LANDMAAT: 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
LANDMAAT
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €2.6m+€1.4m
Equity
€27.4m
2024 · €24.4m+€3.0m
Cash
€510,976
2024 · €369,551+€141,426
Balance sheet total
€46.5m
2024 · €46.3m+€208,133
Largest movements
Assets
- Stocks and contracts -€2.1m
down €2.1m (-4.8%), from €44.1m to €42.0m
of which Stocks: -€5.0m
- Tangible fixed assets +€1.7m
up €1.7m (+97.2%), from €1.7m to €3.4m
- Current investments +€650,000
new in 2025: €650,000
Equity and liabilities
- Short-term financial debts -€10.6m
down €10.6m (-62.2%), from €17.1m to €6.4m
- Other debts +€8.1m
up €8.1m (+230%), from €3.5m to €11.7m
- Reserves +€3.0m
up €3.0m (+12.6%), from €24.0m to €27.0m
of which Distributable reserves: +€2.2m
Income statement
- Goods and materials +€13.8m
up €13.8m (+116%), from €11.9m to €25.7m
of which Change in stocks: decrease (increase): +€10.8m
- Turnover +€12.5m
up €12.5m (+73.4%), from €17.0m to €29.5m
- Taxes +€472,228
up €472,228 (+55.0%), from €857,895 to €1.3m
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
€2.6m
Turnover
+€12.5m
Other operating income
-€7,697
Goods and materials
-€13.8m
Services and other goods
-€41,017
Staff costs
+€43,310
Depreciation
-€67,313
Other operating charges
+€10,584
Other operating items
+€3.5m
Financial income
-€14,606
Financial charges
-€254,132
Taxes
-€472,228
Deferred taxes and other
+€19,015
Result 2025
€4.0m
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
+€14.5m
Investment
-€2.4m
Financing
-€12.0m
Cash 2024
€369,551
From operations (derived)
+€14.5m
Net result for the year
+€4.0m
Depreciation
+€120,202
Stocks and contracts
+€2.1m
Receivables within one year
+€124,144
Smaller working-capital items
-€3,650
Other debts
+€8.1m
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€1.8m
Current investments
-€650,000
Financing
-€12.0m
Debts after one year
-€322,915
Current portion of long-term debt
-€16,305
Short-term financial debts
-€10.6m
Contributions, distributions and other
-€1.0m
Cash 2025
€510,976
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,328,565 | €46,536,698 | +€208,133 | +0.4% |
| Fixed assets | 21/28 | €1,710,669 | €3,372,926 | +€1.7m | +97.2% |
| Tangible fixed assets | 22/27 | €1,710,669 | €3,372,926 | +€1.7m | +97.2% |
| Land and buildings | 22 | €1,710,669 | €3,372,926 | +€1.7m | +97.2% |
| Current assets | 29/58 | €44,617,895 | €43,163,772 | -€1.5m | -3.3% |
| Stocks and contracts in progress | 3 | €44,114,503 | €41,991,042 | -€2.1m | -4.8% |
| Stocks | 30/36 | €40,397,992 | €35,443,628 | -€5.0m | -12.3% |
| Property held for sale | 35 | €40,397,992 | €35,443,628 | -€5.0m | -12.3% |
| Contracts in progress | 37 | €3,716,511 | €6,547,414 | +€2.8m | +76.2% |
| Amounts receivable within one year | 40/41 | €130,519 | €6,375 | -€124,144 | -95.1% |
| Trade receivables | 40 | €1,400 | €5,328 | +€3,928 | +281% |
| Other amounts receivable | 41 | €129,119 | €1,047 | -€128,072 | -99.2% |
| Current investments | 50/53 | - | €650,000 | +€650,000 | |
| Other investments | 51/53 | - | €650,000 | +€650,000 | |
| Cash at bank and in hand | 54/58 | €369,551 | €510,976 | +€141,426 | +38.3% |
| Deferred charges and accrued income | 490/1 | €3,323 | €5,378 | +€2,055 | +61.8% |
| Total equity and liabilities | 10/49 | €46,328,565 | €46,536,698 | +€208,133 | +0.4% |
| Equity | 10/15 | €24,386,919 | €27,406,990 | +€3.0m | +12.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €23,986,919 | €27,006,990 | +€3.0m | +12.6% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,045,339 | €8,847,626 | +€802,287 | +10.0% |
| Distributable reserves | 133 | €15,901,580 | €18,119,364 | +€2.2m | +13.9% |
