CV4: 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.
What changed
CV4
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€123,992
2024 · €33,260+€90,732
Equity
€2.5m
2024 · €2.4m+€123,992
Cash
€196,766
2024 · €100,330+€96,437
Balance sheet total
€11.5m
2024 · €10.6m+€905,238
Largest movements
Assets
- Stocks and contracts +€1.5m
up €1.5m (+97.0%), from €1.5m to €3.0m
- Tangible fixed assets -€734,767
down €734,767 (-8.3%), from €8.9m to €8.2m
Equity and liabilities
- Other debts -€2.4m
down €2.4m (-100.0%), from €2.4m to €100
- Debts after one year +€2.2m
up €2.2m (+41.6%), from €5.4m to €7.6m
of which Other amounts payable: +€2.9m
- Short-term financial debts +€970,000
new in 2025: €970,000
- Profit (loss) carried forward +€117,792
up €117,792 (+16.7%), from €707,365 to €825,157
Income statement
- Gross operating margin +€210,434
up €210,434 (+43.8%), from €480,869 to €691,303
- Depreciation +€52,286
up €52,286 (+26.6%), from €196,638 to €248,923
- Taxes +€48,061
up €48,061 (+4180.6%), from €1,150 to €49,211
- Other operating charges +€23,475
up €23,475 (+68.3%), from €34,364 to €57,839
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
€33,260
Gross operating margin
+€210,434
Depreciation
-€52,286
Other operating charges
-€23,475
Financial income
+€1,565
Financial charges
+€2,555
Taxes
-€48,061
Result 2025
€123,992
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.
From operations
-€3.6m
Investment
+€485,844
Financing
+€3.2m
Cash 2024
€100,330
From operations (derived)
-€3.6m
Net result for the year
+€123,992
Depreciation
+€248,923
Stocks and contracts
-€1.5m
Receivables within one year
-€44,292
Smaller working-capital items
+€633
Trade debts
-€19,052
Other debts
-€2.4m
Accrued charges and deferred income
-€30,879
Investment (derived)
+€485,844
Investment in fixed assets (net)
+€485,844
Financing
+€3.2m
Debts after one year
+€2.2m
Current portion of long-term debt
-€11,039
Short-term financial debts
+€970,000
Cash 2025
€196,766
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,560,677 | €11,465,915 | +€905,238 | +8.6% |
| Fixed assets | 21/28 | €8,887,019 | €8,152,252 | -€734,767 | -8.3% |
| Tangible fixed assets | 22/27 | €8,887,019 | €8,152,252 | -€734,767 | -8.3% |
| Land and buildings | 22 | €8,887,019 | €8,152,252 | -€734,767 | -8.3% |
| Current assets | 29/58 | €1,673,659 | €3,313,664 | +€1.6m | +98.0% |
| Stocks and contracts in progress | 3 | €1,546,349 | €3,046,476 | +€1.5m | +97.0% |
| Stocks | 30/36 | €1,546,349 | €3,046,476 | +€1.5m | +97.0% |
| Amounts receivable within one year | 40/41 | €14,850 | €59,142 | +€44,292 | +298.3% |
| Trade receivables | 40 | €0 | €62 | +€62 | |
| Other amounts receivable | 41 | €14,850 | €59,080 | +€44,229 | +297.8% |
| Cash at bank and in hand | 54/58 | €100,330 | €196,766 | +€96,437 | +96.1% |
| Deferred charges and accrued income | 490/1 | €12,130 | €11,280 | -€850 | -7.0% |
| Total equity and liabilities | 10/49 | €10,560,677 | €11,465,915 | +€905,238 | +8.6% |
| Equity | 10/15 | €2,355,838 | €2,479,829 | +€123,992 | +5.3% |
| Contributions | 10/11 | €1,594,000 | €1,594,000 | = | 0.0% |
| Capital | 10 | €1,594,000 | €1,594,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Uncalled capital | 101 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €54,473 | €60,672 | +€6,200 | +11.4% |
| Non-distributable reserves | 130/1 | €54,473 | €60,672 | +€6,200 | +11.4% |
| Legal reserve | 130 | €54,473 | €60,672 | +€6,200 | +11.4% |
| Profit (loss) carried forward | 14 | €707,365 | €825,157 | +€117,792 | +16.7% |
| Amounts payable | 17/49 | €8,204,840 | €8,986,086 | +€781,246 | +9.5% |
| Amounts payable after more than one year | 17 | €5,377,465 | €7,615,980 | +€2.2m | +41.6% |
| Financial debts | 170/4 | €5,377,465 | €4,713,832 | -€663,633 | -12.3% |
| Other amounts payable | 178/9 | - | €2,902,149 | +€2.9m | |
| Amounts payable within one year | 42/48 | €2,701,654 | €1,275,265 | -€1.4m | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €303,041 | €292,003 | -€11,039 | -3.6% |
| Financial debts | 43 | - | €970,000 | +€970,000 | |
| Credit institutions | 430/8 | - | €970,000 | +€970,000 | |
| Trade debts | 44 | €29,705 | €10,654 | -€19,052 | -64.1% |
| Suppliers | 440/4 | €29,705 | €10,654 | -€19,052 | -64.1% |
| Taxes, remuneration and social security | 45 | €2,725 | €2,508 | -€217 | -8.0% |
| Taxes | 450/3 | €2,725 | €2,508 | -€217 | -8.0% |
| Other amounts payable | 47/48 | €2,366,183 | €100 | -€2.4m | -100.0% |
| Accrued charges and deferred income | 492/3 | €125,720 | €94,841 | -€30,879 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €196,638 | €248,923 | +€52,286 | +26.6% |
| Other operating charges | 640/8 | €34,364 | €57,839 | +€23,475 | +68.3% |
| Gross operating margin | 9900 | €480,869 | €691,303 | +€210,434 | +43.8% |
| Operating profit (loss) | 9901 | €249,868 | €384,541 | +€134,673 | +53.9% |
| Financial income | 75/76B | €0 | €1,565 | +€1,565 | +355652.3% |
| Recurring financial income | 75 | €0 | €1,565 | +€1,565 | +355652.3% |
| Financial charges | 65/66B | €215,459 | €212,904 | -€2,555 | -1.2% |
| Recurring financial charges | 65 | €215,459 | €212,904 | -€2,555 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €34,409 | €173,202 | +€138,793 | +403.4% |
| Income taxes | 67/77 | €1,150 | €49,211 | +€48,061 | +4180.6% |
| Profit (loss) for the period | 9904 | €33,260 | €123,992 | +€90,732 | +272.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,260 | €123,992 | +€90,732 | +272.8% |
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 2 October 2026 via checked.be.