BRUSSELS DEVELOPMENT COMPANY: 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
BRUSSELS DEVELOPMENT COMPANY
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€338,641
2024 · €513,800-€175,160
Equity
€569,684
2024 · €296,043+€273,641
Cash
€7,066
2024 · €755,528-€748,462
Balance sheet total
€8.4m
2024 · €8.9m-€500,380
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+3,984%), from €47,709 to €1.9m
of which Leasing and similar rights: +€1.9m
- Stocks and contracts -€1.1m
down €1.1m (-15.6%), from €7.0m to €5.9m
- Cash -€748,462
down €748,462 (-99.1%), from €755,528 to €7,066
mainly Trade debts (-€3.1m) and Investment in fixed assets (net) (-€1.9m)
- Receivables within one year -€539,832
down €539,832 (-47.9%), from €1.1m to €587,837
of which Trade receivables: -€538,556
Equity and liabilities
- Trade debts -€3.1m
down €3.1m (-56.0%), from €5.6m to €2.5m
- Debts after one year +€2.7m
up €2.7m (+116%), from €2.4m to €5.1m
- Advances received -€446,099
down €446,099 (-68.4%), from €652,521 to €206,421
- Profit (loss) carried forward +€256,709
up €256,709 (+587%), from €43,741 to €300,450
Income statement
- Turnover -€33.9m
no longer reported in 2025 (was €33.9m)
- Goods and materials -€18.5m
no longer reported in 2025 (was €18.5m)
- Gross operating margin +€981,006
new in 2025: €981,006
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
€513,800
Turnover
-€33.9m
Other operating income
-€5,633
Goods and materials
+€18.5m
Services and other goods
+€200,437
Staff costs
+€51,164
Depreciation
-€7,723
Write-downs
+€129,383
Other operating charges
+€11,798
Other operating items
+€14.9m
Financial income
-€5,700
Financial charges
+€5,179
Taxes
-€95,246
Result 2025
€338,641
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
-€1.5m
Investment
-€1.9m
Financing
+€2.7m
Cash 2024
€755,528
From operations (derived)
-€1.5m
Net result for the year
+€338,641
Depreciation
+€16,757
Stocks and contracts
+€1.1m
Receivables within one year
+€539,832
Deferred charges and accrued income
+€25,890
Trade debts
-€3.1m
Advances received
-€446,099
Other debts
+€65,000
Accrued charges and deferred income
-€893
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€1.9m
Financing
+€2.7m
Debts after one year
+€2.7m
Contributions, distributions and other
-€65,000
Cash 2025
€7,066
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,921,015 | €8,420,635 | -€500,380 | -5.6% |
| Fixed assets | 21/28 | €50,709 | €1,951,332 | +€1.9m | +3,748% |
| Tangible fixed assets | 22/27 | €47,709 | €1,948,332 | +€1.9m | +3,984% |
| Plant, machinery and equipment | 23 | €0 | €764 | +€764 | |
| Furniture and vehicles | 24 | €47,709 | €36,363 | -€11,346 | -23.8% |
| Leasing and similar rights | 25 | - | €1,911,204 | +€1.9m | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €3,000 | - | -€3,000 | |
| Shares | 284 | €3,000 | - | -€3,000 | |
| Current assets | 29/58 | €8,870,307 | €6,469,303 | -€2.4m | -27.1% |
| Stocks and contracts in progress | 3 | €6,958,720 | €5,871,900 | -€1.1m | -15.6% |
| Stocks | 30/36 | €6,958,720 | €5,871,900 | -€1.1m | -15.6% |
| Work in progress | 32 | €5,281,032 | - | -€5.3m | |
| Property held for sale | 35 | €1,677,688 | - | -€1.7m | |
| Amounts receivable within one year | 40/41 | €1,127,669 | €587,837 | -€539,832 | -47.9% |
| Trade receivables | 40 | €642,495 | €103,939 | -€538,556 | -83.8% |
| Other amounts receivable | 41 | €485,174 | €483,898 | -€1,275 | -0.3% |
