ETABLISSEMENTS ED. BLOCK: what changed
What changed
ETABLISSEMENTS ED. BLOCK
NACE 68.310, Real estate agency activities
filed annual accounts (NBB)
Net result for the year
-€1.8m
2024 · -€3.5m+€1.6m
Equity
€10.2m
2024 · €12.0m-€1.8m
Cash
€856,379
2024 · €567,152+€289,227
Balance sheet total
€72.9m
2024 · €48.0m+€24.9m
Largest movements
Assets
- Tangible fixed assets +€23.6m
up €23.6m (+50.3%), from €46.9m to €70.5m
of which Other tangible fixed assets: +€29.5m
- Receivables within one year +€1.0m
up €1.0m (+302%), from €346,552 to €1.4m
of which Trade receivables: +€921,518
Equity and liabilities
- Debts after one year +€26.5m
up €26.5m (+80.9%), from €32.7m to €59.2m
of which Other amounts payable: +€26.8m
- Profit (loss) carried forward -€1.5m
new in 2025: -€1.5m
Income statement
- Depreciation +€1.2m
up €1.2m (+101%), from €1.1m to €2.3m
- Gross operating margin +€962,739
up €962,739 (+110%), from €876,225 to €1.8m
- Other operating charges +€804,175
up €804,175 (+192%), from €418,314 to €1.2m
- Financial income +€112,177
up €112,177 (+93.2%), from €120,338 to €232,515
of which Financial income: +€118,897
- Financial charges +€101,539
up €101,539 (+28.9%), from €350,857 to €452,397
of which Financial charges: +€115,889
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€3.5m
Gross operating margin
+€962,739
Depreciation
-€1.2m
Other operating charges
-€804,175
Other operating items
+€2.9m
Financial income
+€112,177
Financial charges
-€101,539
Deferred taxes and other
-€319,048
Result 2025
-€1.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€207,919
Investment
-€26.0m
Financing
+€26.5m
Cash 2024
€567,152
From operations (derived)
-€207,919
Net result for the year
-€1.8m
Depreciation
+€2.3m
Smaller working-capital items
+€366
Receivables within one year
-€1.0m
Deferred charges and accrued income
+€112,111
Provisions
-€79,032
Trade debts
+€157,279
Accrued charges and deferred income
+€172,467
Investment (derived)
-€26.0m
Investment in fixed assets (net)
-€26.0m
Financing
+€26.5m
Debts after one year
+€26.5m
Current portion of long-term debt
+€6,218
Cash 2025
€856,379
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,951,654 | €72,850,714 | +€24.9m | +51.9% |
| Fixed assets | 21/28 | €46,898,307 | €70,572,854 | +€23.7m | +50.5% |
| Intangible fixed assets | 21 | - | €35,744 | +€35,744 | |
| Tangible fixed assets | 22/27 | €46,898,307 | €70,482,110 | +€23.6m | +50.3% |
| Land and buildings | 22 | €2,194,149 | €2,087,395 | -€106,754 | -4.9% |
| Plant, machinery and equipment | 23 | €156,541 | €243,969 | +€87,429 | +55.9% |
| Other tangible fixed assets | 26 | €37,940,788 | €67,460,655 | +€29.5m | +77.8% |
| Assets under construction and advance payments | 27 | €6,606,829 | €690,090 | -€5.9m | -89.6% |
| Financial fixed assets | 28 | - | €55,000 | +€55,000 | |
| Current assets | 29/58 | €1,053,348 | €2,277,860 | +€1.2m | +116% |
| Amounts receivable after more than one year | 29 | €25,922 | €26,583 | +€661 | +2.6% |
| Other amounts receivable | 291 | €25,922 | €26,583 | +€661 | +2.6% |
| Amounts receivable within one year | 40/41 | €346,552 | €1,393,287 | +€1.0m | +302% |
| Trade receivables | 40 | €195,553 | €1,117,070 | +€921,518 | +471% |
| Other amounts receivable | 41 | €150,999 | €276,217 | +€125,218 | +82.9% |
