DEN BIERBOER: 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
DEN BIERBOER
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
€17,550
2024 · €47,749-€30,200
Equity
€958,921
2024 · €941,371+€17,550
Cash
€94,368
2024 · €72,893+€21,475
Balance sheet total
€2.5m
2024 · €1.8m+€661,733
Largest movements
Assets
- Tangible fixed assets +€856,752
up €856,752 (+65.8%), from €1.3m to €2.2m
- Current investments -€220,000
down €220,000 (-46.8%), from €470,000 to €250,000
Equity and liabilities
- Other debts +€508,153
up €508,153 (+157%), from €323,077 to €831,231
- Debts after one year +€133,421
up €133,421 (+41.0%), from €325,535 to €458,957
of which Financial debts: +€133,421
Income statement
- Depreciation +€32,828
up €32,828 (+44.1%), from €74,499 to €107,327
- Taxes -€9,987
down €9,987 (-52.9%), from €18,884 to €8,897
- Gross operating margin -€7,133
down €7,133 (-4.7%), from €152,049 to €144,916
- Financial income -€2,629
down €2,629 (-19.6%), from €13,387 to €10,758
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
€47,749
Gross operating margin
-€7,133
Depreciation
-€32,828
Other operating charges
+€128
Financial income
-€2,629
Financial charges
+€1,278
Taxes
+€9,987
Deferred taxes and other
+€997
Result 2025
€17,550
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
+€619,390
Investment
-€744,079
Financing
+€146,164
Cash 2024
€72,893
From operations (derived)
+€619,390
Net result for the year
+€17,550
Depreciation
+€107,327
Receivables within one year
-€4,252
Smaller working-capital items
+€1,909
Provisions
-€3,795
Trade debts
-€2,634
Tax, wage and social debts
-€4,868
Other debts
+€508,153
Investment (derived)
-€744,079
Investment in fixed assets (net)
-€964,079
Current investments
+€220,000
Financing
+€146,164
Debts after one year
+€133,421
Current portion of long-term debt
+€12,768
Short-term financial debts
-€25
Cash 2025
€94,368
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,849,297 | €2,511,031 | +€661,733 | +35.8% |
| Fixed assets | 21/28 | €1,302,863 | €2,159,615 | +€856,752 | +65.8% |
| Tangible fixed assets | 22/27 | €1,302,863 | €2,159,615 | +€856,752 | +65.8% |
| Land and buildings | 22 | €1,302,863 | €2,159,615 | +€856,752 | +65.8% |
| Current assets | 29/58 | €546,434 | €351,415 | -€195,019 | -35.7% |
| Amounts receivable within one year | 40/41 | - | €4,252 | +€4,252 | |
| Other amounts receivable | 41 | - | €4,252 | +€4,252 | |
| Current investments | 50/53 | €470,000 | €250,000 | -€220,000 | -46.8% |
| Cash at bank and in hand | 54/58 | €72,893 | €94,368 | +€21,475 | +29.5% |
| Deferred charges and accrued income | 490/1 | €3,541 | €2,795 | -€746 | -21.1% |
| Total equity and liabilities | 10/49 | €1,849,297 | €2,511,031 | +€661,733 | +35.8% |
| Equity | 10/15 | €941,371 | €958,921 | +€17,550 | +1.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €878,587 | €896,921 | +€18,334 | +2.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €401,387 | €390,002 | -€11,386 | -2.8% |
| Distributable reserves | 133 | €471,000 | €500,719 | +€29,719 | +6.3% |
| Profit (loss) carried forward | 14 | €784 | - | -€784 | |
| Provisions and deferred taxes | 16 | €133,796 | €130,001 | -€3,795 | -2.8% |
| Deferred taxes | 168 | €133,796 | €130,001 | -€3,795 | -2.8% |
| Amounts payable | 17/49 | €774,131 | €1,422,109 | +€647,979 | +83.7% |
| Amounts payable after more than one year | 17 | €325,535 | €458,957 | +€133,421 | +41.0% |
| Financial debts | 170/4 | €316,803 | €450,224 | +€133,421 | +42.1% |
| Other amounts payable | 178/9 | €8,732 | €8,732 | = | 0.0% |
| Amounts payable within one year | 42/48 | €437,554 | €950,948 | +€513,394 | +117% |
| Current portion of amounts payable after more than one year | 42 | €97,561 | €110,329 | +€12,768 | +13.1% |
| Financial debts | 43 | €3,412 | €3,386 | -€25 | -0.7% |
| Credit institutions | 430/8 | €3,412 | €3,386 | -€25 | -0.7% |
| Trade debts | 44 | €8,636 | €6,003 | -€2,634 | -30.5% |
| Suppliers | 440/4 | €8,636 | €6,003 | -€2,634 | -30.5% |
| Taxes, remuneration and social security | 45 | €4,868 | - | -€4,868 | |
| Taxes | 450/3 | €4,868 | - | -€4,868 | |
| Other amounts payable | 47/48 | €323,077 | €831,231 | +€508,153 | +157% |
| Accrued charges and deferred income | 492/3 | €11,041 | €12,204 | +€1,163 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,499 | €107,327 | +€32,828 | +44.1% |
| Other operating charges | 640/8 | €10,187 | €10,058 | -€128 | -1.3% |
| Gross operating margin | 9900 | €152,049 | €144,916 | -€7,133 | -4.7% |
| Operating profit (loss) | 9901 | €67,363 | €27,530 | -€39,832 | -59.1% |
| Financial income | 75/76B | €13,387 | €10,758 | -€2,629 | -19.6% |
| Recurring financial income | 75 | €13,387 | €10,758 | -€2,629 | -19.6% |
| Financial charges | 65/66B | €16,915 | €15,637 | -€1,278 | -7.6% |
| Recurring financial charges | 65 | €16,915 | €15,637 | -€1,278 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €63,835 | €22,651 | -€41,184 | -64.5% |
| Transfer from deferred taxes | 780 | €2,798 | €3,795 | +€997 | +35.6% |
| Income taxes | 67/77 | €18,884 | €8,897 | -€9,987 | -52.9% |
| Profit (loss) for the period | 9904 | €47,749 | €17,550 | -€30,200 | -63.2% |
| Transfer from tax-exempt reserves | 789 | €8,395 | €11,386 | +€2,991 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,144 | €28,935 | -€27,209 | -48.5% |
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.