F Real Estate: 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
F Real Estate
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,306
2024 · -€270,198+€287,504
Equity
€2.3m
2024 · €2.3m+€17,306
Cash
€95,377
2024 · €97,567-€2,191
Balance sheet total
€14.8m
2024 · €15.1m-€342,083
Largest movements
Assets
- Tangible fixed assets -€646,365
down €646,365 (-4.6%), from €14.2m to €13.5m
of which Land and buildings: -€638,205
- Receivables within one year +€306,486
up €306,486 (+112%), from €274,337 to €580,823
of which Trade receivables: +€299,394
Equity and liabilities
- Debts after one year -€560,314
down €560,314 (-5.5%), from €10.3m to €9.7m
Income statement
- Gross operating margin +€745,455
up €745,455 (+187%), from €397,898 to €1.1m
- Financial charges +€206,708
up €206,708 (+123%), from €167,671 to €374,379
- Depreciation +€167,473
up €167,473 (+45.1%), from €371,585 to €539,058
- Staff costs -€26,922
down €26,922 (-15.3%), from €175,866 to €148,944
- Other operating charges +€17,616
up €17,616 (+43.7%), from €40,278 to €57,894
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
-€270,198
Gross operating margin
+€745,455
Staff costs
+€26,922
Depreciation
-€167,473
Write-downs
+€5,890
Other operating charges
-€17,616
Financial income
-€1,095
Financial charges
-€206,708
Taxes
-€7,871
Deferred taxes and other
-€89,999
Result 2025
€17,306
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
+€400,563
Investment
+€107,321
Financing
-€510,074
Cash 2024
€97,567
From operations (derived)
+€400,563
Net result for the year
+€17,306
Depreciation
+€539,058
Receivables within one year
-€306,486
Provisions
-€9,000
Trade debts
-€44,197
Tax, wage and social debts
+€83,882
Other debts
+€120,000
Investment (derived)
+€107,321
Investment in fixed assets (net)
+€107,307
Current investments
+€13
Financing
-€510,074
Debts after one year
-€560,314
Current portion of long-term debt
+€50,240
Cash 2025
€95,377
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,130,066 | €14,787,983 | -€342,083 | -2.3% |
| Fixed assets | 21/28 | €14,188,350 | €13,541,985 | -€646,365 | -4.6% |
| Tangible fixed assets | 22/27 | €14,188,102 | €13,541,737 | -€646,365 | -4.6% |
| Land and buildings | 22 | €14,150,196 | €13,511,992 | -€638,205 | -4.5% |
| Plant, machinery and equipment | 23 | €30,690 | €26,443 | -€4,247 | -13.8% |
| Furniture and vehicles | 24 | €1,308 | €352 | -€956 | -73.1% |
| Leasing and similar rights | 25 | €5,907 | €2,950 | -€2,957 | -50.1% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €941,716 | €1,245,998 | +€304,282 | +32.3% |
| Amounts receivable after more than one year | 29 | €321,200 | €321,200 | = | 0.0% |
| Other amounts receivable | 291 | €321,200 | €321,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €274,337 | €580,823 | +€306,486 | +112% |
| Trade receivables | 40 | €183,788 | €483,182 | +€299,394 | +163% |
| Other amounts receivable | 41 | €90,549 | €97,641 | +€7,092 | +7.8% |
| Current investments | 50/53 | €248,611 | €248,598 | -€13 | 0.0% |
| Cash at bank and in hand | 54/58 | €97,567 | €95,377 | -€2,191 | -2.2% |
| Total equity and liabilities | 10/49 | €15,130,066 | €14,787,983 | -€342,083 | -2.3% |
| Equity | 10/15 | €2,265,797 | €2,283,104 | +€17,306 | +0.8% |
| Contributions | 10/11 | €450,654 | €450,654 | = | 0.0% |
| Capital | 10 | €450,654 | €450,654 | = | 0.0% |
| Issued capital | 100 | €450,654 | €450,654 | = | 0.0% |
| Revaluation surpluses | 12 | €289,983 | €289,983 | = | 0.0% |
| Reserves | 13 | €194,506 | €167,507 | -€27,000 | -13.9% |
| Non-distributable reserves | 130/1 | €45,065 | €45,065 | = | 0.0% |
| Legal reserve | 130 | €45,065 | €45,065 | = | 0.0% |
| Tax-exempt reserves | 132 | €149,441 | €122,441 | -€27,000 | -18.1% |
| Profit (loss) carried forward | 14 | €1,221,356 | €1,265,662 | +€44,306 | +3.6% |
| Investment grants | 15 | €109,298 | €109,298 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,814 | €40,814 | -€9,000 | -18.1% |
| Deferred taxes | 168 | €49,814 | €40,814 | -€9,000 | -18.1% |
| Amounts payable | 17/49 | €12,814,455 | €12,464,066 | -€350,389 | -2.7% |
| Amounts payable after more than one year | 17 | €10,271,268 | €9,710,954 | -€560,314 | -5.5% |
| Financial debts | 170/4 | €10,271,268 | €9,710,954 | -€560,314 | -5.5% |
| Amounts payable within one year | 42/48 | €2,543,187 | €2,753,112 | +€209,925 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €538,978 | €589,218 | +€50,240 | +9.3% |
| Financial debts | 43 | €350,000 | €350,000 | = | 0.0% |
| Credit institutions | 430/8 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €114,743 | €70,546 | -€44,197 | -38.5% |
| Suppliers | 440/4 | €114,743 | €70,546 | -€44,197 | -38.5% |
| Taxes, remuneration and social security | 45 | €51,678 | €135,560 | +€83,882 | +162% |
| Taxes | 450/3 | €38,793 | €118,911 | +€80,118 | +207% |
| Remuneration and social security | 454/9 | €12,885 | €16,649 | +€3,763 | +29.2% |
| Other amounts payable | 47/48 | €1,487,788 | €1,607,788 | +€120,000 | +8.1% |
| Remuneration, social security and pensions | 62 | €175,866 | €148,944 | -€26,922 | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371,585 | €539,058 | +€167,473 | +45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,890 | - | -€5,890 | |
| Other operating charges | 640/8 | €40,278 | €57,894 | +€17,616 | +43.7% |
| Gross operating margin | 9900 | €397,898 | €1,143,353 | +€745,455 | +187% |
| Operating profit (loss) | 9901 | -€195,721 | €397,457 | +€593,178 | |
| Financial income | 75/76B | €5,834 | €4,739 | -€1,095 | -18.8% |
| Recurring financial income | 75 | €5,834 | €4,739 | -€1,095 | -18.8% |
| Financial charges | 65/66B | €167,671 | €374,379 | +€206,708 | +123% |
| Recurring financial charges | 65 | €167,671 | €374,379 | +€206,708 | +123% |
| Profit (loss) for the period before taxes | 9903 | -€357,557 | €27,817 | +€385,375 | |
| Transfer from deferred taxes | 780 | €98,999 | €9,000 | -€89,999 | -90.9% |
| Income taxes | 67/77 | €11,640 | €19,511 | +€7,871 | +67.6% |
| Profit (loss) for the period | 9904 | -€270,198 | €17,306 | +€287,504 | |
| Transfer from tax-exempt reserves | 789 | €296,996 | €27,000 | -€269,996 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,797 | €44,306 | +€17,508 | +65.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.