L'SPHERE CORPORATE: 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
L'SPHERE CORPORATE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€595,766
2024 · -€1.0m+€408,595
Equity
-€532,084
2024 · €653,178-€1.2m
Cash
€16,870
2024 · €16,934-€64
Balance sheet total
€19.6m
2024 · €30.6m-€11.0m
Largest movements
Assets
- Financial fixed assets -€15.5m
down €15.5m (-100.0%), from €15.5m to €1,912
- Tangible fixed assets +€3.4m
up €3.4m (+23.1%), from €14.8m to €18.3m
of which Land and buildings: +€4.9m
- Intangible fixed assets +€1.0m
up €1.0m (+373%), from €271,056 to €1.3m
Equity and liabilities
- Other debts -€12.3m
down €12.3m (-86.3%), from €14.3m to €2.0m
- Debts after one year +€1.4m
up €1.4m (+15.9%), from €8.8m to €10.2m
of which Financial debts: +€1.5m
- Profit (loss) carried forward -€1.3m
down €1.3m (-26.1%), from -€4.9m to -€6.2m
- Provisions +€1.0m
up €1.0m (+43.3%), from €2.4m to €3.4m
- Reserves +€733,278
up €733,278 (+43.6%), from €1.7m to €2.4m
of which Tax-exempt reserves: +€685,709
Income statement
- Gross operating margin +€1.0m
up €1.0m (+680%), from €154,108 to €1.2m
- Depreciation +€622,967
up €622,967 (+73.8%), from €844,295 to €1.5m
- Financial income +€316,702
up €316,702, from €0 to €316,702
of which Non-recurring financial income: +€316,622
- Financial charges +€112,735
up €112,735 (+25.0%), from €450,579 to €563,315
- Taxes -€46,586
down €46,586 (-38.9%), from €119,815 to €73,229
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
-€1.0m
Gross operating margin
+€1.0m
Staff costs
-€23,807
Depreciation
-€622,967
Other operating charges
-€2,245
Other operating items
-€908
Financial income
+€316,702
Financial charges
-€112,735
Taxes
+€46,586
Deferred taxes and other
-€240,383
Result 2025
-€595,766
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
-€10.2m
Investment
+€9.6m
Financing
+€614,322
Cash 2024
€16,934
From operations (derived)
-€10.2m
Net result for the year
-€595,766
Depreciation
+€1.5m
Smaller working-capital items
-€31,150
Provisions
+€1.0m
Trade debts
+€169,577
Tax, wage and social debts
+€122,760
Other debts
-€12.3m
Investment (derived)
+€9.6m
Investment in fixed assets (net)
+€9.6m
Financing
+€614,322
Debts after one year
+€1.4m
Current portion of long-term debt
+€324,597
Short-term financial debts
-€517,976
Contributions, distributions and other
-€589,496
Cash 2025
€16,870
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,581,290 | €19,592,132 | -€11.0m | -35.9% |
| Fixed assets | 21/28 | €30,559,609 | €19,534,542 | -€11.0m | -36.1% |
| Intangible fixed assets | 21 | €271,056 | €1,280,782 | +€1.0m | +373% |
| Tangible fixed assets | 22/27 | €14,831,152 | €18,251,848 | +€3.4m | +23.1% |
| Land and buildings | 22 | €13,301,721 | €18,248,297 | +€4.9m | +37.2% |
| Furniture and vehicles | 24 | €8,804 | €3,550 | -€5,254 | -59.7% |
| Assets under construction and advance payments | 27 | €1,520,627 | €0 | -€1.5m | -100% |
| Financial fixed assets | 28 | €15,457,400 | €1,912 | -€15.5m | -100.0% |
| Current assets | 29/58 | €21,681 | €57,590 | +€35,909 | +166% |
| Amounts receivable within one year | 40/41 | €0 | €26,772 | +€26,772 | |
| Trade receivables | 40 | €0 | €17,772 | +€17,772 | |
| Other amounts receivable | 41 | €0 | €9,000 | +€9,000 | |
| Cash at bank and in hand | 54/58 | €16,934 | €16,870 | -€64 | -0.4% |
| Deferred charges and accrued income | 490/1 | €4,747 | €13,948 | +€9,201 | +194% |
| Total equity and liabilities | 10/49 | €30,581,290 | €19,592,132 | -€11.0m | -35.9% |
