ESPACE KEGELJAN: 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
ESPACE KEGELJAN
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
€114,683
2024 · €132,597-€17,914
Equity
€2.8m
2024 · €2.7m+€49,600
Cash
€265,911
2024 · €154,998+€110,913
Balance sheet total
€3.3m
2024 · €3.3m-€39,396
Largest movements
Assets
- Tangible fixed assets -€152,237
down €152,237 (-4.9%), from €3.1m to €3.0m
of which Land and buildings: -€140,378
- Cash +€110,913
up €110,913 (+71.6%), from €154,998 to €265,911
mainly Depreciation (+€157,436) and Net result for the year (+€114,683)
Equity and liabilities
- Debts after one year -€58,599
down €58,599 (-19.4%), from €302,718 to €244,119
of which Financial debts: -€58,634
- Profit (loss) carried forward +€44,398
up €44,398 (+9.4%), from €474,346 to €518,744
- Current portion of long-term debt -€33,668
down €33,668 (-34.4%), from €97,958 to €64,290
Income statement
- Gross operating margin -€34,445
down €34,445 (-6.8%), from €510,024 to €475,579
- Staff costs -€7,464
down €7,464 (-6.5%), from €115,151 to €107,687
- Depreciation -€6,214
down €6,214 (-3.8%), from €163,650 to €157,436
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
€132,597
Gross operating margin
-€34,445
Staff costs
+€7,464
Depreciation
+€6,214
Other operating charges
+€872
Financial income
-€3
Financial charges
+€1,527
Taxes
+€457
Result 2025
€114,683
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
+€273,462
Investment
-€5,199
Financing
-€157,350
Cash 2024
€154,998
From operations (derived)
+€273,462
Net result for the year
+€114,683
Depreciation
+€157,436
Stocks and contracts
-€5,000
Receivables within one year
+€9,008
Deferred charges and accrued income
-€5,936
Trade debts
-€8,032
Tax, wage and social debts
-€6,807
Advances received
-€300
Other debts
+€8,118
Accrued charges and deferred income
+€10,292
Investment (derived)
-€5,199
Investment in fixed assets (net)
-€5,199
Financing
-€157,350
Debts after one year
-€58,599
Current portion of long-term debt
-€33,668
Contributions, distributions and other
-€65,083
Cash 2025
€265,911
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,308,767 | €3,269,371 | -€39,396 | -1.2% |
| Fixed assets | 21/28 | €3,120,724 | €2,968,487 | -€152,237 | -4.9% |
| Tangible fixed assets | 22/27 | €3,120,399 | €2,968,162 | -€152,237 | -4.9% |
| Land and buildings | 22 | €3,074,574 | €2,934,196 | -€140,378 | -4.6% |
| Plant, machinery and equipment | 23 | €8,988 | €6,655 | -€2,333 | -26.0% |
| Furniture and vehicles | 24 | €36,837 | €27,311 | -€9,526 | -25.9% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €188,043 | €300,884 | +€112,841 | +60.0% |
| Stocks and contracts in progress | 3 | - | €5,000 | +€5,000 | |
| Stocks | 30/36 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €16,226 | €7,218 | -€9,008 | -55.5% |
| Trade receivables | 40 | €9,191 | €7,218 | -€1,973 | -21.5% |
| Other amounts receivable | 41 | €7,035 | - | -€7,035 | |
| Cash at bank and in hand | 54/58 | €154,998 | €265,911 | +€110,913 | +71.6% |
| Deferred charges and accrued income | 490/1 | €16,819 | €22,755 | +€5,936 | +35.3% |
| Total equity and liabilities | 10/49 | €3,308,767 | €3,269,371 | -€39,396 | -1.2% |
| Equity | 10/15 | €2,714,953 | €2,764,553 | +€49,600 | +1.8% |
| Contributions | 10/11 | €2,055,100 | €2,055,100 | = | 0.0% |
| Reserves | 13 | €184,168 | €189,902 | +€5,734 | +3.1% |
| Non-distributable reserves | 130/1 | €184,168 | €189,902 | +€5,734 | +3.1% |
| Reserves not available under the articles | 1311 | €184,168 | €189,902 | +€5,734 | +3.1% |
| Profit (loss) carried forward | 14 | €474,346 | €518,744 | +€44,398 | +9.4% |
| Investment grants | 15 | €1,339 | €807 | -€532 | -39.7% |
| Amounts payable | 17/49 | €593,814 | €504,818 | -€88,996 | -15.0% |
| Amounts payable after more than one year | 17 | €302,718 | €244,119 | -€58,599 | -19.4% |
| Financial debts | 170/4 | €296,920 | €238,286 | -€58,634 | -19.7% |
| Other amounts payable | 178/9 | €5,798 | €5,833 | +€35 | +0.6% |
| Amounts payable within one year | 42/48 | €285,610 | €244,921 | -€40,689 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €97,958 | €64,290 | -€33,668 | -34.4% |
| Trade debts | 44 | €47,767 | €39,735 | -€8,032 | -16.8% |
| Suppliers | 440/4 | €47,767 | €39,735 | -€8,032 | -16.8% |
| Advances received on contracts in progress | 46 | €1,028 | €728 | -€300 | -29.2% |
| Taxes, remuneration and social security | 45 | €34,206 | €27,399 | -€6,807 | -19.9% |
| Taxes | 450/3 | €18,043 | €13,671 | -€4,372 | -24.2% |
| Remuneration and social security | 454/9 | €16,163 | €13,728 | -€2,435 | -15.1% |
| Other amounts payable | 47/48 | €104,651 | €112,769 | +€8,118 | +7.8% |
| Accrued charges and deferred income | 492/3 | €5,486 | €15,778 | +€10,292 | +188% |
| Remuneration, social security and pensions | 62 | €115,151 | €107,687 | -€7,464 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,650 | €157,436 | -€6,214 | -3.8% |
| Other operating charges | 640/8 | €60,460 | €59,588 | -€872 | -1.4% |
| Gross operating margin | 9900 | €510,024 | €475,579 | -€34,445 | -6.8% |
| Operating profit (loss) | 9901 | €170,763 | €150,868 | -€19,895 | -11.7% |
| Financial income | 75/76B | €534 | €531 | -€3 | -0.6% |
| Recurring financial income | 75 | €534 | €531 | -€3 | -0.6% |
| Financial charges | 65/66B | €10,139 | €8,612 | -€1,527 | -15.1% |
| Recurring financial charges | 65 | €10,139 | €8,612 | -€1,527 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €161,158 | €142,787 | -€18,371 | -11.4% |
| Income taxes | 67/77 | €28,561 | €28,104 | -€457 | -1.6% |
| Profit (loss) for the period | 9904 | €132,597 | €114,683 | -€17,914 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €132,597 | €114,683 | -€17,914 | -13.5% |
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 1 November 2026 via checked.be.