CORE+: 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
CORE+
NACE 68.321, Property management for co-owned buildings (syndics)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€459,933
2024 · -€1.5m+€2.0m
Equity
€7.5m
2024 · €7.0m+€459,933
Cash
€269,454
2024 · €818,550-€549,097
Balance sheet total
€52.1m
2024 · €52.3m-€276,159
Largest movements
Assets
- Receivables within one year +€763,999
up €763,999 (+21.4%), from €3.6m to €4.3m
of which Other amounts receivable: +€559,744
- Cash -€549,097
down €549,097 (-67.1%), from €818,550 to €269,454
mainly Debts after one year (-€5.2m) and Investment in fixed assets (net) (-€1.1m)
Equity and liabilities
- Debts after one year -€5.2m
down €5.2m (-20.8%), from €25.1m to €19.9m
- Current portion of long-term debt +€2.0m
up €2.0m (+125%), from €1.6m to €3.5m
- Short-term financial debts +€1.1m
up €1.1m (+8.4%), from €13.0m to €14.1m
- Other debts +€948,639
up €948,639 (+36.9%), from €2.6m to €3.5m
- Trade debts +€717,700
up €717,700 (+104%), from €688,703 to €1.4m
Income statement
- Gross operating margin +€2.0m
up €2.0m (+93.7%), from €2.1m to €4.1m
- Other operating charges +€211,688
up €211,688 (+71.9%), from €294,491 to €506,179
- Financial charges -€194,868
down €194,868 (-10.3%), from €1.9m to €1.7m
- Staff costs -€86,039
down €86,039 (-21.2%), from €406,720 to €320,681
- Depreciation +€85,617
up €85,617 (+5.8%), from €1.5m to €1.6m
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
-€1.5m
Gross operating margin
+€2.0m
Staff costs
+€86,039
Depreciation
-€85,617
Other operating charges
-€211,688
Other operating items
+€772
Financial income
+€3,630
Financial charges
+€194,868
Taxes
+€8,959
Deferred taxes and other
+€44,520
Result 2025
€459,933
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
+€2.7m
Investment
-€1.1m
Financing
-€2.2m
Cash 2024
€818,550
From operations (derived)
+€2.7m
Net result for the year
+€459,933
Depreciation
+€1.6m
Receivables within one year
-€763,999
Deferred charges and accrued income
+€58,463
Provisions
-€394,574
Trade debts
+€717,700
Tax, wage and social debts
+€63,105
Other debts
+€948,639
Accrued charges and deferred income
+€83,111
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€2.2m
Debts after one year
-€5.2m
Current portion of long-term debt
+€2.0m
Short-term financial debts
+€1.1m
Cash 2025
€269,454
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,340,760 | €52,064,600 | -€276,159 | -0.5% |
| Fixed assets | 21/28 | €44,129,139 | €43,696,541 | -€432,598 | -1.0% |
| Intangible fixed assets | 21 | €5,018 | €9,892 | +€4,874 | +97.1% |
| Tangible fixed assets | 22/27 | €43,933,541 | €43,536,649 | -€396,893 | -0.9% |
| Land and buildings | 22 | €39,050,014 | €43,130,719 | +€4.1m | +10.4% |
| Plant, machinery and equipment | 23 | €109,555 | €177,191 | +€67,636 | +61.7% |
| Furniture and vehicles | 24 | €251,573 | €228,739 | -€22,834 | -9.1% |
| Assets under construction and advance payments | 27 | €4,522,399 | €0 | -€4.5m | -100% |
| Financial fixed assets | 28 | €190,579 | €150,000 | -€40,579 | -21.3% |
| Current assets | 29/58 | €8,211,621 | €8,368,060 | +€156,439 | +1.9% |
| Amounts receivable after more than one year | 29 | €2,191,000 | €2,191,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,191,000 | €2,191,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,352,000 | €1,352,000 | = | 0.0% |
| Stocks | 30/36 | €1,352,000 | €1,352,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,575,761 | €4,339,760 | +€763,999 | +21.4% |
| Trade receivables | 40 | €28,585 | €232,839 | +€204,255 | +715% |
