INVESTGROUP D: what changed
What changed
INVESTGROUP D
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€39,365
2024 · €4,372+€34,993
Equity
€316,103
2024 · €312,738+€3,365
Cash
€32,601
2024 · €41,126-€8,525
Balance sheet total
€1.6m
2024 · €1.6m-€51,363
Largest movements
Assets
- Receivables within one year -€35,115
down €35,115 (-79.0%), from €44,468 to €9,353
of which Other amounts receivable: -€26,994
Equity and liabilities
- Debts after one year -€94,462
down €94,462 (-8.2%), from €1.1m to €1.1m
- Other debts +€38,399
up €38,399 (+64.0%), from €59,985 to €98,385
Income statement
- Gross operating margin +€32,154
up €32,154 (+50.2%), from €64,060 to €96,214
- Financial charges -€6,608
down €6,608 (-16.6%), from €39,856 to €33,248
- Financial income -€3,266
down €3,266 (-87.6%), from €3,730 to €464
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,372
Gross operating margin
+€32,154
Depreciation
-€348
Other operating charges
-€457
Financial income
-€3,266
Financial charges
+€6,608
Taxes
+€302
Result 2025
€39,365
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€123,369
Investment
€0
Financing
-€131,894
Cash 2024
€41,126
From operations (derived)
+€123,369
Net result for the year
+€39,365
Depreciation
+€7,737
Receivables within one year
+€35,115
Smaller working-capital items
-€16
Trade debts
-€301
Advances received
+€3,069
Other debts
+€38,399
Financing
-€131,894
Debts after one year
-€94,462
Current portion of long-term debt
-€1,432
Contributions, distributions and other
-€36,000
Cash 2025
€32,601
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,618,751 | €1,567,388 | -€51,363 | -3.2% |
| Fixed assets | 21/28 | €1,532,745 | €1,525,008 | -€7,737 | -0.5% |
| Tangible fixed assets | 22/27 | €93,395 | €85,658 | -€7,737 | -8.3% |
| Land and buildings | 22 | €50,650 | €45,603 | -€5,047 | -10.0% |
| Plant, machinery and equipment | 23 | €42,745 | €40,055 | -€2,690 | -6.3% |
| Financial fixed assets | 28 | €1,439,350 | €1,439,350 | = | 0.0% |
| Current assets | 29/58 | €86,006 | €42,380 | -€43,626 | -50.7% |
| Amounts receivable within one year | 40/41 | €44,468 | €9,353 | -€35,115 | -79.0% |
| Trade receivables | 40 | €9,662 | €1,541 | -€8,121 | -84.1% |
| Other amounts receivable | 41 | €34,806 | €7,813 | -€26,994 | -77.6% |
| Cash at bank and in hand | 54/58 | €41,126 | €32,601 | -€8,525 | -20.7% |
| Deferred charges and accrued income | 490/1 | €411 | €425 | +€14 | +3.3% |
| Total equity and liabilities | 10/49 | €1,618,751 | €1,567,388 | -€51,363 | -3.2% |
| Equity | 10/15 | €312,738 | €316,103 | +€3,365 | +1.1% |
| Contributions | 10/11 | €20,529 | €20,529 | = | 0.0% |
| Reserves | 13 | €292,209 | €295,574 | +€3,365 | +1.2% |
| Distributable reserves | 133 | €292,209 | €295,574 | +€3,365 | +1.2% |
| Amounts payable | 17/49 | €1,306,013 | €1,251,285 | -€54,728 | -4.2% |
| Amounts payable after more than one year | 17 | €1,149,023 | €1,054,561 | -€94,462 | -8.2% |
| Financial debts | 170/4 | €1,149,023 | €1,054,561 | -€94,462 | -8.2% |
| Amounts payable within one year | 42/48 | €156,990 | €196,724 | +€39,734 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €95,815 | €94,383 | -€1,432 | -1.5% |
| Trade debts | 44 | €1,027 | €727 | -€301 | -29.3% |
| Suppliers | 440/4 | €1,027 | €727 | -€301 | -29.3% |
| Advances received on contracts in progress | 46 | - | €3,069 | +€3,069 | |
| Taxes, remuneration and social security | 45 | €162 | €160 | -€2 | -1.4% |
| Taxes | 450/3 | €162 | €160 | -€2 | -1.4% |
| Other amounts payable | 47/48 | €59,985 | €98,385 | +€38,399 | +64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,389 | €7,737 | +€348 | +4.7% |
| Other operating charges | 640/8 | €14,683 | €15,140 | +€457 | +3.1% |
| Gross operating margin | 9900 | €64,060 | €96,214 | +€32,154 | +50.2% |
| Operating profit (loss) | 9901 | €41,988 | €73,337 | +€31,349 | +74.7% |
| Financial income | 75/76B | €3,730 | €464 | -€3,266 | -87.6% |
| Recurring financial income | 75 | €3,730 | €464 | -€3,266 | -87.6% |
| Financial charges | 65/66B | €39,856 | €33,248 | -€6,608 | -16.6% |
| Recurring financial charges | 65 | €39,856 | €33,248 | -€6,608 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €5,861 | €40,552 | +€34,691 | +592% |
| Income taxes | 67/77 | €1,489 | €1,187 | -€302 | -20.3% |
| Profit (loss) for the period | 9904 | €4,372 | €39,365 | +€34,993 | +800% |
| Profit (loss) for the period to be appropriated | 9905 | €4,372 | €39,365 | +€34,993 | +800% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.