CORE PROPERTIES: what changed
Two fiscal 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.
CORE PROPERTIES
Largest movements
- Tangible fixed assets -€330,978
down €330,978 (-3.4%), from €9.7m to €9.4m
of which Land and buildings: -€328,579
- Receivables within one year +€218,254
up €218,254 (+12.9%), from €1.7m to €1.9m
of which Other amounts receivable: +€228,218
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€100,965
down €100,965 (-12.7%), from €795,478 to €694,513
- Financial charges -€66,098
down €66,098 (-15.0%), from €439,858 to €373,761
of which Non-recurring financial charges: -€70,310
- Financial income -€31,124
down €31,124 (-38.4%), from €81,122 to €49,999
- Staff costs +€15,269
new in 2025: €15,269
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,146,959 | €12,967,438 | -€179,520 | -1.4% |
| Fixed assets | 21/28 | €11,306,790 | €10,975,920 | -€330,870 | -2.9% |
| Tangible fixed assets | 22/27 | €9,706,792 | €9,375,814 | -€330,978 | -3.4% |
| Land and buildings | 22 | €9,698,664 | €9,370,085 | -€328,579 | -3.4% |
| Plant, machinery and equipment | 23 | €4,028 | €3,699 | -€329 | -8.2% |
| Furniture and vehicles | 24 | €4,100 | €2,030 | -€2,071 | -50.5% |
| Financial fixed assets | 28 | €1,599,998 | €1,600,106 | +€108 | 0.0% |
| Current assets | 29/58 | €1,840,169 | €1,991,518 | +€151,350 | +8.2% |
| Amounts receivable within one year | 40/41 | €1,692,003 | €1,910,257 | +€218,254 | +12.9% |
| Trade receivables | 40 | €9,964 | - | -€9,964 | |
| Other amounts receivable | 41 | €1,682,039 | €1,910,257 | +€228,218 | +13.6% |
| Cash at bank and in hand | 54/58 | €139,832 | €75,587 | -€64,245 | -45.9% |
| Deferred charges and accrued income | 490/1 | €8,334 | €5,674 | -€2,660 | -31.9% |
| Total equity and liabilities | 10/49 | €13,146,959 | €12,967,438 | -€179,520 | -1.4% |
| Equity | 10/15 | €1,363,529 | €1,305,611 | -€57,918 | -4.2% |
| Contributions | 10/11 | €1,362,400 | €1,362,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,129 | -€56,789 | -€57,918 | |
| Amounts payable | 17/49 | €11,783,430 | €11,661,827 | -€121,603 | -1.0% |
| Amounts payable after more than one year | 17 | €11,189,914 | €11,082,424 | -€107,489 | -1.0% |
| Financial debts | 170/4 | €6,586,869 | €6,085,992 | -€500,878 | -7.6% |
| Other amounts payable | 178/9 | €4,603,044 | €4,996,433 | +€393,388 | +8.5% |
| Amounts payable within one year | 42/48 | €593,488 | €567,476 | -€26,013 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €497,880 | €500,878 | +€2,998 | +0.6% |
| Financial debts | 43 | €806 | - | -€806 | |
| Credit institutions | 430/8 | €806 | - | -€806 | |
| Trade debts | 44 | €45,444 | €8,507 | -€36,937 | -81.3% |
| Suppliers | 440/4 | €45,444 | €8,507 | -€36,937 | -81.3% |
| Taxes, remuneration and social security | 45 | €979 | €5,455 | +€4,475 | +456.9% |
| Taxes | 450/3 | €979 | €606 | -€373 | -38.1% |
| Remuneration and social security | 454/9 | - | €4,848 | +€4,848 | |
| Other amounts payable | 47/48 | €48,379 | €52,636 | +€4,257 | +8.8% |
| Accrued charges and deferred income | 492/3 | €27 | €11,927 | +€11,900 | +43303.7% |
| Remuneration, social security and pensions | 62 | - | €15,269 | +€15,269 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €363,786 | €368,437 | +€4,651 | +1.3% |
| Other operating charges | 640/8 | €51,723 | €44,962 | -€6,761 | -13.1% |
| Gross operating margin | 9900 | €795,478 | €694,513 | -€100,965 | -12.7% |
| Operating profit (loss) | 9901 | €379,969 | €265,844 | -€114,125 | -30.0% |
| Financial income | 75/76B | €81,122 | €49,999 | -€31,124 | -38.4% |
| Recurring financial income | 75 | €81,122 | €49,999 | -€31,124 | -38.4% |
| Financial charges | 65/66B | €439,858 | €373,761 | -€66,098 | -15.0% |
| Recurring financial charges | 65 | €369,548 | €373,761 | +€4,213 | +1.1% |
| Non-recurring financial charges | 66B | €70,310 | - | -€70,310 | |
| Profit (loss) for the period before taxes | 9903 | €21,233 | -€57,918 | -€79,151 | |
| Income taxes | 67/77 | €979 | - | -€979 | |
| Profit (loss) for the period | 9904 | €20,254 | -€57,918 | -€78,172 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,254 | -€57,918 | -€78,172 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.