LRW: 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.
What changed
LRW
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 31-12-2023 against 31-12-2024filed annual accounts (NBB)
Net result for the year
-€1.0m
31-12-2023 · -€382,357-€643,912
Equity
€6.7m
31-12-2023 · €7.2m-€526,269
Cash
€31,998
31-12-2023 · €209,151-€177,153
Balance sheet total
€21.3m
31-12-2023 · €26.2m-€4.9m
Largest movements
Assets
- Receivables after one year -€6.2m
down €6.2m (-57.3%), from €10.9m to €4.6m
- Tangible fixed assets +€1.4m
up €1.4m (+15.1%), from €9.5m to €11.0m
of which Leasing and similar rights: +€1.4m
- Financial fixed assets +€1.2m
new in 2024: €1.2m
- Receivables within one year -€637,762
down €637,762 (-28.6%), from €2.2m to €1.6m
of which Trade receivables: -€415,215
- Intangible fixed assets -€398,733
down €398,733 (-14.7%), from €2.7m to €2.3m
Equity and liabilities
- Other debts -€4.4m
down €4.4m (-83.5%), from €5.3m to €875,043
- Reserves -€703,985
down €703,985 (-10.0%), from €7.0m to €6.3m
of which Tax-exempt reserves: -€703,985
- Revaluation surpluses +€500,000
new in 2024: €500,000
- Profit (loss) carried forward -€322,285
new in 2024: -€322,285
Income statement
- Depreciation +€247,317
up €247,317 (+14.5%), from €1.7m to €2.0m
- Gross operating margin -€126,232
down €126,232 (-8.5%), from €1.5m to €1.4m
- Financial income -€120,202
down €120,202 (-93.7%), from €128,248 to €8,047
- Financial charges +€69,201
up €69,201 (+22.0%), from €314,460 to €383,660
- Taxes -€56,090
no longer reported in 2024 (was €56,090)
From the 31-12-2023 result to the 31-12-2024 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 31-12-2023
-€382,357
Gross operating margin
-€126,232
Depreciation
-€247,317
Other operating charges
-€39,071
Other operating items
-€151,942
Financial income
-€120,202
Financial charges
-€69,201
Taxes
+€56,090
Deferred taxes and other
+€53,962
Result 31-12-2024
-€1.0m
Cash bridge derived
Derived from the 31-12-2023 and 31-12-2024 balance sheets and the 31-12-2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€3.4m
Investment
-€4.1m
Financing
+€534,183
Cash 31-12-2023
€209,151
From operations (derived)
+€3.4m
Net result for the year
-€1.0m
Depreciation
+€2.0m
Receivables after one year
+€6.2m
Receivables within one year
+€637,762
Deferred charges and accrued income
+€70,617
Provisions
-€230,811
Trade debts
+€41,297
Tax, wage and social debts
-€30,759
Advances received
+€203,137
Other debts
-€4.4m
Accrued charges and deferred income
+€14,203
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€4.1m
Financing
+€534,183
Debts after one year
+€70,360
Current portion of long-term debt
-€36,177
Contributions, distributions and other
+€500,000
Cash 31-12-2024
€31,998
Every line side by side
| Line | Code | 31-12-2023 | 31-12-2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,211,955 | €21,285,751 | -€4.9m | -18.8% |
| Fixed assets | 21/28 | €12,246,147 | €14,436,963 | +€2.2m | +17.9% |
| Intangible fixed assets | 21 | €2,710,182 | €2,311,448 | -€398,733 | -14.7% |
| Tangible fixed assets | 22/27 | €9,535,966 | €10,975,515 | +€1.4m | +15.1% |
| Land and buildings | 22 | €5,891,894 | €5,535,022 | -€356,872 | -6.1% |
| Plant, machinery and equipment | 23 | €207,560 | €302,519 | +€94,959 | +45.8% |
| Furniture and vehicles | 24 | €740,990 | €1,109,196 | +€368,206 | +49.7% |
| Leasing and similar rights | 25 | €2,646,043 | €4,028,778 | +€1.4m | +52.3% |
| Other tangible fixed assets | 26 | €49,479 | - | -€49,479 | |
| Financial fixed assets | 28 | - | €1,150,000 | +€1.2m | |
| Current assets | 29/58 | €13,965,808 | €6,848,787 | -€7.1m | -51.0% |
| Amounts receivable after more than one year | 29 | €10,868,406 | €4,636,917 | -€6.2m | -57.3% |
