LICENSE TO CONSTRUCT: 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
LICENSE TO CONSTRUCT
NACE 68.204, Real estate activities
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
€1.8m
2023 · -€825,204+€2.7m
Equity
€25.6m
2023 · €24.8m+€874,249
Cash
€211,809
2023 · €342,847-€131,038
Balance sheet total
€114.7m
2023 · €111.9m+€2.8m
Largest movements
Assets
- Tangible fixed assets +€7.4m
up €7.4m (+14.5%), from €50.9m to €58.3m
of which Leasing and similar rights: +€4.2m
- Financial fixed assets -€4.5m
down €4.5m (-7.6%), from €59.9m to €55.4m
Equity and liabilities
- Debts after one year +€2.3m
up €2.3m (+2.7%), from €85.4m to €87.7m
of which Financial debts: +€2.2m
- Profit (loss) carried forward +€1.9m
up €1.9m, from -€1.4m to €496,509
Income statement
- Gross operating margin +€3.1m
up €3.1m (+209%), from €1.5m to €4.7m
- Turnover +€1.4m
up €1.4m (+79.9%), from €1.7m to €3.1m
- Depreciation +€676,836
up €676,836 (+120%), from €562,799 to €1.2m
- Purchases and services +€473,265
up €473,265 (+47.2%), from €1.0m to €1.5m
- Financial charges +€322,479
up €322,479 (+34.6%), from €931,571 to €1.3m
From the 2023 result to the 2024 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 2023
-€825,204
Gross operating margin
+€3.1m
Staff costs
+€75,262
Depreciation
-€676,836
Write-downs
-€1,983
Other operating charges
-€213,937
Other operating items
+€365,409
Financial income
+€229,278
Financial charges
-€322,479
Taxes
-€134,206
Deferred taxes and other
+€185,234
Result 2024
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€2.6m
Investment
-€4.1m
Financing
+€1.4m
Cash 2023
€342,847
From operations (derived)
+€2.6m
Net result for the year
+€1.8m
Depreciation
+€1.2m
Receivables within one year
-€36,668
Deferred charges and accrued income
-€46,815
Smaller working-capital items
-€14,881
Trade debts
-€437,213
Tax, wage and social debts
+€44,071
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€4.1m
Financing
+€1.4m
Debts after one year
+€2.3m
Current portion of long-term debt
+€45,778
Contributions, distributions and other
-€954,937
Cash 2024
€211,809
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,865,429 | €114,680,940 | +€2.8m | +2.5% |
| Fixed assets | 21/28 | €110,834,068 | €113,697,134 | +€2.9m | +2.6% |
| Intangible fixed assets | 21 | €12,494 | €3,644 | -€8,850 | -70.8% |
| Tangible fixed assets | 22/27 | €50,909,656 | €58,309,991 | +€7.4m | +14.5% |
| Land and buildings | 22 | €50,775,281 | €53,621,097 | +€2.8m | +5.6% |
| Plant, machinery and equipment | 23 | €29,653 | €87,504 | +€57,851 | +195% |
| Furniture and vehicles | 24 | €75,150 | €48,967 | -€26,183 | -34.8% |
| Leasing and similar rights | 25 | - | €4,154,178 | +€4.2m | |
| Other tangible fixed assets | 26 | €6,211 | €4,658 | -€1,553 | -25.0% |
| Assets under construction and advance payments | 27 | €23,360 | €393,586 | +€370,226 | +1,585% |
| Financial fixed assets | 28 | €59,911,919 | €55,383,500 | -€4.5m | -7.6% |
| Current assets | 29/58 | €1,031,362 | €983,806 | -€47,556 | -4.6% |
| Amounts receivable within one year | 40/41 | €664,789 | €701,457 | +€36,668 | +5.5% |
| Trade receivables | 40 | €570,859 | €655,959 | +€85,100 | +14.9% |
| Other amounts receivable | 41 | €93,930 | €45,498 | -€48,433 | -51.6% |
| Cash at bank and in hand | 54/58 | €342,847 | €211,809 | -€131,038 | -38.2% |
| Deferred charges and accrued income | 490/1 | €23,725 | €70,541 | +€46,815 | +197% |
