DERWAEL: 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
DERWAEL
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
-€328,861
2024 · -€33,479-€295,382
Equity
€9.0m
2024 · €9.3m-€294,064
Cash
€29,115
2024 · €37,780-€8,665
Balance sheet total
€19.9m
2024 · €19.5m+€373,831
Largest movements
Assets
- Receivables after one year +€6.4m
new in 2025: €6.4m
- Receivables within one year -€6.0m
down €6.0m (-95.9%), from €6.2m to €252,843
of which Trade receivables: -€3.2m
Equity and liabilities
- Debts after one year +€1.7m
up €1.7m (+147%), from €1.1m to €2.8m
- Short-term financial debts -€725,000
down €725,000 (-20.7%), from €3.5m to €2.8m
- Other debts -€204,946
down €204,946 (-4.0%), from €5.1m to €4.9m
Income statement
- Taxes -€75,509
down €75,509 (-100%), from €75,509 to €0
- Gross operating margin -€66,436
down €66,436 (-7.7%), from €858,714 to €792,278
- Financial income -€38,969
down €38,969 (-28.9%), from €134,976 to €96,007
- Financial charges +€28,489
up €28,489 (+7.4%), from €385,880 to €414,369
of which Financial charges: +€32,489
- Depreciation +€15,262
up €15,262 (+3.2%), from €471,668 to €486,930
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
-€33,479
Gross operating margin
-€66,436
Staff costs
-€1,349
Depreciation
-€15,262
Other operating charges
-€13,266
Other operating items
-€255,565
Financial income
-€38,969
Financial charges
-€28,489
Taxes
+€75,509
Deferred taxes and other
+€48,445
Result 2025
-€328,861
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
-€586,863
Investment
-€421,251
Financing
+€999,450
Cash 2024
€37,780
From operations (derived)
-€586,863
Net result for the year
-€328,861
Depreciation
+€486,930
Receivables after one year
-€6.4m
Receivables within one year
+€6.0m
Deferred charges and accrued income
-€3,389
Provisions
-€103,420
Trade debts
-€55,281
Tax, wage and social debts
+€16,804
Other debts
-€204,946
Accrued charges and deferred income
+€50,086
Investment (derived)
-€421,251
Investment in fixed assets (net)
-€421,251
Financing
+€999,450
Debts after one year
+€1.7m
Current portion of long-term debt
+€2,443
Short-term financial debts
-€725,000
Contributions, distributions and other
+€34,797
Cash 2025
€29,115
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,512,075 | €19,885,906 | +€373,831 | +1.9% |
| Fixed assets | 21/28 | €13,137,915 | €13,072,236 | -€65,679 | -0.5% |
| Tangible fixed assets | 22/27 | €7,034,576 | €6,968,897 | -€65,679 | -0.9% |
| Land and buildings | 22 | €6,770,307 | €6,436,025 | -€334,281 | -4.9% |
| Plant, machinery and equipment | 23 | €258,522 | €532,509 | +€273,987 | +106% |
| Furniture and vehicles | 24 | €552 | €363 | -€189 | -34.3% |
| Other tangible fixed assets | 26 | €5,195 | €0 | -€5,195 | -100% |
| Financial fixed assets | 28 | €6,103,339 | €6,103,339 | = | 0.0% |
| Current assets | 29/58 | €6,374,160 | €6,813,669 | +€439,509 | +6.9% |
| Amounts receivable after more than one year | 29 | - | €6,430,000 | +€6.4m | |
| Other amounts receivable | 291 | - | €6,430,000 | +€6.4m | |
| Amounts receivable within one year | 40/41 | €6,238,058 | €252,843 | -€6.0m | -95.9% |
| Trade receivables | 40 | €3,227,031 | €22,092 | -€3.2m | -99.3% |
| Other amounts receivable | 41 | €3,011,027 | €230,751 | -€2.8m | -92.3% |
| Cash at bank and in hand | 54/58 | €37,780 | €29,115 | -€8,665 | -22.9% |
| Deferred charges and accrued income | 490/1 | €98,322 | €101,711 | +€3,389 | +3.4% |
| Total equity and liabilities | 10/49 | €19,512,075 | €19,885,906 | +€373,831 | +1.9% |
