FEEPA: what changed
Two fiscal 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
FEEPA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€13,120
2024 · -€2,404-€10,716
Equity
€2.3m
2024 · €2.3m-€13,120
Cash
€2,677
2024 · €468+€2,208
Balance sheet total
€4.4m
2024 · €4.5m-€29,022
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year +€249,158
up €249,158 (+21.2%), from €1.2m to €1.4m
- Other debts -€220,111
down €220,111 (-100.0%), from €220,111 to €0
- Short-term financial debts -€63,156
down €63,156 (-100.0%), from €63,156 to €0
- Reserves -€59,071
down €59,071 (-3.3%), from €1.8m to €1.7m
of which Tax-exempt reserves: -€59,071
- Profit (loss) carried forward +€45,951
up €45,951 (+91.2%), from -€50,363 to -€4,412
Income statement
- Financial charges +€6,958
up €6,958 (+14.5%), from €48,000 to €54,958
- Depreciation +€6,070
up €6,070 (+5.0%), from €120,790 to €126,860
- Gross operating margin +€3,397
up €3,397 (+2.1%), from €160,854 to €164,251
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
-€2,404
Gross operating margin
+€3,397
Depreciation
-€6,070
Other operating charges
+€125
Financial income
+€205
Financial charges
-€6,958
Taxes
-€1,415
Result 2025
-€13,120
Cash bridge derived
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
-€91,249
Investment
-€93,676
Financing
+€187,133
Cash 2024
€468
From operations (derived)
-€91,249
Net result for the year
-€13,120
Depreciation
+€126,860
Receivables within one year
-€830
Deferred charges and accrued income
-€1,125
Provisions
-€19,690
Trade debts
+€32,752
Tax, wage and social debts
+€1,415
Other debts
-€220,111
Accrued charges and deferred income
+€2,599
Investment (derived)
-€93,676
Investment in fixed assets (net)
-€93,676
Financing
+€187,133
Debts after one year
+€249,158
Current portion of long-term debt
+€1,131
Short-term financial debts
-€63,156
Cash 2025
€2,677
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,468,454 | €4,439,433 | -€29,022 | -0.6% |
| Fixed assets | 21/28 | €4,013,305 | €3,980,120 | -€33,185 | -0.8% |
| Tangible fixed assets | 22/27 | €4,013,305 | €3,980,120 | -€33,185 | -0.8% |
| Land and buildings | 22 | €4,011,199 | €3,975,091 | -€36,109 | -0.9% |
| Plant, machinery and equipment | 23 | €546 | €3,223 | +€2,677 | +490.5% |
| Furniture and vehicles | 24 | €1,560 | €1,807 | +€247 | +15.8% |
| Current assets | 29/58 | €455,149 | €459,312 | +€4,163 | +0.9% |
| Amounts receivable within one year | 40/41 | €1,000 | €1,830 | +€830 | +83.0% |
| Trade receivables | 40 | €1,000 | €1,830 | +€830 | +83.0% |
| Current investments | 50/53 | €450,430 | €450,430 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €468 | €2,677 | +€2,208 | +471.4% |
| Deferred charges and accrued income | 490/1 | €3,251 | €4,376 | +€1,125 | +34.6% |
| Total equity and liabilities | 10/49 | €4,468,454 | €4,439,433 | -€29,022 | -0.6% |
| Equity | 10/15 | €2,301,264 | €2,288,144 | -€13,120 | -0.6% |
| Contributions | 10/11 | €553,329 | €553,329 | = | 0.0% |
| Capital | 10 | €553,329 | €553,329 | = | 0.0% |
| Issued capital | 100 | €553,329 | €553,329 | = | 0.0% |
| Reserves | 13 | €1,798,298 | €1,739,227 | -€59,071 | -3.3% |
| Non-distributable reserves | 130/1 | €55,300 | €55,300 | = | 0.0% |
| Legal reserve | 130 | €55,300 | €55,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,571,347 | €1,512,276 | -€59,071 | -3.8% |
| Distributable reserves | 133 | €171,651 | €171,651 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,363 | -€4,412 | +€45,951 | +91.2% |
| Provisions and deferred taxes | 16 | €523,782 | €504,092 | -€19,690 | -3.8% |
| Deferred taxes | 168 | €523,782 | €504,092 | -€19,690 | -3.8% |
| Amounts payable | 17/49 | €1,643,408 | €1,647,197 | +€3,788 | +0.2% |
| Amounts payable after more than one year | 17 | €1,172,706 | €1,421,864 | +€249,158 | +21.2% |
| Financial debts | 170/4 | €1,172,706 | €1,421,864 | +€249,158 | +21.2% |
| Amounts payable within one year | 42/48 | €430,955 | €182,986 | -€247,969 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €144,291 | €145,421 | +€1,131 | +0.8% |
| Financial debts | 43 | €63,156 | €0 | -€63,156 | -100.0% |
| Credit institutions | 430/8 | €63,156 | €0 | -€63,156 | -100.0% |
| Trade debts | 44 | €3,397 | €36,150 | +€32,752 | +964.1% |
| Suppliers | 440/4 | €3,397 | €36,150 | +€32,752 | +964.1% |
| Taxes, remuneration and social security | 45 | - | €1,415 | +€1,415 | |
| Taxes | 450/3 | - | €1,415 | +€1,415 | |
| Other amounts payable | 47/48 | €220,111 | €0 | -€220,111 | -100.0% |
| Accrued charges and deferred income | 492/3 | €39,747 | €42,346 | +€2,599 | +6.5% |
| Non-recurring operating income | 76A | - | €18 | +€18 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,790 | €126,860 | +€6,070 | +5.0% |
| Other operating charges | 640/8 | €14,536 | €14,411 | -€125 | -0.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €160,854 | €164,251 | +€3,397 | +2.1% |
| Operating profit (loss) | 9901 | €25,528 | €22,980 | -€2,548 | -10.0% |
| Financial income | 75/76B | €378 | €584 | +€205 | +54.2% |
| Recurring financial income | 75 | €378 | €584 | +€205 | +54.2% |
| Financial charges | 65/66B | €48,000 | €54,958 | +€6,958 | +14.5% |
| Recurring financial charges | 65 | €48,000 | €54,958 | +€6,958 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | -€22,094 | -€31,395 | -€9,301 | -42.1% |
| Transfer from deferred taxes | 780 | €19,690 | €19,690 | = | 0.0% |
| Income taxes | 67/77 | €0 | €1,415 | +€1,415 | +1088561.5% |
| Profit (loss) for the period | 9904 | -€2,404 | -€13,120 | -€10,716 | -445.8% |
| Transfer from tax-exempt reserves | 789 | €59,071 | €59,071 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,667 | €45,951 | -€10,716 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.