Land: 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.
Land
Largest movements
- Stocks and contracts -€5.0m
down €5.0m (-54.1%), from €9.2m to €4.2m
- Receivables after one year +€1.3m
up €1.3m (+45.8%), from €2.8m to €4.1m
- Deferred charges and accrued income -€189,694
no longer reported in 2025 (was €189,694)
- Short-term financial debts -€4.7m
down €4.7m (-56.0%), from €8.5m to €3.7m
- Reserves +€1.2m
up €1.2m (+31.5%), from €3.9m to €5.2m
of which Distributable reserves: +€1.2m
- Other debts -€244,800
down €244,800 (-81.6%), from €300,000 to €55,200
- Financial income +€1.3m
up €1.3m (+665.7%), from €189,907 to €1.5m
- Gross operating margin -€413,753
down €413,753 (-86.7%), from €477,229 to €63,476
- Other operating charges -€47,681
down €47,681 (-93.0%), from €51,251 to €3,569
- Taxes -€36,376
down €36,376 (-63.0%), from €57,704 to €21,329
- Financial charges -€29,054
down €29,054 (-10.4%), from €279,352 to €250,298
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,028,563 | €9,231,190 | -€3.8m | -29.1% |
| Fixed assets | 21/28 | €191,000 | €246,200 | +€55,200 | +28.9% |
| Financial fixed assets | 28 | €191,000 | €246,200 | +€55,200 | +28.9% |
| Current assets | 29/58 | €12,837,563 | €8,984,990 | -€3.9m | -30.0% |
| Amounts receivable after more than one year | 29 | €2,823,261 | €4,116,591 | +€1.3m | +45.8% |
| Other amounts receivable | 291 | €2,823,261 | €4,116,591 | +€1.3m | +45.8% |
| Stocks and contracts in progress | 3 | €9,238,998 | €4,243,066 | -€5.0m | -54.1% |
| Stocks | 30/36 | €9,238,998 | €4,243,066 | -€5.0m | -54.1% |
| Amounts receivable within one year | 40/41 | €42,360 | €116,253 | +€73,893 | +174.4% |
| Trade receivables | 40 | - | €55,000 | +€55,000 | |
| Other amounts receivable | 41 | €42,360 | €61,253 | +€18,893 | +44.6% |
| Cash at bank and in hand | 54/58 | €543,250 | €509,080 | -€34,170 | -6.3% |
| Deferred charges and accrued income | 490/1 | €189,694 | - | -€189,694 | |
| Total equity and liabilities | 10/49 | €13,028,563 | €9,231,190 | -€3.8m | -29.1% |
| Equity | 10/15 | €4,142,384 | €5,384,748 | +€1.2m | +30.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €3,942,384 | €5,184,748 | +€1.2m | +31.5% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €3,922,384 | €5,164,748 | +€1.2m | +31.7% |
| Amounts payable | 17/49 | €8,886,179 | €3,846,442 | -€5.0m | -56.7% |
| Amounts payable after more than one year | 17 | - | €50,000 | +€50,000 | |
| Financial debts | 170/4 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €8,863,815 | €3,794,934 | -€5.1m | -57.2% |
| Financial debts | 43 | €8,458,450 | €3,725,677 | -€4.7m | -56.0% |
| Credit institutions | 430/8 | €8,458,450 | €3,725,677 | -€4.7m | -56.0% |
| Trade debts | 44 | €25,365 | €14,057 | -€11,308 | -44.6% |
| Suppliers | 440/4 | €25,365 | €14,057 | -€11,308 | -44.6% |
| Advances received on contracts in progress | 46 | €80,000 | - | -€80,000 | |
| Other amounts payable | 47/48 | €300,000 | €55,200 | -€244,800 | -81.6% |
| Accrued charges and deferred income | 492/3 | €22,363 | €1,508 | -€20,856 | -93.3% |
| Other operating charges | 640/8 | €51,251 | €3,569 | -€47,681 | -93.0% |
| Gross operating margin | 9900 | €477,229 | €63,476 | -€413,753 | -86.7% |
| Operating profit (loss) | 9901 | €425,978 | €59,907 | -€366,072 | -85.9% |
| Financial income | 75/76B | €189,907 | €1,454,084 | +€1.3m | +665.7% |
| Recurring financial income | 75 | €189,907 | €1,454,084 | +€1.3m | +665.7% |
| Financial charges | 65/66B | €279,352 | €250,298 | -€29,054 | -10.4% |
| Recurring financial charges | 65 | €279,352 | €250,298 | -€29,054 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €336,533 | €1,263,692 | +€927,160 | +275.5% |
| Income taxes | 67/77 | €57,704 | €21,329 | -€36,376 | -63.0% |
| Profit (loss) for the period | 9904 | €278,829 | €1,242,364 | +€963,535 | +345.6% |
| Profit (loss) for the period to be appropriated | 9905 | €278,829 | €1,242,364 | +€963,535 | +345.6% |
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 12 October 2026 via checked.be.