iret development: 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
iret development
NACE 68.122, Development of non-residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€247,917
2024 · -€554,530+€306,613
Equity
-€496,833
2024 · -€248,915-€247,917
Cash
€843,705
2024 · €63,579+€780,125
Balance sheet total
€103.8m
2024 · €84.0m+€19.8m
Largest movements
Assets
- Stocks and contracts +€15.9m
up €15.9m (+21.5%), from €74.1m to €90.0m
of which Stocks: +€12.8m
- Receivables within one year +€3.8m
up €3.8m (+68.0%), from €5.5m to €9.3m
of which Trade receivables: +€4.0m
Equity and liabilities
- Other debts +€10.7m
up €10.7m (+28.1%), from €38.0m to €48.7m
- Current portion of long-term debt +€4.4m
up €4.4m (+13.4%), from €32.6m to €37.0m
- Advances received +€3.1m
up €3.1m (+10982.1%), from €28,000 to €3.1m
- Debts after one year +€2.2m
up €2.2m (+53.0%), from €4.1m to €6.3m
Income statement
- Turnover +€9.0m
up €9.0m (+720.0%), from €1.2m to €10.2m
- Goods and materials +€7.2m
up €7.2m (+423.3%), from €1.7m to €8.8m
of which Change in stocks: decrease (increase): +€17.0m
- Other operating income -€1.4m
down €1.4m (-25.2%), from €5.6m to €4.2m
- Provisions +€350,000
no longer reported in 2025 (was -€350,000)
- Other operating charges -€202,797
down €202,797 (-88.4%), from €229,518 to €26,722
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
-€554,530
Turnover
+€9.0m
Other operating income
-€1.4m
Goods and materials
-€7.2m
Services and other goods
-€81,660
Staff costs
+€187,402
Depreciation
+€53,281
Write-downs
-€8,474
Provisions
-€350,000
Other operating charges
+€202,797
Other operating items
-€19,493
Financial income
-€0
Financial charges
-€104,217
Taxes
+€281
Result 2025
-€247,917
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
-€6.2m
Investment
+€408,415
Financing
+€6.5m
Cash 2024
€63,579
From operations (derived)
-€6.2m
Net result for the year
-€247,917
Depreciation
+€239,299
Stocks and contracts
-€15.9m
Receivables within one year
-€3.8m
Deferred charges and accrued income
-€1,044
Trade debts
-€586,273
Tax, wage and social debts
+€360,078
Advances received
+€3.1m
Other debts
+€10.7m
Investment (derived)
+€408,415
Investment in fixed assets (net)
+€408,415
Financing
+€6.5m
Debts after one year
+€2.2m
Current portion of long-term debt
+€4.4m
Cash 2025
€843,705
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €84,003,538 | €103,821,911 | +€19.8m | +23.6% |
| Fixed assets | 21/28 | €4,351,685 | €3,703,971 | -€647,714 | -14.9% |
| Intangible fixed assets | 21 | €15,316 | €6,130 | -€9,186 | -60.0% |
| Tangible fixed assets | 22/27 | €666,027 | €413,789 | -€252,238 | -37.9% |
| Land and buildings | 22 | €352,606 | €344,121 | -€8,485 | -2.4% |
| Furniture and vehicles | 24 | €73,227 | €20,387 | -€52,840 | -72.2% |
| Other tangible fixed assets | 26 | €240,194 | €49,281 | -€190,913 | -79.5% |
| Financial fixed assets | 28 | €3,670,343 | €3,284,052 | -€386,290 | -10.5% |
| Affiliated companies | 280/1 | €3,656,782 | €3,270,492 | -€386,290 | -10.6% |
| Participating interests | 280 | €3,656,782 | €3,270,492 | -€386,290 | -10.6% |
| Other financial fixed assets | 284/8 | €13,561 | €13,561 | = | 0.0% |
| Shares | 284 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,561 | €3,561 | = | 0.0% |
| Current assets | 29/58 | €79,651,853 | €100,117,939 | +€20.5m | +25.7% |
| Stocks and contracts in progress | 3 | €74,057,160 | €89,986,118 | +€15.9m | +21.5% |
| Stocks | 30/36 | €74,057,160 | €86,875,134 | +€12.8m | +17.3% |
| Property held for sale | 35 | €74,057,160 | €86,875,134 | +€12.8m | +17.3% |
| Contracts in progress | 37 | - | €3,110,984 | +€3.1m | |
