ERPA: 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
ERPA
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €215,922+€1.3m
Equity
€7.1m
2024 · €6.2m+€864,414
Cash
€92,260
2024 · €416,649-€324,389
Balance sheet total
€37.4m
2024 · €39.2m-€1.7m
Largest movements
Assets
- Tangible fixed assets -€1.7m
down €1.7m (-7.2%), from €24.1m to €22.4m
of which Leasing and similar rights: -€1.4m
- Receivables within one year +€603,106
up €603,106 (+89.2%), from €676,163 to €1.3m
of which Other amounts receivable: +€507,765
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-8.3%), from €16.8m to €15.4m
of which Financial debts: -€1.4m
- Other debts -€561,752
down €561,752 (-9.2%), from €6.1m to €5.6m
- Profit (loss) carried forward +€560,147
up €560,147 (+30.7%), from €1.8m to €2.4m
- Accrued charges and deferred income -€488,606
down €488,606 (-7.9%), from €6.2m to €5.7m
Income statement
- Gross operating margin +€1.3m
up €1.3m (+37.5%), from €3.4m to €4.7m
- Financial income +€640,034
up €640,034 (+7041081.4%), from €9 to €640,043
- Depreciation +€506,628
up €506,628 (+31.8%), from €1.6m to €2.1m
- Taxes -€105,599
down €105,599 (-39.3%), from €268,436 to €162,837
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
€215,922
Gross operating margin
+€1.3m
Staff costs
-€25,986
Depreciation
-€506,628
Other operating charges
+€1,349
Other operating items
-€19,670
Financial income
+€640,034
Financial charges
-€143
Taxes
+€105,599
Deferred taxes and other
-€127,677
Result 2025
€1.6m
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
+€2.4m
Investment
-€111,109
Financing
-€2.7m
Cash 2024
€416,649
From operations (derived)
+€2.4m
Net result for the year
+€1.6m
Depreciation
+€2.1m
Receivables within one year
-€603,106
Deferred charges and accrued income
+€28,371
Provisions
+€83,236
Trade debts
+€212,458
Tax, wage and social debts
+€103,073
Other debts
-€561,752
Accrued charges and deferred income
-€488,606
Investment (derived)
-€111,109
Investment in fixed assets (net)
-€111,109
Financing
-€2.7m
Debts after one year
-€1.4m
Current portion of long-term debt
-€317,690
Short-term financial debts
-€250,000
Contributions, distributions and other
-€700,000
Cash 2025
€92,260
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,174,564 | €37,433,845 | -€1.7m | -4.4% |
| Fixed assets | 21/28 | €37,956,996 | €35,965,932 | -€2.0m | -5.2% |
| Intangible fixed assets | 21 | €1,543,088 | €1,285,907 | -€257,181 | -16.7% |
| Tangible fixed assets | 22/27 | €24,135,510 | €22,403,553 | -€1.7m | -7.2% |
| Land and buildings | 22 | €6,820,004 | €6,433,625 | -€386,380 | -5.7% |
| Plant, machinery and equipment | 23 | €215,256 | €191,920 | -€23,336 | -10.8% |
| Furniture and vehicles | 24 | €62,155 | €97,571 | +€35,416 | +57.0% |
| Leasing and similar rights | 25 | €17,038,095 | €15,680,437 | -€1.4m | -8.0% |
| Financial fixed assets | 28 | €12,278,397 | €12,276,472 | -€1,925 | 0.0% |
| Current assets | 29/58 | €1,217,568 | €1,467,914 | +€250,346 | +20.6% |
| Amounts receivable within one year | 40/41 | €676,163 | €1,279,269 | +€603,106 | +89.2% |
| Trade receivables | 40 | €313,880 | €409,221 | +€95,341 | +30.4% |
| Other amounts receivable | 41 | €362,284 | €870,048 | +€507,765 | +140.2% |
| Cash at bank and in hand | 54/58 | €416,649 | €92,260 | -€324,389 | -77.9% |
| Deferred charges and accrued income | 490/1 | €124,755 | €96,385 | -€28,371 | -22.7% |
| Total equity and liabilities | 10/49 | €39,174,564 | €37,433,845 | -€1.7m | -4.4% |
| Equity | 10/15 | €6,239,314 | €7,103,728 | +€864,414 | +13.9% |
| Contributions | 10/11 | €1,544,288 | €1,544,288 | = | 0.0% |