| Equity | 10/15 | €653,178 | -€532,084 | -€1.2m | |
| Contributions | 10/11 | €1,898,987 | €1,898,987 | = | 0.0% |
| Revaluation surpluses | 12 | €1,992,537 | €1,355,471 | -€637,065 | -32.0% |
| Reserves | 13 | €1,680,940 | €2,414,219 | +€733,278 | +43.6% |
| Tax-exempt reserves | 132 | €1,539,267 | €2,224,976 | +€685,709 | +44.5% |
| Distributable reserves | 133 | €141,674 | €189,243 | +€47,569 | +33.6% |
| Profit (loss) carried forward | 14 | -€4,919,286 | -€6,200,761 | -€1.3m | -26.1% |
| Provisions and deferred taxes | 16 | €2,369,490 | €3,394,506 | +€1.0m | +43.3% |
| Deferred taxes | 168 | €2,369,490 | €3,394,506 | +€1.0m | +43.3% |
| Amounts payable | 17/49 | €27,558,622 | €16,729,710 | -€10.8m | -39.3% |
| Amounts payable after more than one year | 17 | €8,767,716 | €10,164,913 | +€1.4m | +15.9% |
| Financial debts | 170/4 | €8,700,690 | €10,157,492 | +€1.5m | +16.7% |
| Other amounts payable | 178/9 | €67,026 | €7,422 | -€59,604 | -88.9% |
| Amounts payable within one year | 42/48 | €18,781,119 | €6,550,185 | -€12.2m | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €447,187 | €771,784 | +€324,597 | +72.6% |
| Financial debts | 43 | €3,441,616 | €2,923,639 | -€517,976 | -15.1% |
| Credit institutions | 430/8 | €3,441,616 | €2,923,639 | -€517,976 | -15.1% |
| Trade debts | 44 | €268,376 | €437,953 | +€169,577 | +63.2% |
| Suppliers | 440/4 | €268,376 | €437,953 | +€169,577 | +63.2% |
| Taxes, remuneration and social security | 45 | €330,730 | €453,490 | +€122,760 | +37.1% |
| Taxes | 450/3 | €328,968 | €443,398 | +€114,431 | +34.8% |
| Remuneration and social security | 454/9 | €1,762 | €10,092 | +€8,329 | +473% |
| Other amounts payable | 47/48 | €14,293,211 | €1,963,320 | -€12.3m | -86.3% |
| Accrued charges and deferred income | 492/3 | €9,787 | €14,611 | +€4,823 | +49.3% |
| Non-recurring operating income | 76A | €0 | €998,497 | +€998,497 | |
| Remuneration, social security and pensions | 62 | €16,779 | €40,586 | +€23,807 | +142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €844,295 | €1,467,262 | +€622,967 | +73.8% |
| Other operating charges | 640/8 | €106,842 | €109,087 | +€2,245 | +2.1% |
| Non-recurring operating charges | 66A | €0 | €908 | +€908 | |
| Gross operating margin | 9900 | €154,108 | €1,202,460 | +€1.0m | +680% |
| Operating profit (loss) | 9901 | -€813,808 | -€415,383 | +€398,425 | +49.0% |
| Financial income | 75/76B | €0 | €316,702 | +€316,702 | |
| Recurring financial income | 75 | €0 | €80 | +€80 | |
| Non-recurring financial income | 76B | - | €316,622 | +€316,622 | |
| Financial charges | 65/66B | €450,579 | €563,315 | +€112,735 | +25.0% |
| Recurring financial charges | 65 | €450,579 | €563,315 | +€112,735 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,264,388 | -€661,995 | +€602,392 | +47.6% |
| Transfer from deferred taxes | 780 | €379,842 | €373,408 | -€6,434 | -1.7% |
| Transfer to deferred taxes | 680 | - | €233,949 | +€233,949 | |
| Income taxes | 67/77 | €119,815 | €73,229 | -€46,586 | -38.9% |
| Profit (loss) for the period | 9904 | -€1,004,361 | -€595,766 | +€408,595 | +40.7% |
| Transfer from tax-exempt reserves | 789 | €2,375 | €16,138 | +€13,762 | +579% |
| Transfer to tax-exempt reserves | 689 | - | €701,847 | +€701,847 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,001,986 | -€1,281,475 | -€279,489 | -27.9% |
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 30 October 2026 via checked.be.