INVESTMENT PROPERTIES: 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
INVESTMENT PROPERTIES
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,139
2024 · -€166,354+€171,493
Equity
€1.1m
2024 · €1.1m+€5,139
Cash
€16,944
2024 · €13,940+€3,004
Balance sheet total
€1.5m
2024 · €1.6m-€31,597
Largest movements
Assets
- Current investments -€40,352
down €40,352 (-8.2%), from €490,626 to €450,274
- Tangible fixed assets +€16,048
up €16,048 (+1.6%), from €1.0m to €1.0m
Equity and liabilities
- Other debts -€215,612
down €215,612 (-71.0%), from €303,531 to €87,919
- Debts after one year +€167,675
up €167,675 (+561%), from €29,903 to €197,577
- Current portion of long-term debt +€17,757
up €17,757 (+173%), from €10,248 to €28,005
Income statement
- Other operating charges -€134,776
down €134,776 (-97.0%), from €138,951 to €4,174
- Financial income -€46,535
down €46,535 (-72.8%), from €63,913 to €17,377
- Gross operating margin +€21,943
up €21,943 (+768%), from €2,857 to €24,800
- Depreciation +€12,646
up €12,646 (+84.1%), from €15,039 to €27,684
- Taxes +€5,131
new in 2025: €5,131
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
-€166,354
Gross operating margin
+€21,943
Depreciation
-€12,646
Other operating charges
+€134,776
Financial income
-€46,535
Financial charges
-€3,187
Taxes
-€5,131
Deferred taxes and other
+€82,273
Result 2025
€5,139
raises the resultlowers the resultnot broken down further in the accounts
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
-€179,047
Investment
-€3,380
Financing
+€185,432
Cash 2024
€13,940
From operations (derived)
-€179,047
Net result for the year
+€5,139
Depreciation
+€27,684
Receivables within one year
+€10,298
Provisions
-€3,948
Trade debts
-€2,608
Other debts
-€215,612
Investment (derived)
-€3,380
Investment in fixed assets (net)
-€43,732
Current investments
+€40,352
Financing
+€185,432
Debts after one year
+€167,675
Current portion of long-term debt
+€17,757
Contributions, distributions and other
+€0
Cash 2025
€16,944
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,552,589 | €1,520,992 | -€31,597 | -2.0% |
| Fixed assets | 21/28 | €1,028,289 | €1,044,337 | +€16,048 | +1.6% |
| Tangible fixed assets | 22/27 | €1,028,289 | €1,044,337 | +€16,048 | +1.6% |
| Land and buildings | 22 | €1,028,289 | €1,044,337 | +€16,048 | +1.6% |
| Current assets | 29/58 | €524,300 | €476,655 | -€47,645 | -9.1% |
| Amounts receivable within one year | 40/41 | €19,735 | €9,437 | -€10,298 | -52.2% |
| Trade receivables | 40 | €181 | €79 | -€102 | -56.2% |
| Other amounts receivable | 41 | €19,554 | €9,357 | -€10,196 | -52.1% |
| Current investments | 50/53 | €490,626 | €450,274 | -€40,352 | -8.2% |
| Cash at bank and in hand | 54/58 | €13,940 | €16,944 | +€3,004 | +21.6% |
| Total equity and liabilities | 10/49 | €1,552,589 | €1,520,992 | -€31,597 | -2.0% |
| Equity | 10/15 | €1,124,950 | €1,130,089 | +€5,139 | +0.5% |
| Contributions | 10/11 | €299,750 | €299,750 | = | 0.0% |
| Capital | 10 | €299,750 | €299,750 | = | 0.0% |
| Issued capital | 100 | €299,750 | €299,750 | = | 0.0% |
| Reserves | 13 | €893,351 | €893,351 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €29,975 | €29,975 | = | 0.0% |
| Legal reserve | 130 | €29,975 | €29,975 | = | 0.0% |
| Tax-exempt reserves | 132 | €234,975 | €223,130 | -€11,845 | -5.0% |
| Distributable reserves | 133 | €628,402 | €640,246 | +€11,845 | +1.9% |
| Profit (loss) carried forward | 14 | -€68,152 | -€63,012 | +€5,139 | +7.5% |
| Provisions and deferred taxes | 16 | €78,325 | €74,377 | -€3,948 | -5.0% |
| Deferred taxes | 168 | €78,325 | €74,377 | -€3,948 | -5.0% |
| Amounts payable | 17/49 | €349,315 | €316,526 | -€32,788 | -9.4% |
| Amounts payable after more than one year | 17 | €29,903 | €197,577 | +€167,675 | +561% |
| Financial debts | 170/4 | €29,903 | €197,577 | +€167,675 | +561% |
| Amounts payable within one year | 42/48 | €319,412 | €118,949 | -€200,463 | -62.8% |
| Current portion of amounts payable after more than one year | 42 | €10,248 | €28,005 | +€17,757 | +173% |
| Trade debts | 44 | €5,633 | €3,025 | -€2,608 | -46.3% |
| Suppliers | 440/4 | €5,633 | €3,025 | -€2,608 | -46.3% |
| Other amounts payable | 47/48 | €303,531 | €87,919 | -€215,612 | -71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,039 | €27,684 | +€12,646 | +84.1% |
| Other operating charges | 640/8 | €138,951 | €4,174 | -€134,776 | -97.0% |
| Gross operating margin | 9900 | €2,857 | €24,800 | +€21,943 | +768% |
| Operating profit (loss) | 9901 | -€151,132 | -€7,059 | +€144,073 | +95.3% |
| Financial income | 75/76B | €63,913 | €17,377 | -€46,535 | -72.8% |
| Recurring financial income | 75 | €63,913 | €17,377 | -€46,535 | -72.8% |
| Financial charges | 65/66B | €810 | €3,996 | +€3,187 | +394% |
| Recurring financial charges | 65 | €810 | €3,996 | +€3,187 | +394% |
| Profit (loss) for the period before taxes | 9903 | -€88,029 | €6,322 | +€94,351 | |
| Transfer from deferred taxes | 780 | €641 | €3,948 | +€3,307 | +516% |
| Transfer to deferred taxes | 680 | €78,966 | - | -€78,966 | |
| Income taxes | 67/77 | - | €5,131 | +€5,131 | |
| Profit (loss) for the period | 9904 | -€166,354 | €5,139 | +€171,493 | |
| Transfer from tax-exempt reserves | 789 | €80,890 | €11,845 | -€69,045 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,464 | €16,984 | +€102,448 |
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 27 October 2026 via checked.be.