CBRE: 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
CBRE
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.9m
2024 · €3.3m+€2.6m
Equity
€31.4m
2024 · €25.5m+€5.9m
Cash
€31.8m
2024 · €22.9m+€8.9m
Balance sheet total
€47.6m
2024 · €40.9m+€6.7m
Largest movements
Assets
- Cash +€8.9m
up €8.9m (+39.1%), from €22.9m to €31.8m
mainly Net result for the year (+€5.9m) and Trade debts (+€1.7m)
- Financial fixed assets -€1.1m
down €1.1m (-23.3%), from €4.6m to €3.5m
of which Affiliated companies: -€1.2m
- Receivables within one year -€572,096
down €572,096 (-4.9%), from €11.8m to €11.2m
of which Trade receivables: -€495,122
Equity and liabilities
- Profit (loss) carried forward +€5.9m
up €5.9m (+23.6%), from €25.1m to €31.0m
- Trade debts +€1.7m
up €1.7m (+19.7%), from €8.4m to €10.1m
- Tax, wage and social debts -€1.2m
down €1.2m (-28.9%), from €4.3m to €3.0m
of which Remuneration and social security: -€886,888
Income statement
- Turnover +€14.2m
up €14.2m (+40.4%), from €35.1m to €49.2m
- Goods and materials +€8.1m
up €8.1m (+105%), from €7.7m to €15.9m
- Services and other goods +€3.8m
up €3.8m (+21.3%), from €17.9m to €21.7m
- Financial income +€3.1m
up €3.1m (+337%), from €933,067 to €4.1m
of which Non-recurring financial income: +€3.2m
- Other operating income -€1.5m
down €1.5m (-50.3%), from €3.0m to €1.5m
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
€3.3m
Turnover
+€14.2m
Other operating income
-€1.5m
Goods and materials
-€8.1m
Services and other goods
-€3.8m
Staff costs
-€543,639
Depreciation
-€101,018
Write-downs
-€396,743
Provisions
-€83,333
Other operating charges
-€394,087
Financial income
+€3.1m
Financial charges
+€126,426
Taxes
+€130,383
Result 2025
€5.9m
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
+€8.1m
Investment
+€853,728
Financing
+€20,111
Cash 2024
€22.9m
From operations (derived)
+€8.1m
Net result for the year
+€5.9m
Depreciation
+€520,693
Receivables within one year
+€572,096
Deferred charges and accrued income
+€311,233
Provisions
+€243,333
Trade debts
+€1.7m
Tax, wage and social debts
-€1.2m
Other debts
+€26,527
Accrued charges and deferred income
+€62,897
Investment (derived)
+€853,728
Investment in fixed assets (net)
+€853,728
Financing
+€20,111
Debts after one year
+€20,111
Cash 2025
€31.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,903,032 | €47,577,431 | +€6.7m | +16.3% |
| Fixed assets | 21/28 | €5,868,714 | €4,494,293 | -€1.4m | -23.4% |
| Intangible fixed assets | 21 | €277 | €0 | -€277 | -100% |
| Tangible fixed assets | 22/27 | €1,302,732 | €990,980 | -€311,752 | -23.9% |
| Furniture and vehicles | 24 | €76,405 | €0 | -€76,405 | -100% |
| Other tangible fixed assets | 26 | €1,226,327 | €990,980 | -€235,347 | -19.2% |
| Financial fixed assets | 28 | €4,565,705 | €3,503,313 | -€1.1m | -23.3% |
| Affiliated companies | 280/1 | €4,557,825 | €3,322,467 | -€1.2m | -27.1% |
| Participating interests | 280 | €4,557,825 | €3,322,467 | -€1.2m | -27.1% |
| Other financial fixed assets | 284/8 | €7,880 | €180,846 | +€172,966 | +2,195% |
| Shares | 284 | - | €172,966 | +€172,966 | |
| Amounts receivable and cash guarantees | 285/8 | €7,880 | €7,880 | = | 0.0% |
| Current assets | 29/58 | €35,034,318 | €43,083,137 | +€8.0m | +23.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €11,789,037 | €11,216,941 | -€572,096 | -4.9% |
| Trade receivables | 40 | €11,361,612 | €10,866,490 | -€495,122 | -4.4% |
| Other amounts receivable | 41 | €427,425 | €350,451 | -€76,974 | -18.0% |
| Cash at bank and in hand | 54/58 | €22,850,711 | €31,782,859 | +€8.9m | +39.1% |
| Deferred charges and accrued income | 490/1 | €394,569 | €83,337 | -€311,233 | -78.9% |
| Total equity and liabilities | 10/49 | €40,903,032 | €47,577,431 | +€6.7m | +16.3% |
