BN 4: 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
BN 4
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€952,600
2024 · €637,691+€314,910
Equity
€4.0m
2024 · €3.0m+€952,600
Cash
€96,030
2024 · €111,693-€15,662
Balance sheet total
€22.3m
2024 · €23.2m-€975,082
Largest movements
Assets
- Tangible fixed assets -€1.4m
down €1.4m (-7.0%), from €19.7m to €18.3m
of which Land and buildings: -€1.4m
- Receivables after one year +€474,886
up €474,886 (+17.9%), from €2.6m to €3.1m
of which Other amounts receivable: +€541,222
Equity and liabilities
- Debts after one year -€3.5m
down €3.5m (-46.3%), from €7.5m to €4.0m
of which Financial debts: -€3.5m
- Short-term financial debts +€2.2m
up €2.2m (+22.7%), from €9.7m to €11.9m
of which Credit institutions: +€2.2m
- Profit (loss) carried forward +€970,105
up €970,105 (+39.4%), from €2.5m to €3.4m
- Trade debts -€407,022
down €407,022 (-30.3%), from €1.3m to €936,348
Income statement
- Gross operating margin +€319,940
up €319,940 (+8.4%), from €3.8m to €4.1m
- Write-downs -€182,917
down €182,917 (-65.0%), from €281,463 to €98,546
- Other operating charges +€179,547
up €179,547 (+53.6%), from €335,245 to €514,792
- Taxes +€134,655
up €134,655 (+63.4%), from €212,272 to €346,927
- Financial charges -€114,121
down €114,121 (-17.2%), from €663,557 to €549,436
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
€637,691
Gross operating margin
+€319,940
Depreciation
-€5,942
Write-downs
+€182,917
Other operating charges
-€179,547
Other operating items
+€100
Financial income
+€17,975
Financial charges
+€114,121
Taxes
-€134,655
Result 2025
€952,600
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.7m
Investment
-€307,695
Financing
-€1.4m
Cash 2024
€111,693
From operations (derived)
+€1.7m
Net result for the year
+€952,600
Depreciation
+€1.7m
Receivables after one year
-€474,886
Receivables within one year
+€45,178
Smaller working-capital items
+€3,083
Trade debts
-€407,022
Tax, wage and social debts
-€115,691
Accrued charges and deferred income
+€16,691
Investment (derived)
-€307,695
Investment in fixed assets (net)
-€307,695
Financing
-€1.4m
Debts after one year
-€3.5m
Current portion of long-term debt
-€135,876
Short-term financial debts
+€2.2m
Cash 2025
€96,030
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,234,514 | €22,259,431 | -€975,082 | -4.2% |
| Fixed assets | 21/28 | €19,806,815 | €18,422,848 | -€1.4m | -7.0% |
| Tangible fixed assets | 22/27 | €19,729,896 | €18,345,929 | -€1.4m | -7.0% |
| Land and buildings | 22 | €19,610,144 | €18,251,254 | -€1.4m | -6.9% |
| Plant, machinery and equipment | 23 | €3,549 | €13,178 | +€9,629 | +271% |
| Furniture and vehicles | 24 | €116,203 | €81,497 | -€34,706 | -29.9% |
| Financial fixed assets | 28 | €76,919 | €76,919 | = | 0.0% |
| Current assets | 29/58 | €3,427,699 | €3,836,583 | +€408,885 | +11.9% |
| Amounts receivable after more than one year | 29 | €2,649,836 | €3,124,721 | +€474,886 | +17.9% |
| Trade receivables | 290 | €66,337 | - | -€66,337 | |
| Other amounts receivable | 291 | €2,583,499 | €3,124,721 | +€541,222 | +20.9% |
| Amounts receivable within one year | 40/41 | €625,227 | €580,049 | -€45,178 | -7.2% |
| Trade receivables | 40 | €485,263 | €400,902 | -€84,362 | -17.4% |
| Other amounts receivable | 41 | €139,964 | €179,148 | +€39,184 | +28.0% |
| Cash at bank and in hand | 54/58 | €111,693 | €96,030 | -€15,662 | -14.0% |