| Amounts receivable within one year | 40/41 | €5,526,678 | €9,282,636 | +€3.8m | +68.0% |
| Trade receivables | 40 | €5,188,466 | €9,164,598 | +€4.0m | +76.6% |
| Other amounts receivable | 41 | €338,212 | €118,039 | -€220,173 | -65.1% |
| Cash at bank and in hand | 54/58 | €63,579 | €843,705 | +€780,125 | +1227.0% |
| Deferred charges and accrued income | 490/1 | €4,436 | €5,480 | +€1,044 | +23.5% |
| Total equity and liabilities | 10/49 | €84,003,538 | €103,821,911 | +€19.8m | +23.6% |
| Equity | 10/15 | -€248,915 | -€496,833 | -€247,917 | -99.6% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€998,915 | -€1,246,833 | -€247,917 | -24.8% |
| Amounts payable | 17/49 | €84,252,454 | €104,318,743 | +€20.1m | +23.8% |
| Amounts payable after more than one year | 17 | €4,083,726 | €6,250,027 | +€2.2m | +53.0% |
| Financial debts | 170/4 | €4,083,726 | €6,250,027 | +€2.2m | +53.0% |
| Other loans | 174 | €4,083,726 | €6,250,027 | +€2.2m | +53.0% |
| Amounts payable within one year | 42/48 | €80,168,727 | €98,068,716 | +€17.9m | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €32,637,000 | €37,000,000 | +€4.4m | +13.4% |
| Trade debts | 44 | €8,977,931 | €8,391,658 | -€586,273 | -6.5% |
| Suppliers | 440/4 | €8,977,931 | €8,391,658 | -€586,273 | -6.5% |
| Advances received on contracts in progress | 46 | €28,000 | €3,103,000 | +€3.1m | +10982.1% |
| Taxes, remuneration and social security | 45 | €527,774 | €887,851 | +€360,078 | +68.2% |
| Taxes | 450/3 | €448,406 | €825,319 | +€376,913 | +84.1% |
| Remuneration and social security | 454/9 | €79,368 | €62,533 | -€16,835 | -21.2% |
| Other amounts payable | 47/48 | €37,998,023 | €48,686,207 | +€10.7m | +28.1% |
| Operating income | 70/76A | €6,929,631 | €14,495,535 | +€7.6m | +109.2% |
| Turnover | 70 | €1,248,604 | €10,238,096 | +€9.0m | +720.0% |
| Other operating income | 74 | €5,583,527 | €4,174,938 | -€1.4m | -25.2% |
| Non-recurring operating income | 76A | €97,500 | €82,500 | -€15,000 | -15.4% |
| Operating charges | 60/66A | €7,388,519 | €14,543,874 | +€7.2m | +96.8% |
| Goods for resale, raw materials and consumables | 60 | €1,689,943 | €8,844,150 | +€7.2m | +423.3% |
| Purchases | 600/8 | €30,262,764 | €20,385,753 | -€9.9m | -32.6% |
| Change in stocks: decrease (increase) | 609 | -€28,572,821 | -€11,541,603 | +€17.0m | +59.6% |
| Services and other goods | 61 | €4,763,315 | €4,844,975 | +€81,660 | +1.7% |
| Remuneration, social security and pensions | 62 | €771,636 | €584,234 | -€187,402 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,580 | €239,299 | -€53,281 | -18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,474 | - | +€8,474 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€350,000 | - | +€350,000 | |
| Other operating charges | 640/8 | €229,518 | €26,722 | -€202,797 | -88.4% |
| Non-recurring operating charges | 66A | - | €4,493 | +€4,493 | |
| Operating profit (loss) | 9901 | -€458,888 | -€48,339 | +€410,549 | +89.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €94,804 | €199,021 | +€104,217 | +109.9% |
| Recurring financial charges | 65 | €94,804 | €199,021 | +€104,217 | +109.9% |
| Debt charges | 650 | €85,728 | €192,146 | +€106,418 | +124.1% |
| Other financial charges | 652/9 | €9,076 | €6,875 | -€2,201 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€553,692 | -€247,360 | +€306,332 | +55.3% |
| Income taxes | 67/77 | €838 | €558 | -€281 | -33.5% |
| Taxes | 670/3 | €838 | €558 | -€281 | -33.5% |
| Profit (loss) for the period | 9904 | -€554,530 | -€247,917 | +€306,613 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€554,530 | -€247,917 | +€306,613 | +55.3% |
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 11 October 2026 via checked.be.