BTL IMMO: 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
BTL IMMO
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,488
2024 · -€118,065+€122,553
Equity
€640,880
2024 · €636,392+€4,488
Cash
€70,384
2024 · €65,406+€4,978
Balance sheet total
€4.2m
2024 · €4.4m-€159,273
Largest movements
Assets
- Tangible fixed assets -€162,954
down €162,954 (-3.8%), from €4.3m to €4.1m
Equity and liabilities
- Debts after one year -€165,214
down €165,214 (-7.2%), from €2.3m to €2.1m
Income statement
- Gross operating margin +€178,188
up €178,188 (+80.7%), from €220,904 to €399,092
- Financial charges +€41,290
up €41,290 (+29.5%), from €140,006 to €181,296
- Depreciation +€12,976
up €12,976 (+7.4%), from €175,623 to €188,598
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
-€118,065
Gross operating margin
+€178,188
Depreciation
-€12,976
Other operating charges
-€969
Financial income
-€401
Financial charges
-€41,290
Result 2025
€4,488
raises the resultlowers the result
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
+€205,321
Investment
-€25,644
Financing
-€174,699
Cash 2024
€65,406
From operations (derived)
+€205,321
Net result for the year
+€4,488
Depreciation
+€188,598
Receivables within one year
+€4,001
Deferred charges and accrued income
-€2,703
Trade debts
-€18,260
Tax, wage and social debts
+€4,184
Other debts
+€24,501
Accrued charges and deferred income
+€512
Investment (derived)
-€25,644
Investment in fixed assets (net)
-€25,644
Financing
-€174,699
Debts after one year
-€165,214
Current portion of long-term debt
-€9,484
Cash 2025
€70,384
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,369,421 | €4,210,147 | -€159,273 | -3.6% |
| Fixed assets | 21/28 | €4,296,668 | €4,133,714 | -€162,954 | -3.8% |
| Tangible fixed assets | 22/27 | €4,289,168 | €4,126,214 | -€162,954 | -3.8% |
| Land and buildings | 22 | €4,289,168 | €4,126,214 | -€162,954 | -3.8% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €72,753 | €76,433 | +€3,680 | +5.1% |
| Amounts receivable within one year | 40/41 | €4,001 | €0 | -€4,001 | -100% |
| Other amounts receivable | 41 | €4,001 | €0 | -€4,001 | -100% |
| Cash at bank and in hand | 54/58 | €65,406 | €70,384 | +€4,978 | +7.6% |
| Deferred charges and accrued income | 490/1 | €3,346 | €6,049 | +€2,703 | +80.8% |
| Total equity and liabilities | 10/49 | €4,369,421 | €4,210,147 | -€159,273 | -3.6% |
| Equity | 10/15 | €636,392 | €640,880 | +€4,488 | +0.7% |
| Contributions | 10/11 | €430,500 | €430,500 | = | 0.0% |
| Reserves | 13 | €205,892 | €210,380 | +€4,488 | +2.2% |
| Distributable reserves | 133 | €205,892 | €210,380 | +€4,488 | +2.2% |
| Amounts payable | 17/49 | €3,733,028 | €3,569,267 | -€163,761 | -4.4% |
| Amounts payable after more than one year | 17 | €2,296,753 | €2,131,538 | -€165,214 | -7.2% |
| Financial debts | 170/4 | €2,296,753 | €2,131,538 | -€165,214 | -7.2% |
| Amounts payable within one year | 42/48 | €1,404,420 | €1,405,362 | +€942 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €170,899 | €161,414 | -€9,484 | -5.5% |
| Trade debts | 44 | €18,488 | €228 | -€18,260 | -98.8% |
| Suppliers | 440/4 | €18,488 | €228 | -€18,260 | -98.8% |
| Taxes, remuneration and social security | 45 | €21,481 | €25,666 | +€4,184 | +19.5% |
| Taxes | 450/3 | €21,481 | €25,666 | +€4,184 | +19.5% |
| Other amounts payable | 47/48 | €1,193,552 | €1,218,053 | +€24,501 | +2.1% |
| Accrued charges and deferred income | 492/3 | €31,856 | €32,368 | +€512 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,623 | €188,598 | +€12,976 | +7.4% |
| Other operating charges | 640/8 | €23,742 | €24,711 | +€969 | +4.1% |
| Gross operating margin | 9900 | €220,904 | €399,092 | +€178,188 | +80.7% |
| Operating profit (loss) | 9901 | €21,540 | €185,783 | +€164,244 | +763% |
| Financial income | 75/76B | €401 | €0 | -€401 | -100% |
| Recurring financial income | 75 | €401 | €0 | -€401 | -100% |
| Financial charges | 65/66B | €140,006 | €181,296 | +€41,290 | +29.5% |
| Recurring financial charges | 65 | €140,006 | €181,296 | +€41,290 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | -€118,065 | €4,488 | +€122,553 | |
| Profit (loss) for the period | 9904 | -€118,065 | €4,488 | +€122,553 | |
| Profit (loss) for the period to be appropriated | 9905 | -€118,065 | €4,488 | +€122,553 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.