MESTDAGH - HARDEMAN: 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
MESTDAGH - HARDEMAN
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
€559,001
2024 · €342,822+€216,179
Equity
€3.7m
2024 · €3.1m+€539,001
Cash
€460,018
2024 · €91,323+€368,695
Balance sheet total
€3.9m
2024 · €3.3m+€546,293
Largest movements
Assets
- Cash +€368,695
up €368,695 (+404%), from €91,323 to €460,018
mainly Net result for the year (+€559,001) and Depreciation (+€111,029)
- Current investments +€295,284
up €295,284 (+24.5%), from €1.2m to €1.5m
- Tangible fixed assets -€123,276
down €123,276 (-7.0%), from €1.8m to €1.6m
of which Land and buildings: -€63,265
Equity and liabilities
- Reserves +€538,703
up €538,703 (+17.8%), from €3.0m to €3.6m
of which Distributable reserves: +€439,000
Income statement
- Gross operating margin +€255,806
up €255,806 (+46.0%), from €556,404 to €812,210
- Taxes +€42,933
up €42,933 (+37.9%), from €113,305 to €156,239
- Depreciation -€15,851
down €15,851 (-12.5%), from €126,879 to €111,029
- Financial income +€15,541
up €15,541 (+42.8%), from €36,292 to €51,833
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
€342,822
Gross operating margin
+€255,806
Depreciation
+€15,851
Other operating charges
+€1,762
Financial income
+€15,541
Financial charges
+€69
Taxes
-€42,933
Deferred taxes and other
-€29,917
Result 2025
€559,001
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
+€694,006
Investment
-€283,037
Financing
-€42,274
Cash 2024
€91,323
From operations (derived)
+€694,006
Net result for the year
+€559,001
Depreciation
+€111,029
Receivables within one year
-€2,562
Deferred charges and accrued income
-€3,028
Provisions
+€26,166
Smaller working-capital items
-€268
Tax, wage and social debts
+€28,365
Other debts
-€24,697
Investment (derived)
-€283,037
Investment in fixed assets (net)
+€12,248
Current investments
-€295,284
Financing
-€42,274
Debts after one year
-€13,118
Current portion of long-term debt
-€9,157
Contributions, distributions and other
-€20,000
Cash 2025
€460,018
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,308,901 | €3,855,194 | +€546,293 | +16.5% |
| Fixed assets | 21/28 | €2,006,582 | €1,883,306 | -€123,276 | -6.1% |
| Tangible fixed assets | 22/27 | €1,756,582 | €1,633,306 | -€123,276 | -7.0% |
| Land and buildings | 22 | €1,579,739 | €1,516,474 | -€63,265 | -4.0% |
| Plant, machinery and equipment | 23 | €6,875 | €4,061 | -€2,814 | -40.9% |
| Furniture and vehicles | 24 | €162,236 | €109,464 | -€52,773 | -32.5% |
| Other tangible fixed assets | 26 | €7,733 | €3,307 | -€4,425 | -57.2% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €1,302,319 | €1,971,888 | +€669,570 | +51.4% |
| Amounts receivable within one year | 40/41 | €286 | €2,848 | +€2,562 | +895% |
| Other amounts receivable | 41 | €286 | €2,848 | +€2,562 | +895% |
| Current investments | 50/53 | €1,204,716 | €1,500,000 | +€295,284 | +24.5% |
| Cash at bank and in hand | 54/58 | €91,323 | €460,018 | +€368,695 | +404% |
| Deferred charges and accrued income | 490/1 | €5,993 | €9,021 | +€3,028 | +50.5% |
| Total equity and liabilities | 10/49 | €3,308,901 | €3,855,194 | +€546,293 | +16.5% |
| Equity | 10/15 | €3,128,327 | €3,667,328 | +€539,001 | +17.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,027,823 | €3,566,527 | +€538,703 | +17.8% |
| Tax-exempt reserves | 132 | €86,823 | €186,527 | +€99,703 | +115% |
| Distributable reserves | 133 | €2,941,000 | €3,380,000 | +€439,000 | +14.9% |
| Profit (loss) carried forward | 14 | €503 | €801 | +€298 | +59.2% |
| Provisions and deferred taxes | 16 | €41,979 | €68,145 | +€26,166 | +62.3% |
| Deferred taxes | 168 | €41,979 | €68,145 | +€26,166 | +62.3% |
| Amounts payable | 17/49 | €138,595 | €119,721 | -€18,874 | -13.6% |
| Amounts payable after more than one year | 17 | €52,152 | €39,034 | -€13,118 | -25.2% |
| Financial debts | 170/4 | €52,152 | €39,034 | -€13,118 | -25.2% |
| Amounts payable within one year | 42/48 | €85,661 | €79,005 | -€6,656 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €32,273 | €23,117 | -€9,157 | -28.4% |
| Trade debts | 44 | €13,548 | €12,381 | -€1,167 | -8.6% |
| Suppliers | 440/4 | €13,548 | €12,381 | -€1,167 | -8.6% |
| Taxes, remuneration and social security | 45 | €9,027 | €37,392 | +€28,365 | +314% |
| Taxes | 450/3 | €9,027 | €37,392 | +€28,365 | +314% |
| Other amounts payable | 47/48 | €30,812 | €6,115 | -€24,697 | -80.2% |
| Accrued charges and deferred income | 492/3 | €782 | €1,682 | +€900 | +115% |
| Non-recurring operating income | 76A | - | €184,836 | +€184,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,879 | €111,029 | -€15,851 | -12.5% |
| Other operating charges | 640/8 | €10,654 | €8,893 | -€1,762 | -16.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €556,404 | €812,210 | +€255,806 | +46.0% |
| Operating profit (loss) | 9901 | €418,870 | €692,289 | +€273,419 | +65.3% |
| Financial income | 75/76B | €36,292 | €51,833 | +€15,541 | +42.8% |
| Recurring financial income | 75 | €36,292 | €51,833 | +€15,541 | +42.8% |
| Financial charges | 65/66B | €2,784 | €2,715 | -€69 | -2.5% |
| Recurring financial charges | 65 | €2,784 | €2,715 | -€69 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €452,377 | €741,407 | +€289,029 | +63.9% |
| Transfer from deferred taxes | 780 | €3,750 | €20,043 | +€16,293 | +434% |
| Transfer to deferred taxes | 680 | - | €46,209 | +€46,209 | |
| Income taxes | 67/77 | €113,305 | €156,239 | +€42,933 | +37.9% |
| Profit (loss) for the period | 9904 | €342,822 | €559,001 | +€216,179 | +63.1% |
| Transfer from tax-exempt reserves | 789 | €7,283 | €38,924 | +€31,641 | +434% |
| Transfer to tax-exempt reserves | 689 | - | €138,627 | +€138,627 | |
| Profit (loss) for the period to be appropriated | 9905 | €350,105 | €459,298 | +€109,193 | +31.2% |
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 21 October 2026 via checked.be.