| Cash at bank and in hand | 54/58 | €755,528 | €7,066 | -€748,462 | -99.1% |
| Deferred charges and accrued income | 490/1 | €28,390 | €2,500 | -€25,890 | -91.2% |
| Total equity and liabilities | 10/49 | €8,921,015 | €8,420,635 | -€500,380 | -5.6% |
| Equity | 10/15 | €296,043 | €569,684 | +€273,641 | +92.4% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,302 | €19,234 | +€16,932 | +735% |
| Non-distributable reserves | 130/1 | €2,302 | €19,234 | +€16,932 | +735% |
| Legal reserve | 130 | €2,302 | €19,234 | +€16,932 | +735% |
| Profit (loss) carried forward | 14 | €43,741 | €300,450 | +€256,709 | +587% |
| Amounts payable | 17/49 | €8,624,972 | €7,850,951 | -€774,021 | -9.0% |
| Amounts payable after more than one year | 17 | €2,361,001 | €5,109,118 | +€2.7m | +116% |
| Other amounts payable | 178/9 | €2,361,001 | €5,109,118 | +€2.7m | +116% |
| Amounts payable within one year | 42/48 | €6,263,078 | €2,741,834 | -€3.5m | -56.2% |
| Trade debts | 44 | €5,610,557 | €2,470,412 | -€3.1m | -56.0% |
| Suppliers | 440/4 | €5,610,557 | €2,470,412 | -€3.1m | -56.0% |
| Advances received on contracts in progress | 46 | €652,521 | €206,421 | -€446,099 | -68.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €65,000 | +€65,000 | |
| Accrued charges and deferred income | 492/3 | €893 | €0 | -€893 | -100% |
| Operating income | 70/76A | €19,470,968 | - | -€19.5m | |
| Turnover | 70 | €33,882,795 | - | -€33.9m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€14,417,460 | - | +€14.4m | |
| Other operating income | 74 | €5,633 | - | -€5,633 | |
| Operating charges | 60/66A | €18,897,620 | - | -€18.9m | |
| Goods for resale, raw materials and consumables | 60 | €18,492,965 | - | -€18.5m | |
| Purchases | 600/8 | €18,492,965 | - | -€18.5m | |
| Services and other goods | 61 | €200,437 | - | -€200,437 | |
| Remuneration, social security and pensions | 62 | €52,515 | €1,352 | -€51,164 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,034 | €16,757 | +€7,723 | +85.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €129,383 | €0 | -€129,383 | -100% |
| Other operating charges | 640/8 | €13,286 | €1,488 | -€11,798 | -88.8% |
| Non-recurring operating charges | 66A | - | €467,455 | +€467,455 | |
| Gross operating margin | 9900 | - | €981,006 | +€981,006 | |
| Operating profit (loss) | 9901 | €573,347 | €493,955 | -€79,392 | -13.8% |
| Financial income | 75/76B | €6,815 | €1,115 | -€5,700 | -83.6% |
| Recurring financial income | 75 | €6,815 | €1,115 | -€5,700 | -83.6% |
| Income from financial fixed assets | 750 | €5,158 | - | -€5,158 | |
| Other financial income | 752/9 | €1,657 | - | -€1,657 | |
| Financial charges | 65/66B | €40,121 | €34,942 | -€5,179 | -12.9% |
| Recurring financial charges | 65 | €38,921 | €34,942 | -€3,979 | -10.2% |
| Debt charges | 650 | €3,256 | - | -€3,256 | |
| Other financial charges | 652/9 | €35,665 | - | -€35,665 | |
| Non-recurring financial charges | 66B | €1,200 | €0 | -€1,200 | -100% |
| Profit (loss) for the period before taxes | 9903 | €540,042 | €460,128 | -€79,913 | -14.8% |
| Income taxes | 67/77 | €26,241 | €121,488 | +€95,246 | +363% |
| Taxes | 670/3 | €26,241 | - | -€26,241 | |
| Profit (loss) for the period | 9904 | €513,800 | €338,641 | -€175,160 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €513,800 | €338,641 | -€175,160 | -34.1% |
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 27 October 2026 via checked.be.