CANAL PROPERTIES: 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
CANAL PROPERTIES
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.0m
2024 · €472,691+€2.5m
Equity
€16.7m
2024 · €16.7m+€14,689
Cash
€24,692
2024 · €101,755-€77,063
Balance sheet total
€40.3m
2024 · €44.9m-€4.6m
Largest movements
Assets
- Receivables within one year -€6.6m
down €6.6m (-57.0%), from €11.5m to €4.9m
of which Other amounts receivable: -€5.5m
- Tangible fixed assets +€5.1m
up €5.1m (+524%), from €983,443 to €6.1m
of which Land and buildings: +€5.2m
- Stocks and contracts -€2.8m
down €2.8m (-15.0%), from €18.8m to €16.0m
Equity and liabilities
- Other debts -€8.7m
down €8.7m (-55.2%), from €15.7m to €7.1m
- Advances received +€3.6m
up €3.6m (+48.5%), from €7.5m to €11.1m
- Trade debts +€866,042
up €866,042 (+231%), from €375,264 to €1.2m
Income statement
- Financial income +€2.4m
up €2.4m (+763%), from €315,936 to €2.7m
- Depreciation +€523,357
up €523,357 (+1,098%), from €47,649 to €571,006
- Gross operating margin +€490,988
up €490,988 (+46.8%), from €1.0m to €1.5m
- Financial charges -€166,055
down €166,055 (-20.0%), from €831,267 to €665,212
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
€472,691
Gross operating margin
+€490,988
Depreciation
-€523,357
Other operating charges
-€734
Financial income
+€2.4m
Financial charges
+€166,055
Result 2025
€3.0m
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
+€8.6m
Investment
-€5.5m
Financing
-€3.2m
Cash 2024
€101,755
From operations (derived)
+€8.6m
Net result for the year
+€3.0m
Depreciation
+€571,006
Stocks and contracts
+€2.8m
Receivables within one year
+€6.6m
Smaller working-capital items
-€21,085
Trade debts
+€866,042
Tax, wage and social debts
-€176,799
Advances received
+€3.6m
Other debts
-€8.7m
Investment (derived)
-€5.5m
Investment in fixed assets (net)
-€5.5m
Financing
-€3.2m
Short-term financial debts
-€187,910
Contributions, distributions and other
-€3.0m
Cash 2025
€24,692
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,883,298 | €40,305,444 | -€4.6m | -10.2% |
| Fixed assets | 21/28 | €14,487,594 | €19,369,187 | +€4.9m | +33.7% |
| Tangible fixed assets | 22/27 | €983,443 | €6,132,697 | +€5.1m | +524% |
| Land and buildings | 22 | €981,773 | €6,132,033 | +€5.2m | +525% |
| Furniture and vehicles | 24 | €1,670 | €665 | -€1,005 | -60.2% |
| Financial fixed assets | 28 | €13,504,151 | €13,236,490 | -€267,661 | -2.0% |
| Current assets | 29/58 | €30,395,703 | €20,936,257 | -€9.5m | -31.1% |
| Stocks and contracts in progress | 3 | €18,784,583 | €15,967,013 | -€2.8m | -15.0% |
| Stocks | 30/36 | €18,784,583 | €15,967,013 | -€2.8m | -15.0% |
| Amounts receivable within one year | 40/41 | €11,508,435 | €4,944,232 | -€6.6m | -57.0% |
| Trade receivables | 40 | €1,906,418 | €801,291 | -€1.1m | -58.0% |
| Other amounts receivable | 41 | €9,602,017 | €4,142,941 | -€5.5m | -56.9% |
| Cash at bank and in hand | 54/58 | €101,755 | €24,692 | -€77,063 | -75.7% |
| Deferred charges and accrued income | 490/1 | €931 | €320 | -€610 | -65.6% |
| Total equity and liabilities | 10/49 | €44,883,298 | €40,305,444 | -€4.6m | -10.2% |
| Equity | 10/15 | €16,659,862 | €16,674,551 | +€14,689 | +0.1% |
| Contributions | 10/11 | €2,250,000 | €2,250,000 | = | 0.0% |
| Capital | 10 | €2,250,000 | €2,250,000 | = | 0.0% |
| Issued capital | 100 | €2,250,000 | €2,250,000 | = | 0.0% |
| Reserves | 13 | €3,174,275 | €3,174,275 | = | 0.0% |
| Non-distributable reserves | 130/1 | €225,000 | €225,000 | = | 0.0% |
| Legal reserve | 130 | €225,000 | €225,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,949,275 | €2,949,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,235,587 | €11,250,276 | +€14,689 | +0.1% |
| Amounts payable | 17/49 | €28,223,435 | €23,630,893 | -€4.6m | -16.3% |
| Amounts payable after more than one year | 17 | €1,250,000 | €1,250,000 | = | 0.0% |
| Financial debts | 170/4 | €1,250,000 | €1,250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,947,245 | €22,376,399 | -€4.6m | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €3,200,000 | €3,012,090 | -€187,910 | -5.9% |
| Credit institutions | 430/8 | €3,200,000 | €3,012,090 | -€187,910 | -5.9% |
| Trade debts | 44 | €375,264 | €1,241,306 | +€866,042 | +231% |
| Suppliers | 440/4 | €375,264 | €1,241,306 | +€866,042 | +231% |
| Advances received on contracts in progress | 46 | €7,452,639 | €11,063,568 | +€3.6m | +48.5% |
| Taxes, remuneration and social security | 45 | €176,799 | €0 | -€176,799 | -100% |
| Taxes | 450/3 | €176,799 | €0 | -€176,799 | -100% |
| Other amounts payable | 47/48 | €15,742,543 | €7,059,435 | -€8.7m | -55.2% |
| Accrued charges and deferred income | 492/3 | €26,190 | €4,494 | -€21,696 | -82.8% |
| Non-recurring operating income | 76A | €1,098,588 | €49,741 | -€1.0m | -95.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,649 | €571,006 | +€523,357 | +1,098% |
| Other operating charges | 640/8 | €13,940 | €14,674 | +€734 | +5.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,049,611 | €1,540,600 | +€490,988 | +46.8% |
| Operating profit (loss) | 9901 | €988,022 | €954,921 | -€33,102 | -3.4% |
| Financial income | 75/76B | €315,936 | €2,724,980 | +€2.4m | +763% |
| Recurring financial income | 75 | €315,936 | €2,724,980 | +€2.4m | +763% |
| Financial charges | 65/66B | €831,267 | €665,212 | -€166,055 | -20.0% |
| Recurring financial charges | 65 | €831,267 | €665,212 | -€166,055 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €472,691 | €3,014,689 | +€2.5m | +538% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €472,691 | €3,014,689 | +€2.5m | +538% |
| Profit (loss) for the period to be appropriated | 9905 | €472,691 | €3,014,689 | +€2.5m | +538% |
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 17 October 2026 via checked.be.