INSTRUCTION: 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.
What changed
INSTRUCTION
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.0m
2024 · €8.4m+€661,405
Equity
€47.6m
2024 · €38.6m+€9.0m
Cash
€36.6m
2024 · €23.9m+€12.7m
Balance sheet total
€76.3m
2024 · €67.3m+€9.0m
Largest movements
Assets
- Cash +€12.7m
up €12.7m (+53.4%), from €23.9m to €36.6m
mainly Net result for the year (+€9.0m) and Depreciation (+€3.7m)
- Tangible fixed assets -€3.6m
down €3.6m (-10.0%), from €36.1m to €32.5m
Equity and liabilities
- Profit (loss) carried forward +€9.0m
up €9.0m (+36.5%), from €24.7m to €33.7m
Income statement
- Financial charges -€602,702
down €602,702 (-49.9%), from €1.2m to €605,759
- Turnover +€488,104
up €488,104 (+3.0%), from €16.3m to €16.7m
- Financial income -€303,054
down €303,054 (-28.7%), from €1.1m to €753,894
- Taxes +€228,611
up €228,611 (+7.7%), from €3.0m to €3.2m
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
€8.4m
Turnover
+€488,104
Other operating income
+€79,322
Services and other goods
+€140,834
Depreciation
-€8,661
Other operating charges
-€109,230
Financial income
-€303,054
Financial charges
+€602,702
Taxes
-€228,611
Result 2025
€9.0m
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
+€12.8m
Investment
-€53,633
Financing
€0
Cash 2024
€23.9m
From operations (derived)
+€12.8m
Net result for the year
+€9.0m
Depreciation
+€3.7m
Receivables after one year
+€36,267
Receivables within one year
-€63,811
Deferred charges and accrued income
+€92,146
Trade debts
-€200,631
Tax, wage and social debts
+€182,982
Accrued charges and deferred income
+€46,969
Investment (derived)
-€53,633
Investment in fixed assets (net)
-€53,633
Cash 2025
€36.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,287,190 | €76,328,870 | +€9.0m | +13.4% |
| Fixed assets | 21/28 | €36,132,875 | €32,505,692 | -€3.6m | -10.0% |
| Tangible fixed assets | 22/27 | €36,132,875 | €32,505,692 | -€3.6m | -10.0% |
| Land and buildings | 22 | €36,132,875 | €32,505,692 | -€3.6m | -10.0% |
| Current assets | 29/58 | €31,154,315 | €43,823,178 | +€12.7m | +40.7% |
| Amounts receivable after more than one year | 29 | €7,029,838 | €6,993,571 | -€36,267 | -0.5% |
| Other amounts receivable | 291 | €7,029,838 | €6,993,571 | -€36,267 | -0.5% |
| Amounts receivable within one year | 40/41 | €97,036 | €160,847 | +€63,811 | +65.8% |
| Trade receivables | 40 | €59,204 | €124,580 | +€65,376 | +110.4% |
| Other amounts receivable | 41 | €37,832 | €36,267 | -€1,565 | -4.1% |
| Cash at bank and in hand | 54/58 | €23,867,362 | €36,600,827 | +€12.7m | +53.4% |
| Deferred charges and accrued income | 490/1 | €160,079 | €67,933 | -€92,146 | -57.6% |
| Total equity and liabilities | 10/49 | €67,287,190 | €76,328,870 | +€9.0m | +13.4% |
| Equity | 10/15 | €38,600,001 | €47,612,361 | +€9.0m | +23.3% |
| Contributions | 10/11 | €12,624,000 | €12,624,000 | = | 0.0% |
| Capital | 10 | €12,624,000 | €12,624,000 | = | 0.0% |
| Issued capital | 100 | €12,624,000 | €12,624,000 | = | 0.0% |
| Reserves | 13 | €1,262,400 | €1,262,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,262,400 | €1,262,400 | = | 0.0% |
| Legal reserve | 130 | €1,262,400 | €1,262,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,713,601 | €33,725,961 | +€9.0m | +36.5% |
| Amounts payable | 17/49 | €28,687,189 | €28,716,509 | +€29,320 | +0.1% |
| Amounts payable after more than one year | 17 | €23,500,000 | €23,500,000 | = | 0.0% |
| Financial debts | 170/4 | €23,500,000 | €23,500,000 | = | 0.0% |
| Other loans | 174 | €23,500,000 | €23,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €675,460 | €657,812 | -€17,649 | -2.6% |
| Trade debts | 44 | €356,305 | €155,674 | -€200,631 | -56.3% |
| Suppliers | 440/4 | €356,305 | €155,674 | -€200,631 | -56.3% |
| Taxes, remuneration and social security | 45 | €319,156 | €502,138 | +€182,982 | +57.3% |
| Taxes | 450/3 | €319,156 | €502,138 | +€182,982 | +57.3% |
| Accrued charges and deferred income | 492/3 | €4,511,729 | €4,558,698 | +€46,969 | +1.0% |
| Operating income | 70/76A | €19,676,673 | €20,244,099 | +€567,426 | +2.9% |
| Turnover | 70 | €16,257,430 | €16,745,534 | +€488,104 | +3.0% |
| Other operating income | 74 | €3,419,243 | €3,498,565 | +€79,322 | +2.3% |
| Operating charges | 60/66A | €8,189,726 | €8,166,783 | -€22,942 | -0.3% |
| Services and other goods | 61 | €1,212,973 | €1,072,139 | -€140,834 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,672,154 | €3,680,816 | +€8,661 | +0.2% |
| Other operating charges | 640/8 | €3,304,598 | €3,413,828 | +€109,230 | +3.3% |
| Operating profit (loss) | 9901 | €11,486,947 | €12,077,316 | +€590,369 | +5.1% |
| Financial income | 75/76B | €1,056,948 | €753,894 | -€303,054 | -28.7% |
| Recurring financial income | 75 | €1,056,948 | €753,894 | -€303,054 | -28.7% |
| Income from current assets | 751 | €327,023 | €337,450 | +€10,427 | +3.2% |
| Other financial income | 752/9 | €729,925 | €416,444 | -€313,481 | -42.9% |
| Financial charges | 65/66B | €1,208,461 | €605,759 | -€602,702 | -49.9% |
| Recurring financial charges | 65 | €1,208,461 | €605,759 | -€602,702 | -49.9% |
| Debt charges | 650 | €1,207,684 | €604,682 | -€603,002 | -49.9% |
| Other financial charges | 652/9 | €777 | €1,077 | +€300 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €11,335,435 | €12,225,451 | +€890,016 | +7.9% |
| Income taxes | 67/77 | €2,984,481 | €3,213,092 | +€228,611 | +7.7% |
| Taxes | 670/3 | €2,984,481 | €3,213,092 | +€228,611 | +7.7% |
| Profit (loss) for the period | 9904 | €8,350,954 | €9,012,360 | +€661,405 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,350,954 | €9,012,360 | +€661,405 | +7.9% |
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 8 October 2026 via checked.be.