De bouwsteen: 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
De bouwsteen
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €11,061+€1.1m
Equity
€8.2m
2024 · €7.0m+€1.1m
Cash
€498,234
2024 · €84,935+€413,299
Balance sheet total
€12.5m
2024 · €12.4m+€21,023
Largest movements
Assets
- Cash +€413,299
up €413,299 (+487%), from €84,935 to €498,234
mainly Net result for the year (+€1.1m) and Provisions (+€346,228)
- Tangible fixed assets -€346,150
down €346,150 (-2.8%), from €12.2m to €11.9m
of which Land and buildings: -€339,271
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-32.6%), from €4.2m to €2.8m
- Reserves +€1.0m
up €1.0m (+40.0%), from €2.6m to €3.7m
of which Tax-exempt reserves: +€1.0m
- Provisions +€346,228
up €346,228 (+85.7%), from €403,990 to €750,218
Income statement
- Gross operating margin +€1.4m
up €1.4m (+277%), from €521,162 to €2.0m
- Depreciation -€47,285
down €47,285 (-14.3%), from €330,702 to €283,417
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
€11,061
Gross operating margin
+€1.4m
Depreciation
+€47,285
Other operating charges
+€4,982
Financial income
+€58
Financial charges
+€5,382
Taxes
-€11,799
Deferred taxes and other
-€364,201
Result 2025
€1.1m
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
+€1.7m
Investment
+€62,733
Financing
-€1.4m
Cash 2024
€84,935
From operations (derived)
+€1.7m
Net result for the year
+€1.1m
Depreciation
+€283,417
Receivables within one year
+€52,425
Deferred charges and accrued income
-€6,299
Provisions
+€346,228
Trade debts
+€18,961
Tax, wage and social debts
+€3,414
Other debts
-€116,041
Accrued charges and deferred income
-€3,285
Investment (derived)
+€62,733
Investment in fixed assets (net)
+€62,733
Financing
-€1.4m
Debts after one year
-€1.4m
Cash 2025
€498,234
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,436,585 | €12,457,608 | +€21,023 | +0.2% |
| Fixed assets | 21/28 | €12,207,816 | €11,861,666 | -€346,150 | -2.8% |
| Tangible fixed assets | 22/27 | €12,207,441 | €11,861,291 | -€346,150 | -2.8% |
| Land and buildings | 22 | €12,154,382 | €11,815,111 | -€339,271 | -2.8% |
| Plant, machinery and equipment | 23 | €35,576 | €33,382 | -€2,194 | -6.2% |
| Furniture and vehicles | 24 | €17,483 | €12,798 | -€4,685 | -26.8% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €228,769 | €595,942 | +€367,173 | +160% |
| Amounts receivable within one year | 40/41 | €134,865 | €82,440 | -€52,425 | -38.9% |
| Trade receivables | 40 | €111,553 | €42,431 | -€69,122 | -62.0% |
| Other amounts receivable | 41 | €23,311 | €40,009 | +€16,698 | +71.6% |
| Cash at bank and in hand | 54/58 | €84,935 | €498,234 | +€413,299 | +487% |
| Deferred charges and accrued income | 490/1 | €8,969 | €15,268 | +€6,299 | +70.2% |
| Total equity and liabilities | 10/49 | €12,436,585 | €12,457,608 | +€21,023 | +0.2% |
| Equity | 10/15 | €7,038,723 | €8,175,469 | +€1.1m | +16.1% |
| Contributions | 10/11 | €3,442,387 | €3,442,387 | = | 0.0% |
| Capital | 10 | €3,442,387 | €3,442,387 | = | 0.0% |
| Issued capital | 100 | €3,442,387 | €3,442,387 | = | 0.0% |
| Revaluation surpluses | 12 | €11,127 | €9,736 | -€1,391 | -12.5% |
| Reserves | 13 | €2,612,439 | €3,657,418 | +€1.0m | +40.0% |
| Non-distributable reserves | 130/1 | €193,899 | €198,802 | +€4,903 | +2.5% |
| Legal reserve | 130 | €193,899 | €198,802 | +€4,903 | +2.5% |
| Tax-exempt reserves | 132 | €1,247,834 | €2,286,519 | +€1.0m | +83.2% |
| Distributable reserves | 133 | €1,170,706 | €1,172,096 | +€1,391 | +0.1% |
| Profit (loss) carried forward | 14 | €972,770 | €1,065,928 | +€93,158 | +9.6% |
| Provisions and deferred taxes | 16 | €403,990 | €750,218 | +€346,228 | +85.7% |
| Deferred taxes | 168 | €403,990 | €750,218 | +€346,228 | +85.7% |
| Amounts payable | 17/49 | €4,993,872 | €3,531,921 | -€1.5m | -29.3% |
| Amounts payable after more than one year | 17 | €4,192,607 | €2,827,607 | -€1.4m | -32.6% |
| Other amounts payable | 178/9 | €4,192,607 | €2,827,607 | -€1.4m | -32.6% |
| Amounts payable within one year | 42/48 | €764,426 | €670,760 | -€93,667 | -12.3% |
| Trade debts | 44 | €76,887 | €95,848 | +€18,961 | +24.7% |
| Suppliers | 440/4 | €76,887 | €95,848 | +€18,961 | +24.7% |
| Taxes, remuneration and social security | 45 | €5,472 | €8,885 | +€3,414 | +62.4% |
| Taxes | 450/3 | €5,472 | €8,885 | +€3,414 | +62.4% |
| Other amounts payable | 47/48 | €682,068 | €566,026 | -€116,041 | -17.0% |
| Accrued charges and deferred income | 492/3 | €36,838 | €33,554 | -€3,285 | -8.9% |
| Non-recurring operating income | 76A | - | €1,451,985 | +€1.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330,702 | €283,417 | -€47,285 | -14.3% |
| Other operating charges | 640/8 | €121,384 | €116,402 | -€4,982 | -4.1% |
| Gross operating margin | 9900 | €521,162 | €1,965,141 | +€1.4m | +277% |
| Operating profit (loss) | 9901 | €69,076 | €1,565,321 | +€1.5m | +2,166% |
| Financial income | 75/76B | - | €58 | +€58 | |
| Recurring financial income | 75 | - | €58 | +€58 | |
| Financial charges | 65/66B | €54,485 | €49,103 | -€5,382 | -9.9% |
| Recurring financial charges | 65 | €54,485 | €49,103 | -€5,382 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €14,591 | €1,516,277 | +€1.5m | +10,292% |
| Transfer from deferred taxes | 780 | €17,973 | €16,768 | -€1,205 | -6.7% |
| Transfer to deferred taxes | 680 | - | €362,996 | +€362,996 | |
| Income taxes | 67/77 | €21,503 | €33,302 | +€11,799 | +54.9% |
| Profit (loss) for the period | 9904 | €11,061 | €1,136,746 | +€1.1m | +10,177% |
| Transfer from tax-exempt reserves | 789 | €53,918 | €50,304 | -€3,615 | -6.7% |
| Transfer to tax-exempt reserves | 689 | - | €1,088,989 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €64,979 | €98,061 | +€33,082 | +50.9% |
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 31 October 2026 via checked.be.