| Total equity and liabilities | 10/49 | €111,865,429 | €114,680,940 | +€2.8m | +2.5% |
| Equity | 10/15 | €24,773,328 | €25,647,577 | +€874,249 | +3.5% |
| Contributions | 10/11 | €1,018,600 | €1,018,600 | = | 0.0% |
| Revaluation surpluses | 12 | €21,419,869 | €20,348,655 | -€1.1m | -5.0% |
| Reserves | 13 | €3,691,652 | €3,783,813 | +€92,162 | +2.5% |
| Tax-exempt reserves | 132 | €1,174,294 | €1,150,937 | -€23,357 | -2.0% |
| Distributable reserves | 133 | €2,517,358 | €2,632,877 | +€115,519 | +4.6% |
| Profit (loss) carried forward | 14 | -€1,356,792 | €496,509 | +€1.9m | |
| Provisions and deferred taxes | 16 | €251,098 | €243,059 | -€8,038 | -3.2% |
| Deferred taxes | 168 | €251,098 | €243,059 | -€8,038 | -3.2% |
| Amounts payable | 17/49 | €86,841,004 | €88,790,303 | +€1.9m | +2.2% |
| Amounts payable after more than one year | 17 | €85,413,593 | €87,717,100 | +€2.3m | +2.7% |
| Financial debts | 170/4 | €85,393,593 | €87,610,462 | +€2.2m | +2.6% |
| Other amounts payable | 178/9 | €20,000 | €106,638 | +€86,638 | +433% |
| Amounts payable within one year | 42/48 | €1,401,536 | €1,054,171 | -€347,365 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €516,472 | €562,250 | +€45,778 | +8.9% |
| Trade debts | 44 | €659,006 | €221,792 | -€437,213 | -66.3% |
| Suppliers | 440/4 | €659,006 | €221,792 | -€437,213 | -66.3% |
| Taxes, remuneration and social security | 45 | €226,058 | €270,129 | +€44,071 | +19.5% |
| Taxes | 450/3 | €189,904 | €234,279 | +€44,374 | +23.4% |
| Remuneration and social security | 454/9 | €36,154 | €35,851 | -€303 | -0.8% |
| Accrued charges and deferred income | 492/3 | €25,874 | €19,032 | -€6,843 | -26.4% |
| Turnover | 70 | €1,736,095 | €3,122,891 | +€1.4m | +79.9% |
| Non-recurring operating income | 76A | €722,909 | €2,854,056 | +€2.1m | +295% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,001,808 | €1,475,073 | +€473,265 | +47.2% |
| Remuneration, social security and pensions | 62 | €316,105 | €240,843 | -€75,262 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €562,799 | €1,239,636 | +€676,836 | +120% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,983 | - | +€1,983 | |
| Other operating charges | 640/8 | €86,084 | €300,021 | +€213,937 | +249% |
| Non-recurring operating charges | 66A | €367,829 | €2,420 | -€365,409 | -99.3% |
| Gross operating margin | 9900 | €1,507,508 | €4,656,156 | +€3.1m | +209% |
| Operating profit (loss) | 9901 | €176,673 | €2,873,236 | +€2.7m | +1,526% |
| Financial income | 75/76B | €12 | €229,289 | +€229,278 | +1,991,986% |
| Recurring financial income | 75 | €12 | €227,125 | +€227,113 | +1,973,183% |
| Non-recurring financial income | 76B | - | €2,164 | +€2,164 | |
| Financial charges | 65/66B | €931,571 | €1,254,050 | +€322,479 | +34.6% |
| Recurring financial charges | 65 | €931,571 | €1,254,050 | +€322,479 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | -€754,886 | €1,848,475 | +€2.6m | |
| Transfer from deferred taxes | 780 | €2,590 | €8,038 | +€5,448 | +210% |
| Transfer to deferred taxes | 680 | €179,786 | - | -€179,786 | |
| Income taxes | 67/77 | -€106,878 | €27,328 | +€134,206 | |
| Profit (loss) for the period | 9904 | -€825,204 | €1,829,186 | +€2.7m | |
| Transfer from tax-exempt reserves | 789 | €7,771 | €24,115 | +€16,344 | +210% |
| Transfer to tax-exempt reserves | 689 | €539,359 | - | -€539,359 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,356,792 | €1,853,301 | +€3.2m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.