FOURCHES 21: 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
FOURCHES 21
NACE 68.204, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€141,860
2024 · €163,934-€22,074
Equity
€1.8m
2024 · €2.1m-€259,917
Cash
€101,602
2024 · €87,873+€13,729
Balance sheet total
€3.6m
2024 · €3.5m+€28,767
Largest movements
Assets
- Receivables after one year +€638,824
up €638,824 (+52.9%), from €1.2m to €1.8m
- Receivables within one year -€630,196
down €630,196 (-99.5%), from €633,461 to €3,265
of which Trade receivables: -€481,667
Equity and liabilities
- Other debts +€400,000
new in 2025: €400,000
- Profit (loss) carried forward -€235,094
down €235,094 (-40.4%), from €582,531 to €347,437
- Current portion of long-term debt -€61,072
down €61,072 (-25.0%), from €244,722 to €183,651
- Debts after one year -€55,969
down €55,969 (-5.1%), from €1.1m to €1.0m
Income statement
- Financial income +€47,761
up €47,761 (+758%), from €6,305 to €54,066
- Gross operating margin -€45,584
down €45,584 (-9.7%), from €470,892 to €425,308
- Financial charges +€31,615
up €31,615 (+153%), from €20,684 to €52,299
- Other operating charges -€6,762
down €6,762 (-7.9%), from €85,304 to €78,542
- Taxes -€6,137
down €6,137 (-9.9%), from €61,735 to €55,598
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
€163,934
Gross operating margin
-€45,584
Depreciation
-€5,536
Other operating charges
+€6,762
Financial income
+€47,761
Financial charges
-€31,615
Taxes
+€6,137
Result 2025
€141,860
raises the resultlowers the result
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
+€685,191
Investment
-€152,645
Financing
-€518,817
Cash 2024
€87,873
From operations (derived)
+€685,191
Net result for the year
+€141,860
Depreciation
+€160,755
Receivables after one year
-€638,824
Receivables within one year
+€630,196
Deferred charges and accrued income
-€14,520
Provisions
-€9,680
Trade debts
+€1,241
Tax, wage and social debts
+€14,163
Other debts
+€400,000
Investment (derived)
-€152,645
Investment in fixed assets (net)
-€152,645
Financing
-€518,817
Debts after one year
-€55,969
Current portion of long-term debt
-€61,072
Contributions, distributions and other
-€401,777
Cash 2025
€101,602
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,528,026 | €3,556,793 | +€28,767 | +0.8% |
| Fixed assets | 21/28 | €1,593,882 | €1,585,773 | -€8,110 | -0.5% |
| Tangible fixed assets | 22/27 | €1,593,882 | €1,585,773 | -€8,110 | -0.5% |
| Land and buildings | 22 | €569,098 | €622,904 | +€53,806 | +9.5% |
| Plant, machinery and equipment | 23 | €984 | - | -€984 | |
| Leasing and similar rights | 25 | €1,023,800 | €962,869 | -€60,932 | -6.0% |
| Current assets | 29/58 | €1,934,144 | €1,971,020 | +€36,877 | +1.9% |
| Amounts receivable after more than one year | 29 | €1,208,280 | €1,847,104 | +€638,824 | +52.9% |
| Other amounts receivable | 291 | €1,208,280 | €1,847,104 | +€638,824 | +52.9% |
| Amounts receivable within one year | 40/41 | €633,461 | €3,265 | -€630,196 | -99.5% |
| Trade receivables | 40 | €481,667 | - | -€481,667 | |
| Other amounts receivable | 41 | €151,794 | €3,265 | -€148,529 | -97.8% |
| Cash at bank and in hand | 54/58 | €87,873 | €101,602 | +€13,729 | +15.6% |
| Deferred charges and accrued income | 490/1 | €4,530 | €19,050 | +€14,520 | +321% |
| Total equity and liabilities | 10/49 | €3,528,026 | €3,556,793 | +€28,767 | +0.8% |
| Equity | 10/15 | €2,093,329 | €1,833,412 | -€259,917 | -12.4% |
| Contributions | 10/11 | €125,860 | €125,860 | = | 0.0% |
| Reserves | 13 | €1,377,952 | €1,354,906 | -€23,046 | -1.7% |
| Non-distributable reserves | 130/1 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250,000 | €1,250,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €127,952 | €104,906 | -€23,046 | -18.0% |
| Profit (loss) carried forward | 14 | €582,531 | €347,437 | -€235,094 | -40.4% |
| Investment grants | 15 | €6,985 | €5,208 | -€1,777 | -25.4% |
| Provisions and deferred taxes | 16 | €79,003 | €69,323 | -€9,680 | -12.3% |
| Deferred taxes | 168 | €79,003 | €69,323 | -€9,680 | -12.3% |
| Amounts payable | 17/49 | €1,355,694 | €1,654,058 | +€298,364 | +22.0% |
| Amounts payable after more than one year | 17 | €1,098,000 | €1,042,031 | -€55,969 | -5.1% |
| Financial debts | 170/4 | €1,098,000 | €1,042,031 | -€55,969 | -5.1% |
| Amounts payable within one year | 42/48 | €257,694 | €612,026 | +€354,333 | +138% |
| Current portion of amounts payable after more than one year | 42 | €244,722 | €183,651 | -€61,072 | -25.0% |
| Trade debts | 44 | €11,536 | €12,778 | +€1,241 | +10.8% |
| Suppliers | 440/4 | €11,536 | €12,778 | +€1,241 | +10.8% |
| Taxes, remuneration and social security | 45 | €1,435 | €15,598 | +€14,163 | +987% |
| Taxes | 450/3 | €1,435 | €15,598 | +€14,163 | +987% |
| Other amounts payable | 47/48 | - | €400,000 | +€400,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,219 | €160,755 | +€5,536 | +3.6% |
| Other operating charges | 640/8 | €85,304 | €78,542 | -€6,762 | -7.9% |
| Gross operating margin | 9900 | €470,892 | €425,308 | -€45,584 | -9.7% |
| Operating profit (loss) | 9901 | €230,368 | €186,011 | -€44,357 | -19.3% |
| Financial income | 75/76B | €6,305 | €54,066 | +€47,761 | +758% |
| Recurring financial income | 75 | €6,305 | €54,066 | +€47,761 | +758% |
| Financial charges | 65/66B | €20,684 | €52,299 | +€31,615 | +153% |
| Recurring financial charges | 65 | €20,684 | €52,299 | +€31,615 | +153% |
| Profit (loss) for the period before taxes | 9903 | €215,989 | €187,778 | -€28,211 | -13.1% |
| Transfer from deferred taxes | 780 | €9,680 | €9,680 | = | 0.0% |
| Income taxes | 67/77 | €61,735 | €55,598 | -€6,137 | -9.9% |
| Profit (loss) for the period | 9904 | €163,934 | €141,860 | -€22,074 | -13.5% |
| Transfer from tax-exempt reserves | 789 | €23,046 | €23,046 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €186,980 | €164,906 | -€22,074 | -11.8% |
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 28 October 2026 via checked.be.