BV SQUARE: 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
BV SQUARE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€113,011
2024 · €1,274-€114,285
Equity
€2.1m
2024 · €2.2m-€122,205
Cash
€52,152
2024 · €41,300+€10,851
Balance sheet total
€8.8m
2024 · €9.1m-€294,649
Largest movements
Assets
- Tangible fixed assets -€323,438
down €323,438 (-3.6%), from €9.0m to €8.6m
Equity and liabilities
- Debts after one year -€146,884
down €146,884 (-4.2%), from €3.5m to €3.4m
- Profit (loss) carried forward -€113,011
down €113,011 (-45.7%), from €247,539 to €134,528
Income statement
- Other operating charges +€67,245
up €67,245 (+74.8%), from €89,930 to €157,175
- Financial charges +€25,405
up €25,405 (+14.5%), from €175,096 to €200,501
- Gross operating margin -€11,667
down €11,667 (-1.5%), from €756,107 to €744,440
- Depreciation +€10,068
up €10,068 (+2.0%), from €498,901 to €508,969
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
€1,274
Gross operating margin
-€11,667
Depreciation
-€10,068
Other operating charges
-€67,245
Other operating items
+€100
Financial charges
-€25,405
Result 2025
-€113,011
Cash bridge derived
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
+€347,558
Investment
-€203,818
Financing
-€132,889
Cash 2024
€41,300
From operations (derived)
+€347,558
Net result for the year
-€113,011
Depreciation
+€508,969
Receivables within one year
-€2,381
Deferred charges and accrued income
+€2,731
Trade debts
-€686
Tax, wage and social debts
+€12,070
Other debts
-€63,528
Accrued charges and deferred income
+€3,395
Investment (derived)
-€203,818
Investment in fixed assets (net)
-€203,818
Financing
-€132,889
Debts after one year
-€146,884
Current portion of long-term debt
+€23,189
Contributions, distributions and other
-€9,193
Cash 2025
€52,152
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,071,914 | €8,777,265 | -€294,649 | -3.2% |
| Fixed assets | 21/28 | €8,964,979 | €8,659,828 | -€305,151 | -3.4% |
| Intangible fixed assets | 21 | - | €18,287 | +€18,287 | |
| Tangible fixed assets | 22/27 | €8,964,979 | €8,641,541 | -€323,438 | -3.6% |
| Land and buildings | 22 | €8,964,979 | €8,641,541 | -€323,438 | -3.6% |
| Current assets | 29/58 | €106,935 | €117,437 | +€10,502 | +9.8% |
| Amounts receivable within one year | 40/41 | €55,818 | €58,200 | +€2,381 | +4.3% |
| Trade receivables | 40 | €55,818 | €56,623 | +€805 | +1.4% |
| Other amounts receivable | 41 | €0 | €1,577 | +€1,577 | |
| Cash at bank and in hand | 54/58 | €41,300 | €52,152 | +€10,851 | +26.3% |
| Deferred charges and accrued income | 490/1 | €9,816 | €7,086 | -€2,731 | -27.8% |
| Total equity and liabilities | 10/49 | €9,071,914 | €8,777,265 | -€294,649 | -3.2% |
| Equity | 10/15 | €2,188,017 | €2,065,812 | -€122,205 | -5.6% |
| Contributions | 10/11 | €1,550,000 | €1,550,000 | = | 0.0% |
| Capital | 10 | €1,550,000 | €1,550,000 | = | 0.0% |
| Issued capital | 100 | €1,550,000 | €1,550,000 | = | 0.0% |
| Reserves | 13 | €155,000 | €155,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €155,000 | €155,000 | = | 0.0% |
| Legal reserve | 130 | €155,000 | €155,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,539 | €134,528 | -€113,011 | -45.7% |
| Investment grants | 15 | €235,477 | €226,284 | -€9,193 | -3.9% |
| Amounts payable | 17/49 | €6,883,897 | €6,711,453 | -€172,444 | -2.5% |
| Amounts payable after more than one year | 17 | €3,509,715 | €3,362,831 | -€146,884 | -4.2% |
| Financial debts | 170/4 | €3,509,715 | €3,362,831 | -€146,884 | -4.2% |
| Amounts payable within one year | 42/48 | €3,229,306 | €3,200,351 | -€28,955 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €623,695 | €646,884 | +€23,189 | +3.7% |
| Trade debts | 44 | €20,567 | €19,881 | -€686 | -3.3% |
| Suppliers | 440/4 | €20,567 | €19,881 | -€686 | -3.3% |
| Taxes, remuneration and social security | 45 | €3,348 | €15,419 | +€12,070 | +360.5% |
| Taxes | 450/3 | €3,348 | €15,419 | +€12,070 | +360.5% |
| Other amounts payable | 47/48 | €2,581,695 | €2,518,167 | -€63,528 | -2.5% |
| Accrued charges and deferred income | 492/3 | €144,877 | €148,272 | +€3,395 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498,901 | €508,969 | +€10,068 | +2.0% |
| Other operating charges | 640/8 | €89,930 | €157,175 | +€67,245 | +74.8% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €756,107 | €744,440 | -€11,667 | -1.5% |
| Operating profit (loss) | 9901 | €167,176 | €78,296 | -€88,880 | -53.2% |
| Financial income | 75/76B | €9,193 | €9,193 | = | 0.0% |
| Recurring financial income | 75 | €9,193 | €9,193 | = | 0.0% |
| Financial charges | 65/66B | €175,096 | €200,501 | +€25,405 | +14.5% |
| Recurring financial charges | 65 | €175,096 | €200,501 | +€25,405 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €1,274 | -€113,011 | -€114,285 | |
| Profit (loss) for the period | 9904 | €1,274 | -€113,011 | -€114,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,274 | -€113,011 | -€114,285 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.