LE MATIGNON: 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
LE MATIGNON
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
-€307,291
2024 · -€131,596-€175,696
Equity
-€384,855
2024 · -€77,564-€307,291
Cash
€553,512
2024 · €672,588-€119,075
Balance sheet total
€13.8m
2024 · €14.3m-€531,543
Largest movements
Assets
- Tangible fixed assets -€889,577
down €889,577 (-6.6%), from €13.5m to €12.6m
of which Land and buildings: -€659,633
- Stocks and contracts +€368,550
new in 2025: €368,550
Equity and liabilities
- Debts after one year -€541,606
down €541,606 (-3.8%), from €14.2m to €13.6m
of which Other amounts payable: -€4.1m
- Profit (loss) carried forward -€276,919
down €276,919 (-51.4%), from -€538,798 to -€815,717
- Current portion of long-term debt +€256,000
new in 2025: €256,000
Income statement
- Other operating charges +€173,500
up €173,500 (+225%), from €77,144 to €250,644
- Gross operating margin +€13,760
up €13,760 (+2.6%), from €534,385 to €548,145
- Financial income -€11,037
down €11,037 (-84.6%), from €13,040 to €2,003
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
-€131,596
Gross operating margin
+€13,760
Depreciation
+€195
Write-downs
-€5,213
Other operating charges
-€173,500
Financial income
-€11,037
Financial charges
+€100
Result 2025
-€307,291
raises the resultlowers the result
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
-€139,532
Investment
+€306,063
Financing
-€285,606
Cash 2024
€672,588
From operations (derived)
-€139,532
Net result for the year
-€307,291
Depreciation
+€583,514
Stocks and contracts
-€368,550
Receivables within one year
-€108,559
Provisions
-€10,124
Trade debts
+€26,438
Tax, wage and social debts
+€2,617
Accrued charges and deferred income
+€42,422
Investment (derived)
+€306,063
Investment in fixed assets (net)
+€306,063
Financing
-€285,606
Debts after one year
-€541,606
Current portion of long-term debt
+€256,000
Cash 2025
€553,512
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,322,338 | €13,790,794 | -€531,543 | -3.7% |
| Fixed assets | 21/28 | €13,531,924 | €12,642,347 | -€889,577 | -6.6% |
| Tangible fixed assets | 22/27 | €13,510,294 | €12,620,717 | -€889,577 | -6.6% |
| Land and buildings | 22 | €13,280,349 | €12,620,717 | -€659,633 | -5.0% |
| Assets under construction and advance payments | 27 | €229,945 | €0 | -€229,945 | -100% |
| Financial fixed assets | 28 | €21,630 | €21,630 | = | 0.0% |
| Current assets | 29/58 | €790,414 | €1,148,448 | +€358,034 | +45.3% |
| Stocks and contracts in progress | 3 | - | €368,550 | +€368,550 | |
| Stocks | 30/36 | - | €368,550 | +€368,550 | |
| Amounts receivable within one year | 40/41 | €27,826 | €136,385 | +€108,559 | +390% |
| Trade receivables | 40 | €21,023 | €120,351 | +€99,328 | +472% |
| Other amounts receivable | 41 | €6,803 | €16,035 | +€9,231 | +136% |
| Current investments | 50/53 | €90,000 | €90,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €672,588 | €553,512 | -€119,075 | -17.7% |
| Total equity and liabilities | 10/49 | €14,322,338 | €13,790,794 | -€531,543 | -3.7% |
| Equity | 10/15 | -€77,564 | -€384,855 | -€307,291 | -396% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €399,234 | €368,862 | -€30,372 | -7.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €393,034 | €362,662 | -€30,372 | -7.7% |
| Profit (loss) carried forward | 14 | -€538,798 | -€815,717 | -€276,919 | -51.4% |
| Provisions and deferred taxes | 16 | €131,012 | €120,888 | -€10,124 | -7.7% |
| Deferred taxes | 168 | €131,012 | €120,888 | -€10,124 | -7.7% |
| Amounts payable | 17/49 | €14,268,890 | €14,054,762 | -€214,128 | -1.5% |
| Amounts payable after more than one year | 17 | €14,163,076 | €13,621,470 | -€541,606 | -3.8% |
| Financial debts | 170/4 | - | €3,584,000 | +€3.6m | |
| Other amounts payable | 178/9 | €14,163,076 | €10,037,470 | -€4.1m | -29.1% |
| Amounts payable within one year | 42/48 | €104,846 | €389,902 | +€285,056 | +272% |
| Current portion of amounts payable after more than one year | 42 | - | €256,000 | +€256,000 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €104,846 | €131,284 | +€26,438 | +25.2% |
| Suppliers | 440/4 | €104,846 | €131,284 | +€26,438 | +25.2% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €0 | €2,617 | +€2,617 | |
| Taxes | 450/3 | €0 | €2,617 | +€2,617 | |
| Accrued charges and deferred income | 492/3 | €968 | €43,390 | +€42,422 | +4,385% |
| Non-recurring operating income | 76A | - | €1,920 | +€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €583,709 | €583,514 | -€195 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,348 | €7,560 | +€5,213 | +222% |
| Other operating charges | 640/8 | €77,144 | €250,644 | +€173,500 | +225% |
| Gross operating margin | 9900 | €534,385 | €548,145 | +€13,760 | +2.6% |
| Operating profit (loss) | 9901 | -€128,816 | -€293,574 | -€164,758 | -128% |
| Financial income | 75/76B | €13,040 | €2,003 | -€11,037 | -84.6% |
| Recurring financial income | 75 | €13,040 | €2,003 | -€11,037 | -84.6% |
| Financial charges | 65/66B | €25,943 | €25,844 | -€100 | -0.4% |
| Recurring financial charges | 65 | €25,943 | €25,844 | -€100 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | -€141,720 | -€317,415 | -€175,696 | -124% |
| Transfer from deferred taxes | 780 | €10,124 | €10,124 | = | 0.0% |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€131,596 | -€307,291 | -€175,696 | -134% |
| Transfer from tax-exempt reserves | 789 | €30,372 | €30,372 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,224 | -€276,919 | -€175,696 | -174% |
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 17 October 2026 via checked.be.