FAIR GROUND BRUSSELS: 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 GROUND BRUSSELS
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€29,387
2024 · €16,044-€45,431
Equity
€5.7m
2024 · €5.1m+€557,549
Cash
€154,261
2024 · €351,933-€197,672
Balance sheet total
€12.6m
2024 · €12.8m-€237,415
Largest movements
Assets
- Cash -€197,672
down €197,672 (-56.2%), from €351,933 to €154,261
mainly Debts after one year (-€1.8m) and Investment in fixed assets (net) (-€331,849)
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-24.9%), from €7.3m to €5.5m
- Current portion of long-term debt +€1.1m
up €1.1m (+528%), from €209,862 to €1.3m
- Contributions +€330,050
up €330,050 (+10.2%), from €3.2m to €3.6m
- Investment grants +€256,885
up €256,885 (+14.2%), from €1.8m to €2.1m
Income statement
- Gross operating margin +€218,181
up €218,181 (+64.1%), from €340,601 to €558,782
- Depreciation +€214,874
up €214,874 (+126%), from €170,885 to €385,759
- Turnover +€193,791
up €193,791 (+50.8%), from €381,603 to €575,394
- Financial charges +€57,305
up €57,305 (+60.1%), from €95,295 to €152,600
- Financial income +€34,252
up €34,252 (+331%), from €10,343 to €44,595
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
€16,044
Gross operating margin
+€218,181
Staff costs
-€32,117
Depreciation
-€214,874
Other operating charges
-€9,856
Other operating items
+€15,175
Financial income
+€34,252
Financial charges
-€57,305
Taxes
+€557
Deferred taxes and other
+€556
Result 2025
-€29,387
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
+€257,102
Investment
-€331,849
Financing
-€122,927
Cash 2024
€351,933
From operations (derived)
+€257,102
Net result for the year
-€29,387
Depreciation
+€385,759
Receivables within one year
-€5,907
Deferred charges and accrued income
-€8,260
Provisions
-€1,111
Trade debts
-€58,339
Tax, wage and social debts
-€6,338
Other debts
-€41,063
Accrued charges and deferred income
+€21,748
Investment (derived)
-€331,849
Investment in fixed assets (net)
-€331,849
Financing
-€122,927
Debts after one year
-€1.8m
Current portion of long-term debt
+€1.1m
Contributions, distributions and other
+€586,935
Not broken down
+€2
Cash 2025
€154,261
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,846,022 | €12,608,607 | -€237,415 | -1.8% |
| Formation expenses | 20 | €51,522 | €39,766 | -€11,756 | -22.8% |
| Fixed assets | 21/28 | €10,940,979 | €10,898,825 | -€42,154 | -0.4% |
| Intangible fixed assets | 21 | €140,175 | €124,600 | -€15,575 | -11.1% |
| Tangible fixed assets | 22/27 | €10,796,231 | €10,766,296 | -€29,935 | -0.3% |
| Land and buildings | 22 | €10,434,504 | €10,161,178 | -€273,326 | -2.6% |
| Other tangible fixed assets | 26 | €353,336 | €532,410 | +€179,074 | +50.7% |
| Assets under construction and advance payments | 27 | €8,391 | €72,708 | +€64,317 | +766% |
| Financial fixed assets | 28 | €4,573 | €7,929 | +€3,356 | +73.4% |
| Current assets | 29/58 | €1,853,521 | €1,670,016 | -€183,505 | -9.9% |
| Amounts receivable within one year | 40/41 | €1,501,588 | €1,507,495 | +€5,907 | +0.4% |
| Trade receivables | 40 | €51,664 | €31,284 | -€20,380 | -39.4% |
| Other amounts receivable | 41 | €1,449,924 | €1,476,211 | +€26,287 | +1.8% |
| Cash at bank and in hand | 54/58 | €351,933 | €154,261 | -€197,672 | -56.2% |
