BLACKREIT: 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
BLACKREIT
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€484,439
2024 · €2.0m-€1.5m
Equity
€29.8m
2024 · €31.4m-€1.6m
Cash
€1.5m
2024 · €1.9m-€428,509
Balance sheet total
€76.6m
2024 · €75.5m+€1.1m
Largest movements
Assets
- Financial fixed assets +€4.7m
up €4.7m (+62.9%), from €7.5m to €12.2m
- Tangible fixed assets -€3.6m
down €3.6m (-5.7%), from €63.3m to €59.7m
of which Land and buildings: -€3.7m
Equity and liabilities
- Revaluation surpluses -€2.1m
down €2.1m (-26.7%), from €8.0m to €5.8m
- Debts after one year +€1.3m
up €1.3m (+3.7%), from €34.8m to €36.1m
of which Financial debts: +€1.3m
- Profit (loss) carried forward +€982,015
up €982,015 (+21.9%), from €4.5m to €5.5m
Income statement
- Financial income -€2.6m
down €2.6m (-87.5%), from €2.9m to €367,482
- Gross operating margin +€778,149
up €778,149 (+25.3%), from €3.1m to €3.9m
- Depreciation -€646,696
down €646,696 (-38.8%), from €1.7m to €1.0m
- Taxes +€307,564
up €307,564 (+82.7%), from €371,805 to €679,370
- Financial charges +€130,321
up €130,321 (+9.5%), from €1.4m to €1.5m
of which Non-recurring financial charges: +€262,379
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
€2.0m
Gross operating margin
+€778,149
Depreciation
+€646,696
Write-downs
+€39,588
Other operating charges
-€90,363
Financial income
-€2.6m
Financial charges
-€130,321
Taxes
-€307,564
Deferred taxes and other
+€93,811
Result 2025
€484,439
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
+€1.8m
Investment
-€2.1m
Financing
-€178,160
Cash 2024
€1.9m
From operations (derived)
+€1.8m
Net result for the year
+€484,439
Depreciation
+€1.0m
Receivables within one year
-€453,829
Deferred charges and accrued income
+€30,938
Provisions
+€723,393
Trade debts
+€515,006
Tax, wage and social debts
-€520,669
Advances received
+€23,179
Other debts
+€1,862
Accrued charges and deferred income
+€6,766
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
-€178,160
Debts after one year
+€1.3m
Current portion of long-term debt
+€668,987
Contributions, distributions and other
-€2.1m
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,517,398 | €76,573,213 | +€1.1m | +1.4% |
| Fixed assets | 21/28 | €70,804,986 | €71,866,419 | +€1.1m | +1.5% |
| Tangible fixed assets | 22/27 | €63,328,287 | €59,688,659 | -€3.6m | -5.7% |
| Land and buildings | 22 | €63,328,287 | €59,580,287 | -€3.7m | -5.9% |
| Furniture and vehicles | 24 | - | €108,372 | +€108,372 | |
| Financial fixed assets | 28 | €7,476,699 | €12,177,760 | +€4.7m | +62.9% |
| Current assets | 29/58 | €4,712,412 | €4,706,794 | -€5,618 | -0.1% |
| Amounts receivable within one year | 40/41 | €2,677,533 | €3,131,362 | +€453,829 | +16.9% |
| Trade receivables | 40 | €1,417,410 | €261,689 | -€1.2m | -81.5% |
| Other amounts receivable | 41 | €1,260,122 | €2,869,673 | +€1.6m | +127.7% |
| Cash at bank and in hand | 54/58 | €1,926,552 | €1,498,043 | -€428,509 | -22.2% |
| Deferred charges and accrued income | 490/1 | €108,327 | €77,389 | -€30,938 | -28.6% |
| Total equity and liabilities | 10/49 | €75,517,398 | €76,573,213 | +€1.1m | +1.4% |
| Equity | 10/15 | €31,440,153 | €29,796,725 | -€1.6m | -5.2% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €7,969,323 | €5,841,456 | -€2.1m | -26.7% |
| Reserves | 13 | €15,977,076 | €15,479,500 | -€497,576 | -3.1% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,677,076 | €15,179,500 | -€497,576 | -3.2% |
| Profit (loss) carried forward | 14 | €4,493,754 | €5,475,769 | +€982,015 | +21.9% |
| Provisions and deferred taxes | 16 | €3,267,288 | €3,990,681 | +€723,393 | +22.1% |
| Deferred taxes | 168 | €3,267,288 | €3,990,681 | +€723,393 | +22.1% |
| Amounts payable | 17/49 | €40,809,956 | €42,785,808 | +€2.0m | +4.8% |
| Amounts payable after more than one year | 17 | €34,779,038 | €36,059,759 | +€1.3m | +3.7% |
| Financial debts | 170/4 | €34,491,386 | €35,782,017 | +€1.3m | +3.7% |
| Other amounts payable | 178/9 | €287,651 | €277,742 | -€9,909 | -3.4% |
| Amounts payable within one year | 42/48 | €6,024,990 | €6,713,355 | +€688,365 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €5,108,397 | €5,777,384 | +€668,987 | +13.1% |
| Trade debts | 44 | €223,576 | €738,582 | +€515,006 | +230.3% |
| Suppliers | 440/4 | €223,576 | €738,582 | +€515,006 | +230.3% |
| Advances received on contracts in progress | 46 | - | €23,179 | +€23,179 | |
| Taxes, remuneration and social security | 45 | €690,839 | €170,170 | -€520,669 | -75.4% |
| Taxes | 450/3 | €690,839 | €170,170 | -€520,669 | -75.4% |
| Other amounts payable | 47/48 | €2,178 | €4,040 | +€1,862 | +85.5% |
| Accrued charges and deferred income | 492/3 | €5,928 | €12,694 | +€6,766 | +114.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,668,056 | €1,021,361 | -€646,696 | -38.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,188 | €1,600 | -€39,588 | -96.1% |
| Other operating charges | 640/8 | €468,848 | €559,211 | +€90,363 | +19.3% |
| Gross operating margin | 9900 | €3,080,387 | €3,858,536 | +€778,149 | +25.3% |
| Operating profit (loss) | 9901 | €902,294 | €2,276,365 | +€1.4m | +152.3% |
| Financial income | 75/76B | €2,943,519 | €367,482 | -€2.6m | -87.5% |
| Recurring financial income | 75 | €2,943,519 | €367,482 | -€2.6m | -87.5% |
| Financial charges | 65/66B | €1,370,757 | €1,501,078 | +€130,321 | +9.5% |
| Recurring financial charges | 65 | €1,370,757 | €1,238,699 | -€132,059 | -9.6% |
| Non-recurring financial charges | 66B | - | €262,379 | +€262,379 | |
| Profit (loss) for the period before taxes | 9903 | €2,475,056 | €1,142,769 | -€1.3m | -53.8% |
| Transfer from deferred taxes | 780 | €158,037 | €275,894 | +€117,857 | +74.6% |
| Transfer to deferred taxes | 680 | €230,808 | €254,854 | +€24,046 | +10.4% |
| Income taxes | 67/77 | €371,805 | €679,370 | +€307,564 | +82.7% |
| Profit (loss) for the period | 9904 | €2,030,480 | €484,439 | -€1.5m | -76.1% |
| Transfer from tax-exempt reserves | 789 | €1,673,365 | €1,630,180 | -€43,186 | -2.6% |
| Transfer to tax-exempt reserves | 689 | €3,620,392 | €1,132,604 | -€2.5m | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,453 | €982,015 | +€898,562 | +1076.7% |
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 9 October 2026 via checked.be.