forty9: 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
forty9
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,893
2024 · €62,201-€18,308
Equity
€3.5m
2024 · €3.5m+€43,893
Cash
€38,593
2024 · €48,916-€10,323
Balance sheet total
€9.9m
2024 · €10.1m-€145,809
Largest movements
Assets
- Receivables within one year -€146,655
down €146,655 (-65.6%), from €223,587 to €76,932
of which Other amounts receivable: -€183,208
Equity and liabilities
- Debts after one year -€221,020
down €221,020 (-4.8%), from €4.6m to €4.4m
of which Financial debts: -€221,020
Income statement
- Depreciation +€49,629
up €49,629 (+28.8%), from €172,175 to €221,804
- Gross operating margin +€22,996
up €22,996 (+6.7%), from €344,329 to €367,325
- Financial charges -€4,554
down €4,554 (-4.8%), from €95,019 to €90,465
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
€62,201
Gross operating margin
+€22,996
Depreciation
-€49,629
Other operating charges
+€1,629
Financial income
-€85
Financial charges
+€4,554
Deferred taxes and other
+€2,227
Result 2025
€43,893
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
+€367,817
Investment
-€232,973
Financing
-€145,166
Cash 2024
€48,916
From operations (derived)
+€367,817
Net result for the year
+€43,893
Depreciation
+€221,804
Receivables within one year
+€146,655
Provisions
-€6,946
Trade debts
-€45,729
Tax, wage and social debts
-€1,200
Other debts
-€7,055
Accrued charges and deferred income
+€16,394
Investment (derived)
-€232,973
Investment in fixed assets (net)
-€232,973
Financing
-€145,166
Debts after one year
-€221,020
Current portion of long-term debt
-€4,147
Short-term financial debts
+€80,000
Cash 2025
€38,593
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,090,126 | €9,944,318 | -€145,809 | -1.4% |
| Fixed assets | 21/28 | €9,817,624 | €9,828,793 | +€11,169 | +0.1% |
| Intangible fixed assets | 21 | €980,375 | €980,375 | = | 0.0% |
| Tangible fixed assets | 22/27 | €8,024,435 | €8,035,604 | +€11,169 | +0.1% |
| Land and buildings | 22 | €8,024,435 | €8,035,604 | +€11,169 | +0.1% |
| Financial fixed assets | 28 | €812,814 | €812,814 | = | 0.0% |
| Current assets | 29/58 | €272,503 | €115,525 | -€156,978 | -57.6% |
| Amounts receivable within one year | 40/41 | €223,587 | €76,932 | -€146,655 | -65.6% |
| Trade receivables | 40 | €0 | €36,554 | +€36,554 | |
| Other amounts receivable | 41 | €223,587 | €40,379 | -€183,208 | -81.9% |
| Cash at bank and in hand | 54/58 | €48,916 | €38,593 | -€10,323 | -21.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €10,090,126 | €9,944,318 | -€145,809 | -1.4% |
| Equity | 10/15 | €3,500,180 | €3,544,073 | +€43,893 | +1.3% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €362,020 | €341,183 | -€20,838 | -5.8% |
| Tax-exempt reserves | 132 | €362,020 | €341,183 | -€20,838 | -5.8% |
| Profit (loss) carried forward | 14 | -€61,840 | €2,890 | +€64,731 | |
| Provisions and deferred taxes | 16 | €120,673 | €113,728 | -€6,946 | -5.8% |
| Deferred taxes | 168 | €120,673 | €113,728 | -€6,946 | -5.8% |
| Amounts payable | 17/49 | €6,469,273 | €6,286,517 | -€182,756 | -2.8% |
| Amounts payable after more than one year | 17 | €4,644,937 | €4,423,918 | -€221,020 | -4.8% |
| Financial debts | 170/4 | €3,044,937 | €2,823,918 | -€221,020 | -7.3% |
| Other amounts payable | 178/9 | €1,600,000 | €1,600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,817,408 | €1,839,278 | +€21,870 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €225,166 | €221,020 | -€4,147 | -1.8% |
| Financial debts | 43 | €0 | €80,000 | +€80,000 | |
| Credit institutions | 430/8 | €0 | €80,000 | +€80,000 | |
| Trade debts | 44 | €84,763 | €39,034 | -€45,729 | -53.9% |
| Suppliers | 440/4 | €84,763 | €39,034 | -€45,729 | -53.9% |
| Taxes, remuneration and social security | 45 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Taxes | 450/3 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Other amounts payable | 47/48 | €1,502,679 | €1,495,624 | -€7,055 | -0.5% |
| Accrued charges and deferred income | 492/3 | €6,928 | €23,322 | +€16,394 | +236.6% |
| Non-recurring operating income | 76A | €92,000 | €0 | -€92,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,175 | €221,804 | +€49,629 | +28.8% |
| Other operating charges | 640/8 | €19,738 | €18,109 | -€1,629 | -8.3% |
| Gross operating margin | 9900 | €344,329 | €367,325 | +€22,996 | +6.7% |
| Operating profit (loss) | 9901 | €152,416 | €127,412 | -€25,004 | -16.4% |
| Financial income | 75/76B | €85 | €0 | -€85 | -100.0% |
| Recurring financial income | 75 | €85 | €0 | -€85 | -100.0% |
| Financial charges | 65/66B | €95,019 | €90,465 | -€4,554 | -4.8% |
| Recurring financial charges | 65 | €95,019 | €90,465 | -€4,554 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €57,482 | €36,947 | -€20,535 | -35.7% |
| Transfer from deferred taxes | 780 | €4,719 | €6,946 | +€2,227 | +47.2% |
| Profit (loss) for the period | 9904 | €62,201 | €43,893 | -€18,308 | -29.4% |
| Transfer from tax-exempt reserves | 789 | €14,156 | €20,838 | +€6,681 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,357 | €64,731 | -€11,627 | -15.2% |
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 12 October 2026 via checked.be.