| Capital | 10 | €1,544,116 | €1,544,116 | = | 0.0% |
| Issued capital | 100 | €1,544,116 | €1,544,116 | = | 0.0% |
| Outside capital | 11 | €172 | €172 | = | 0.0% |
| Share premium | 1100/10 | €172 | €172 | = | 0.0% |
| Reserves | 13 | €2,868,749 | €3,173,016 | +€304,267 | +10.6% |
| Non-distributable reserves | 130/1 | €154,412 | €154,412 | = | 0.0% |
| Legal reserve | 130 | €154,412 | €154,412 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,596,959 | €2,901,227 | +€304,267 | +11.7% |
| Distributable reserves | 133 | €117,378 | €117,378 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,826,277 | €2,386,424 | +€560,147 | +30.7% |
| Provisions and deferred taxes | 16 | €1,148,007 | €1,231,243 | +€83,236 | +7.3% |
| Deferred taxes | 168 | €1,148,007 | €1,231,243 | +€83,236 | +7.3% |
| Amounts payable | 17/49 | €31,787,244 | €29,098,875 | -€2.7m | -8.5% |
| Amounts payable after more than one year | 17 | €16,764,204 | €15,378,352 | -€1.4m | -8.3% |
| Financial debts | 170/4 | €16,676,245 | €15,258,474 | -€1.4m | -8.5% |
| Other amounts payable | 178/9 | €87,959 | €119,878 | +€31,919 | +36.3% |
| Amounts payable within one year | 42/48 | €8,836,781 | €8,022,871 | -€813,910 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €1,869,108 | €1,551,418 | -€317,690 | -17.0% |
| Financial debts | 43 | €450,000 | €200,000 | -€250,000 | -55.6% |
| Credit institutions | 430/8 | €450,000 | €200,000 | -€250,000 | -55.6% |
| Trade debts | 44 | €348,697 | €561,155 | +€212,458 | +60.9% |
| Suppliers | 440/4 | €348,697 | €561,155 | +€212,458 | +60.9% |
| Taxes, remuneration and social security | 45 | €37,576 | €140,650 | +€103,073 | +274.3% |
| Taxes | 450/3 | €6,532 | €108,000 | +€101,468 | +1553.5% |
| Remuneration and social security | 454/9 | €31,045 | €32,650 | +€1,605 | +5.2% |
| Other amounts payable | 47/48 | €6,131,400 | €5,569,648 | -€561,752 | -9.2% |
| Accrued charges and deferred income | 492/3 | €6,186,258 | €5,697,652 | -€488,606 | -7.9% |
| Non-recurring operating income | 76A | €321,958 | €509,735 | +€187,776 | +58.3% |
| Remuneration, social security and pensions | 62 | €303,621 | €329,607 | +€25,986 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,595,546 | €2,102,173 | +€506,628 | +31.8% |
| Other operating charges | 640/8 | €505,976 | €504,627 | -€1,349 | -0.3% |
| Non-recurring operating charges | 66A | - | €19,670 | +€19,670 | |
| Gross operating margin | 9900 | €3,414,379 | €4,695,992 | +€1.3m | +37.5% |
| Operating profit (loss) | 9901 | €1,009,236 | €1,739,916 | +€730,679 | +72.4% |
| Financial income | 75/76B | €9 | €640,043 | +€640,034 | +7041081.4% |
| Recurring financial income | 75 | €9 | €640,043 | +€640,034 | +7041081.4% |
| Financial charges | 65/66B | €569,329 | €569,473 | +€143 | 0.0% |
| Recurring financial charges | 65 | €569,329 | €569,473 | +€143 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €439,916 | €1,810,486 | +€1.4m | +311.6% |
| Transfer from deferred taxes | 780 | €44,442 | €44,442 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €127,677 | +€127,677 | |
| Income taxes | 67/77 | €268,436 | €162,837 | -€105,599 | -39.3% |
| Profit (loss) for the period | 9904 | €215,922 | €1,564,414 | +€1.3m | +624.5% |
| Transfer from tax-exempt reserves | 789 | €78,764 | €78,764 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €383,032 | +€383,032 | |
| Profit (loss) for the period to be appropriated | 9905 | €294,686 | €1,260,147 | +€965,461 | +327.6% |
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 30 September 2026 via checked.be.