BR38: what changed
What changed
BR38
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€20,536
2024 · €17,887+€2,649
Equity
€187,044
2024 · €166,508+€20,536
Cash
€707
2024 · €562+€145
Balance sheet total
€1.2m
2024 · €1.2m-€32,136
Largest movements
Assets
- Tangible fixed assets -€27,587
down €27,587 (-2.3%), from €1.2m to €1.2m
of which Land and buildings: -€26,163
Equity and liabilities
- Debts after one year -€52,036
down €52,036 (-5.6%), from €930,530 to €878,495
- Profit (loss) carried forward +€20,536
up €20,536 (+24.6%), from -€83,492 to -€62,956
Income statement
- Gross operating margin +€5,422
up €5,422 (+7.6%), from €71,008 to €76,430
- Depreciation +€2,644
up €2,644 (+8.7%), from €30,346 to €32,991
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€17,887
Gross operating margin
+€5,422
Depreciation
-€2,644
Other operating charges
-€68
Financial income
-€0
Financial charges
-€60
Result 2025
€20,536
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€56,641
Investment
-€5,404
Financing
-€51,092
Cash 2024
€562
From operations (derived)
+€56,641
Net result for the year
+€20,536
Depreciation
+€32,991
Receivables within one year
+€4,694
Trade debts
+€61
Other debts
-€1,641
Investment (derived)
-€5,404
Investment in fixed assets (net)
-€5,404
Financing
-€51,092
Debts after one year
-€52,036
Current portion of long-term debt
+€944
Cash 2025
€707
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,194,603 | €1,162,468 | -€32,136 | -2.7% |
| Fixed assets | 21/28 | €1,180,408 | €1,152,821 | -€27,587 | -2.3% |
| Tangible fixed assets | 22/27 | €1,180,408 | €1,152,821 | -€27,587 | -2.3% |
| Land and buildings | 22 | €1,171,068 | €1,144,906 | -€26,163 | -2.2% |
| Plant, machinery and equipment | 23 | €7,695 | €6,664 | -€1,031 | -13.4% |
| Furniture and vehicles | 24 | €1,645 | €1,252 | -€393 | -23.9% |
| Current assets | 29/58 | €14,195 | €9,646 | -€4,549 | -32.0% |
| Amounts receivable within one year | 40/41 | €13,633 | €8,940 | -€4,694 | -34.4% |
| Other amounts receivable | 41 | €13,633 | €8,940 | -€4,694 | -34.4% |
| Cash at bank and in hand | 54/58 | €562 | €707 | +€145 | +25.8% |
| Total equity and liabilities | 10/49 | €1,194,603 | €1,162,468 | -€32,136 | -2.7% |
| Equity | 10/15 | €166,508 | €187,044 | +€20,536 | +12.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,492 | -€62,956 | +€20,536 | +24.6% |
| Amounts payable | 17/49 | €1,028,095 | €975,424 | -€52,671 | -5.1% |
| Amounts payable after more than one year | 17 | €930,530 | €878,495 | -€52,036 | -5.6% |
| Financial debts | 170/4 | €930,530 | €878,495 | -€52,036 | -5.6% |
| Amounts payable within one year | 42/48 | €97,564 | €96,929 | -€635 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €51,092 | €52,036 | +€944 | +1.8% |
| Trade debts | 44 | €85 | €146 | +€61 | +72.0% |
| Suppliers | 440/4 | €85 | €146 | +€61 | +72.0% |
| Other amounts payable | 47/48 | €46,388 | €44,747 | -€1,641 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,346 | €32,991 | +€2,644 | +8.7% |
| Other operating charges | 640/8 | €5,208 | €5,276 | +€68 | +1.3% |
| Gross operating margin | 9900 | €71,008 | €76,430 | +€5,422 | +7.6% |
| Operating profit (loss) | 9901 | €35,454 | €38,163 | +€2,709 | +7.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €17,567 | €17,627 | +€60 | +0.3% |
| Recurring financial charges | 65 | €17,567 | €17,627 | +€60 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €17,887 | €20,536 | +€2,649 | +14.8% |
| Profit (loss) for the period | 9904 | €17,887 | €20,536 | +€2,649 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,887 | €20,536 | +€2,649 | +14.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.