Desim: 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
Desim
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
-€145,436
2024 · €218,406-€363,842
Equity
€6.3m
2024 · €6.5m-€187,615
Cash
€68,374
2024 · €489,204-€420,830
Balance sheet total
€22.6m
2024 · €20.8m+€1.8m
Largest movements
Assets
- Tangible fixed assets +€2.0m
up €2.0m (+9.9%), from €20.1m to €22.1m
of which Land and buildings: +€2.1m
- Cash -€420,830
down €420,830 (-86.0%), from €489,204 to €68,374
mainly Investment in fixed assets (net) (-€4.0m) and Current portion of long-term debt (-€871,413)
- Receivables within one year +€247,446
up €247,446 (+151.1%), from €163,800 to €411,246
of which Other amounts receivable: +€269,610
Equity and liabilities
- Debts after one year +€2.3m
up €2.3m (+21.5%), from €10.6m to €12.9m
- Current portion of long-term debt -€871,413
down €871,413 (-82.7%), from €1.1m to €182,726
- Short-term financial debts +€627,760
up €627,760 (+125.6%), from €500,000 to €1.1m
- Trade debts +€248,993
up €248,993 (+524.0%), from €47,522 to €296,516
Income statement
- Gross operating margin -€324,745
down €324,745 (-9.8%), from €3.3m to €3.0m
- Depreciation +€164,757
up €164,757 (+9.1%), from €1.8m to €2.0m
- Taxes -€134,349
down €134,349 (-82.5%), from €162,790 to €28,440
- Financial charges +€85,178
up €85,178 (+24.3%), from €350,287 to €435,465
- Other operating charges -€74,426
down €74,426 (-92.9%), from €80,110 to €5,684
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
€218,406
Gross operating margin
-€324,745
Staff costs
+€10,873
Depreciation
-€164,757
Other operating charges
+€74,426
Financial income
-€5,625
Financial charges
-€85,178
Taxes
+€134,349
Deferred taxes and other
-€3,186
Result 2025
-€145,436
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
+€1.6m
Investment
-€4.0m
Financing
+€2.0m
Cash 2024
€489,204
From operations (derived)
+€1.6m
Net result for the year
-€145,436
Depreciation
+€2.0m
Receivables within one year
-€247,446
Deferred charges and accrued income
-€1,205
Provisions
-€62,538
Trade debts
+€248,993
Tax, wage and social debts
-€61,553
Other debts
-€108,368
Accrued charges and deferred income
-€43,363
Investment (derived)
-€4.0m
Investment in fixed assets (net)
-€4.0m
Financing
+€2.0m
Debts after one year
+€2.3m
Current portion of long-term debt
-€871,413
Short-term financial debts
+€627,760
Contributions, distributions and other
-€42,179
Cash 2025
€68,374
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,784,412 | €22,602,423 | +€1.8m | +8.7% |
| Fixed assets | 21/28 | €20,128,530 | €22,118,720 | +€2.0m | +9.9% |
| Tangible fixed assets | 22/27 | €20,128,530 | €22,118,720 | +€2.0m | +9.9% |
| Land and buildings | 22 | €19,807,267 | €21,868,019 | +€2.1m | +10.4% |
| Plant, machinery and equipment | 23 | €3,867 | €2,006 | -€1,861 | -48.1% |
| Furniture and vehicles | 24 | €317,396 | €248,696 | -€68,700 | -21.6% |
| Current assets | 29/58 | €655,882 | €483,702 | -€172,179 | -26.3% |
| Amounts receivable within one year | 40/41 | €163,800 | €411,246 | +€247,446 | +151.1% |
| Trade receivables | 40 | €135,564 | €113,400 | -€22,164 | -16.3% |
| Other amounts receivable | 41 | €28,236 | €297,846 | +€269,610 | +954.8% |
| Cash at bank and in hand | 54/58 | €489,204 | €68,374 | -€420,830 | -86.0% |
| Deferred charges and accrued income | 490/1 | €2,878 | €4,083 | +€1,205 | +41.9% |
