By Charlie: what changed
What changed
By Charlie
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€107,411
2024 · €27,238+€80,172
Equity
€459,187
2024 · €351,776+€107,411
Cash
€343,243
2024 · €398,358-€55,115
Balance sheet total
€4.7m
2024 · €5.8m-€1.2m
Largest movements
Assets
- Financial fixed assets -€864,791
down €864,791 (-17.9%), from €4.8m to €4.0m
- Receivables within one year -€200,957
down €200,957 (-54.3%), from €369,918 to €168,961
of which Trade receivables: -€205,303
Equity and liabilities
- Debts after one year -€1.3m
down €1.3m (-24.5%), from €5.4m to €4.1m
- Reserves +€107,411
up €107,411 (+42.5%), from €252,776 to €360,187
- Tax, wage and social debts +€65,720
up €65,720 (+1,648%), from €3,988 to €69,708
Income statement
- Financial income +€106,750
up €106,750 (+76.6%), from €139,275 to €246,025
- Financial charges +€95,742
up €95,742 (+78.6%), from €121,750 to €217,492
- Gross operating margin +€67,930
up €67,930 (+593%), from €11,450 to €79,380
- Other operating charges -€907
down €907 (-98.9%), from €917 to €10
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
€27,238
Gross operating margin
+€67,930
Depreciation
+€328
Other operating charges
+€907
Financial income
+€106,750
Financial charges
-€95,742
Result 2025
€107,411
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
+€396,283
Investment
+€864,791
Financing
-€1.3m
Cash 2024
€398,358
From operations (derived)
+€396,283
Net result for the year
+€107,411
Depreciation
+€492
Stocks and contracts
+€31,192
Receivables within one year
+€200,957
Deferred charges and accrued income
+€304
Trade debts
-€14,884
Tax, wage and social debts
+€65,720
Accrued charges and deferred income
+€5,091
Investment (derived)
+€864,791
Investment in fixed assets (net)
+€864,791
Financing
-€1.3m
Debts after one year
-€1.3m
Cash 2025
€343,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,817,186 | €4,664,334 | -€1.2m | -19.8% |
| Fixed assets | 21/28 | €4,844,345 | €3,979,061 | -€865,283 | -17.9% |
| Tangible fixed assets | 22/27 | €829 | €337 | -€492 | -59.3% |
| Plant, machinery and equipment | 23 | €829 | €337 | -€492 | -59.3% |
| Financial fixed assets | 28 | €4,843,515 | €3,978,724 | -€864,791 | -17.9% |
| Current assets | 29/58 | €972,841 | €685,272 | -€287,569 | -29.6% |
| Stocks and contracts in progress | 3 | €204,261 | €173,068 | -€31,192 | -15.3% |
| Stocks | 30/36 | €204,261 | €173,068 | -€31,192 | -15.3% |
| Amounts receivable within one year | 40/41 | €369,918 | €168,961 | -€200,957 | -54.3% |
| Trade receivables | 40 | €360,316 | €155,013 | -€205,303 | -57.0% |
| Other amounts receivable | 41 | €9,601 | €13,948 | +€4,347 | +45.3% |
| Cash at bank and in hand | 54/58 | €398,358 | €343,243 | -€55,115 | -13.8% |
| Deferred charges and accrued income | 490/1 | €304 | - | -€304 | |
| Total equity and liabilities | 10/49 | €5,817,186 | €4,664,334 | -€1.2m | -19.8% |
| Equity | 10/15 | €351,776 | €459,187 | +€107,411 | +30.5% |
| Contributions | 10/11 | €99,000 | €99,000 | = | 0.0% |
| Reserves | 13 | €252,776 | €360,187 | +€107,411 | +42.5% |
| Distributable reserves | 133 | €252,776 | €360,187 | +€107,411 | +42.5% |
| Amounts payable | 17/49 | €5,465,410 | €4,205,147 | -€1.3m | -23.1% |
| Amounts payable after more than one year | 17 | €5,370,000 | €4,053,811 | -€1.3m | -24.5% |
| Financial debts | 170/4 | €5,370,000 | €4,053,811 | -€1.3m | -24.5% |
| Amounts payable within one year | 42/48 | €52,759 | €103,595 | +€50,836 | +96.4% |
| Trade debts | 44 | €48,771 | €33,887 | -€14,884 | -30.5% |
| Suppliers | 440/4 | €48,771 | €33,887 | -€14,884 | -30.5% |
| Taxes, remuneration and social security | 45 | €3,988 | €69,708 | +€65,720 | +1,648% |
| Taxes | 450/3 | €3,988 | €69,708 | +€65,720 | +1,648% |
| Accrued charges and deferred income | 492/3 | €42,651 | €47,742 | +€5,091 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €820 | €492 | -€328 | -40.0% |
| Other operating charges | 640/8 | €917 | €10 | -€907 | -98.9% |
| Gross operating margin | 9900 | €11,450 | €79,380 | +€67,930 | +593% |
| Operating profit (loss) | 9901 | €9,713 | €78,878 | +€69,165 | +712% |
| Financial income | 75/76B | €139,275 | €246,025 | +€106,750 | +76.6% |
| Recurring financial income | 75 | €139,275 | €246,025 | +€106,750 | +76.6% |
| Financial charges | 65/66B | €121,750 | €217,492 | +€95,742 | +78.6% |
| Recurring financial charges | 65 | €121,750 | €217,492 | +€95,742 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €27,238 | €107,411 | +€80,172 | +294% |
| Profit (loss) for the period | 9904 | €27,238 | €107,411 | +€80,172 | +294% |
| Profit (loss) for the period to be appropriated | 9905 | €27,238 | €107,411 | +€80,172 | +294% |
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 1 November 2026 via checked.be.