E. INVEST: 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
E. INVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€27,235
2024 · €25,269+€1,966
Equity
€3.0m
2024 · €3.0m+€27,235
Cash
€38,617
2024 · €42,271-€3,654
Balance sheet total
€4.5m
2024 · €4.6m-€70,030
Largest movements
Assets
- Tangible fixed assets -€104,555
down €104,555 (-3.6%), from €2.9m to €2.8m
- Receivables within one year +€50,487
up €50,487 (+17.0%), from €296,442 to €346,928
Equity and liabilities
- Debts after one year -€96,228
down €96,228 (-9.4%), from €1.0m to €926,883
- Profit (loss) carried forward +€85,035
up €85,035 (+64.9%), from -€131,066 to -€46,032
- Reserves -€57,800
down €57,800 (-4.4%), from €1.3m to €1.3m
of which Tax-exempt reserves: -€57,800
Income statement
- Taxes +€8,611
up €8,611 (+38.5%), from €22,344 to €30,955
- Financial charges -€7,353
down €7,353 (-19.1%), from €38,425 to €31,072
- Financial income +€5,331
up €5,331 (+32.0%), from €16,673 to €22,004
- Other operating charges -€3,666
down €3,666 (-76.0%), from €4,827 to €1,161
- Gross operating margin +€3,184
up €3,184 (+2.0%), from €159,480 to €162,664
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
€25,269
Gross operating margin
+€3,184
Other operating charges
+€3,666
Other operating items
-€8,958
Financial income
+€5,331
Financial charges
+€7,353
Taxes
-€8,611
Result 2025
€27,235
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
+€96,194
Investment
€0
Financing
-€99,848
Cash 2024
€42,271
From operations (derived)
+€96,194
Net result for the year
+€27,235
Depreciation
+€104,555
Receivables within one year
-€50,487
Deferred charges and accrued income
+€12,308
Provisions
-€19,267
Trade debts
+€1,992
Tax, wage and social debts
+€33,243
Other debts
-€17,700
Accrued charges and deferred income
+€4,314
Financing
-€99,848
Debts after one year
-€96,228
Current portion of long-term debt
-€3,620
Cash 2025
€38,617
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,619,634 | €4,549,603 | -€70,030 | -1.5% |
| Fixed assets | 21/28 | €4,268,614 | €4,164,058 | -€104,555 | -2.4% |
| Tangible fixed assets | 22/27 | €2,868,614 | €2,764,058 | -€104,555 | -3.6% |
| Land and buildings | 22 | €2,868,614 | €2,764,058 | -€104,555 | -3.6% |
| Financial fixed assets | 28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Current assets | 29/58 | €351,020 | €385,545 | +€34,525 | +9.8% |
| Amounts receivable within one year | 40/41 | €296,442 | €346,928 | +€50,487 | +17.0% |
| Other amounts receivable | 41 | €296,442 | €346,928 | +€50,487 | +17.0% |
| Cash at bank and in hand | 54/58 | €42,271 | €38,617 | -€3,654 | -8.6% |
| Deferred charges and accrued income | 490/1 | €12,308 | €0 | -€12,308 | -100% |
| Total equity and liabilities | 10/49 | €4,619,634 | €4,549,603 | -€70,030 | -1.5% |
| Equity | 10/15 | €3,000,728 | €3,027,963 | +€27,235 | +0.9% |
| Contributions | 10/11 | €1,809,000 | €1,809,000 | = | 0.0% |
| Capital | 10 | €1,809,000 | €1,809,000 | = | 0.0% |
| Issued capital | 100 | €1,809,000 | €1,809,000 | = | 0.0% |
| Reserves | 13 | €1,322,794 | €1,264,994 | -€57,800 | -4.4% |
| Non-distributable reserves | 130/1 | €2,664 | €2,664 | = | 0.0% |
| Legal reserve | 130 | €2,664 | €2,664 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,319,174 | €1,261,374 | -€57,800 | -4.4% |
| Distributable reserves | 133 | €957 | €957 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€131,066 | -€46,032 | +€85,035 | +64.9% |
| Provisions and deferred taxes | 16 | €439,725 | €420,458 | -€19,267 | -4.4% |
| Deferred taxes | 168 | €439,725 | €420,458 | -€19,267 | -4.4% |
| Amounts payable | 17/49 | €1,179,181 | €1,101,183 | -€77,999 | -6.6% |
| Amounts payable after more than one year | 17 | €1,023,111 | €926,883 | -€96,228 | -9.4% |
| Financial debts | 170/4 | €1,023,111 | €926,883 | -€96,228 | -9.4% |
| Amounts payable within one year | 42/48 | €152,948 | €166,863 | +€13,915 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €99,825 | €96,205 | -€3,620 | -3.6% |
| Trade debts | 44 | €3,329 | €5,321 | +€1,992 | +59.8% |
| Suppliers | 440/4 | €3,329 | €5,321 | +€1,992 | +59.8% |
| Taxes, remuneration and social security | 45 | €22,344 | €55,587 | +€33,243 | +149% |
| Taxes | 450/3 | €22,344 | €55,587 | +€33,243 | +149% |
| Other amounts payable | 47/48 | €27,450 | €9,750 | -€17,700 | -64.5% |
| Accrued charges and deferred income | 492/3 | €3,123 | €7,437 | +€4,314 | +138% |
| Non-recurring operating income | 76A | - | €17,700 | +€17,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,555 | €104,555 | = | 0.0% |
| Other operating charges | 640/8 | €4,827 | €1,161 | -€3,666 | -76.0% |
| Non-recurring operating charges | 66A | - | €8,958 | +€8,958 | |
| Gross operating margin | 9900 | €159,480 | €162,664 | +€3,184 | +2.0% |
| Operating profit (loss) | 9901 | €50,098 | €47,990 | -€2,108 | -4.2% |
| Financial income | 75/76B | €16,673 | €22,004 | +€5,331 | +32.0% |
| Recurring financial income | 75 | €16,673 | €22,004 | +€5,331 | +32.0% |
| Financial charges | 65/66B | €38,425 | €31,072 | -€7,353 | -19.1% |
| Recurring financial charges | 65 | €38,425 | €31,072 | -€7,353 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €28,346 | €38,923 | +€10,577 | +37.3% |
| Transfer from deferred taxes | 780 | €19,267 | €19,267 | = | 0.0% |
| Income taxes | 67/77 | €22,344 | €30,955 | +€8,611 | +38.5% |
| Profit (loss) for the period | 9904 | €25,269 | €27,235 | +€1,966 | +7.8% |
| Transfer from tax-exempt reserves | 789 | €57,800 | €57,800 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €83,068 | €85,035 | +€1,966 | +2.4% |
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 27 October 2026 via checked.be.