BLAC: 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
BLAC
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
-€19,154
2024 · €501,842-€520,996
Equity
€2.9m
2024 · €3.0m-€19,154
Cash
€848,220
2024 · €785,977+€62,243
Balance sheet total
€4.3m
2024 · €4.4m-€48,365
Largest movements
Assets
- Current investments -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
- Tangible fixed assets +€123,325
up €123,325 (+5.3%), from €2.3m to €2.5m
of which Land and buildings: +€134,904
- Cash +€62,243
up €62,243 (+7.9%), from €785,977 to €848,220
mainly Current investments (+€250,000) and Depreciation (+€212,748)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€714,467
down €714,467 (-71.1%), from €1.0m to €290,738
- Financial income +€16,750
new in 2025: €16,750
- Financial charges -€12,336
down €12,336 (-15.6%), from €78,902 to €66,566
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
€501,842
Gross operating margin
-€714,467
Depreciation
-€6,181
Other operating charges
+€4,572
Other operating items
-€8,684
Financial income
+€16,750
Financial charges
+€12,336
Taxes
+€3,964
Deferred taxes and other
+€170,714
Result 2025
-€19,154
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
+€188,602
Investment
-€86,073
Financing
-€40,286
Cash 2024
€785,977
From operations (derived)
+€188,602
Net result for the year
-€19,154
Depreciation
+€212,748
Receivables within one year
-€16,066
Provisions
-€7,805
Trade debts
+€22,383
Tax, wage and social debts
-€2,256
Accrued charges and deferred income
-€1,247
Investment (derived)
-€86,073
Investment in fixed assets (net)
-€336,073
Current investments
+€250,000
Financing
-€40,286
Debts after one year
-€41,247
Current portion of long-term debt
+€962
Cash 2025
€848,220
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,362,296 | €4,313,930 | -€48,365 | -1.1% |
| Fixed assets | 21/28 | €2,798,970 | €2,922,295 | +€123,325 | +4.4% |
| Tangible fixed assets | 22/27 | €2,331,320 | €2,454,645 | +€123,325 | +5.3% |
| Land and buildings | 22 | €2,293,590 | €2,428,494 | +€134,904 | +5.9% |
| Plant, machinery and equipment | 23 | €1,945 | €2,294 | +€349 | +18.0% |
| Furniture and vehicles | 24 | €35,785 | €23,857 | -€11,928 | -33.3% |
| Financial fixed assets | 28 | €467,650 | €467,650 | = | 0.0% |
| Current assets | 29/58 | €1,563,326 | €1,391,635 | -€171,691 | -11.0% |
| Amounts receivable within one year | 40/41 | €27,349 | €43,415 | +€16,066 | +58.7% |
| Trade receivables | 40 | €3,950 | - | -€3,950 | |
| Other amounts receivable | 41 | €23,399 | €43,415 | +€20,017 | +85.5% |
| Current investments | 50/53 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €785,977 | €848,220 | +€62,243 | +7.9% |
| Total equity and liabilities | 10/49 | €4,362,296 | €4,313,930 | -€48,365 | -1.1% |
| Equity | 10/15 | €2,955,011 | €2,935,857 | -€19,154 | -0.6% |
| Contributions | 10/11 | €1,585,000 | €1,585,000 | = | 0.0% |
| Capital | 10 | €1,585,000 | €1,585,000 | = | 0.0% |
| Issued capital | 100 | €1,585,000 | €1,585,000 | = | 0.0% |
| Reserves | 13 | €1,369,424 | €1,350,007 | -€19,416 | -1.4% |
| Non-distributable reserves | 130/1 | €158,500 | €158,500 | = | 0.0% |
| Legal reserve | 130 | €158,500 | €158,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €860,924 | €837,507 | -€23,416 | -2.7% |
| Distributable reserves | 133 | €350,000 | €354,000 | +€4,000 | +1.1% |
| Profit (loss) carried forward | 14 | €588 | €850 | +€262 | +44.6% |
| Provisions and deferred taxes | 16 | €286,975 | €279,169 | -€7,805 | -2.7% |
| Deferred taxes | 168 | €286,975 | €279,169 | -€7,805 | -2.7% |
| Amounts payable | 17/49 | €1,120,310 | €1,098,904 | -€21,406 | -1.9% |
| Amounts payable after more than one year | 17 | €1,012,023 | €970,776 | -€41,247 | -4.1% |
| Financial debts | 170/4 | €993,082 | €951,834 | -€41,247 | -4.2% |
| Other amounts payable | 178/9 | €18,942 | €18,942 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,754 | €105,842 | +€21,088 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €46,212 | €47,174 | +€962 | +2.1% |
| Trade debts | 44 | €19,294 | €41,676 | +€22,383 | +116.0% |
| Suppliers | 440/4 | €19,294 | €41,676 | +€22,383 | +116.0% |
| Taxes, remuneration and social security | 45 | €19,248 | €16,992 | -€2,256 | -11.7% |
| Taxes | 450/3 | €19,248 | €16,992 | -€2,256 | -11.7% |
| Accrued charges and deferred income | 492/3 | €23,532 | €22,286 | -€1,247 | -5.3% |
| Non-recurring operating income | 76A | €680,986 | - | -€680,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,567 | €212,748 | +€6,181 | +3.0% |
| Other operating charges | 640/8 | €48,329 | €43,757 | -€4,572 | -9.5% |
| Non-recurring operating charges | 66A | - | €8,684 | +€8,684 | |
| Gross operating margin | 9900 | €1,005,206 | €290,738 | -€714,467 | -71.1% |
| Operating profit (loss) | 9901 | €750,310 | €25,549 | -€724,760 | -96.6% |
| Financial income | 75/76B | - | €16,750 | +€16,750 | |
| Recurring financial income | 75 | - | €16,750 | +€16,750 | |
| Financial charges | 65/66B | €78,902 | €66,566 | -€12,336 | -15.6% |
| Recurring financial charges | 65 | €78,902 | €66,566 | -€12,336 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €671,407 | -€24,268 | -€695,675 | |
| Transfer from deferred taxes | 780 | €7,337 | €7,805 | +€468 | +6.4% |
| Transfer to deferred taxes | 680 | €170,246 | - | -€170,246 | |
| Income taxes | 67/77 | €6,657 | €2,692 | -€3,964 | -59.6% |
| Profit (loss) for the period | 9904 | €501,842 | -€19,154 | -€520,996 | |
| Transfer from tax-exempt reserves | 789 | €22,012 | €23,416 | +€1,404 | +6.4% |
| Transfer to tax-exempt reserves | 689 | €510,739 | - | -€510,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,115 | €4,262 | -€8,853 | -67.5% |
Source: filed annual accounts (NBB), fiscal years ended 1 October 2024 and 1 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.