| Total equity and liabilities | 10/49 | €20,784,412 | €22,602,423 | +€1.8m | +8.7% |
| Equity | 10/15 | €6,454,822 | €6,267,207 | -€187,615 | -2.9% |
| Contributions | 10/11 | €2,122,884 | €2,122,884 | = | 0.0% |
| Capital | 10 | €1,471,243 | €1,471,243 | = | 0.0% |
| Issued capital | 100 | €1,471,243 | €1,471,243 | = | 0.0% |
| Outside capital | 11 | €651,641 | €651,641 | = | 0.0% |
| Share premium | 1100/10 | €651,641 | €651,641 | = | 0.0% |
| Reserves | 13 | €4,331,938 | €4,144,323 | -€187,615 | -4.3% |
| Non-distributable reserves | 130/1 | €189,041 | €189,041 | = | 0.0% |
| Legal reserve | 130 | €189,041 | €189,041 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,720,976 | €2,533,361 | -€187,615 | -6.9% |
| Distributable reserves | 133 | €1,421,921 | €1,421,921 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €731,486 | €668,948 | -€62,538 | -8.5% |
| Deferred taxes | 168 | €731,486 | €668,948 | -€62,538 | -8.5% |
| Amounts payable | 17/49 | €13,598,104 | €15,666,268 | +€2.1m | +15.2% |
| Amounts payable after more than one year | 17 | €10,607,212 | €12,883,321 | +€2.3m | +21.5% |
| Financial debts | 170/4 | €10,607,212 | €12,883,321 | +€2.3m | +21.5% |
| Amounts payable within one year | 42/48 | €2,632,989 | €2,468,407 | -€164,582 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €1,054,140 | €182,726 | -€871,413 | -82.7% |
| Financial debts | 43 | €500,000 | €1,127,760 | +€627,760 | +125.6% |
| Credit institutions | 430/8 | €500,000 | €1,127,760 | +€627,760 | +125.6% |
| Trade debts | 44 | €47,522 | €296,516 | +€248,993 | +524.0% |
| Suppliers | 440/4 | €47,522 | €296,516 | +€248,993 | +524.0% |
| Taxes, remuneration and social security | 45 | €119,485 | €57,932 | -€61,553 | -51.5% |
| Taxes | 450/3 | €63,143 | €257 | -€62,886 | -99.6% |
| Remuneration and social security | 454/9 | €56,342 | €57,675 | +€1,333 | +2.4% |
| Other amounts payable | 47/48 | €911,842 | €803,474 | -€108,368 | -11.9% |
| Accrued charges and deferred income | 492/3 | €357,903 | €314,540 | -€43,363 | -12.1% |
| Non-recurring operating income | 76A | €20,050 | €3,357 | -€16,693 | -83.3% |
| Remuneration, social security and pensions | 62 | €754,565 | €743,692 | -€10,873 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,815,305 | €1,980,062 | +€164,757 | +9.1% |
| Other operating charges | 640/8 | €80,110 | €5,684 | -€74,426 | -92.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,310,058 | €2,985,313 | -€324,745 | -9.8% |
| Operating profit (loss) | 9901 | €660,079 | €255,875 | -€404,204 | -61.2% |
| Financial income | 75/76B | €5,680 | €56 | -€5,625 | -99.0% |
| Recurring financial income | 75 | €5,680 | €56 | -€5,625 | -99.0% |
| Financial charges | 65/66B | €350,287 | €435,465 | +€85,178 | +24.3% |
| Recurring financial charges | 65 | €350,287 | €435,465 | +€85,178 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €315,472 | -€179,534 | -€495,006 | |
| Transfer from deferred taxes | 780 | €65,724 | €62,538 | -€3,186 | -4.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €162,790 | €28,440 | -€134,349 | -82.5% |
| Profit (loss) for the period | 9904 | €218,406 | -€145,436 | -€363,842 | |
| Transfer from tax-exempt reserves | 789 | €184,819 | €187,615 | +€2,796 | +1.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €403,225 | €42,179 | -€361,046 | -89.5% |
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 29 September 2026 via checked.be.