De Brusselse Woning: 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 Brusselse Woning
NACE 68.202, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · €908,697+€2.5m
Equity
€134.7m
2024 · €108.3m+€26.4m
Cash
€30.3m
2024 · €31.6m-€1.3m
Balance sheet total
€372.9m
2024 · €299.5m+€73.4m
Largest movements
Assets
- Tangible fixed assets +€68.3m
up €68.3m (+26.6%), from €257.2m to €325.6m
of which Land and buildings: +€38.3m
- Receivables within one year +€7.1m
up €7.1m (+99.6%), from €7.1m to €14.2m
of which Other amounts receivable: +€6.8m
Equity and liabilities
- Debts after one year +€35.1m
up €35.1m (+24.5%), from €143.1m to €178.2m
of which Financial debts: +€35.1m
- Investment grants +€19.0m
up €19.0m (+22.4%), from €84.9m to €103.9m
- Trade debts +€8.7m
up €8.7m (+129%), from €6.8m to €15.5m
of which Suppliers: +€8.7m
- Contributions +€4.0m
up €4.0m (+20.2%), from €19.8m to €23.8m
Income statement
- Turnover +€1.6m
up €1.6m (+5.8%), from €27.7m to €29.4m
- Other operating income +€1.0m
up €1.0m (+9.5%), from €11.0m to €12.0m
- Financial charges -€921,811
down €921,811 (-24.6%), from €3.8m to €2.8m
of which Financial charges: -€921,811
- Provisions +€769,659
up €769,659 (+168%), from €457,787 to €1.2m
- Depreciation +€405,653
up €405,653 (+4.0%), from €10.1m to €10.5m
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
€908,697
Turnover
+€1.6m
Other operating income
+€1.0m
Goods and materials
+€33,801
Services and other goods
-€384,488
Staff costs
-€174,520
Depreciation
-€405,653
Write-downs
-€80,853
Provisions
-€769,659
Other operating charges
+€278,340
Other operating items
+€246,625
Financial income
+€281,223
Financial charges
+€921,811
Taxes
-€110,732
Deferred taxes and other
+€12,290
Result 2025
€3.4m
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
+€21.3m
Investment
-€78.8m
Financing
+€56.2m
Cash 2024
€31.6m
From operations (derived)
+€21.3m
Net result for the year
+€3.4m
Depreciation
+€10.5m
Receivables after one year
+€564,065
Smaller working-capital items
+€249,990
Receivables within one year
-€7.1m
Provisions
+€2.2m
Trade debts
+€8.7m
Tax, wage and social debts
+€2.7m
Investment (derived)
-€78.8m
Investment in fixed assets (net)
-€78.8m
Financing
+€56.2m
Debts after one year
+€35.1m
Current portion of long-term debt
+€829,782
Short-term financial debts
-€2.8m
Contributions, distributions and other
+€23.0m
Cash 2025
€30.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €299,508,838 | €372,930,480 | +€73.4m | +24.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €257,467,078 | €325,721,137 | +€68.3m | +26.5% |
| Intangible fixed assets | 21 | €176,095 | €150,543 | -€25,553 | -14.5% |
| Tangible fixed assets | 22/27 | €257,242,128 | €325,561,400 | +€68.3m | +26.6% |
| Land and buildings | 22 | €212,549,138 | €250,857,934 | +€38.3m | +18.0% |
| Plant, machinery and equipment | 23 | €16,980 | €15,226 | -€1,754 | -10.3% |
| Furniture and vehicles | 24 | €148,112 | €586,895 | +€438,783 | +296% |
| Leasing and similar rights | 25 | €3,916,238 | €3,759,471 | -€156,767 | -4.0% |
| Other tangible fixed assets | 26 | €905,365 | €860,946 | -€44,419 | -4.9% |
| Assets under construction and advance payments | 27 | €39,706,295 | €69,480,927 | +€29.8m | +75.0% |
| Financial fixed assets | 28 | €48,855 | €9,195 | -€39,659 | -81.2% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Amounts receivable | 281 | €0 | - | = | |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Amounts receivable | 283 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €48,855 | €9,195 | -€39,659 | -81.2% |
| Shares | 284 | €26 | €26 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €48,828 | €9,169 | -€39,659 | -81.2% |
| Current assets | 29/58 | €42,041,760 | €47,209,343 | +€5.2m | +12.3% |