| Other amounts receivable | 291 | €10,868,406 | €4,636,917 | -€6.2m | -57.3% |
| Stocks and contracts in progress | 3 | €268,612 | €268,612 | = | 0.0% |
| Stocks | 30/36 | €268,612 | €268,612 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,232,545 | €1,594,783 | -€637,762 | -28.6% |
| Trade receivables | 40 | €847,804 | €432,588 | -€415,215 | -49.0% |
| Other amounts receivable | 41 | €1,384,741 | €1,162,195 | -€222,547 | -16.1% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €209,151 | €31,998 | -€177,153 | -84.7% |
| Deferred charges and accrued income | 490/1 | €137,094 | €66,477 | -€70,617 | -51.5% |
| Total equity and liabilities | 10/49 | €26,211,955 | €21,285,751 | -€4.9m | -18.8% |
| Equity | 10/15 | €7,176,673 | €6,650,403 | -€526,269 | -7.3% |
| Contributions | 10/11 | €127,488 | €127,488 | = | 0.0% |
| Capital | 10 | €127,488 | €127,488 | = | 0.0% |
| Issued capital | 100 | €127,488 | €127,488 | = | 0.0% |
| Revaluation surpluses | 12 | - | €500,000 | +€500,000 | |
| Reserves | 13 | €7,049,185 | €6,345,200 | -€703,985 | -10.0% |
| Non-distributable reserves | 130/1 | €30,101 | €30,101 | = | 0.0% |
| Legal reserve | 130 | €12,749 | €12,749 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17,353 | €17,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,019,084 | €6,315,099 | -€703,985 | -10.0% |
| Profit (loss) carried forward | 14 | - | -€322,285 | -€322,285 | |
| Provisions and deferred taxes | 16 | €2,022,809 | €1,791,998 | -€230,811 | -11.4% |
| Deferred taxes | 168 | €2,022,809 | €1,791,998 | -€230,811 | -11.4% |
| Amounts payable | 17/49 | €17,012,473 | €12,843,349 | -€4.2m | -24.5% |
| Amounts payable after more than one year | 17 | €9,373,749 | €9,444,109 | +€70,360 | +0.8% |
| Financial debts | 170/4 | €9,373,749 | €9,444,109 | +€70,360 | +0.8% |
| Amounts payable within one year | 42/48 | €7,635,994 | €3,382,307 | -€4.3m | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €1,311,265 | €1,275,088 | -€36,177 | -2.8% |
| Trade debts | 44 | €858,110 | €899,407 | +€41,297 | +4.8% |
| Suppliers | 440/4 | €858,110 | €899,407 | +€41,297 | +4.8% |
| Advances received on contracts in progress | 46 | - | €203,137 | +€203,137 | |
| Taxes, remuneration and social security | 45 | €160,391 | €129,632 | -€30,759 | -19.2% |
| Taxes | 450/3 | €160,391 | €129,632 | -€30,759 | -19.2% |
| Other amounts payable | 47/48 | €5,306,229 | €875,043 | -€4.4m | -83.5% |
| Accrued charges and deferred income | 492/3 | €2,730 | €16,933 | +€14,203 | +520.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,708,792 | €1,956,109 | +€247,317 | +14.5% |
| Other operating charges | 640/8 | €87,748 | €126,819 | +€39,071 | +44.5% |
| Non-recurring operating charges | 66A | - | €151,942 | +€151,942 | |
| Gross operating margin | 9900 | €1,479,636 | €1,353,403 | -€126,232 | -8.5% |
| Operating profit (loss) | 9901 | -€316,905 | -€881,467 | -€564,562 | -178.1% |
| Financial income | 75/76B | €128,248 | €8,047 | -€120,202 | -93.7% |
| Recurring financial income | 75 | €128,248 | €8,047 | -€120,202 | -93.7% |
| Financial charges | 65/66B | €314,460 | €383,660 | +€69,201 | +22.0% |
| Recurring financial charges | 65 | €314,460 | €383,660 | +€69,201 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | -€503,116 | -€1,257,080 | -€753,964 | -149.9% |
| Transfer from deferred taxes | 780 | €176,849 | €230,811 | +€53,962 | +30.5% |
| Income taxes | 67/77 | €56,090 | - | -€56,090 | |
| Profit (loss) for the period | 9904 | -€382,357 | -€1,026,269 | -€643,912 | -168.4% |
| Transfer from tax-exempt reserves | 789 | €530,658 | €703,985 | +€173,327 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €148,301 | -€322,285 | -€470,585 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.