FG 22: 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
FG 22
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€60,438
2024 · €52,044+€8,394
Equity
€436,637
2024 · €376,199+€60,438
Cash
€58,450
2024 · €74,358-€15,907
Balance sheet total
€3.1m
2024 · €3.2m-€64,156
Largest movements
Assets
- Tangible fixed assets -€76,856
down €76,856 (-2.8%), from €2.7m to €2.7m
Equity and liabilities
- Debts after one year -€129,678
down €129,678 (-4.9%), from €2.7m to €2.5m
- Profit (loss) carried forward +€60,438
up €60,438 (+242.8%), from €24,889 to €85,327
Income statement
- Taxes +€10,343
up €10,343 (+110.7%), from €9,345 to €19,688
- Financial charges -€9,851
down €9,851 (-12.5%), from €78,749 to €68,899
- Gross operating margin +€7,856
up €7,856 (+2.9%), from €268,884 to €276,740
- Financial income +€3,336
up €3,336 (+57.1%), from €5,843 to €9,178
- Depreciation +€2,817
up €2,817 (+2.7%), from €105,773 to €108,589
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
€52,044
Gross operating margin
+€7,856
Depreciation
-€2,817
Other operating charges
+€512
Financial income
+€3,336
Financial charges
+€9,851
Taxes
-€10,343
Result 2025
€60,438
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
+€153,963
Investment
-€56,247
Financing
-€113,623
Cash 2024
€74,358
From operations (derived)
+€153,963
Net result for the year
+€60,438
Depreciation
+€108,589
Receivables within one year
-€4,820
Deferred charges and accrued income
+€726
Trade debts
-€605
Tax, wage and social debts
-€10,366
Investment (derived)
-€56,247
Investment in fixed assets (net)
-€31,733
Current investments
-€24,514
Financing
-€113,623
Debts after one year
-€129,678
Current portion of long-term debt
+€5,688
Short-term financial debts
+€10,367
Cash 2025
€58,450
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,189,768 | €3,125,612 | -€64,156 | -2.0% |
| Fixed assets | 21/28 | €2,742,471 | €2,665,615 | -€76,856 | -2.8% |
| Tangible fixed assets | 22/27 | €2,742,471 | €2,665,615 | -€76,856 | -2.8% |
| Land and buildings | 22 | €2,742,471 | €2,665,615 | -€76,856 | -2.8% |
| Current assets | 29/58 | €447,297 | €459,998 | +€12,701 | +2.8% |
| Amounts receivable within one year | 40/41 | - | €4,820 | +€4,820 | |
| Other amounts receivable | 41 | - | €4,820 | +€4,820 | |
| Current investments | 50/53 | €372,213 | €396,728 | +€24,514 | +6.6% |
| Cash at bank and in hand | 54/58 | €74,358 | €58,450 | -€15,907 | -21.4% |
| Deferred charges and accrued income | 490/1 | €726 | - | -€726 | |
| Total equity and liabilities | 10/49 | €3,189,768 | €3,125,612 | -€64,156 | -2.0% |
| Equity | 10/15 | €376,199 | €436,637 | +€60,438 | +16.1% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Uncalled capital | 101 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €1,310 | €1,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,310 | €1,310 | = | 0.0% |
| Legal reserve | 130 | €1,310 | €1,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,889 | €85,327 | +€60,438 | +242.8% |
| Amounts payable | 17/49 | €2,813,570 | €2,688,976 | -€124,594 | -4.4% |
| Amounts payable after more than one year | 17 | €2,664,780 | €2,535,102 | -€129,678 | -4.9% |
| Financial debts | 170/4 | €2,664,780 | €2,535,102 | -€129,678 | -4.9% |
| Amounts payable within one year | 42/48 | €132,774 | €137,858 | +€5,084 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €121,265 | €126,953 | +€5,688 | +4.7% |
| Financial debts | 43 | - | €10,367 | +€10,367 | |
| Other loans | 439 | - | €10,367 | +€10,367 | |
| Trade debts | 44 | €1,143 | €538 | -€605 | -52.9% |
| Suppliers | 440/4 | €1,143 | €538 | -€605 | -52.9% |
| Taxes, remuneration and social security | 45 | €10,366 | - | -€10,366 | |
| Taxes | 450/3 | €10,366 | - | -€10,366 | |
| Accrued charges and deferred income | 492/3 | €16,016 | €16,016 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,773 | €108,589 | +€2,817 | +2.7% |
| Other operating charges | 640/8 | €28,816 | €28,304 | -€512 | -1.8% |
| Gross operating margin | 9900 | €268,884 | €276,740 | +€7,856 | +2.9% |
| Operating profit (loss) | 9901 | €134,296 | €139,847 | +€5,551 | +4.1% |
| Financial income | 75/76B | €5,843 | €9,178 | +€3,336 | +57.1% |
| Recurring financial income | 75 | €5,843 | €9,178 | +€3,336 | +57.1% |
| Financial charges | 65/66B | €78,749 | €68,899 | -€9,851 | -12.5% |
| Recurring financial charges | 65 | €78,749 | €68,899 | -€9,851 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €61,389 | €80,127 | +€18,737 | +30.5% |
| Income taxes | 67/77 | €9,345 | €19,688 | +€10,343 | +110.7% |
| Profit (loss) for the period | 9904 | €52,044 | €60,438 | +€8,394 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,044 | €60,438 | +€8,394 | +16.1% |
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 5 October 2026 via checked.be.