| Amounts receivable after more than one year | 29 | €1,782,826 | €1,218,761 | -€564,065 | -31.6% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €1,782,826 | €1,218,761 | -€564,065 | -31.6% |
| Stocks and contracts in progress | 3 | €146,428 | €151,859 | +€5,431 | +3.7% |
| Stocks | 30/36 | €146,428 | €151,859 | +€5,431 | +3.7% |
| Raw materials and consumables | 30/31 | €146,428 | €151,859 | +€5,431 | +3.7% |
| Work in progress | 32 | €0 | - | = | |
| Finished goods | 33 | €0 | - | = | |
| Goods purchased for resale | 34 | €0 | - | = | |
| Property held for sale | 35 | €0 | - | = | |
| Advance payments | 36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €7,108,370 | €14,184,864 | +€7.1m | +99.6% |
| Trade receivables | 40 | €781,953 | €1,054,019 | +€272,066 | +34.8% |
| Other amounts receivable | 41 | €6,326,418 | €13,130,845 | +€6.8m | +108% |
| Current investments | 50/53 | €0 | - | = | |
| Own shares | 50 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €31,573,009 | €30,285,738 | -€1.3m | -4.1% |
| Deferred charges and accrued income | 490/1 | €1,431,127 | €1,368,122 | -€63,005 | -4.4% |
| Total equity and liabilities | 10/49 | €299,508,838 | €372,930,480 | +€73.4m | +24.5% |
| Equity | 10/15 | €108,323,543 | €134,707,360 | +€26.4m | +24.4% |
| Contributions | 10/11 | €19,835,084 | €23,835,084 | +€4.0m | +20.2% |
| Revaluation surpluses | 12 | €0 | €0 | = | |
| Reserves | 13 | €10,144,422 | €10,227,718 | +€83,296 | +0.8% |
| Non-distributable reserves | 130/1 | €28,430 | €28,430 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Own shares acquired | 1312 | €0 | €0 | = | |
| Financial assistance | 1313 | €0 | €0 | = | |
| Other | 1319 | €28,430 | €28,430 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,807,483 | €7,568,740 | -€238,743 | -3.1% |
| Distributable reserves | 133 | €2,308,509 | €2,630,548 | +€322,039 | +14.0% |
| Profit (loss) carried forward | 14 | -€6,547,972 | -€3,227,637 | +€3.3m | +50.7% |
| Investment grants | 15 | €84,892,008 | €103,872,194 | +€19.0m | +22.4% |
| Advance to shareholders on the distribution of net assets | 19 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €11,438,856 | €13,676,801 | +€2.2m | +19.6% |
| Provisions for liabilities and charges | 160/5 | €6,513,288 | €7,740,735 | +€1.2m | +18.8% |
| Pensions and similar obligations | 160 | €0 | €0 | = | |
| Taxes | 161 | €0 | €0 | = | |
| Major repairs and maintenance | 162 | €6,440,788 | €7,740,735 | +€1.3m | +20.2% |
| Environmental obligations | 163 | €0 | €0 | = | |
| Other liabilities and charges | 164/5 | €72,500 | €0 | -€72,500 | -100% |
| Deferred taxes | 168 | €4,925,568 | €5,936,066 | +€1.0m | +20.5% |
| Amounts payable | 17/49 | €179,746,440 | €224,546,319 | +€44.8m | +24.9% |
| Amounts payable after more than one year | 17 | €143,097,863 | €178,227,217 | +€35.1m | +24.5% |
| Financial debts | 170/4 | €143,007,008 | €178,144,284 | +€35.1m | +24.6% |
| Subordinated loans | 170 | €0 | €0 | = | |
| Unsubordinated bonds | 171 | €0 | €0 | = | |
| Leasing and similar obligations | 172 | €43,707 | €29,921 | -€13,786 | -31.5% |
| Credit institutions | 173 | €0 | €0 | = | |
| Other loans | 174 | €142,963,301 | €178,114,363 | +€35.2m | +24.6% |
| Trade debts | 175 | €0 | €0 | = | |
| Suppliers | 1750 | €0 | €0 | = | |
| Bills of exchange payable | 1751 | €0 | €0 | = | |
| Advances received on contracts in progress | 176 | €0 | €0 | = | |
| Other amounts payable | 178/9 | €90,855 | €82,933 | -€7,922 | -8.7% |
| Amounts payable within one year | 42/48 | €35,877,136 | €45,504,444 | +€9.6m | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €5,969,302 | €6,799,084 | +€829,782 | +13.9% |
| Financial debts | 43 | €20,471,282 | €17,695,620 | -€2.8m | -13.6% |