| Deferred charges and accrued income | 490/1 | - | €8,260 | +€8,260 | |
| Total equity and liabilities | 10/49 | €12,846,022 | €12,608,607 | -€237,415 | -1.8% |
| Equity | 10/15 | €5,105,380 | €5,662,929 | +€557,549 | +10.9% |
| Contributions | 10/11 | €3,222,627 | €3,552,677 | +€330,050 | +10.2% |
| Reserves | 13 | €31,441 | €30,676 | -€765 | -2.4% |
| Non-distributable reserves | 130/1 | €6,100 | €6,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,100 | €6,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,341 | €24,576 | -€765 | -3.0% |
| Profit (loss) carried forward | 14 | €40,696 | €12,074 | -€28,622 | -70.3% |
| Investment grants | 15 | €1,810,617 | €2,067,502 | +€256,885 | +14.2% |
| Provisions and deferred taxes | 16 | €23,327 | €22,216 | -€1,111 | -4.8% |
| Deferred taxes | 168 | €23,327 | €22,216 | -€1,111 | -4.8% |
| Amounts payable | 17/49 | €7,717,315 | €6,923,462 | -€793,853 | -10.3% |
| Amounts payable after more than one year | 17 | €7,295,225 | €5,477,546 | -€1.8m | -24.9% |
| Financial debts | 170/4 | €7,295,225 | €5,477,546 | -€1.8m | -24.9% |
| Amounts payable within one year | 42/48 | €366,680 | €1,368,758 | +€1.0m | +273% |
| Current portion of amounts payable after more than one year | 42 | €209,862 | €1,317,679 | +€1.1m | +528% |
| Trade debts | 44 | €91,489 | €33,150 | -€58,339 | -63.8% |
| Suppliers | 440/4 | €91,489 | €33,150 | -€58,339 | -63.8% |
| Taxes, remuneration and social security | 45 | €19,278 | €12,940 | -€6,338 | -32.9% |
| Taxes | 450/3 | €19,278 | €11,938 | -€7,340 | -38.1% |
| Remuneration and social security | 454/9 | - | €1,002 | +€1,002 | |
| Other amounts payable | 47/48 | €46,052 | €4,989 | -€41,063 | -89.2% |
| Accrued charges and deferred income | 492/3 | €55,410 | €77,158 | +€21,748 | +39.2% |
| Turnover | 70 | €381,603 | €575,394 | +€193,791 | +50.8% |
| Non-recurring operating income | 76A | €59,715 | €76,350 | +€16,635 | +27.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €100,717 | €92,989 | -€7,728 | -7.7% |
| Remuneration, social security and pensions | 62 | €22,070 | €54,187 | +€32,117 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,885 | €385,759 | +€214,874 | +126% |
| Other operating charges | 640/8 | €27,693 | €37,549 | +€9,856 | +35.6% |
| Non-recurring operating charges | 66A | €15,174 | €0 | -€15,174 | -100% |
| Gross operating margin | 9900 | €340,601 | €558,782 | +€218,181 | +64.1% |
| Operating profit (loss) | 9901 | €104,778 | €81,287 | -€23,491 | -22.4% |
| Financial income | 75/76B | €10,343 | €44,595 | +€34,252 | +331% |
| Recurring financial income | 75 | €10,343 | €44,595 | +€34,252 | +331% |
| Financial charges | 65/66B | €95,295 | €152,600 | +€57,305 | +60.1% |
| Recurring financial charges | 65 | €95,295 | €152,600 | +€57,305 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €19,826 | -€26,718 | -€46,544 | |
| Transfer from deferred taxes | 780 | €555 | €1,111 | +€556 | +100% |
| Income taxes | 67/77 | €4,337 | €3,780 | -€557 | -12.8% |
| Profit (loss) for the period | 9904 | €16,044 | -€29,387 | -€45,431 | |
| Transfer from tax-exempt reserves | 789 | €1,078 | €765 | -€313 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,122 | -€28,622 | -€45,744 |
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 26 October 2026 via checked.be.