Grondbeheer: what changed
Two fiscal 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.
Grondbeheer
Largest movements
- Tangible fixed assets +€345,078
up €345,078 (+9.4%), from €3.7m to €4.0m
of which Land and buildings: +€814,967
- Cash -€95,529
down €95,529 (-50.2%), from €190,395 to €94,866
mainly Investment in fixed assets (net) (-€572,976) and Tax, wage and social debts (-€34,727)
- Debts after one year +€229,117
up €229,117 (+12.6%), from €1.8m to €2.0m
- Profit (loss) carried forward +€69,471
up €69,471 (+11.2%), from €618,823 to €688,295
- Reserves -€58,559
down €58,559 (-6.8%), from €866,749 to €808,190
of which Tax-exempt reserves: -€58,559
- Depreciation +€59,441
up €59,441 (+35.3%), from €168,457 to €227,899
- Financial charges +€30,472
up €30,472 (+81.4%), from €37,447 to €67,919
- Gross operating margin +€24,333
up €24,333 (+7.6%), from €321,752 to €346,085
- Taxes -€17,130
down €17,130 (-41.9%), from €40,904 to €23,774
- Write-downs -€10,220
down €10,220 (-90.1%), from €11,337 to €1,117
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,899,068 | €4,139,839 | +€240,771 | +6.2% |
| Fixed assets | 21/28 | €3,674,130 | €4,019,208 | +€345,078 | +9.4% |
| Tangible fixed assets | 22/27 | €3,674,130 | €4,019,208 | +€345,078 | +9.4% |
| Land and buildings | 22 | €2,919,058 | €3,734,025 | +€814,967 | +27.9% |
| Plant, machinery and equipment | 23 | - | €23,444 | +€23,444 | |
| Furniture and vehicles | 24 | - | €112,603 | +€112,603 | |
| Other tangible fixed assets | 26 | €123,944 | €138,550 | +€14,605 | +11.8% |
| Assets under construction and advance payments | 27 | €631,128 | €10,587 | -€620,541 | -98.3% |
| Current assets | 29/58 | €224,938 | €120,631 | -€104,307 | -46.4% |
| Amounts receivable within one year | 40/41 | €18,415 | €23,983 | +€5,568 | +30.2% |
| Trade receivables | 40 | €11,725 | €23,983 | +€12,258 | +104.5% |
| Other amounts receivable | 41 | €6,690 | €0 | -€6,690 | -100.0% |
| Cash at bank and in hand | 54/58 | €190,395 | €94,866 | -€95,529 | -50.2% |
| Deferred charges and accrued income | 490/1 | €16,128 | €1,782 | -€14,346 | -89.0% |
| Total equity and liabilities | 10/49 | €3,899,068 | €4,139,839 | +€240,771 | +6.2% |
| Equity | 10/15 | €1,504,122 | €1,515,035 | +€10,912 | +0.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €866,749 | €808,190 | -€58,559 | -6.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €851,776 | €793,217 | -€58,559 | -6.9% |
| Distributable reserves | 133 | €14,973 | €14,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | €618,823 | €688,295 | +€69,471 | +11.2% |
| Provisions and deferred taxes | 16 | €283,925 | €264,406 | -€19,520 | -6.9% |
| Deferred taxes | 168 | €283,925 | €264,406 | -€19,520 | -6.9% |
| Amounts payable | 17/49 | €2,111,020 | €2,360,398 | +€249,378 | +11.8% |
| Amounts payable after more than one year | 17 | €1,813,016 | €2,042,133 | +€229,117 | +12.6% |
| Financial debts | 170/4 | €1,813,016 | €2,042,133 | +€229,117 | +12.6% |
| Amounts payable within one year | 42/48 | €277,636 | €297,009 | +€19,373 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €199,107 | €218,488 | +€19,381 | +9.7% |
| Trade debts | 44 | €27,612 | €64,907 | +€37,295 | +135.1% |
| Suppliers | 440/4 | €27,612 | €64,907 | +€37,295 | +135.1% |
| Taxes, remuneration and social security | 45 | €40,904 | €6,177 | -€34,727 | -84.9% |
| Taxes | 450/3 | €40,904 | €6,177 | -€34,727 | -84.9% |
| Other amounts payable | 47/48 | €10,013 | €7,437 | -€2,575 | -25.7% |
| Accrued charges and deferred income | 492/3 | €20,368 | €21,256 | +€888 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,457 | €227,899 | +€59,441 | +35.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,337 | €1,117 | -€10,220 | -90.1% |
| Other operating charges | 640/8 | €32,970 | €33,983 | +€1,013 | +3.1% |
| Gross operating margin | 9900 | €321,752 | €346,085 | +€24,333 | +7.6% |
| Operating profit (loss) | 9901 | €108,988 | €83,086 | -€25,902 | -23.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €37,447 | €67,919 | +€30,472 | +81.4% |
| Recurring financial charges | 65 | €37,447 | €67,919 | +€30,472 | +81.4% |
| Profit (loss) for the period before taxes | 9903 | €71,541 | €15,167 | -€56,374 | -78.8% |
| Transfer from deferred taxes | 780 | €19,520 | €19,520 | = | 0.0% |
| Income taxes | 67/77 | €40,904 | €23,774 | -€17,130 | -41.9% |
| Profit (loss) for the period | 9904 | €50,156 | €10,912 | -€39,244 | -78.2% |
| Transfer from tax-exempt reserves | 789 | €58,559 | €58,559 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €108,715 | €69,471 | -€39,244 | -36.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.