| Cash at bank and in hand | 54/58 | €567,152 | €856,379 | +€289,227 | +51.0% |
| Deferred charges and accrued income | 490/1 | €113,722 | €1,611 | -€112,111 | -98.6% |
| Total equity and liabilities | 10/49 | €47,951,654 | €72,850,714 | +€24.9m | +51.9% |
| Equity | 10/15 | €12,011,001 | €10,180,743 | -€1.8m | -15.2% |
| Contributions | 10/11 | €8,152,554 | €8,152,554 | = | 0.0% |
| Capital | 10 | €8,152,554 | €8,152,554 | = | 0.0% |
| Issued capital | 100 | €8,152,554 | €8,152,554 | = | 0.0% |
| Revaluation surpluses | 12 | €298,712 | €298,712 | = | 0.0% |
| Reserves | 13 | €3,559,734 | €3,212,809 | -€346,926 | -9.7% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,359,904 | €3,122,809 | -€237,095 | -7.1% |
| Distributable reserves | 133 | €109,831 | - | -€109,831 | |
| Profit (loss) carried forward | 14 | - | -€1,483,331 | -€1.5m | |
| Provisions and deferred taxes | 16 | €1,119,968 | €1,040,936 | -€79,032 | -7.1% |
| Deferred taxes | 168 | €1,119,968 | €1,040,936 | -€79,032 | -7.1% |
| Amounts payable | 17/49 | €34,820,686 | €61,629,034 | +€26.8m | +77.0% |
| Amounts payable after more than one year | 17 | €32,709,688 | €59,181,045 | +€26.5m | +80.9% |
| Financial debts | 170/4 | €17,782,044 | €17,463,856 | -€318,188 | -1.8% |
| Other amounts payable | 178/9 | €14,927,644 | €41,717,189 | +€26.8m | +179% |
| Amounts payable within one year | 42/48 | €1,870,799 | €2,035,323 | +€164,524 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €311,970 | €318,188 | +€6,218 | +2.0% |
| Trade debts | 44 | €1,549,518 | €1,706,797 | +€157,279 | +10.2% |
| Suppliers | 440/4 | €1,549,518 | €1,706,797 | +€157,279 | +10.2% |
| Taxes, remuneration and social security | 45 | - | €1,027 | +€1,027 | |
| Taxes | 450/3 | - | €1,027 | +€1,027 | |
| Other amounts payable | 47/48 | €9,311 | €9,311 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €240,199 | €412,666 | +€172,467 | +71.8% |
| Non-recurring operating income | 76A | €80,258 | €251,060 | +€170,802 | +213% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,149,658 | €2,305,882 | +€1.2m | +101% |
| Other operating charges | 640/8 | €418,314 | €1,222,489 | +€804,175 | +192% |
| Non-recurring operating charges | 66A | €2,926,039 | - | -€2.9m | |
| Gross operating margin | 9900 | €876,225 | €1,838,964 | +€962,739 | +110% |
| Operating profit (loss) | 9901 | -€3,617,786 | -€1,689,407 | +€1.9m | +53.3% |
| Financial income | 75/76B | €120,338 | €232,515 | +€112,177 | +93.2% |
| Recurring financial income | 75 | €113,618 | €232,515 | +€118,897 | +105% |
| Non-recurring financial income | 76B | €6,720 | - | -€6,720 | |
| Financial charges | 65/66B | €350,857 | €452,397 | +€101,539 | +28.9% |
| Recurring financial charges | 65 | €336,508 | €452,397 | +€115,889 | +34.4% |
| Non-recurring financial charges | 66B | €14,350 | - | -€14,350 | |
| Profit (loss) for the period before taxes | 9903 | -€3,848,305 | -€1,909,289 | +€1.9m | +50.4% |
| Transfer from deferred taxes | 780 | €398,080 | €79,032 | -€319,048 | -80.1% |
| Profit (loss) for the period | 9904 | -€3,450,225 | -€1,830,257 | +€1.6m | +47.0% |
| Transfer from tax-exempt reserves | 789 | €850,125 | €237,095 | -€613,030 | -72.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,600,101 | -€1,593,162 | +€1.0m | +38.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.