GROUND DEVELOPERS: 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.
GROUND DEVELOPERS
Largest movements
- Stocks and contracts -€1.6m
down €1.6m (-24.3%), from €6.5m to €4.9m
- Cash +€561,653
up €561,653 (+249%), from €225,530 to €787,183
- Receivables within one year +€115,000
new in 2025: €115,000
- Other debts -€694,883
down €694,883 (-53.5%), from €1.3m to €603,799
- Profit (loss) carried forward -€414,605
down €414,605 (-81.6%), from €508,310 to €93,705
- Trade debts +€292,572
up €292,572 (+2,072%), from €14,119 to €306,691
- Tax, wage and social debts -€106,171
down €106,171 (-85.4%), from €124,372 to €18,201
of which Taxes: -€108,641
- Gross operating margin -€641,767
down €641,767 (-67.6%), from €949,577 to €307,810
- Staff costs +€129,457
up €129,457 (+153%), from €84,648 to €214,104
- Taxes -€108,641
down €108,641 (-99.7%), from €108,939 to €298
- Financial charges +€86,223
up €86,223 (+26.3%), from €327,519 to €413,741
- Other operating charges -€36,977
down €36,977 (-28.2%), from €131,249 to €94,272
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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,284,593 | €6,357,540 | -€927,053 | -12.7% |
| Fixed assets | 21/28 | €239,176 | €273,523 | +€34,347 | +14.4% |
| Financial fixed assets | 28 | €239,176 | €273,523 | +€34,347 | +14.4% |
| Current assets | 29/58 | €7,045,417 | €6,084,016 | -€961,401 | -13.6% |
| Stocks and contracts in progress | 3 | €6,500,138 | €4,919,995 | -€1.6m | -24.3% |
| Stocks | 30/36 | €6,500,138 | €4,919,995 | -€1.6m | -24.3% |
| Amounts receivable within one year | 40/41 | - | €115,000 | +€115,000 | |
| Other amounts receivable | 41 | - | €115,000 | +€115,000 | |
| Cash at bank and in hand | 54/58 | €225,530 | €787,183 | +€561,653 | +249% |
| Deferred charges and accrued income | 490/1 | €319,749 | €261,838 | -€57,911 | -18.1% |
| Total equity and liabilities | 10/49 | €7,284,593 | €6,357,540 | -€927,053 | -12.7% |
| Equity | 10/15 | €608,310 | €193,705 | -€414,605 | -68.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €508,310 | €93,705 | -€414,605 | -81.6% |
| Amounts payable | 17/49 | €6,676,283 | €6,163,835 | -€512,448 | -7.7% |
| Amounts payable within one year | 42/48 | €6,652,802 | €6,140,354 | -€512,448 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €5,215,630 | €5,207,503 | -€8,127 | -0.2% |
| Financial debts | 43 | - | €4,161 | +€4,161 | |
| Credit institutions | 430/8 | - | €4,161 | +€4,161 | |
| Trade debts | 44 | €14,119 | €306,691 | +€292,572 | +2,072% |
| Suppliers | 440/4 | €14,119 | €306,691 | +€292,572 | +2,072% |
| Taxes, remuneration and social security | 45 | €124,372 | €18,201 | -€106,171 | -85.4% |
| Taxes | 450/3 | €108,939 | €298 | -€108,641 | -99.7% |
| Remuneration and social security | 454/9 | €15,433 | €17,903 | +€2,470 | +16.0% |
| Other amounts payable | 47/48 | €1,298,682 | €603,799 | -€694,883 | -53.5% |
| Accrued charges and deferred income | 492/3 | €23,481 | €23,481 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €84,648 | €214,104 | +€129,457 | +153% |
| Other operating charges | 640/8 | €131,249 | €94,272 | -€36,977 | -28.2% |
| Gross operating margin | 9900 | €949,577 | €307,810 | -€641,767 | -67.6% |
| Operating profit (loss) | 9901 | €733,681 | -€566 | -€734,247 | |
| Financial charges | 65/66B | €327,519 | €413,741 | +€86,223 | +26.3% |
| Recurring financial charges | 65 | €327,519 | €413,741 | +€86,223 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €406,162 | -€414,308 | -€820,470 | |
| Income taxes | 67/77 | €108,939 | €298 | -€108,641 | -99.7% |
| Profit (loss) for the period | 9904 | €297,223 | -€414,605 | -€711,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €297,223 | -€414,605 | -€711,829 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.