FLATS: 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
FLATS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€159,760
2024 · €118,150+€41,610
Equity
€1.3m
2024 · €1.2m+€159,760
Cash
€35,842
2024 · €46,185-€10,343
Balance sheet total
€3.2m
2024 · €2.8m+€437,099
Largest movements
Assets
- Receivables within one year +€426,039
up €426,039 (+364%), from €117,072 to €543,110
of which Other amounts receivable: +€425,239
Equity and liabilities
- Debts after one year +€335,475
up €335,475 (+35.7%), from €940,059 to €1.3m
of which Financial debts: +€336,475
- Profit (loss) carried forward +€175,485
up €175,485 (+25.9%), from €677,170 to €852,655
- Current portion of long-term debt -€61,124
down €61,124 (-25.0%), from €244,485 to €183,361
- Reserves -€44,872
down €44,872 (-10.7%), from €419,660 to €374,788
of which Non-distributable reserves: -€29,147
Income statement
- Depreciation -€146,401
down €146,401 (-62.1%), from €235,635 to €89,234
- Taxes +€56,670
up €56,670 (+218%), from €25,948 to €82,618
- Gross operating margin -€44,756
down €44,756 (-7.1%), from €631,197 to €586,441
- Financial income +€17,125
up €17,125 (+36,860%), from €46 to €17,171
- Financial charges +€15,580
up €15,580 (+34.6%), from €45,044 to €60,623
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
€118,150
Gross operating margin
-€44,756
Staff costs
-€1,004
Depreciation
+€146,401
Other operating charges
-€3,656
Other operating items
-€251
Financial income
+€17,125
Financial charges
-€15,580
Taxes
-€56,670
Result 2025
€159,760
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
-€171,553
Investment
-€113,141
Financing
+€274,351
Cash 2024
€46,185
From operations (derived)
-€171,553
Net result for the year
+€159,760
Depreciation
+€89,234
Receivables within one year
-€426,039
Deferred charges and accrued income
+€2,502
Provisions
-€5,530
Trade debts
+€7,566
Tax, wage and social debts
+€2,276
Advances received
-€1,638
Other debts
+€8,745
Accrued charges and deferred income
-€8,431
Investment (derived)
-€113,141
Investment in fixed assets (net)
-€113,141
Financing
+€274,351
Debts after one year
+€335,475
Current portion of long-term debt
-€61,124
Cash 2025
€35,842
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,797,039 | €3,234,139 | +€437,099 | +15.6% |
| Fixed assets | 21/28 | €2,631,281 | €2,655,187 | +€23,906 | +0.9% |
| Intangible fixed assets | 21 | €2,319 | €2,159 | -€160 | -6.9% |
| Tangible fixed assets | 22/27 | €2,628,664 | €2,652,731 | +€24,066 | +0.9% |
| Land and buildings | 22 | €2,589,891 | €2,623,621 | +€33,729 | +1.3% |
| Furniture and vehicles | 24 | €38,773 | €29,110 | -€9,663 | -24.9% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €165,759 | €578,952 | +€413,193 | +249% |
| Amounts receivable within one year | 40/41 | €117,072 | €543,110 | +€426,039 | +364% |
| Trade receivables | 40 | €9,317 | €10,117 | +€800 | +8.6% |
| Other amounts receivable | 41 | €107,755 | €532,993 | +€425,239 | +395% |
| Cash at bank and in hand | 54/58 | €46,185 | €35,842 | -€10,343 | -22.4% |
| Deferred charges and accrued income | 490/1 | €2,502 | €0 | -€2,502 | -100% |
| Total equity and liabilities | 10/49 | €2,797,039 | €3,234,139 | +€437,099 | +15.6% |
| Equity | 10/15 | €1,158,803 | €1,318,564 | +€159,760 | +13.8% |
| Contributions | 10/11 | €61,973 | €91,121 | +€29,147 | +47.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | - | €29,147 | +€29,147 | |
| Other | 1109/19 | - | €29,147 | +€29,147 | |
| Reserves | 13 | €419,660 | €374,788 | -€44,872 | -10.7% |
| Non-distributable reserves | 130/1 | €29,147 | - | -€29,147 | |
| Legal reserve | 130 | €29,147 | - | -€29,147 | |
| Tax-exempt reserves | 132 | €390,512 | €374,788 | -€15,724 | -4.0% |
| Profit (loss) carried forward | 14 | €677,170 | €852,655 | +€175,485 | +25.9% |
| Provisions and deferred taxes | 16 | €140,992 | €135,462 | -€5,530 | -3.9% |
| Deferred taxes | 168 | €140,992 | €135,462 | -€5,530 | -3.9% |
| Amounts payable | 17/49 | €1,497,244 | €1,780,114 | +€282,869 | +18.9% |
| Amounts payable after more than one year | 17 | €940,059 | €1,275,535 | +€335,475 | +35.7% |
| Financial debts | 170/4 | €932,809 | €1,269,285 | +€336,475 | +36.1% |
| Other amounts payable | 178/9 | €7,250 | €6,250 | -€1,000 | -13.8% |
| Amounts payable within one year | 42/48 | €548,754 | €504,579 | -€44,175 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €244,485 | €183,361 | -€61,124 | -25.0% |
| Trade debts | 44 | €16,425 | €23,991 | +€7,566 | +46.1% |
| Suppliers | 440/4 | €16,425 | €23,991 | +€7,566 | +46.1% |
| Advances received on contracts in progress | 46 | €1,638 | €0 | -€1,638 | -100% |
| Taxes, remuneration and social security | 45 | €13,404 | €15,680 | +€2,276 | +17.0% |
| Taxes | 450/3 | €0 | €2,229 | +€2,229 | |
| Remuneration and social security | 454/9 | €13,404 | €13,451 | +€48 | +0.4% |
| Other amounts payable | 47/48 | €272,802 | €281,547 | +€8,745 | +3.2% |
| Accrued charges and deferred income | 492/3 | €8,431 | €0 | -€8,431 | -100% |
| Remuneration, social security and pensions | 62 | €161,728 | €162,732 | +€1,004 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,635 | €89,234 | -€146,401 | -62.1% |
| Other operating charges | 640/8 | €50,268 | €53,924 | +€3,656 | +7.3% |
| Non-recurring operating charges | 66A | - | €251 | +€251 | |
| Gross operating margin | 9900 | €631,197 | €586,441 | -€44,756 | -7.1% |
| Operating profit (loss) | 9901 | €183,565 | €280,300 | +€96,735 | +52.7% |
| Financial income | 75/76B | €46 | €17,171 | +€17,125 | +36,860% |
| Recurring financial income | 75 | €46 | €17,171 | +€17,125 | +36,860% |
| Financial charges | 65/66B | €45,044 | €60,623 | +€15,580 | +34.6% |
| Recurring financial charges | 65 | €45,044 | €60,623 | +€15,580 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | €138,568 | €236,848 | +€98,280 | +70.9% |
| Transfer from deferred taxes | 780 | €5,530 | €5,530 | = | 0.0% |
| Income taxes | 67/77 | €25,948 | €82,618 | +€56,670 | +218% |
| Profit (loss) for the period | 9904 | €118,150 | €159,760 | +€41,610 | +35.2% |
| Transfer from tax-exempt reserves | 789 | €15,724 | €15,724 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,875 | €175,485 | +€41,610 | +31.1% |
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 14 October 2026 via checked.be.