| Credit institutions | 430/8 | €20,471,282 | €17,695,620 | -€2.8m | -13.6% |
| Other loans | 439 | €0 | €0 | = | |
| Trade debts | 44 | €6,767,937 | €15,514,460 | +€8.7m | +129% |
| Suppliers | 440/4 | €6,767,937 | €15,514,460 | +€8.7m | +129% |
| Bills of exchange payable | 441 | €0 | €0 | = | |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €2,078,217 | €4,755,686 | +€2.7m | +129% |
| Taxes | 450/3 | €807,948 | €3,382,745 | +€2.6m | +319% |
| Remuneration and social security | 454/9 | €1,270,269 | €1,372,941 | +€102,672 | +8.1% |
| Other amounts payable | 47/48 | €590,396 | €739,594 | +€149,198 | +25.3% |
| Accrued charges and deferred income | 492/3 | €771,441 | €814,658 | +€43,217 | +5.6% |
| Operating income | 70/76A | €39,640,258 | €42,573,292 | +€2.9m | +7.4% |
| Turnover | 70 | €27,749,493 | €29,353,109 | +€1.6m | +5.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | €0 | = | |
| Own construction capitalised | 72 | €939,296 | €1,225,580 | +€286,285 | +30.5% |
| Other operating income | 74 | €10,951,469 | €11,994,603 | +€1.0m | +9.5% |
| Non-recurring operating income | 76A | €0 | €0 | = | |
| Operating charges | 60/66A | €38,462,436 | €40,005,128 | +€1.5m | +4.0% |
| Goods for resale, raw materials and consumables | 60 | €384,985 | €351,184 | -€33,801 | -8.8% |
| Purchases | 600/8 | €382,740 | €356,615 | -€26,126 | -6.8% |
| Change in stocks: decrease (increase) | 609 | €2,244 | -€5,431 | -€7,675 | |
| Services and other goods | 61 | €12,814,381 | €13,198,869 | +€384,488 | +3.0% |
| Remuneration, social security and pensions | 62 | €11,193,644 | €11,368,164 | +€174,520 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,125,769 | €10,531,422 | +€405,653 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,071 | €75,782 | +€80,853 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €457,787 | €1,227,447 | +€769,659 | +168% |
| Other operating charges | 640/8 | €3,490,941 | €3,212,600 | -€278,340 | -8.0% |
| Non-recurring operating charges | 66A | €0 | €39,659 | +€39,659 | |
| Operating profit (loss) | 9901 | €1,177,822 | €2,568,163 | +€1.4m | +118% |
| Financial income | 75/76B | €3,385,273 | €3,666,496 | +€281,223 | +8.3% |
| Recurring financial income | 75 | €3,385,273 | €3,666,496 | +€281,223 | +8.3% |
| Income from financial fixed assets | 750 | €0 | €0 | = | |
| Income from current assets | 751 | €322,237 | €486,157 | +€163,920 | +50.9% |
| Other financial income | 752/9 | €3,063,036 | €3,180,339 | +€117,303 | +3.8% |
| Non-recurring financial income | 76B | €0 | €0 | = | |
| Financial charges | 65/66B | €3,752,287 | €2,830,476 | -€921,811 | -24.6% |
| Recurring financial charges | 65 | €3,752,287 | €2,830,476 | -€921,811 | -24.6% |
| Debt charges | 650 | €2,515,497 | €2,456,656 | -€58,841 | -2.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,232,213 | €365,629 | -€866,585 | -70.3% |
| Other financial charges | 652/9 | €4,576 | €8,191 | +€3,615 | +79.0% |
| Non-recurring financial charges | 66B | €0 | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €810,808 | €3,404,183 | +€2.6m | +320% |
| Transfer from deferred taxes | 780 | €125,251 | €137,541 | +€12,290 | +9.8% |
| Transfer to deferred taxes | 680 | €0 | €0 | = | |
| Income taxes | 67/77 | €27,361 | €138,093 | +€110,732 | +405% |
| Taxes | 670/3 | €27,361 | €165,129 | +€137,768 | +504% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €27,036 | +€27,036 | |
| Profit (loss) for the period | 9904 | €908,697 | €3,403,631 | +€2.5m | +275% |
| Transfer from tax-exempt reserves | 789 | €238,743 | €238,743 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,147,440 | €3,642,374 | +€2.5m | +217% |
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 24 October 2026 via checked.be.