FIRST 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.
FIRST ESTATE
Largest movements
- Tangible fixed assets +€3.0m
up €3.0m (+283%), from €1.1m to €4.1m
of which Land and buildings: +€3.0m
- Receivables within one year -€310,137
down €310,137 (-63.2%), from €490,636 to €180,499
of which Trade receivables: -€360,788
- Revaluation surpluses +€3.1m
new in 2025: €3.1m
- Advances received -€253,725
down €253,725 (-17.8%), from €1.4m to €1.2m
- Other debts -€71,047
down €71,047 (-28.7%), from €247,443 to €176,396
- Profit (loss) carried forward -€57,221
down €57,221 (-9.3%), from -€615,327 to -€672,548
- Other operating charges +€107,284
up €107,284 (+59,543%), from €180 to €107,464
- Gross operating margin +€35,508
up €35,508 (+48.4%), from €73,371 to €108,879
- Depreciation -€2,190
down €2,190 (-3.6%), from €60,751 to €58,561
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,563,284 | €4,279,867 | +€2.7m | +174% |
| Fixed assets | 21/28 | €1,072,630 | €4,098,927 | +€3.0m | +282% |
| Tangible fixed assets | 22/27 | €1,069,802 | €4,096,099 | +€3.0m | +283% |
| Land and buildings | 22 | €1,067,119 | €4,096,099 | +€3.0m | +284% |
| Plant, machinery and equipment | 23 | €2,683 | €0 | -€2,683 | -100% |
| Financial fixed assets | 28 | €2,828 | €2,828 | = | 0.0% |
| Current assets | 29/58 | €490,654 | €180,940 | -€309,714 | -63.1% |
| Amounts receivable within one year | 40/41 | €490,636 | €180,499 | -€310,137 | -63.2% |
| Trade receivables | 40 | €410,157 | €49,369 | -€360,788 | -88.0% |
| Other amounts receivable | 41 | €80,479 | €131,131 | +€50,651 | +62.9% |
| Cash at bank and in hand | 54/58 | €18 | €419 | +€401 | +2,186% |
| Deferred charges and accrued income | 490/1 | - | €22 | +€22 | |
| Total equity and liabilities | 10/49 | €1,563,284 | €4,279,867 | +€2.7m | +174% |
| Equity | 10/15 | -€397,390 | €2,630,247 | +€3.0m | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,084,858 | +€3.1m | |
| Reserves | 13 | €199,337 | €199,337 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €197,477 | €197,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€615,327 | -€672,548 | -€57,221 | -9.3% |
| Amounts payable | 17/49 | €1,960,675 | €1,649,620 | -€311,054 | -15.9% |
| Amounts payable after more than one year | 17 | €117,574 | €117,574 | = | 0.0% |
| Financial debts | 170/4 | €117,574 | €117,574 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,843,101 | €1,532,046 | -€311,054 | -16.9% |
| Financial debts | 43 | €157,000 | €157,000 | = | 0.0% |
| Credit institutions | 430/8 | €157,000 | €157,000 | = | 0.0% |
| Trade debts | 44 | €9,932 | €23,650 | +€13,718 | +138% |
| Suppliers | 440/4 | €9,932 | €23,650 | +€13,718 | +138% |
| Advances received on contracts in progress | 46 | €1,428,725 | €1,175,000 | -€253,725 | -17.8% |
| Other amounts payable | 47/48 | €247,443 | €176,396 | -€71,047 | -28.7% |
| Non-recurring operating income | 76A | €60,751 | €0 | -€60,751 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,751 | €58,561 | -€2,190 | -3.6% |
| Other operating charges | 640/8 | €180 | €107,464 | +€107,284 | +59,543% |
| Gross operating margin | 9900 | €73,371 | €108,879 | +€35,508 | +48.4% |
| Operating profit (loss) | 9901 | €12,440 | -€57,146 | -€69,586 | |
| Financial charges | 65/66B | - | €75 | +€75 | |
| Recurring financial charges | 65 | - | €75 | +€75 | |
| Profit (loss) for the period before taxes | 9903 | €12,440 | -€57,221 | -€69,661 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €12,440 | -€57,221 | -€69,661 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,440 | -€57,221 | -€69,661 |
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 19 October 2026 via checked.be.