DR. PHILIPPE VRYENS: 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
DR. PHILIPPE VRYENS
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
€158,278
2024 · €138,422+€19,856
Equity
€1.7m
2024 · €1.6m+€158,278
Cash
€224,241
2024 · €206,472+€17,768
Balance sheet total
€2.1m
2024 · €2.2m-€79,900
Largest movements
Assets
- Tangible fixed assets -€82,288
down €82,288 (-5.1%), from €1.6m to €1.5m
of which Land and buildings: -€60,294
- Receivables after one year -€40,000
down €40,000 (-14.3%), from €280,000 to €240,000
Equity and liabilities
- Other debts -€187,766
down €187,766 (-100%), from €187,766 to €0
- Reserves +€158,278
up €158,278 (+10.1%), from €1.6m to €1.7m
- Debts after one year -€63,467
down €63,467 (-18.2%), from €349,065 to €285,599
Income statement
- Gross operating margin +€36,103
up €36,103 (+10.9%), from €331,328 to €367,431
- Taxes +€17,638
up €17,638 (+28.5%), from €61,789 to €79,427
- Staff costs -€4,213
down €4,213 (-9.8%), from €42,792 to €38,579
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
€138,422
Gross operating margin
+€36,103
Staff costs
+€4,213
Depreciation
-€1,892
Other operating charges
-€362
Financial income
-€598
Financial charges
+€31
Taxes
-€17,638
Result 2025
€158,278
raises the resultlowers the result
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
+€91,946
Investment
-€6,148
Financing
-€68,029
Cash 2024
€206,472
From operations (derived)
+€91,946
Net result for the year
+€158,278
Depreciation
+€88,436
Receivables after one year
+€40,000
Receivables within one year
-€16,493
Deferred charges and accrued income
-€8,126
Trade debts
-€3,064
Tax, wage and social debts
+€20,725
Other debts
-€187,766
Accrued charges and deferred income
-€45
Investment (derived)
-€6,148
Investment in fixed assets (net)
-€6,148
Financing
-€68,029
Debts after one year
-€63,467
Current portion of long-term debt
-€4,562
Cash 2025
€224,241
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,220,078 | €2,140,177 | -€79,900 | -3.6% |
| Fixed assets | 21/28 | €1,620,960 | €1,538,672 | -€82,288 | -5.1% |
| Tangible fixed assets | 22/27 | €1,620,960 | €1,538,672 | -€82,288 | -5.1% |
| Land and buildings | 22 | €1,328,208 | €1,267,914 | -€60,294 | -4.5% |
| Plant, machinery and equipment | 23 | €2,532 | €3,232 | +€700 | +27.6% |
| Furniture and vehicles | 24 | €290,220 | €267,526 | -€22,694 | -7.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €599,117 | €601,505 | +€2,388 | +0.4% |
| Amounts receivable after more than one year | 29 | €280,000 | €240,000 | -€40,000 | -14.3% |
| Other amounts receivable | 291 | €280,000 | €240,000 | -€40,000 | -14.3% |
| Amounts receivable within one year | 40/41 | €9,261 | €25,754 | +€16,493 | +178% |
| Other amounts receivable | 41 | €9,261 | €25,754 | +€16,493 | +178% |
| Cash at bank and in hand | 54/58 | €206,472 | €224,241 | +€17,768 | +8.6% |
| Deferred charges and accrued income | 490/1 | €103,384 | €111,510 | +€8,126 | +7.9% |
| Total equity and liabilities | 10/49 | €2,220,078 | €2,140,177 | -€79,900 | -3.6% |
| Equity | 10/15 | €1,573,346 | €1,731,625 | +€158,278 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,560,946 | €1,719,225 | +€158,278 | +10.1% |
| Distributable reserves | 133 | €1,560,946 | €1,719,225 | +€158,278 | +10.1% |
| Amounts payable | 17/49 | €646,731 | €408,553 | -€238,178 | -36.8% |
| Amounts payable after more than one year | 17 | €349,065 | €285,599 | -€63,467 | -18.2% |
| Financial debts | 170/4 | €349,065 | €285,599 | -€63,467 | -18.2% |
| Amounts payable within one year | 42/48 | €296,115 | €121,448 | -€174,667 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €68,029 | €63,467 | -€4,562 | -6.7% |
| Trade debts | 44 | €15,276 | €12,212 | -€3,064 | -20.1% |
| Suppliers | 440/4 | €15,276 | €12,212 | -€3,064 | -20.1% |
| Taxes, remuneration and social security | 45 | €25,044 | €45,769 | +€20,725 | +82.8% |
| Taxes | 450/3 | €25,044 | €38,269 | +€13,225 | +52.8% |
| Remuneration and social security | 454/9 | - | €7,500 | +€7,500 | |
| Other amounts payable | 47/48 | €187,766 | €0 | -€187,766 | -100% |
| Accrued charges and deferred income | 492/3 | €1,551 | €1,506 | -€45 | -2.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €42,792 | €38,579 | -€4,213 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,544 | €88,436 | +€1,892 | +2.2% |
| Other operating charges | 640/8 | €4,964 | €5,326 | +€362 | +7.3% |
| Gross operating margin | 9900 | €331,328 | €367,431 | +€36,103 | +10.9% |
| Operating profit (loss) | 9901 | €197,028 | €235,090 | +€38,062 | +19.3% |
| Financial income | 75/76B | €8,193 | €7,595 | -€598 | -7.3% |
| Recurring financial income | 75 | €8,193 | €7,595 | -€598 | -7.3% |
| Financial charges | 65/66B | €5,010 | €4,980 | -€31 | -0.6% |
| Recurring financial charges | 65 | €5,010 | €4,980 | -€31 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €200,211 | €237,705 | +€37,495 | +18.7% |
| Income taxes | 67/77 | €61,789 | €79,427 | +€17,638 | +28.5% |
| Profit (loss) for the period | 9904 | €138,422 | €158,278 | +€19,856 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €138,422 | €158,278 | +€19,856 | +14.3% |
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.