M.M.M.: 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.M.M.
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
€19,329
2024 · €46,336-€27,007
Equity
€1.6m
2024 · €1.6m+€19,329
Cash
€19,146
2024 · €23,769-€4,623
Balance sheet total
€3.1m
2024 · €3.2m-€92,205
Largest movements
Assets
- Tangible fixed assets -€136,893
down €136,893 (-5.5%), from €2.5m to €2.3m
of which Land and buildings: -€193,032
- Receivables within one year +€34,946
up €34,946 (+8.0%), from €436,167 to €471,113
of which Other amounts receivable: +€89,592
Equity and liabilities
- Debts after one year -€108,056
down €108,056 (-12.8%), from €845,209 to €737,153
- Trade debts -€48,509
down €48,509 (-69.2%), from €70,094 to €21,585
Income statement
- Gross operating margin +€56,870
up €56,870 (+11.5%), from €496,069 to €552,939
- Write-downs +€55,004
new in 2025: €55,004
- Provisions +€30,000
new in 2025: €30,000
- Financial income +€8,631
up €8,631 (+82,281%), from €10 to €8,642
- Taxes +€7,111
new in 2025: €7,111
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
€46,336
Gross operating margin
+€56,870
Staff costs
+€1,653
Depreciation
-€5,619
Write-downs
-€55,004
Provisions
-€30,000
Other operating charges
-€4,731
Other operating items
+€12,558
Financial income
+€8,631
Financial charges
-€4,256
Taxes
-€7,111
Result 2025
€19,329
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
+€197,598
Investment
-€86,652
Financing
-€115,569
Cash 2024
€23,769
From operations (derived)
+€197,598
Net result for the year
+€19,329
Depreciation
+€223,545
Receivables within one year
-€34,946
Deferred charges and accrued income
-€14,365
Provisions
+€30,000
Trade debts
-€48,509
Tax, wage and social debts
+€3,787
Advances received
+€5,700
Other debts
+€15,828
Accrued charges and deferred income
-€2,770
Investment (derived)
-€86,652
Investment in fixed assets (net)
-€86,652
Financing
-€115,569
Debts after one year
-€108,056
Current portion of long-term debt
+€17,488
Short-term financial debts
-€25,000
Cash 2025
€19,146
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,200,206 | €3,108,001 | -€92,205 | -2.9% |
| Fixed assets | 21/28 | €2,721,699 | €2,584,806 | -€136,893 | -5.0% |
| Tangible fixed assets | 22/27 | €2,481,628 | €2,344,735 | -€136,893 | -5.5% |
| Land and buildings | 22 | €2,463,887 | €2,270,855 | -€193,032 | -7.8% |
| Plant, machinery and equipment | 23 | €11,178 | €8,933 | -€2,244 | -20.1% |
| Furniture and vehicles | 24 | €1,489 | €60,646 | +€59,157 | +3,973% |
| Other tangible fixed assets | 26 | €5,074 | €4,301 | -€773 | -15.2% |
| Financial fixed assets | 28 | €240,071 | €240,071 | = | 0.0% |
| Current assets | 29/58 | €478,507 | €523,195 | +€44,688 | +9.3% |
| Amounts receivable within one year | 40/41 | €436,167 | €471,113 | +€34,946 | +8.0% |
| Trade receivables | 40 | €63,844 | €9,197 | -€54,647 | -85.6% |
| Other amounts receivable | 41 | €372,323 | €461,915 | +€89,592 | +24.1% |
| Cash at bank and in hand | 54/58 | €23,769 | €19,146 | -€4,623 | -19.4% |
| Deferred charges and accrued income | 490/1 | €18,571 | €32,936 | +€14,365 | +77.4% |
| Total equity and liabilities | 10/49 | €3,200,206 | €3,108,001 | -€92,205 | -2.9% |
| Equity | 10/15 | €1,622,966 | €1,642,295 | +€19,329 | +1.2% |
| Contributions | 10/11 | €956,000 | €956,000 | = | 0.0% |
| Capital | 10 | €509,000 | €509,000 | = | 0.0% |
| Issued capital | 100 | €509,000 | €509,000 | = | 0.0% |
| Contributions outside capital | 11 | €447,000 | €447,000 | = | 0.0% |
| Share premium | 1100/10 | €447,000 | €447,000 | = | 0.0% |
| Reserves | 13 | €209,432 | €209,432 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82,000 | €82,000 | = | 0.0% |
| Legal reserve | 130 | €82,000 | €82,000 | = | 0.0% |
| Distributable reserves | 133 | €127,432 | €127,432 | = | 0.0% |
| Profit (loss) carried forward | 14 | €457,534 | €476,863 | +€19,329 | +4.2% |
| Provisions and deferred taxes | 16 | - | €30,000 | +€30,000 | |
| Provisions for liabilities and charges | 160/5 | - | €30,000 | +€30,000 | |
| Major repairs and maintenance | 162 | - | €30,000 | +€30,000 | |
| Amounts payable | 17/49 | €1,577,240 | €1,435,706 | -€141,534 | -9.0% |
| Amounts payable after more than one year | 17 | €845,209 | €737,153 | -€108,056 | -12.8% |
| Financial debts | 170/4 | €845,209 | €737,153 | -€108,056 | -12.8% |
| Amounts payable within one year | 42/48 | €717,789 | €687,082 | -€30,707 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €153,063 | €170,551 | +€17,488 | +11.4% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Credit institutions | 430/8 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €70,094 | €21,585 | -€48,509 | -69.2% |
| Suppliers | 440/4 | €70,094 | €21,585 | -€48,509 | -69.2% |
| Advances received on contracts in progress | 46 | - | €5,700 | +€5,700 | |
| Taxes, remuneration and social security | 45 | €126,186 | €129,973 | +€3,787 | +3.0% |
| Taxes | 450/3 | €109,858 | €110,069 | +€211 | +0.2% |
| Remuneration and social security | 454/9 | €16,328 | €19,904 | +€3,576 | +21.9% |
| Other amounts payable | 47/48 | €293,446 | €309,274 | +€15,828 | +5.4% |
| Accrued charges and deferred income | 492/3 | €14,243 | €11,472 | -€2,770 | -19.5% |
| Remuneration, social security and pensions | 62 | €126,988 | €125,335 | -€1,653 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,926 | €223,545 | +€5,619 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €55,004 | +€55,004 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €30,000 | +€30,000 | |
| Other operating charges | 640/8 | €47,861 | €52,593 | +€4,731 | +9.9% |
| Non-recurring operating charges | 66A | €12,558 | - | -€12,558 | |
| Gross operating margin | 9900 | €496,069 | €552,939 | +€56,870 | +11.5% |
| Operating profit (loss) | 9901 | €90,735 | €66,463 | -€24,272 | -26.8% |
| Financial income | 75/76B | €10 | €8,642 | +€8,631 | +82,281% |
| Recurring financial income | 75 | €10 | €8,642 | +€8,631 | +82,281% |
| Financial charges | 65/66B | €44,410 | €48,665 | +€4,256 | +9.6% |
| Recurring financial charges | 65 | €44,410 | €48,665 | +€4,256 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €46,336 | €26,440 | -€19,896 | -42.9% |
| Income taxes | 67/77 | - | €7,111 | +€7,111 | |
| Profit (loss) for the period | 9904 | €46,336 | €19,329 | -€27,007 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,336 | €19,329 | -€27,007 | -58.3% |
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.