BSP-INVEST: what changed
What changed
BSP-INVEST
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
-€44,724
2024 · -€16,877-€27,847
Equity
€176,316
2024 · €218,268-€41,951
Cash
€8,611
2024 · €118,749-€110,138
Balance sheet total
€813,874
2024 · €801,072+€12,802
Largest movements
Assets
- Tangible fixed assets +€121,933
up €121,933 (+17.9%), from €682,179 to €804,111
of which Land and buildings: +€115,489
- Cash -€110,138
down €110,138 (-92.7%), from €118,749 to €8,611
mainly Investment in fixed assets (net) (-€145,931) and Net result for the year (-€44,724)
Equity and liabilities
- Other debts +€72,747
up €72,747 (+129%), from €56,544 to €129,291
- Profit (loss) carried forward -€36,258
down €36,258 (-107%), from -€33,828 to -€70,087
- Debts after one year -€18,903
down €18,903 (-4.3%), from €436,084 to €417,181
- Reserves -€8,465
down €8,465 (-3.5%), from €239,696 to €231,231
Income statement
- Gross operating margin -€30,414
down €30,414, from €18,187 to -€12,227
- Depreciation +€4,145
up €4,145 (+20.9%), from €19,854 to €23,998
- Other operating charges +€835
up €835 (+35.8%), from €2,335 to €3,170
- Financial charges -€361
down €361 (-4.2%), from €8,525 to €8,164
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
-€16,877
Gross operating margin
-€30,414
Depreciation
-€4,145
Other operating charges
-€835
Financial income
+€14
Financial charges
+€361
Deferred taxes and other
+€7,173
Result 2025
-€44,724
raises the resultlowers the resultnot broken down further in the accounts
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
+€51,467
Investment
-€145,931
Financing
-€15,674
Cash 2024
€118,749
From operations (derived)
+€51,467
Net result for the year
-€44,724
Depreciation
+€23,998
Receivables within one year
-€1,000
Deferred charges and accrued income
-€7
Provisions
-€2,822
Trade debts
+€1,692
Tax, wage and social debts
+€1,582
Other debts
+€72,747
Investment (derived)
-€145,931
Investment in fixed assets (net)
-€145,931
Financing
-€15,674
Debts after one year
-€18,903
Current portion of long-term debt
+€457
Contributions, distributions and other
+€2,772
Cash 2025
€8,611
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €801,072 | €813,874 | +€12,802 | +1.6% |
| Fixed assets | 21/28 | €682,179 | €804,111 | +€121,933 | +17.9% |
| Tangible fixed assets | 22/27 | €682,179 | €804,111 | +€121,933 | +17.9% |
| Land and buildings | 22 | €681,965 | €797,453 | +€115,489 | +16.9% |
| Plant, machinery and equipment | 23 | €214 | - | -€214 | |
| Furniture and vehicles | 24 | - | €6,658 | +€6,658 | |
| Current assets | 29/58 | €118,894 | €9,762 | -€109,131 | -91.8% |
| Amounts receivable within one year | 40/41 | - | €1,000 | +€1,000 | |
| Trade receivables | 40 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €118,749 | €8,611 | -€110,138 | -92.7% |
| Deferred charges and accrued income | 490/1 | €145 | €152 | +€7 | +4.7% |
| Total equity and liabilities | 10/49 | €801,072 | €813,874 | +€12,802 | +1.6% |
| Equity | 10/15 | €218,268 | €176,316 | -€41,951 | -19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €239,696 | €231,231 | -€8,465 | -3.5% |
| Tax-exempt reserves | 132 | €239,696 | €231,231 | -€8,465 | -3.5% |
| Profit (loss) carried forward | 14 | -€33,828 | -€70,087 | -€36,258 | -107% |
| Investment grants | 15 | - | €2,772 | +€2,772 | |
| Provisions and deferred taxes | 16 | €79,010 | €76,188 | -€2,822 | -3.6% |
| Deferred taxes | 168 | €79,010 | €76,188 | -€2,822 | -3.6% |
| Amounts payable | 17/49 | €503,795 | €561,370 | +€57,575 | +11.4% |
| Amounts payable after more than one year | 17 | €436,084 | €417,181 | -€18,903 | -4.3% |
| Financial debts | 170/4 | €436,084 | €417,181 | -€18,903 | -4.3% |
| Amounts payable within one year | 42/48 | €67,711 | €144,189 | +€76,478 | +113% |
| Current portion of amounts payable after more than one year | 42 | €10,426 | €10,883 | +€457 | +4.4% |
| Trade debts | 44 | - | €1,692 | +€1,692 | |
| Suppliers | 440/4 | - | €1,692 | +€1,692 | |
| Taxes, remuneration and social security | 45 | €741 | €2,323 | +€1,582 | +213% |
| Taxes | 450/3 | €741 | €2,323 | +€1,582 | +213% |
| Other amounts payable | 47/48 | €56,544 | €129,291 | +€72,747 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,854 | €23,998 | +€4,145 | +20.9% |
| Other operating charges | 640/8 | €2,335 | €3,170 | +€835 | +35.8% |
| Gross operating margin | 9900 | €18,187 | -€12,227 | -€30,414 | |
| Operating profit (loss) | 9901 | -€4,001 | -€39,395 | -€35,394 | -885% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €8,525 | €8,164 | -€361 | -4.2% |
| Recurring financial charges | 65 | €8,525 | €8,164 | -€361 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€12,526 | -€47,545 | -€35,019 | -280% |
| Transfer from deferred taxes | 780 | €2,822 | €2,822 | = | 0.0% |
| Transfer to deferred taxes | 680 | €7,173 | - | -€7,173 | |
| Profit (loss) for the period | 9904 | -€16,877 | -€44,724 | -€27,847 | -165% |
| Transfer from tax-exempt reserves | 789 | €8,465 | €8,465 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,412 | -€36,258 | -€27,847 | -331% |
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 2 November 2026 via checked.be.