FAIR 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
FAIR ESTATE
NACE 68.204, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€480,209
2024 · -€374,785-€105,424
Equity
€3.4m
2024 · €3.9m-€489,209
Cash
€141,633
2024 · €32,510+€109,123
Balance sheet total
€7.1m
2024 · €5.3m+€1.8m
Largest movements
Assets
- Stocks and contracts +€993,938
up €993,938 (+59.1%), from €1.7m to €2.7m
- Receivables within one year +€692,659
up €692,659 (+28.1%), from €2.5m to €3.2m
of which Other amounts receivable: +€771,419
- Cash +€109,123
up €109,123 (+336%), from €32,510 to €141,633
mainly Other debts (+€2.3m) and Depreciation (+€21,846)
Equity and liabilities
- Other debts +€2.3m
up €2.3m (+341%), from €682,607 to €3.0m
- Profit (loss) carried forward -€480,209
down €480,209 (-75.7%), from -€633,964 to -€1.1m
Income statement
- Gross operating margin -€65,550
down €65,550 (-20.7%), from -€316,195 to -€381,745
- Financial income -€27,816
down €27,816 (-30.3%), from €91,701 to €63,885
- Other operating charges +€9,313
up €9,313 (+46.4%), from €20,065 to €29,378
- Financial charges +€6,648
up €6,648 (+21.5%), from €30,877 to €37,525
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
-€374,785
Gross operating margin
-€65,550
Staff costs
+€2,245
Depreciation
+€1,361
Other operating charges
-€9,313
Financial income
-€27,816
Financial charges
-€6,648
Taxes
+€297
Result 2025
-€480,209
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
+€129,659
Investment
-€11,585
Financing
-€8,950
Cash 2024
€32,510
From operations (derived)
+€129,659
Net result for the year
-€480,209
Depreciation
+€21,846
Stocks and contracts
-€993,938
Receivables within one year
-€692,659
Smaller working-capital items
-€4,681
Trade debts
-€58,230
Tax, wage and social debts
+€8,418
Other debts
+€2.3m
Investment (derived)
-€11,585
Investment in fixed assets (net)
-€11,585
Financing
-€8,950
Debts after one year
+€50
Contributions, distributions and other
-€9,000
Cash 2025
€141,633
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,283,098 | €7,072,036 | +€1.8m | +33.9% |
| Fixed assets | 21/28 | €1,099,407 | €1,089,146 | -€10,261 | -0.9% |
| Tangible fixed assets | 22/27 | €102,907 | €92,646 | -€10,261 | -10.0% |
| Land and buildings | 22 | €57,863 | €59,606 | +€1,743 | +3.0% |
| Furniture and vehicles | 24 | €45,044 | €33,040 | -€12,004 | -26.6% |
| Financial fixed assets | 28 | €996,500 | €996,500 | = | 0.0% |
| Current assets | 29/58 | €4,183,691 | €5,982,890 | +€1.8m | +43.0% |
| Stocks and contracts in progress | 3 | €1,682,148 | €2,676,087 | +€993,938 | +59.1% |
| Stocks | 30/36 | €1,682,148 | €2,676,087 | +€993,938 | +59.1% |
| Amounts receivable within one year | 40/41 | €2,466,509 | €3,159,168 | +€692,659 | +28.1% |
| Trade receivables | 40 | €387,900 | €309,140 | -€78,760 | -20.3% |
| Other amounts receivable | 41 | €2,078,609 | €2,850,028 | +€771,419 | +37.1% |
| Cash at bank and in hand | 54/58 | €32,510 | €141,633 | +€109,123 | +336% |
| Deferred charges and accrued income | 490/1 | €2,524 | €6,002 | +€3,478 | +138% |
| Total equity and liabilities | 10/49 | €5,283,098 | €7,072,036 | +€1.8m | +33.9% |
| Equity | 10/15 | €3,881,236 | €3,392,027 | -€489,209 | -12.6% |
| Contributions | 10/11 | €4,507,000 | €4,500,000 | -€7,000 | -0.2% |
| Capital | 10 | €4,507,000 | €4,500,000 | -€7,000 | -0.2% |
| Issued capital | 100 | €4,520,000 | €4,500,000 | -€20,000 | -0.4% |
| Uncalled capital | 101 | €13,000 | - | -€13,000 | |
| Reserves | 13 | €8,200 | €6,200 | -€2,000 | -24.4% |
| Non-distributable reserves | 130/1 | €8,200 | €6,200 | -€2,000 | -24.4% |
| Legal reserve | 130 | €8,200 | €6,200 | -€2,000 | -24.4% |
| Profit (loss) carried forward | 14 | -€633,964 | -€1,114,173 | -€480,209 | -75.7% |
| Amounts payable | 17/49 | €1,401,862 | €3,680,009 | +€2.3m | +163% |
| Amounts payable after more than one year | 17 | €45,888 | €45,938 | +€50 | +0.1% |
| Financial debts | 170/4 | €34,669 | €34,669 | = | 0.0% |
| Other amounts payable | 178/9 | €11,220 | €11,270 | +€50 | +0.4% |
| Amounts payable within one year | 42/48 | €1,355,974 | €3,634,071 | +€2.3m | +168% |
| Current portion of amounts payable after more than one year | 42 | €556,000 | €556,000 | = | 0.0% |
| Trade debts | 44 | €116,152 | €57,923 | -€58,230 | -50.1% |
| Suppliers | 440/4 | €116,152 | €57,923 | -€58,230 | -50.1% |
| Advances received on contracts in progress | 46 | €1,203 | - | -€1,203 | |
| Taxes, remuneration and social security | 45 | €11 | €8,429 | +€8,418 | +76,594% |
| Remuneration and social security | 454/9 | €11 | €8,429 | +€8,418 | +76,594% |
| Other amounts payable | 47/48 | €682,607 | €3,011,719 | +€2.3m | +341% |
| Remuneration, social security and pensions | 62 | €75,834 | €73,589 | -€2,245 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,207 | €21,846 | -€1,361 | -5.9% |
| Other operating charges | 640/8 | €20,065 | €29,378 | +€9,313 | +46.4% |
| Gross operating margin | 9900 | -€316,195 | -€381,745 | -€65,550 | -20.7% |
| Operating profit (loss) | 9901 | -€435,301 | -€506,559 | -€71,257 | -16.4% |
| Financial income | 75/76B | €91,701 | €63,885 | -€27,816 | -30.3% |
| Recurring financial income | 75 | €91,701 | €63,885 | -€27,816 | -30.3% |
| Financial charges | 65/66B | €30,877 | €37,525 | +€6,648 | +21.5% |
| Recurring financial charges | 65 | €30,877 | €37,525 | +€6,648 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | -€374,477 | -€480,199 | -€105,722 | -28.2% |
| Income taxes | 67/77 | €308 | €10 | -€297 | -96.7% |
| Profit (loss) for the period | 9904 | -€374,785 | -€480,209 | -€105,424 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€374,785 | -€480,209 | -€105,424 | -28.1% |
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 29 October 2026 via checked.be.