ESTATE MANAGEMENT: 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.
ESTATE MANAGEMENT
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Tangible fixed assets -€124,359
down €124,359 (-25.6%), from €485,235 to €360,876
of which Land and buildings: -€115,411
- Receivables within one year -€82,477
down €82,477 (-81.3%), from €101,465 to €18,987
of which Other amounts receivable: -€80,482
- Cash +€78,470
up €78,470 (+72.7%), from €107,930 to €186,401
mainly Net result for the year (+€166,614) and Investment in fixed assets (net) (+€85,198)
- Profit (loss) carried forward +€166,614
up €166,614, from -€87,866 to €78,748
- Gross operating margin +€239,259
new in 2025: €239,259
- Turnover -€147,069
no longer reported in 2025 (was €147,069)
- Services and other goods -€82,642
no longer reported in 2025 (was €82,642)
- Financial charges -€9,454
down €9,454 (-61.5%), from €15,368 to €5,914
- Other operating income -€7,804
no longer reported in 2025 (was €7,804)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €699,228 | €870,953 | +€171,725 | +24.6% |
| Fixed assets | 21/28 | €486,289 | €361,929 | -€124,359 | -25.6% |
| Tangible fixed assets | 22/27 | €485,235 | €360,876 | -€124,359 | -25.6% |
| Land and buildings | 22 | €464,169 | €348,758 | -€115,411 | -24.9% |
| Plant, machinery and equipment | 23 | €19,929 | €11,360 | -€8,570 | -43.0% |
| Furniture and vehicles | 24 | €1,136 | €757 | -€379 | -33.3% |
| Financial fixed assets | 28 | €1,054 | €1,054 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,054 | - | -€1,054 | |
| Amounts receivable and cash guarantees | 285/8 | €1,054 | - | -€1,054 | |
| Current assets | 29/58 | €212,940 | €509,024 | +€296,084 | +139% |
| Amounts receivable within one year | 40/41 | €101,465 | €18,987 | -€82,477 | -81.3% |
| Trade receivables | 40 | €6,500 | €4,504 | -€1,996 | -30.7% |
| Other amounts receivable | 41 | €94,965 | €14,483 | -€80,482 | -84.7% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €107,930 | €186,401 | +€78,470 | +72.7% |
| Deferred charges and accrued income | 490/1 | €3,545 | €3,636 | +€91 | +2.6% |
| Total equity and liabilities | 10/49 | €699,228 | €870,953 | +€171,725 | +24.6% |
| Equity | 10/15 | €385,198 | €551,812 | +€166,614 | +43.3% |
| Contributions | 10/11 | €462,000 | €462,000 | = | 0.0% |
| Capital | 10 | €462,000 | €462,000 | = | 0.0% |
| Issued capital | 100 | €462,000 | €462,000 | = | 0.0% |
| Reserves | 13 | €11,064 | €11,064 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,064 | €11,064 | = | 0.0% |
| Legal reserve | 130 | €11,064 | €11,064 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,866 | €78,748 | +€166,614 | |
| Amounts payable | 17/49 | €314,031 | €319,141 | +€5,110 | +1.6% |
| Amounts payable after more than one year | 17 | €287,383 | €287,383 | = | 0.0% |
| Financial debts | 170/4 | €272,683 | €272,683 | = | 0.0% |
| Other loans | 174 | €272,683 | - | -€272,683 | |
| Other amounts payable | 178/9 | €14,700 | €14,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €23,763 | €28,158 | +€4,395 | +18.5% |
| Trade debts | 44 | €6,746 | €5,947 | -€799 | -11.8% |
| Suppliers | 440/4 | €6,746 | €5,947 | -€799 | -11.8% |
| Taxes, remuneration and social security | 45 | €2,587 | €2,382 | -€204 | -7.9% |
| Remuneration and social security | 454/9 | €2,587 | €2,382 | -€204 | -7.9% |
| Other amounts payable | 47/48 | €14,430 | €19,829 | +€5,399 | +37.4% |
| Accrued charges and deferred income | 492/3 | €2,885 | €3,600 | +€715 | +24.8% |
| Operating income | 70/76A | €154,873 | - | -€154,873 | |
| Turnover | 70 | €147,069 | - | -€147,069 | |
| Other operating income | 74 | €7,804 | - | -€7,804 | |
| Non-recurring operating income | 76A | - | €192,497 | +€192,497 | |
| Operating charges | 60/66A | €150,068 | - | -€150,068 | |
| Services and other goods | 61 | €82,642 | - | -€82,642 | |
| Remuneration, social security and pensions | 62 | €15,152 | €16,849 | +€1,697 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,298 | €39,162 | -€5,137 | -11.6% |
| Other operating charges | 640/8 | €7,976 | €10,821 | +€2,845 | +35.7% |
| Gross operating margin | 9900 | - | €239,259 | +€239,259 | |
| Operating profit (loss) | 9901 | €4,805 | €172,428 | +€167,623 | +3,489% |
| Financial income | 75/76B | €3 | €100 | +€97 | +2,786% |
| Recurring financial income | 75 | €3 | €100 | +€97 | +2,786% |
| Other financial income | 752/9 | €3 | - | -€3 | |
| Financial charges | 65/66B | €15,368 | €5,914 | -€9,454 | -61.5% |
| Recurring financial charges | 65 | €15,368 | €5,914 | -€9,454 | -61.5% |
| Debt charges | 650 | €15,368 | - | -€15,368 | |
| Profit (loss) for the period before taxes | 9903 | -€10,560 | €166,614 | +€177,174 | |
| Profit (loss) for the period | 9904 | -€10,560 | €166,614 | +€177,174 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,560 | €166,614 | +€177,174 |
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 17 October 2026 via checked.be.