| Equity | 10/15 | €25,525,968 | €31,428,821 | +€5.9m | +23.1% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €95,962 | €95,962 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,060 | €55,060 | = | 0.0% |
| Distributable reserves | 133 | €3,718 | €3,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,058,165 | €30,961,018 | +€5.9m | +23.6% |
| Provisions and deferred taxes | 16 | €160,000 | €403,333 | +€243,333 | +152% |
| Provisions for liabilities and charges | 160/5 | €160,000 | €403,333 | +€243,333 | +152% |
| Pensions and similar obligations | 160 | €60,000 | €60,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €343,333 | +€243,333 | +243% |
| Amounts payable | 17/49 | €15,217,064 | €15,745,277 | +€528,212 | +3.5% |
| Amounts payable after more than one year | 17 | €1,599,192 | €1,619,303 | +€20,111 | +1.3% |
| Other amounts payable | 178/9 | €1,599,192 | €1,619,303 | +€20,111 | +1.3% |
| Amounts payable within one year | 42/48 | €12,709,837 | €13,155,042 | +€445,204 | +3.5% |
| Trade debts | 44 | €8,408,094 | €10,060,477 | +€1.7m | +19.7% |
| Suppliers | 440/4 | €8,408,094 | €10,060,477 | +€1.7m | +19.7% |
| Taxes, remuneration and social security | 45 | €4,274,790 | €3,041,084 | -€1.2m | -28.9% |
| Taxes | 450/3 | €1,367,038 | €1,020,220 | -€346,818 | -25.4% |
| Remuneration and social security | 454/9 | €2,907,752 | €2,020,864 | -€886,888 | -30.5% |
| Other amounts payable | 47/48 | €26,954 | €53,481 | +€26,527 | +98.4% |
| Accrued charges and deferred income | 492/3 | €908,035 | €970,932 | +€62,897 | +6.9% |
| Operating income | 70/76A | €38,055,447 | €50,731,157 | +€12.7m | +33.3% |
| Turnover | 70 | €35,061,496 | €49,242,718 | +€14.2m | +40.4% |
| Other operating income | 74 | €2,993,951 | €1,488,439 | -€1.5m | -50.3% |
| Operating charges | 60/66A | €34,244,507 | €47,698,161 | +€13.5m | +39.3% |
| Goods for resale, raw materials and consumables | 60 | €7,746,496 | €15,860,088 | +€8.1m | +105% |
| Purchases | 600/8 | €7,746,496 | €15,860,088 | +€8.1m | +105% |
| Services and other goods | 61 | €17,901,248 | €21,722,492 | +€3.8m | +21.3% |
| Remuneration, social security and pensions | 62 | €7,813,301 | €8,356,939 | +€543,639 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €419,675 | €520,693 | +€101,018 | +24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €396,743 | +€396,743 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €160,000 | €243,333 | +€83,333 | +52.1% |
| Other operating charges | 640/8 | €203,786 | €597,873 | +€394,087 | +193% |
| Operating profit (loss) | 9901 | €3,810,940 | €3,032,996 | -€777,944 | -20.4% |
| Financial income | 75/76B | €933,067 | €4,078,287 | +€3.1m | +337% |
| Recurring financial income | 75 | €781,127 | €699,282 | -€81,845 | -10.5% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €780,988 | €678,586 | -€102,402 | -13.1% |
| Other financial income | 752/9 | €139 | €20,697 | +€20,557 | +14,751% |
| Non-recurring financial income | 76B | €151,940 | €3,379,005 | +€3.2m | +2,124% |
| Financial charges | 65/66B | €132,963 | €6,537 | -€126,426 | -95.1% |
| Recurring financial charges | 65 | €132,963 | €6,537 | -€126,426 | -95.1% |
| Debt charges | 650 | €8 | €0 | -€8 | -100% |
| Other financial charges | 652/9 | €132,955 | €6,537 | -€126,418 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | €4,611,045 | €7,104,747 | +€2.5m | +54.1% |
| Income taxes | 67/77 | €1,332,277 | €1,201,893 | -€130,383 | -9.8% |
| Taxes | 670/3 | €1,332,277 | €1,216,419 | -€115,857 | -8.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €14,526 | +€14,526 | |
| Profit (loss) for the period | 9904 | €3,278,768 | €5,902,853 | +€2.6m | +80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,278,768 | €5,902,853 | +€2.6m | +80.0% |
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.