M-INVEST: 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-INVEST
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
€51,963
2024 · €55,629-€3,665
Equity
€691,579
2024 · €639,615+€51,963
Cash
€13,426
2024 · €19,558-€6,132
Balance sheet total
€3.8m
2024 · €3.7m+€22,848
Largest movements
Assets
- Tangible fixed assets +€38,246
up €38,246 (+1.0%), from €3.7m to €3.7m
of which Land and buildings: +€42,312
Equity and liabilities
- Debts after one year -€206,614
down €206,614 (-9.0%), from €2.3m to €2.1m
- Other debts +€206,035
up €206,035 (+33.3%), from €619,451 to €825,486
- Reserves +€55,629
up €55,629 (+20.5%), from €271,987 to €327,615
Income statement
- Gross operating margin -€18,618
down €18,618 (-6.2%), from €298,265 to €279,647
- Depreciation +€13,912
up €13,912 (+11.2%), from €124,371 to €138,283
- Financial charges -€7,060
down €7,060 (-11.7%), from €60,583 to €53,522
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
€55,629
Gross operating margin
-€18,618
Depreciation
-€13,912
Other operating charges
-€1,570
Other operating items
+€22,160
Financial income
-€102
Financial charges
+€7,060
Taxes
+€1,316
Result 2025
€51,963
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
+€376,122
Investment
-€176,529
Financing
-€205,724
Cash 2024
€19,558
From operations (derived)
+€376,122
Net result for the year
+€51,963
Depreciation
+€138,283
Receivables within one year
+€4,253
Deferred charges and accrued income
+€5,013
Trade debts
-€26,978
Tax, wage and social debts
-€2,638
Other debts
+€206,035
Accrued charges and deferred income
+€190
Investment (derived)
-€176,529
Investment in fixed assets (net)
-€176,529
Financing
-€205,724
Debts after one year
-€206,614
Current portion of long-term debt
+€890
Cash 2025
€13,426
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,730,260 | €3,753,109 | +€22,848 | +0.6% |
| Fixed assets | 21/28 | €3,696,550 | €3,734,797 | +€38,246 | +1.0% |
| Tangible fixed assets | 22/27 | €3,696,550 | €3,734,797 | +€38,246 | +1.0% |
| Land and buildings | 22 | €3,687,829 | €3,730,141 | +€42,312 | +1.1% |
| Plant, machinery and equipment | 23 | €8,722 | €4,656 | -€4,066 | -46.6% |
| Current assets | 29/58 | €33,710 | €18,312 | -€15,398 | -45.7% |
| Amounts receivable within one year | 40/41 | €8,146 | €3,893 | -€4,253 | -52.2% |
| Trade receivables | 40 | - | €1,186 | +€1,186 | |
| Other amounts receivable | 41 | €8,146 | €2,707 | -€5,439 | -66.8% |
| Cash at bank and in hand | 54/58 | €19,558 | €13,426 | -€6,132 | -31.4% |
| Deferred charges and accrued income | 490/1 | €6,006 | €993 | -€5,013 | -83.5% |
| Total equity and liabilities | 10/49 | €3,730,260 | €3,753,109 | +€22,848 | +0.6% |
| Equity | 10/15 | €639,615 | €691,579 | +€51,963 | +8.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €271,987 | €327,615 | +€55,629 | +20.5% |
| Distributable reserves | 133 | €271,987 | €327,615 | +€55,629 | +20.5% |
| Profit (loss) carried forward | 14 | €55,629 | €51,963 | -€3,665 | -6.6% |
| Amounts payable | 17/49 | €3,090,645 | €3,061,530 | -€29,115 | -0.9% |
| Amounts payable after more than one year | 17 | €2,308,285 | €2,101,670 | -€206,614 | -9.0% |
| Financial debts | 170/4 | €2,308,285 | €2,101,670 | -€206,614 | -9.0% |
| Amounts payable within one year | 42/48 | €740,984 | €918,293 | +€177,309 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €85,724 | €86,614 | +€890 | +1.0% |
| Trade debts | 44 | €33,171 | €6,193 | -€26,978 | -81.3% |
| Suppliers | 440/4 | €33,171 | €6,193 | -€26,978 | -81.3% |
| Taxes, remuneration and social security | 45 | €2,638 | - | -€2,638 | |
| Taxes | 450/3 | €2,638 | - | -€2,638 | |
| Other amounts payable | 47/48 | €619,451 | €825,486 | +€206,035 | +33.3% |
| Accrued charges and deferred income | 492/3 | €41,376 | €41,566 | +€190 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,371 | €138,283 | +€13,912 | +11.2% |
| Other operating charges | 640/8 | €17,023 | €18,592 | +€1,570 | +9.2% |
| Non-recurring operating charges | 66A | €22,160 | - | -€22,160 | |
| Gross operating margin | 9900 | €298,265 | €279,647 | -€18,618 | -6.2% |
| Operating profit (loss) | 9901 | €134,712 | €122,772 | -€11,940 | -8.9% |
| Financial income | 75/76B | €137 | €35 | -€102 | -74.6% |
| Recurring financial income | 75 | €137 | €35 | -€102 | -74.6% |
| Financial charges | 65/66B | €60,583 | €53,522 | -€7,060 | -11.7% |
| Recurring financial charges | 65 | €60,583 | €53,522 | -€7,060 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €74,266 | €69,285 | -€4,981 | -6.7% |
| Income taxes | 67/77 | €18,638 | €17,321 | -€1,316 | -7.1% |
| Profit (loss) for the period | 9904 | €55,629 | €51,963 | -€3,665 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,629 | €51,963 | -€3,665 | -6.6% |
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 29 October 2026 via checked.be.