LUCIEN VALCKE: 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
LUCIEN VALCKE
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
€188,975
2024 · €1.4m-€1.2m
Equity
€1.5m
2024 · €1.4m+€188,975
Cash
€28,015
2024 · €25,137+€2,877
Balance sheet total
€2.2m
2024 · €3.9m-€1.7m
Largest movements
Assets
- Receivables within one year -€1.4m
down €1.4m (-89.9%), from €1.6m to €162,830
of which Other amounts receivable: -€1.4m
- Tangible fixed assets -€110,286
down €110,286 (-5.5%), from €2.0m to €1.9m
of which Land and buildings: -€89,030
- Receivables after one year -€84,640
down €84,640 (-41.7%), from €203,099 to €118,459
of which Trade receivables: -€203,099
- Current investments -€39,335
down €39,335 (-93.0%), from €42,317 to €2,982
Equity and liabilities
- Other debts -€1.5m
down €1.5m (-93.7%), from €1.6m to €101,200
- Debts after one year -€348,188
down €348,188 (-41.9%), from €830,351 to €482,163
- Profit (loss) carried forward +€191,072
up €191,072, from €0 to €191,072
Income statement
- Gross operating margin -€1.1m
down €1.1m (-75.7%), from €1.4m to €350,402
- Taxes -€46,744
down €46,744 (-98.9%), from €47,254 to €510
- Other operating charges +€36,911
up €36,911 (+441%), from €8,369 to €45,280
- Depreciation +€19,315
up €19,315 (+24.8%), from €78,005 to €97,319
- Financial income -€17,293
down €17,293 (-67.4%), from €25,659 to €8,366
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
€1.4m
Gross operating margin
-€1.1m
Staff costs
+€11,763
Depreciation
-€19,315
Other operating charges
-€36,911
Financial income
-€17,293
Financial charges
+€4,216
Taxes
+€46,744
Deferred taxes and other
-€66,484
Result 2025
€188,975
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
+€297,783
Investment
+€52,301
Financing
-€347,206
Cash 2024
€25,137
From operations (derived)
+€297,783
Net result for the year
+€188,975
Depreciation
+€97,319
Receivables after one year
+€84,640
Receivables within one year
+€1.4m
Deferred charges and accrued income
-€18,068
Smaller working-capital items
-€3,553
Trade debts
-€8,523
Tax, wage and social debts
+€6,945
Other debts
-€1.5m
Investment (derived)
+€52,301
Investment in fixed assets (net)
+€12,966
Current investments
+€39,335
Financing
-€347,206
Debts after one year
-€348,188
Current portion of long-term debt
+€982
Cash 2025
€28,015
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,881,425 | €2,222,671 | -€1.7m | -42.7% |
| Fixed assets | 21/28 | €2,002,001 | €1,891,715 | -€110,286 | -5.5% |
| Tangible fixed assets | 22/27 | €2,002,001 | €1,891,715 | -€110,286 | -5.5% |
| Land and buildings | 22 | €1,939,643 | €1,850,613 | -€89,030 | -4.6% |
| Plant, machinery and equipment | 23 | €35,189 | €26,347 | -€8,842 | -25.1% |
| Furniture and vehicles | 24 | €27,169 | €14,755 | -€12,414 | -45.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,879,424 | €330,956 | -€1.5m | -82.4% |
| Amounts receivable after more than one year | 29 | €203,099 | €118,459 | -€84,640 | -41.7% |
| Trade receivables | 290 | €203,099 | €0 | -€203,099 | -100% |
| Other amounts receivable | 291 | - | €118,459 | +€118,459 | |
| Amounts receivable within one year | 40/41 | €1,608,268 | €162,830 | -€1.4m | -89.9% |
| Trade receivables | 40 | €14,622 | €10,231 | -€4,391 | -30.0% |
| Other amounts receivable | 41 | €1,593,646 | €152,598 | -€1.4m | -90.4% |
| Current investments | 50/53 | €42,317 | €2,982 | -€39,335 | -93.0% |
| Cash at bank and in hand | 54/58 | €25,137 | €28,015 | +€2,877 | +11.4% |
| Deferred charges and accrued income | 490/1 | €603 | €18,671 | +€18,068 | +2,996% |
| Total equity and liabilities | 10/49 | €3,881,425 | €2,222,671 | -€1.7m | -42.7% |
| Equity | 10/15 | €1,352,875 | €1,541,850 | +€188,975 | +14.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,302,875 | €1,300,778 | -€2,097 | -0.2% |
| Tax-exempt reserves | 132 | €87,547 | €85,450 | -€2,097 | -2.4% |
| Distributable reserves | 133 | €1,215,328 | €1,215,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €191,072 | +€191,072 | |
| Provisions and deferred taxes | 16 | €10,019 | €9,320 | -€699 | -7.0% |
| Deferred taxes | 168 | €10,019 | €9,320 | -€699 | -7.0% |
| Amounts payable | 17/49 | €2,518,531 | €671,501 | -€1.8m | -73.3% |
| Amounts payable after more than one year | 17 | €830,351 | €482,163 | -€348,188 | -41.9% |
| Financial debts | 170/4 | €830,351 | €482,163 | -€348,188 | -41.9% |
| Amounts payable within one year | 42/48 | €1,672,428 | €176,439 | -€1.5m | -89.5% |
| Current portion of amounts payable after more than one year | 42 | €62,206 | €63,188 | +€982 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €12,641 | €4,118 | -€8,523 | -67.4% |
| Suppliers | 440/4 | €12,641 | €4,118 | -€8,523 | -67.4% |
| Taxes, remuneration and social security | 45 | €988 | €7,933 | +€6,945 | +703% |
| Taxes | 450/3 | €108 | €7,905 | +€7,797 | +7,219% |
| Remuneration and social security | 454/9 | €880 | €28 | -€852 | -96.8% |
| Other amounts payable | 47/48 | €1,596,592 | €101,200 | -€1.5m | -93.7% |
| Accrued charges and deferred income | 492/3 | €15,752 | €12,899 | -€2,854 | -18.1% |
| Non-recurring operating income | 76A | €1,320,041 | €234,049 | -€1.1m | -82.3% |
| Remuneration, social security and pensions | 62 | €12,260 | €496 | -€11,763 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,005 | €97,319 | +€19,315 | +24.8% |
| Other operating charges | 640/8 | €8,369 | €45,280 | +€36,911 | +441% |
| Gross operating margin | 9900 | €1,440,076 | €350,402 | -€1.1m | -75.7% |
| Operating profit (loss) | 9901 | €1,341,443 | €207,307 | -€1.1m | -84.5% |
| Financial income | 75/76B | €25,659 | €8,366 | -€17,293 | -67.4% |
| Recurring financial income | 75 | €25,659 | €8,366 | -€17,293 | -67.4% |
| Financial charges | 65/66B | €31,102 | €26,887 | -€4,216 | -13.6% |
| Recurring financial charges | 65 | €31,102 | €26,887 | -€4,216 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €1,336,000 | €188,786 | -€1.1m | -85.9% |
| Transfer from deferred taxes | 780 | €67,183 | €699 | -€66,484 | -99.0% |
| Income taxes | 67/77 | €47,254 | €510 | -€46,744 | -98.9% |
| Profit (loss) for the period | 9904 | €1,355,930 | €188,975 | -€1.2m | -86.1% |
| Transfer from tax-exempt reserves | 789 | €201,550 | €2,097 | -€199,453 | -99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,557,480 | €191,072 | -€1.4m | -87.7% |
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.