Calex: 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
Calex
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
€72,762
2024 · €74,628-€1,866
Equity
€368,531
2024 · €295,769+€72,762
Cash
€72,398
2024 · €64,256+€8,142
Balance sheet total
€3.3m
2024 · €3.3m-€73,952
Largest movements
Assets
- Tangible fixed assets -€89,075
down €89,075 (-2.7%), from €3.2m to €3.2m
of which Land and buildings: -€116,111
Equity and liabilities
- Debts after one year -€156,602
down €156,602 (-5.5%), from €2.8m to €2.7m
of which Financial debts: -€146,502
- Reserves +€72,762
up €72,762 (+26.4%), from €275,769 to €348,531
Income statement
- Gross operating margin +€12,382
up €12,382 (+3.1%), from €402,405 to €414,787
- Depreciation +€7,389
up €7,389 (+5.1%), from €144,215 to €151,604
- Staff costs +€4,873
up €4,873 (+5.9%), from €82,791 to €87,663
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
€74,628
Gross operating margin
+€12,382
Staff costs
-€4,873
Depreciation
-€7,389
Other operating charges
-€770
Financial income
-€49
Financial charges
-€3,855
Taxes
+€2,686
Result 2025
€72,762
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
+€218,606
Investment
-€62,528
Financing
-€147,936
Cash 2024
€64,256
From operations (derived)
+€218,606
Net result for the year
+€72,762
Depreciation
+€151,604
Receivables within one year
-€4,162
Deferred charges and accrued income
-€2,819
Trade debts
-€5,245
Tax, wage and social debts
-€477
Advances received
+€944
Accrued charges and deferred income
+€6,000
Investment (derived)
-€62,528
Investment in fixed assets (net)
-€62,528
Financing
-€147,936
Debts after one year
-€156,602
Current portion of long-term debt
+€8,666
Cash 2025
€72,398
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,336,609 | €3,262,657 | -€73,952 | -2.2% |
| Fixed assets | 21/28 | €3,246,547 | €3,157,472 | -€89,075 | -2.7% |
| Tangible fixed assets | 22/27 | €3,246,547 | €3,157,472 | -€89,075 | -2.7% |
| Land and buildings | 22 | €3,245,669 | €3,129,558 | -€116,111 | -3.6% |
| Furniture and vehicles | 24 | €878 | €27,915 | +€27,036 | +3077.9% |
| Current assets | 29/58 | €90,062 | €105,185 | +€15,123 | +16.8% |
| Amounts receivable within one year | 40/41 | €21,319 | €25,481 | +€4,162 | +19.5% |
| Trade receivables | 40 | €16,319 | €24,089 | +€7,770 | +47.6% |
| Other amounts receivable | 41 | €5,000 | €1,392 | -€3,608 | -72.2% |
| Cash at bank and in hand | 54/58 | €64,256 | €72,398 | +€8,142 | +12.7% |
| Deferred charges and accrued income | 490/1 | €4,487 | €7,306 | +€2,819 | +62.8% |
| Total equity and liabilities | 10/49 | €3,336,609 | €3,262,657 | -€73,952 | -2.2% |
| Equity | 10/15 | €295,769 | €368,531 | +€72,762 | +24.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €275,769 | €348,531 | +€72,762 | +26.4% |
| Distributable reserves | 133 | €275,769 | €348,531 | +€72,762 | +26.4% |
| Amounts payable | 17/49 | €3,040,841 | €2,894,127 | -€146,714 | -4.8% |
| Amounts payable after more than one year | 17 | €2,844,105 | €2,687,503 | -€156,602 | -5.5% |
| Financial debts | 170/4 | €2,634,005 | €2,487,503 | -€146,502 | -5.6% |
| Other amounts payable | 178/9 | €210,100 | €200,000 | -€10,100 | -4.8% |
| Amounts payable within one year | 42/48 | €196,736 | €200,624 | +€3,888 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €169,373 | €178,039 | +€8,666 | +5.1% |
| Trade debts | 44 | €10,392 | €5,147 | -€5,245 | -50.5% |
| Suppliers | 440/4 | €10,392 | €5,147 | -€5,245 | -50.5% |
| Advances received on contracts in progress | 46 | - | €944 | +€944 | |
| Taxes, remuneration and social security | 45 | €16,970 | €16,493 | -€477 | -2.8% |
| Taxes | 450/3 | €2,426 | €1,418 | -€1,009 | -41.6% |
| Remuneration and social security | 454/9 | €14,544 | €15,076 | +€531 | +3.7% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €82,791 | €87,663 | +€4,873 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,215 | €151,604 | +€7,389 | +5.1% |
| Other operating charges | 640/8 | €20,511 | €21,280 | +€770 | +3.8% |
| Gross operating margin | 9900 | €402,405 | €414,787 | +€12,382 | +3.1% |
| Operating profit (loss) | 9901 | €154,888 | €154,240 | -€648 | -0.4% |
| Financial income | 75/76B | €162 | €113 | -€49 | -30.1% |
| Recurring financial income | 75 | €162 | €113 | -€49 | -30.1% |
| Financial charges | 65/66B | €54,128 | €57,983 | +€3,855 | +7.1% |
| Recurring financial charges | 65 | €54,128 | €57,983 | +€3,855 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €100,922 | €96,370 | -€4,552 | -4.5% |
| Income taxes | 67/77 | €26,294 | €23,608 | -€2,686 | -10.2% |
| Profit (loss) for the period | 9904 | €74,628 | €72,762 | -€1,866 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,628 | €72,762 | -€1,866 | -2.5% |
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 10 October 2026 via checked.be.