| Provisions and deferred taxes | 16 | €34,276 | €32,905 | -€1,371 | -4.0% |
| Deferred taxes | 168 | €34,276 | €32,905 | -€1,371 | -4.0% |
| Amounts payable | 17/49 | €21,907,369 | €19,096,803 | -€2.8m | -12.8% |
| Amounts payable after more than one year | 17 | €936,681 | €613,767 | -€322,915 | -34.5% |
| Financial debts | 170/4 | €936,681 | €613,767 | -€322,915 | -34.5% |
| Credit institutions | 173 | €936,681 | €613,767 | -€322,915 | -34.5% |
| Amounts payable within one year | 42/48 | €20,970,688 | €18,482,111 | -€2.5m | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €339,230 | €322,925 | -€16,305 | -4.8% |
| Financial debts | 43 | €17,052,235 | €6,440,066 | -€10.6m | -62.2% |
| Credit institutions | 430/8 | €17,052,235 | €6,440,066 | -€10.6m | -62.2% |
| Trade debts | 44 | €11,261 | €18,971 | +€7,710 | +68.5% |
| Suppliers | 440/4 | €11,261 | €18,971 | +€7,710 | +68.5% |
| Taxes, remuneration and social security | 45 | €28,670 | €19,811 | -€8,858 | -30.9% |
| Taxes | 450/3 | €7,949 | €4,979 | -€2,970 | -37.4% |
| Remuneration and social security | 454/9 | €20,720 | €14,832 | -€5,888 | -28.4% |
| Other amounts payable | 47/48 | €3,539,292 | €11,680,339 | +€8.1m | +230% |
| Accrued charges and deferred income | 492/3 | - | €925 | +€925 | |
| Operating income | 70/76A | €16,659,158 | €32,624,288 | +€16.0m | +95.8% |
| Turnover | 70 | €17,018,559 | €29,510,357 | +€12.5m | +73.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€628,289 | €2,920,504 | +€3.5m | |
| Other operating income | 74 | €198,314 | €190,617 | -€7,697 | -3.9% |
| Non-recurring operating income | 76A | €70,574 | €2,810 | -€67,764 | -96.0% |
| Operating charges | 60/66A | €12,216,175 | €26,056,402 | +€13.8m | +113% |
| Goods for resale, raw materials and consumables | 60 | €11,885,664 | €25,671,456 | +€13.8m | +116% |
| Purchases | 600/8 | €18,074,885 | €21,026,804 | +€3.0m | +16.3% |
| Change in stocks: decrease (increase) | 609 | -€6,189,221 | €4,644,652 | +€10.8m | |
| Services and other goods | 61 | €58,697 | €99,714 | +€41,017 | +69.9% |
| Remuneration, social security and pensions | 62 | €199,739 | €156,429 | -€43,310 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,889 | €120,202 | +€67,313 | +127% |
| Other operating charges | 640/8 | €19,186 | €8,601 | -€10,584 | -55.2% |
| Operating profit (loss) | 9901 | €4,442,983 | €6,567,885 | +€2.1m | +47.8% |
| Financial income | 75/76B | €34,299 | €19,693 | -€14,606 | -42.6% |
| Recurring financial income | 75 | €34,299 | €19,693 | -€14,606 | -42.6% |
| Income from current assets | 751 | - | €687 | +€687 | |
| Other financial income | 752/9 | €34,299 | €19,006 | -€15,293 | -44.6% |
| Financial charges | 65/66B | €984,625 | €1,238,756 | +€254,132 | +25.8% |
| Recurring financial charges | 65 | €984,625 | €1,238,756 | +€254,132 | +25.8% |
| Debt charges | 650 | €975,241 | €1,223,601 | +€248,360 | +25.5% |
| Other financial charges | 652/9 | €9,383 | €15,155 | +€5,772 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €3,492,658 | €5,348,823 | +€1.9m | +53.1% |
| Transfer from deferred taxes | 780 | - | €1,371 | +€1,371 | |
| Transfer to deferred taxes | 680 | €17,644 | - | -€17,644 | |
| Income taxes | 67/77 | €857,895 | €1,330,123 | +€472,228 | +55.0% |
| Taxes | 670/3 | €857,895 | €1,330,123 | +€472,228 | +55.0% |
| Profit (loss) for the period | 9904 | €2,617,119 | €4,020,071 | +€1.4m | +53.6% |
| Transfer from tax-exempt reserves | 789 | €1,851,096 | €39,713 | -€1.8m | -97.9% |
| Transfer to tax-exempt reserves | 689 | €52,930 | €842,000 | +€789,070 | +1,491% |
| Profit (loss) for the period to be appropriated | 9905 | €4,415,285 | €3,217,784 | -€1.2m | -27.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.