M.J. BEHEER: 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.J. BEHEER
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
-€1,515
2024 · -€403-€1,112
Equity
€943,076
2024 · €944,590-€1,515
Cash
€10,401
2024 · €19,579-€9,178
Balance sheet total
€1.7m
2024 · €1.7m-€2,727
Largest movements
Assets
- Receivables within one year +€18,747
new in 2025: €18,747
of which Trade receivables: +€16,303
Equity and liabilities
- Debts after one year -€25,316
down €25,316 (-6.1%), from €411,861 to €386,545
Income statement
- Gross operating margin -€730
down €730 (-1.3%), from €58,326 to €57,596
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
-€403
Gross operating margin
-€730
Depreciation
+€46
Other operating charges
-€333
Financial income
+€2
Financial charges
+€82
Taxes
-€178
Result 2025
-€1,515
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
+€26,878
Investment
-€11,345
Financing
-€24,710
Cash 2024
€19,579
From operations (derived)
+€26,878
Net result for the year
-€1,515
Depreciation
+€23,583
Receivables within one year
-€18,747
Deferred charges and accrued income
+€59
Trade debts
+€8,444
Tax, wage and social debts
+€3,590
Other debts
+€11,364
Accrued charges and deferred income
+€99
Investment (derived)
-€11,345
Investment in fixed assets (net)
-€11,345
Financing
-€24,710
Debts after one year
-€25,316
Current portion of long-term debt
+€605
Cash 2025
€10,401
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,703,739 | €1,701,012 | -€2,727 | -0.2% |
| Fixed assets | 21/28 | €1,674,383 | €1,662,145 | -€12,238 | -0.7% |
| Tangible fixed assets | 22/27 | €819,197 | €806,960 | -€12,238 | -1.5% |
| Land and buildings | 22 | €819,197 | €806,960 | -€12,238 | -1.5% |
| Financial fixed assets | 28 | €855,185 | €855,185 | = | 0.0% |
| Current assets | 29/58 | €29,356 | €38,867 | +€9,511 | +32.4% |
| Amounts receivable within one year | 40/41 | - | €18,747 | +€18,747 | |
| Trade receivables | 40 | - | €16,303 | +€16,303 | |
| Other amounts receivable | 41 | - | €2,445 | +€2,445 | |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,579 | €10,401 | -€9,178 | -46.9% |
| Deferred charges and accrued income | 490/1 | €4,777 | €4,718 | -€59 | -1.2% |
| Total equity and liabilities | 10/49 | €1,703,739 | €1,701,012 | -€2,727 | -0.2% |
| Equity | 10/15 | €944,590 | €943,076 | -€1,515 | -0.2% |
| Contributions | 10/11 | €852,863 | €852,863 | = | 0.0% |
| Capital | 10 | €852,863 | €852,863 | = | 0.0% |
| Issued capital | 100 | €852,863 | €852,863 | = | 0.0% |
| Reserves | 13 | €16,693 | €16,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,693 | €16,693 | = | 0.0% |
| Legal reserve | 130 | €16,693 | €16,693 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,034 | €73,519 | -€1,515 | -2.0% |
| Amounts payable | 17/49 | €759,149 | €757,937 | -€1,212 | -0.2% |
| Amounts payable after more than one year | 17 | €411,861 | €386,545 | -€25,316 | -6.1% |
| Financial debts | 170/4 | €411,861 | €386,545 | -€25,316 | -6.1% |
| Amounts payable within one year | 42/48 | €344,773 | €368,778 | +€24,005 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €24,710 | €25,316 | +€605 | +2.5% |
| Trade debts | 44 | €17,705 | €26,150 | +€8,444 | +47.7% |
| Suppliers | 440/4 | €17,705 | €26,150 | +€8,444 | +47.7% |
| Taxes, remuneration and social security | 45 | €5,387 | €8,978 | +€3,590 | +66.6% |
| Taxes | 450/3 | €5,387 | €8,978 | +€3,590 | +66.6% |
| Other amounts payable | 47/48 | €296,971 | €308,335 | +€11,364 | +3.8% |
| Accrued charges and deferred income | 492/3 | €2,515 | €2,614 | +€99 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,629 | €23,583 | -€46 | -0.2% |
| Other operating charges | 640/8 | €11,691 | €12,024 | +€333 | +2.8% |
| Gross operating margin | 9900 | €58,326 | €57,596 | -€730 | -1.3% |
| Operating profit (loss) | 9901 | €23,006 | €21,989 | -€1,017 | -4.4% |
| Financial income | 75/76B | €158 | €160 | +€2 | +1.4% |
| Recurring financial income | 75 | €158 | €160 | +€2 | +1.4% |
| Financial charges | 65/66B | €22,606 | €22,525 | -€82 | -0.4% |
| Recurring financial charges | 65 | €22,606 | €22,525 | -€82 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €558 | -€376 | -€933 | |
| Income taxes | 67/77 | €960 | €1,139 | +€178 | +18.6% |
| Profit (loss) for the period | 9904 | -€403 | -€1,515 | -€1,112 | -276% |
| Profit (loss) for the period to be appropriated | 9905 | -€403 | -€1,515 | -€1,112 | -276% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.