CHRISTINA: 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
CHRISTINA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€191,641
2024 · -€120,791+€312,432
Equity
-€983,003
2024 · -€1.2m+€191,641
Cash
€127,255
2024 · €17,934+€109,321
Balance sheet total
€9.1m
2024 · €9.1m+€48,115
Largest movements
Assets
- Tangible fixed assets -€143,402
down €143,402 (-1.6%), from €8.9m to €8.8m
of which Land and buildings: -€120,628
- Cash +€109,321
up €109,321 (+610%), from €17,934 to €127,255
mainly Depreciation (+€459,325) and Net result for the year (+€191,641)
Equity and liabilities
- Debts after one year -€249,154
down €249,154 (-2.5%), from €10.2m to €9.9m
of which Financial debts: -€314,904
- Profit (loss) carried forward +€191,641
up €191,641 (+6.7%), from -€2.9m to -€2.7m
- Trade debts +€109,460
up €109,460 (+263%), from €41,572 to €151,033
Income statement
- Depreciation -€143,161
down €143,161 (-23.8%), from €602,485 to €459,325
- Financial charges -€105,947
down €105,947 (-98.6%), from €107,475 to €1,528
- Staff costs -€82,644
down €82,644 (-100%), from €82,644 to €0
- Other operating charges +€10,479
up €10,479 (+6.6%), from €158,854 to €169,334
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
-€120,791
Gross operating margin
-€546
Staff costs
+€82,644
Depreciation
+€143,161
Other operating charges
-€10,479
Financial income
-€789
Financial charges
+€105,947
Taxes
+€177
Deferred taxes and other
-€7,682
Result 2025
€191,641
raises the resultlowers the resultnot broken down further in the accounts
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
+€674,397
Investment
-€315,923
Financing
-€249,154
Cash 2024
€17,934
From operations (derived)
+€674,397
Net result for the year
+€191,641
Depreciation
+€459,325
Receivables within one year
-€84,684
Deferred charges and accrued income
+€2,488
Trade debts
+€109,460
Tax, wage and social debts
-€3,469
Smaller working-capital items
-€364
Investment (derived)
-€315,923
Investment in fixed assets (net)
-€315,923
Financing
-€249,154
Debts after one year
-€249,154
Cash 2025
€127,255
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,055,131 | €9,103,247 | +€48,115 | +0.5% |
| Fixed assets | 21/28 | €8,946,454 | €8,803,052 | -€143,402 | -1.6% |
| Tangible fixed assets | 22/27 | €8,945,199 | €8,801,797 | -€143,402 | -1.6% |
| Land and buildings | 22 | €8,884,282 | €8,763,654 | -€120,628 | -1.4% |
| Furniture and vehicles | 24 | €60,918 | €38,144 | -€22,774 | -37.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,255 | €1,255 | = | 0.0% |
| Current assets | 29/58 | €108,677 | €300,194 | +€191,517 | +176% |
| Amounts receivable within one year | 40/41 | €88,255 | €172,939 | +€84,684 | +96.0% |
| Trade receivables | 40 | €59,302 | €132,822 | +€73,520 | +124% |
| Other amounts receivable | 41 | €28,953 | €40,117 | +€11,163 | +38.6% |
| Cash at bank and in hand | 54/58 | €17,934 | €127,255 | +€109,321 | +610% |
| Deferred charges and accrued income | 490/1 | €2,488 | €0 | -€2,488 | -100% |
| Total equity and liabilities | 10/49 | €9,055,131 | €9,103,247 | +€48,115 | +0.5% |
| Equity | 10/15 | -€1,174,644 | -€983,003 | +€191,641 | +16.3% |
| Contributions | 10/11 | €1,127,916 | €1,127,916 | = | 0.0% |
| Capital | 10 | €1,127,916 | €1,127,916 | = | 0.0% |
| Issued capital | 100 | €1,127,916 | €1,127,916 | = | 0.0% |
| Revaluation surpluses | 12 | €133,986 | €133,986 | = | 0.0% |
| Reserves | 13 | €431,680 | €431,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €63,213 | €63,213 | = | 0.0% |
| Legal reserve | 130 | €63,213 | €63,213 | = | 0.0% |
| Tax-exempt reserves | 132 | €248,941 | €248,941 | = | 0.0% |
| Distributable reserves | 133 | €119,526 | €119,526 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,868,226 | -€2,676,585 | +€191,641 | +6.7% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €10,229,776 | €10,086,250 | -€143,526 | -1.4% |
| Amounts payable after more than one year | 17 | €10,153,099 | €9,903,946 | -€249,154 | -2.5% |
| Financial debts | 170/4 | €10,116,284 | €9,801,381 | -€314,904 | -3.1% |
| Other amounts payable | 178/9 | €36,815 | €102,565 | +€65,750 | +179% |
| Amounts payable within one year | 42/48 | €71,677 | €177,768 | +€106,092 | +148% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €41,572 | €151,033 | +€109,460 | +263% |
| Suppliers | 440/4 | €41,572 | €151,033 | +€109,460 | +263% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,386 | €19,917 | -€3,469 | -14.8% |
| Taxes | 450/3 | €20,447 | €19,917 | -€530 | -2.6% |
| Remuneration and social security | 454/9 | €2,939 | €0 | -€2,939 | -100% |
| Other amounts payable | 47/48 | €6,718 | €6,819 | +€101 | +1.5% |
| Accrued charges and deferred income | 492/3 | €5,000 | €4,535 | -€464 | -9.3% |
| Remuneration, social security and pensions | 62 | €82,644 | €0 | -€82,644 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €602,485 | €459,325 | -€143,161 | -23.8% |
| Other operating charges | 640/8 | €158,854 | €169,334 | +€10,479 | +6.6% |
| Gross operating margin | 9900 | €822,795 | €822,249 | -€546 | -0.1% |
| Operating profit (loss) | 9901 | -€21,189 | €193,590 | +€214,779 | |
| Financial income | 75/76B | €860 | €71 | -€789 | -91.7% |
| Recurring financial income | 75 | €860 | €71 | -€789 | -91.7% |
| Financial charges | 65/66B | €107,475 | €1,528 | -€105,947 | -98.6% |
| Recurring financial charges | 65 | €107,475 | €1,528 | -€105,947 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | -€127,804 | €192,133 | +€319,937 | |
| Transfer from deferred taxes | 780 | €7,682 | €0 | -€7,682 | -100% |
| Income taxes | 67/77 | €669 | €492 | -€177 | -26.5% |
| Profit (loss) for the period | 9904 | -€120,791 | €191,641 | +€312,432 | |
| Transfer from tax-exempt reserves | 789 | €23,047 | €0 | -€23,047 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,743 | €191,641 | +€289,385 |
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 28 October 2026 via checked.be.