FONCIERE ETEL: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
What changed
FONCIERE ETEL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€331,689
2024 · €407,401-€75,712
Equity
€2.8m
2024 · €3.1m-€268,631
Cash
€41,822
2024 · €56,141-€14,319
Balance sheet total
€4.0m
2024 · €3.7m+€308,238
Largest movements
Assets
- Receivables within one year +€451,787
up €451,787 (+273%), from €165,472 to €617,259
of which Other amounts receivable: +€451,405
- Tangible fixed assets -€128,038
down €128,038 (-3.8%), from €3.4m to €3.3m
of which Land and buildings: -€86,112
Equity and liabilities
- Other debts +€444,612
up €444,612 (+286%), from €155,708 to €600,320
- Profit (loss) carried forward -€229,892
down €229,892 (-10.9%), from €2.1m to €1.9m
- Debts after one year +€97,604
new in 2025: €97,604
- Trade debts +€73,492
up €73,492 (+478%), from €15,375 to €88,868
Income statement
- Write-downs +€82,771
up €82,771, from -€82,771 to €0
- Other operating charges -€73,917
down €73,917 (-53.8%), from €137,475 to €63,557
- Services and other goods -€28,337
down €28,337 (-23.3%), from €121,380 to €93,043
- Taxes -€8,826
down €8,826 (-6.2%), from €141,471 to €132,645
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€407,401
Turnover
+€5,454
Services and other goods
+€28,337
Depreciation
-€2,240
Write-downs
-€82,771
Other operating charges
+€73,917
Other operating items
-€118,866
Financial income
+€2,052
Financial charges
+€3
Taxes
+€8,826
Deferred taxes and other
+€9,576
Result 2025
€331,689
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€533,414
Investment
-€45,016
Financing
-€502,716
Cash 2024
€56,141
From operations (derived)
+€533,414
Net result for the year
+€331,689
Depreciation
+€174,246
Receivables within one year
-€451,787
Provisions
-€12,913
Trade debts
+€73,492
Tax, wage and social debts
-€25,925
Other debts
+€444,612
Investment (derived)
-€45,016
Investment in fixed assets (net)
-€45,016
Financing
-€502,716
Debts after one year
+€97,604
Contributions, distributions and other
-€600,320
Cash 2025
€41,822
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,657,647 | €3,965,886 | +€308,238 | +8.4% |
| Formation expenses | 20 | €22,346 | €21,154 | -€1,192 | -5.3% |
| Fixed assets | 21/28 | €3,413,689 | €3,285,651 | -€128,038 | -3.8% |
| Tangible fixed assets | 22/27 | €3,413,689 | €3,285,651 | -€128,038 | -3.8% |
| Land and buildings | 22 | €3,263,445 | €3,177,333 | -€86,112 | -2.6% |
| Other tangible fixed assets | 26 | €150,244 | €108,317 | -€41,926 | -27.9% |
| Current assets | 29/58 | €221,613 | €659,081 | +€437,468 | +197% |
| Amounts receivable within one year | 40/41 | €165,472 | €617,259 | +€451,787 | +273% |
| Trade receivables | 40 | €11,669 | €12,052 | +€382 | +3.3% |
| Other amounts receivable | 41 | €153,803 | €605,207 | +€451,405 | +293% |
| Cash at bank and in hand | 54/58 | €56,141 | €41,822 | -€14,319 | -25.5% |
| Total equity and liabilities | 10/49 | €3,657,647 | €3,965,886 | +€308,238 | +8.4% |
| Equity | 10/15 | €3,086,082 | €2,817,450 | -€268,631 | -8.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €909,956 | €871,217 | -€38,739 | -4.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €903,806 | €865,067 | -€38,739 | -4.3% |
| Profit (loss) carried forward | 14 | €2,114,626 | €1,884,733 | -€229,892 | -10.9% |
| Provisions and deferred taxes | 16 | €301,268 | €288,355 | -€12,913 | -4.3% |
| Deferred taxes | 168 | €301,268 | €288,355 | -€12,913 | -4.3% |
| Amounts payable | 17/49 | €270,297 | €860,080 | +€589,783 | +218% |
| Amounts payable after more than one year | 17 | - | €97,604 | +€97,604 | |
| Other amounts payable | 178/9 | - | €97,604 | +€97,604 | |
| Amounts payable within one year | 42/48 | €270,297 | €762,476 | +€492,179 | +182% |
| Trade debts | 44 | €15,375 | €88,868 | +€73,492 | +478% |
| Suppliers | 440/4 | €15,375 | €88,868 | +€73,492 | +478% |
| Taxes, remuneration and social security | 45 | €99,214 | €73,289 | -€25,925 | -26.1% |
| Taxes | 450/3 | €99,214 | €73,289 | -€25,925 | -26.1% |
| Other amounts payable | 47/48 | €155,708 | €600,320 | +€444,612 | +286% |
| Operating income | 70/76A | €887,588 | €774,176 | -€113,412 | -12.8% |
| Turnover | 70 | €768,722 | €774,176 | +€5,454 | +0.7% |
| Non-recurring operating income | 76A | €118,866 | - | -€118,866 | |
| Operating charges | 60/66A | €348,089 | €330,846 | -€17,243 | -5.0% |
| Services and other goods | 61 | €121,380 | €93,043 | -€28,337 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,006 | €174,246 | +€2,240 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€82,771 | €0 | +€82,771 | |
| Other operating charges | 640/8 | €137,475 | €63,557 | -€73,917 | -53.8% |
| Operating profit (loss) | 9901 | €539,499 | €443,330 | -€96,169 | -17.8% |
| Financial income | 75/76B | €7,023 | €9,074 | +€2,052 | +29.2% |
| Recurring financial income | 75 | €7,023 | €9,074 | +€2,052 | +29.2% |
| Income from current assets | 751 | €7,023 | €9,074 | +€2,052 | +29.2% |
| Financial charges | 65/66B | €987 | €984 | -€3 | -0.3% |
| Recurring financial charges | 65 | €987 | €984 | -€3 | -0.3% |
| Other financial charges | 652/9 | €987 | €984 | -€3 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €545,535 | €451,421 | -€94,115 | -17.3% |
| Transfer from deferred taxes | 780 | €3,337 | €12,913 | +€9,576 | +287% |
| Income taxes | 67/77 | €141,471 | €132,645 | -€8,826 | -6.2% |
| Taxes | 670/3 | €141,471 | €132,645 | -€8,826 | -6.2% |
| Profit (loss) for the period | 9904 | €407,401 | €331,689 | -€75,712 | -18.6% |
| Transfer from tax-exempt reserves | 789 | €10,011 | €38,739 | +€28,728 | +287% |
| Profit (loss) for the period to be appropriated | 9905 | €417,412 | €370,428 | -€46,984 | -11.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.