M. DE CLERCQ: 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
M. DE CLERCQ
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
€43,269
2024 · €26,619+€16,650
Equity
€2.6m
2024 · €2.6m-€16,731
Cash
€43,740
2024 · €113,621-€69,882
Balance sheet total
€10.7m
2024 · €10.6m+€116,709
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+29.5%), from €6.4m to €8.3m
of which Land and buildings: +€1.9m
- Stocks and contracts -€1.1m
no longer reported in 2025 (was €1.1m)
- Financial fixed assets -€518,000
down €518,000 (-25.1%), from €2.1m to €1.5m
- Receivables within one year -€512,413
down €512,413 (-56.4%), from €908,953 to €396,540
of which Other amounts receivable: -€496,211
- Deferred charges and accrued income +€362,591
up €362,591 (+3,008%), from €12,055 to €374,646
Equity and liabilities
- Debts after one year +€624,463
up €624,463 (+10.1%), from €6.2m to €6.8m
- Trade debts -€342,748
down €342,748 (-97.3%), from €352,189 to €9,441
- Other debts -€223,649
down €223,649 (-40.7%), from €549,943 to €326,294
Income statement
- Gross operating margin +€114,269
up €114,269 (+17.1%), from €667,964 to €782,233
- Depreciation +€67,912
up €67,912 (+23.3%), from €291,149 to €359,061
- Financial charges +€59,608
up €59,608 (+30.9%), from €192,636 to €252,243
- Taxes -€16,745
down €16,745 (-85.6%), from €19,553 to €2,808
- Financial income +€10,100
up €10,100 (+37.0%), from €27,289 to €37,388
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
€26,619
Gross operating margin
+€114,269
Staff costs
+€8,095
Depreciation
-€67,912
Other operating charges
-€5,039
Financial income
+€10,100
Financial charges
-€59,608
Taxes
+€16,745
Result 2025
€43,269
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
+€1.1m
Investment
-€1.8m
Financing
+€642,787
Cash 2024
€113,621
From operations (derived)
+€1.1m
Net result for the year
+€43,269
Depreciation
+€359,061
Stocks and contracts
+€1.1m
Receivables within one year
+€512,413
Deferred charges and accrued income
-€362,591
Provisions
-€6,622
Trade debts
-€342,748
Tax, wage and social debts
+€5,211
Other debts
-€223,649
Accrued charges and deferred income
-€1,539
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.7m
Current investments
-€62,867
Financing
+€642,787
Debts after one year
+€624,463
Current portion of long-term debt
+€78,324
Contributions, distributions and other
-€60,000
Cash 2025
€43,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,615,677 | €10,732,386 | +€116,709 | +1.1% |
| Fixed assets | 21/28 | €8,478,955 | €9,854,593 | +€1.4m | +16.2% |
| Tangible fixed assets | 22/27 | €6,418,978 | €8,312,616 | +€1.9m | +29.5% |
| Land and buildings | 22 | €6,375,820 | €8,283,728 | +€1.9m | +29.9% |
| Furniture and vehicles | 24 | €43,158 | €28,888 | -€14,270 | -33.1% |
| Financial fixed assets | 28 | €2,059,977 | €1,541,977 | -€518,000 | -25.1% |
| Current assets | 29/58 | €2,136,722 | €877,794 | -€1.3m | -58.9% |
| Stocks and contracts in progress | 3 | €1,102,092 | - | -€1.1m | |
| Stocks | 30/36 | €1,102,092 | - | -€1.1m | |
| Amounts receivable within one year | 40/41 | €908,953 | €396,540 | -€512,413 | -56.4% |
| Trade receivables | 40 | €70,067 | €53,866 | -€16,202 | -23.1% |
| Other amounts receivable | 41 | €838,886 | €342,675 | -€496,211 | -59.2% |
| Current investments | 50/53 | €1 | €62,868 | +€62,867 | +7,666,709% |
| Cash at bank and in hand | 54/58 | €113,621 | €43,740 | -€69,882 | -61.5% |
| Deferred charges and accrued income | 490/1 | €12,055 | €374,646 | +€362,591 | +3,008% |
| Total equity and liabilities | 10/49 | €10,615,677 | €10,732,386 | +€116,709 | +1.1% |
| Equity | 10/15 | €2,617,820 | €2,601,089 | -€16,731 | -0.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €2,540,360 | €2,525,496 | -€14,864 | -0.6% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €792,860 | €772,996 | -€19,864 | -2.5% |
| Distributable reserves | 133 | €1,740,000 | €1,745,000 | +€5,000 | +0.3% |
| Profit (loss) carried forward | 14 | €2,460 | €593 | -€1,867 | -75.9% |
| Provisions and deferred taxes | 16 | €264,286 | €257,664 | -€6,622 | -2.5% |
| Deferred taxes | 168 | €264,286 | €257,664 | -€6,622 | -2.5% |
| Amounts payable | 17/49 | €7,733,571 | €7,873,633 | +€140,062 | +1.8% |
| Amounts payable after more than one year | 17 | €6,193,759 | €6,818,222 | +€624,463 | +10.1% |
| Financial debts | 170/4 | €6,193,759 | €6,818,222 | +€624,463 | +10.1% |
| Amounts payable within one year | 42/48 | €1,509,457 | €1,026,595 | -€482,862 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €571,625 | €649,948 | +€78,324 | +13.7% |
| Trade debts | 44 | €352,189 | €9,441 | -€342,748 | -97.3% |
| Suppliers | 440/4 | €352,189 | €9,441 | -€342,748 | -97.3% |
| Taxes, remuneration and social security | 45 | €35,700 | €40,911 | +€5,211 | +14.6% |
| Taxes | 450/3 | €20,129 | €25,905 | +€5,776 | +28.7% |
| Remuneration and social security | 454/9 | €15,571 | €15,006 | -€565 | -3.6% |
| Other amounts payable | 47/48 | €549,943 | €326,294 | -€223,649 | -40.7% |
| Accrued charges and deferred income | 492/3 | €30,356 | €28,817 | -€1,539 | -5.1% |
| Remuneration, social security and pensions | 62 | €118,151 | €110,056 | -€8,095 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291,149 | €359,061 | +€67,912 | +23.3% |
| Other operating charges | 640/8 | €53,767 | €58,805 | +€5,039 | +9.4% |
| Gross operating margin | 9900 | €667,964 | €782,233 | +€114,269 | +17.1% |
| Operating profit (loss) | 9901 | €204,898 | €254,311 | +€49,413 | +24.1% |
| Financial income | 75/76B | €27,289 | €37,388 | +€10,100 | +37.0% |
| Recurring financial income | 75 | €27,289 | €37,388 | +€10,100 | +37.0% |
| Financial charges | 65/66B | €192,636 | €252,243 | +€59,608 | +30.9% |
| Recurring financial charges | 65 | €192,636 | €252,243 | +€59,608 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €39,551 | €39,456 | -€95 | -0.2% |
| Transfer from deferred taxes | 780 | €6,622 | €6,622 | = | 0.0% |
| Income taxes | 67/77 | €19,553 | €2,808 | -€16,745 | -85.6% |
| Profit (loss) for the period | 9904 | €26,619 | €43,269 | +€16,650 | +62.6% |
| Transfer from tax-exempt reserves | 789 | €19,864 | €19,864 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,483 | €63,134 | +€16,650 | +35.8% |
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 15 October 2026 via checked.be.