| Other amounts receivable | 41 | €3,547,176 | €4,106,921 | +€559,744 | +15.8% |
| Cash at bank and in hand | 54/58 | €818,550 | €269,454 | -€549,097 | -67.1% |
| Deferred charges and accrued income | 490/1 | €274,309 | €215,846 | -€58,463 | -21.3% |
| Total equity and liabilities | 10/49 | €52,340,760 | €52,064,600 | -€276,159 | -0.5% |
| Equity | 10/15 | €7,029,428 | €7,489,361 | +€459,933 | +6.5% |
| Contributions | 10/11 | €1,056,986 | €1,056,986 | = | 0.0% |
| Capital | 10 | €1,056,986 | €1,056,986 | = | 0.0% |
| Issued capital | 100 | €1,056,986 | €1,056,986 | = | 0.0% |
| Reserves | 13 | €6,623,994 | €6,478,362 | -€145,633 | -2.2% |
| Non-distributable reserves | 130/1 | €47,036 | €47,036 | = | 0.0% |
| Legal reserve | 130 | €47,036 | €47,036 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,403,705 | €5,258,072 | -€145,633 | -2.7% |
| Distributable reserves | 133 | €1,173,253 | €1,173,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€651,553 | -€45,987 | +€605,565 | +92.9% |
| Provisions and deferred taxes | 16 | €2,193,689 | €1,799,115 | -€394,574 | -18.0% |
| Deferred taxes | 168 | €2,193,689 | €1,799,115 | -€394,574 | -18.0% |
| Amounts payable | 17/49 | €43,117,642 | €42,776,124 | -€341,518 | -0.8% |
| Amounts payable after more than one year | 17 | €25,076,727 | €19,869,805 | -€5.2m | -20.8% |
| Financial debts | 170/4 | €25,076,727 | €19,869,805 | -€5.2m | -20.8% |
| Amounts payable within one year | 42/48 | €17,863,750 | €22,646,043 | +€4.8m | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €1,564,061 | €3,525,021 | +€2.0m | +125% |
| Financial debts | 43 | €13,011,530 | €14,103,418 | +€1.1m | +8.4% |
| Credit institutions | 430/8 | €13,011,530 | €14,103,418 | +€1.1m | +8.4% |
| Trade debts | 44 | €688,703 | €1,406,404 | +€717,700 | +104% |
| Suppliers | 440/4 | €688,703 | €1,406,404 | +€717,700 | +104% |
| Taxes, remuneration and social security | 45 | €27,149 | €90,255 | +€63,105 | +232% |
| Taxes | 450/3 | €6,521 | €48,694 | +€42,173 | +647% |
| Remuneration and social security | 454/9 | €20,629 | €41,561 | +€20,932 | +101% |
| Other amounts payable | 47/48 | €2,572,306 | €3,520,945 | +€948,639 | +36.9% |
| Accrued charges and deferred income | 492/3 | €177,166 | €260,276 | +€83,111 | +46.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €406,720 | €320,681 | -€86,039 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,467,414 | €1,553,031 | +€85,617 | +5.8% |
| Other operating charges | 640/8 | €294,491 | €506,179 | +€211,688 | +71.9% |
| Non-recurring operating charges | 66A | €772 | €0 | -€772 | -100% |
| Gross operating margin | 9900 | €2,092,985 | €4,053,743 | +€2.0m | +93.7% |
| Operating profit (loss) | 9901 | -€76,412 | €1,673,852 | +€1.8m | |
| Financial income | 75/76B | €91,261 | €94,891 | +€3,630 | +4.0% |
| Recurring financial income | 75 | €91,261 | €94,891 | +€3,630 | +4.0% |
| Financial charges | 65/66B | €1,895,967 | €1,701,099 | -€194,868 | -10.3% |
| Recurring financial charges | 65 | €1,895,967 | €1,701,099 | -€194,868 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,881,118 | €67,643 | +€1.9m | |
| Transfer from deferred taxes | 780 | €350,054 | €394,574 | +€44,520 | +12.7% |
| Income taxes | 67/77 | €11,244 | €2,284 | -€8,959 | -79.7% |
| Profit (loss) for the period | 9904 | -€1,542,308 | €459,933 | +€2.0m | |
| Transfer from tax-exempt reserves | 789 | €177,310 | €145,633 | -€31,677 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,364,998 | €605,565 | +€2.0m |
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 16 October 2026 via checked.be.