LIWA: 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
LIWA
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
€369,920
2024 · -€163,766+€533,686
Equity
€1.7m
2024 · €1.3m+€369,920
Cash
€444,947
2024 · €198,069+€246,878
Balance sheet total
€8.9m
2024 · €9.1m-€276,681
Largest movements
Assets
- Tangible fixed assets -€520,113
down €520,113 (-5.8%), from €8.9m to €8.4m
of which Land and buildings: -€587,960
- Cash +€246,878
up €246,878 (+125%), from €198,069 to €444,947
mainly Depreciation (+€980,047) and Net result for the year (+€369,920)
Equity and liabilities
- Debts after one year -€662,049
down €662,049 (-15.9%), from €4.2m to €3.5m
- Reserves +€275,200
up €275,200 (+27.8%), from €988,503 to €1.3m
of which Tax-exempt reserves: +€275,200
- Profit (loss) carried forward +€94,720
up €94,720 (+11.1%), from -€852,072 to -€757,352
Income statement
- Gross operating margin +€560,167
up €560,167 (+43.2%), from €1.3m to €1.9m
- Financial charges -€98,792
down €98,792 (-23.3%), from €423,865 to €325,073
- Provisions -€49,092
new in 2025: -€49,092
- Other operating charges +€22,230
up €22,230 (+17.3%), from €128,435 to €150,664
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
-€163,766
Gross operating margin
+€560,167
Depreciation
-€7,221
Provisions
+€49,092
Other operating charges
-€22,230
Financial income
-€2
Financial charges
+€98,792
Taxes
+€3
Deferred taxes and other
-€144,917
Result 2025
€369,920
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
+€1.4m
Investment
-€459,935
Financing
-€659,832
Cash 2024
€198,069
From operations (derived)
+€1.4m
Net result for the year
+€369,920
Depreciation
+€980,047
Receivables within one year
+€3,446
Provisions
+€29,486
Trade debts
+€31,764
Tax, wage and social debts
-€13,739
Other debts
-€34,280
Investment (derived)
-€459,935
Investment in fixed assets (net)
-€459,935
Financing
-€659,832
Debts after one year
-€662,049
Current portion of long-term debt
+€2,217
Cash 2025
€444,947
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,145,934 | €8,869,253 | -€276,681 | -3.0% |
| Fixed assets | 21/28 | €8,925,050 | €8,404,938 | -€520,113 | -5.8% |
| Tangible fixed assets | 22/27 | €8,924,050 | €8,403,938 | -€520,113 | -5.8% |
| Land and buildings | 22 | €8,922,928 | €8,334,968 | -€587,960 | -6.6% |
| Furniture and vehicles | 24 | €1,123 | €0 | -€1,123 | -100% |
| Assets under construction and advance payments | 27 | - | €68,970 | +€68,970 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €220,884 | €464,315 | +€243,432 | +110% |
| Amounts receivable within one year | 40/41 | €22,814 | €19,368 | -€3,446 | -15.1% |
| Trade receivables | 40 | €22,814 | €19,368 | -€3,446 | -15.1% |
| Cash at bank and in hand | 54/58 | €198,069 | €444,947 | +€246,878 | +125% |
| Total equity and liabilities | 10/49 | €9,145,934 | €8,869,253 | -€276,681 | -3.0% |
| Equity | 10/15 | €1,313,224 | €1,683,144 | +€369,920 | +28.2% |
| Contributions | 10/11 | €665,569 | €665,569 | = | 0.0% |
| Capital | 10 | €665,569 | €665,569 | = | 0.0% |
| Issued capital | 100 | €665,569 | €665,569 | = | 0.0% |
| Revaluation surpluses | 12 | €511,224 | €511,224 | = | 0.0% |
| Reserves | 13 | €988,503 | €1,263,703 | +€275,200 | +27.8% |
| Non-distributable reserves | 130/1 | €65,903 | €65,903 | = | 0.0% |
| Legal reserve | 130 | €65,903 | €65,903 | = | 0.0% |
| Tax-exempt reserves | 132 | €856,440 | €1,131,641 | +€275,200 | +32.1% |
| Distributable reserves | 133 | €66,160 | €66,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€852,072 | -€757,352 | +€94,720 | +11.1% |
| Provisions and deferred taxes | 16 | €392,199 | €421,685 | +€29,486 | +7.5% |
| Provisions for liabilities and charges | 160/5 | €49,092 | €0 | -€49,092 | -100% |
| Major repairs and maintenance | 162 | €49,092 | €0 | -€49,092 | -100% |
| Deferred taxes | 168 | €343,106 | €421,685 | +€78,578 | +22.9% |
| Amounts payable | 17/49 | €7,440,512 | €6,764,425 | -€676,086 | -9.1% |
| Amounts payable after more than one year | 17 | €4,162,738 | €3,500,689 | -€662,049 | -15.9% |
| Financial debts | 170/4 | €4,162,738 | €3,500,689 | -€662,049 | -15.9% |
| Amounts payable within one year | 42/48 | €3,277,773 | €3,263,736 | -€14,038 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €659,832 | €662,049 | +€2,217 | +0.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €50,946 | €82,709 | +€31,764 | +62.3% |
| Suppliers | 440/4 | €50,946 | €82,709 | +€31,764 | +62.3% |
| Taxes, remuneration and social security | 45 | €88,596 | €74,857 | -€13,739 | -15.5% |
| Taxes | 450/3 | €88,596 | €74,857 | -€13,739 | -15.5% |
| Other amounts payable | 47/48 | €2,478,400 | €2,444,121 | -€34,280 | -1.4% |
| Non-recurring operating income | 76A | - | €541,324 | +€541,324 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €972,826 | €980,047 | +€7,221 | +0.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€49,092 | -€49,092 | |
| Other operating charges | 640/8 | €128,435 | €150,664 | +€22,230 | +17.3% |
| Gross operating margin | 9900 | €1,295,499 | €1,855,666 | +€560,167 | +43.2% |
| Operating profit (loss) | 9901 | €194,239 | €774,047 | +€579,809 | +299% |
| Financial income | 75/76B | €2 | €0 | -€2 | -98.8% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -98.8% |
| Financial charges | 65/66B | €423,865 | €325,073 | -€98,792 | -23.3% |
| Recurring financial charges | 65 | €423,865 | €325,073 | -€98,792 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | -€229,625 | €448,974 | +€678,599 | |
| Transfer from deferred taxes | 780 | €66,339 | €56,753 | -€9,586 | -14.4% |
| Transfer to deferred taxes | 680 | - | €135,331 | +€135,331 | |
| Income taxes | 67/77 | €479 | €476 | -€3 | -0.7% |
| Profit (loss) for the period | 9904 | -€163,766 | €369,920 | +€533,686 | |
| Transfer from tax-exempt reserves | 789 | €148,931 | €130,792 | -€18,139 | -12.2% |
| Transfer to tax-exempt reserves | 689 | - | €405,993 | +€405,993 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,834 | €94,720 | +€109,554 |
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 26 October 2026 via checked.be.