| Deferred charges and accrued income | 490/1 | €40,943 | €35,782 | -€5,161 | -12.6% |
| Total equity and liabilities | 10/49 | €23,234,514 | €22,259,431 | -€975,082 | -4.2% |
| Equity | 10/15 | €3,042,261 | €3,994,862 | +€952,600 | +31.3% |
| Contributions | 10/11 | €342,000 | €342,000 | = | 0.0% |
| Capital | 10 | €342,000 | €342,000 | = | 0.0% |
| Issued capital | 100 | €342,000 | €342,000 | = | 0.0% |
| Reserves | 13 | €235,505 | €218,000 | -€17,505 | -7.4% |
| Non-distributable reserves | 130/1 | €34,200 | €34,200 | = | 0.0% |
| Legal reserve | 130 | €34,200 | €34,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €201,305 | €183,800 | -€17,505 | -8.7% |
| Profit (loss) carried forward | 14 | €2,464,757 | €3,434,862 | +€970,105 | +39.4% |
| Provisions and deferred taxes | 16 | €67,102 | €61,267 | -€5,835 | -8.7% |
| Deferred taxes | 168 | €67,102 | €61,267 | -€5,835 | -8.7% |
| Amounts payable | 17/49 | €20,125,151 | €18,203,303 | -€1.9m | -9.5% |
| Amounts payable after more than one year | 17 | €7,516,649 | €4,037,364 | -€3.5m | -46.3% |
| Financial debts | 170/4 | €7,456,406 | €3,977,186 | -€3.5m | -46.7% |
| Other amounts payable | 178/9 | €60,243 | €60,178 | -€65 | -0.1% |
| Amounts payable within one year | 42/48 | €12,558,351 | €14,099,097 | +€1.5m | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €1,047,812 | €911,936 | -€135,876 | -13.0% |
| Financial debts | 43 | €9,692,904 | €11,888,482 | +€2.2m | +22.7% |
| Credit institutions | 430/8 | €9,644,452 | €11,837,788 | +€2.2m | +22.7% |
| Other loans | 439 | €48,452 | €50,694 | +€2,242 | +4.6% |
| Trade debts | 44 | €1,343,370 | €936,348 | -€407,022 | -30.3% |
| Suppliers | 440/4 | €1,343,370 | €936,348 | -€407,022 | -30.3% |
| Advances received on contracts in progress | 46 | €166,138 | €169,382 | +€3,244 | +2.0% |
| Taxes, remuneration and social security | 45 | €308,127 | €192,436 | -€115,691 | -37.5% |
| Taxes | 450/3 | €308,127 | €192,436 | -€115,691 | -37.5% |
| Other amounts payable | 47/48 | - | €514 | +€514 | |
| Accrued charges and deferred income | 492/3 | €50,151 | €66,842 | +€16,691 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,685,720 | €1,691,662 | +€5,942 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €281,463 | €98,546 | -€182,917 | -65.0% |
| Other operating charges | 640/8 | €335,245 | €514,792 | +€179,547 | +53.6% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €3,797,131 | €4,117,071 | +€319,940 | +8.4% |
| Operating profit (loss) | 9901 | €1,494,602 | €1,812,071 | +€317,468 | +21.2% |
| Financial income | 75/76B | €13,083 | €31,058 | +€17,975 | +137% |
| Recurring financial income | 75 | €13,083 | €31,058 | +€17,975 | +137% |
| Financial charges | 65/66B | €663,557 | €549,436 | -€114,121 | -17.2% |
| Recurring financial charges | 65 | €663,557 | €549,436 | -€114,121 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €844,128 | €1,293,693 | +€449,564 | +53.3% |
| Transfer from deferred taxes | 780 | €5,835 | €5,835 | -€0 | 0.0% |
| Income taxes | 67/77 | €212,272 | €346,927 | +€134,655 | +63.4% |
| Profit (loss) for the period | 9904 | €637,691 | €952,600 | +€314,910 | +49.4% |
| Transfer from tax-exempt reserves | 789 | €17,505 | €17,505 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €655,196 | €970,105 | +€314,910 | +48.1% |
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 13 October 2026 via checked.be.