LAND: what changed
Two fiscal 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
- Receivables after one year +€60,000
new in 2025: €60,000
- Tangible fixed assets -€27,427
down €27,427 (-10.6%), from €259,380 to €231,953
of which Land and buildings: -€16,088
- Cash -€12,546
down €12,546 (-4.7%), from €269,287 to €256,741
mainly Receivables after one year (-€60,000) and Tax, wage and social debts (-€16,417)
- Reserves +€43,390
up €43,390 (+11.8%), from €368,975 to €412,366
- Other debts +€19,320
new in 2025: €19,320
- Tax, wage and social debts -€16,417
down €16,417 (-30.5%), from €53,856 to €37,439
of which Remuneration and social security: -€11,799
- Advances received -€10,892
no longer reported in 2025 (was €10,892)
- Trade debts -€7,468
down €7,468 (-64.5%), from €11,574 to €4,106
- Write-downs +€15,466
no longer reported in 2025 (was -€15,466)
- Depreciation -€15,438
down €15,438 (-33.2%), from €46,434 to €30,996
- Gross operating margin +€14,947
up €14,947 (+7.9%), from €189,905 to €204,852
- Staff costs -€5,092
down €5,092 (-5.7%), from €89,494 to €84,402
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 | €595,317 | €616,758 | +€21,441 | +3.6% |
| Fixed assets | 21/28 | €260,483 | €232,642 | -€27,841 | -10.7% |
| Intangible fixed assets | 21 | €828 | €414 | -€414 | -50.0% |
| Tangible fixed assets | 22/27 | €259,380 | €231,953 | -€27,427 | -10.6% |
| Land and buildings | 22 | €189,005 | €172,917 | -€16,088 | -8.5% |
| Plant, machinery and equipment | 23 | €11,653 | €10,061 | -€1,592 | -13.7% |
| Furniture and vehicles | 24 | €31,828 | €25,590 | -€6,238 | -19.6% |
| Other tangible fixed assets | 26 | €26,894 | €23,385 | -€3,509 | -13.0% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €334,834 | €384,116 | +€49,282 | +14.7% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Trade receivables | 290 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €60,425 | €59,504 | -€921 | -1.5% |
| Trade receivables | 40 | €40,119 | €59,504 | +€19,385 | +48.3% |
| Other amounts receivable | 41 | €20,307 | - | -€20,307 | |
| Cash at bank and in hand | 54/58 | €269,287 | €256,741 | -€12,546 | -4.7% |
| Deferred charges and accrued income | 490/1 | €5,121 | €7,870 | +€2,750 | +53.7% |
| Total equity and liabilities | 10/49 | €595,317 | €616,758 | +€21,441 | +3.6% |
| Equity | 10/15 | €387,575 | €430,966 | +€43,390 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €368,975 | €412,366 | +€43,390 | +11.8% |
| Distributable reserves | 133 | €368,975 | €412,366 | +€43,390 | +11.8% |
| Amounts payable | 17/49 | €207,741 | €185,792 | -€21,949 | -10.6% |
| Amounts payable after more than one year | 17 | €120,733 | €114,118 | -€6,614 | -5.5% |
| Financial debts | 170/4 | €120,733 | €114,118 | -€6,614 | -5.5% |
| Amounts payable within one year | 42/48 | €82,814 | €67,480 | -€15,335 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €6,492 | €6,614 | +€122 | +1.9% |
| Trade debts | 44 | €11,574 | €4,106 | -€7,468 | -64.5% |
| Suppliers | 440/4 | €11,574 | €4,106 | -€7,468 | -64.5% |
| Advances received on contracts in progress | 46 | €10,892 | - | -€10,892 | |
| Taxes, remuneration and social security | 45 | €53,856 | €37,439 | -€16,417 | -30.5% |
| Taxes | 450/3 | €38,826 | €34,208 | -€4,618 | -11.9% |
| Remuneration and social security | 454/9 | €15,030 | €3,231 | -€11,799 | -78.5% |
| Other amounts payable | 47/48 | - | €19,320 | +€19,320 | |
| Accrued charges and deferred income | 492/3 | €4,195 | €4,195 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €89,494 | €84,402 | -€5,092 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,434 | €30,996 | -€15,438 | -33.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,466 | - | +€15,466 | |
| Other operating charges | 640/8 | €2,295 | €2,880 | +€585 | +25.5% |
| Non-recurring operating charges | 66A | - | €19,547 | +€19,547 | |
| Gross operating margin | 9900 | €189,905 | €204,852 | +€14,947 | +7.9% |
| Operating profit (loss) | 9901 | €67,149 | €67,028 | -€121 | -0.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -75.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -75.0% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,668 | €2,724 | +€56 | +2.1% |
| Recurring financial charges | 65 | €2,668 | €2,724 | +€56 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €64,481 | €64,304 | -€177 | -0.3% |
| Income taxes | 67/77 | €19,450 | €20,913 | +€1,464 | +7.5% |
| Profit (loss) for the period | 9904 | €45,031 | €43,390 | -€1,641 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,031 | €43,390 | -€1,641 | -3.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.