| Equity | 10/15 | €9,259,109 | €8,965,045 | -€294,064 | -3.2% |
| Contributions | 10/11 | €483,148 | €483,148 | = | 0.0% |
| Capital | 10 | €483,148 | €483,148 | = | 0.0% |
| Issued capital | 100 | €483,148 | €483,148 | = | 0.0% |
| Revaluation surpluses | 12 | €5,093,020 | €5,093,020 | = | 0.0% |
| Reserves | 13 | €761,557 | €590,486 | -€171,071 | -22.5% |
| Non-distributable reserves | 130/1 | €198,315 | €198,315 | = | 0.0% |
| Legal reserve | 130 | €198,315 | €198,315 | = | 0.0% |
| Tax-exempt reserves | 132 | €226,136 | €55,064 | -€171,071 | -75.6% |
| Distributable reserves | 133 | €337,107 | €337,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,921,383 | €2,798,390 | -€122,993 | -4.2% |
| Provisions and deferred taxes | 16 | €103,420 | €0 | -€103,420 | -100% |
| Deferred taxes | 168 | €103,420 | €0 | -€103,420 | -100% |
| Amounts payable | 17/49 | €10,149,546 | €10,920,861 | +€771,315 | +7.6% |
| Amounts payable after more than one year | 17 | €1,145,439 | €2,832,648 | +€1.7m | +147% |
| Financial debts | 170/4 | €1,145,439 | €2,832,648 | +€1.7m | +147% |
| Amounts payable within one year | 42/48 | €8,998,346 | €8,032,366 | -€965,980 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €79,628 | €82,072 | +€2,443 | +3.1% |
| Financial debts | 43 | €3,495,000 | €2,770,000 | -€725,000 | -20.7% |
| Credit institutions | 430/8 | €3,495,000 | €2,770,000 | -€725,000 | -20.7% |
| Trade debts | 44 | €168,448 | €113,167 | -€55,281 | -32.8% |
| Suppliers | 440/4 | €168,448 | €113,167 | -€55,281 | -32.8% |
| Taxes, remuneration and social security | 45 | €116,947 | €133,751 | +€16,804 | +14.4% |
| Taxes | 450/3 | €104,334 | €121,030 | +€16,696 | +16.0% |
| Remuneration and social security | 454/9 | €12,613 | €12,720 | +€107 | +0.9% |
| Other amounts payable | 47/48 | €5,138,323 | €4,933,376 | -€204,946 | -4.0% |
| Accrued charges and deferred income | 492/3 | €5,761 | €55,847 | +€50,086 | +869% |
| Non-recurring operating income | 76A | €121,139 | €0 | -€121,139 | -100% |
| Remuneration, social security and pensions | 62 | €63,206 | €64,555 | +€1,349 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €471,668 | €486,930 | +€15,262 | +3.2% |
| Other operating charges | 640/8 | €50,829 | €64,095 | +€13,266 | +26.1% |
| Non-recurring operating charges | 66A | €255 | €255,820 | +€255,565 | +100,221% |
| Gross operating margin | 9900 | €858,714 | €792,278 | -€66,436 | -7.7% |
| Operating profit (loss) | 9901 | €272,756 | -€79,122 | -€351,878 | |
| Financial income | 75/76B | €134,976 | €96,007 | -€38,969 | -28.9% |
| Recurring financial income | 75 | €134,976 | €96,007 | -€38,969 | -28.9% |
| Financial charges | 65/66B | €385,880 | €414,369 | +€28,489 | +7.4% |
| Recurring financial charges | 65 | €381,880 | €414,369 | +€32,489 | +8.5% |
| Non-recurring financial charges | 66B | €4,000 | - | -€4,000 | |
| Profit (loss) for the period before taxes | 9903 | €21,852 | -€397,484 | -€419,337 | |
| Transfer from deferred taxes | 780 | €20,178 | €68,623 | +€48,445 | +240% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €75,509 | €0 | -€75,509 | -100% |
| Profit (loss) for the period | 9904 | -€33,479 | -€328,861 | -€295,382 | -882% |
| Transfer from tax-exempt reserves | 789 | €45,399 | €205,869 | +€160,470 | +353% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €11,920 | -€122,993 | -€134,912 |
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 16 October 2026 via checked.be.