€3,183 | +20.7% |
| Financial income | 75/76B | €74 | €42 | -€31 | -42.4% |
| Recurring financial income | 75 | €74 | €42 | -€31 | -42.4% |
| Financial charges | 65/66B | €46,494 | €47,288 | +€794 | +1.7% |
| Recurring financial charges | 65 | €46,494 | €47,288 | +€794 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,043 | -€28,686 | +€2,357 | +7.6% |
| Profit (loss) for the period | 9904 | -€31,043 | -€28,686 | +€2,357 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,043 | -€28,686 | +€2,357 | +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 7 October 2026 via checked.be.