NEO: 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
NEO
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
-€1.7m
2024 · -€1.1m-€679,919
Equity
€111.4m
2024 · €103.9m+€7.5m
Cash
€514,224
2024 · €462,393+€51,830
Balance sheet total
€112.2m
2024 · €104.8m+€7.4m
Largest movements
Assets
- Receivables after one year +€8.4m
up €8.4m (+12.9%), from €65.0m to €73.4m
- Current investments -€7.9m
down €7.9m (-33.8%), from €23.2m to €15.4m
- Tangible fixed assets +€7.0m
up €7.0m (+43.9%), from €15.9m to €22.8m
of which Assets under construction and advance payments: +€7.0m
Equity and liabilities
- Contributions +€9.2m
up €9.2m (+6.6%), from €139.1m to €148.3m
- Profit (loss) carried forward -€1.7m
down €1.7m (-5.0%), from -€35.2m to -€36.9m
Income statement
- Financial income -€508,460
down €508,460 (-48.5%), from €1.0m to €539,525
- Staff costs +€119,745
up €119,745 (+15.4%), from €776,756 to €896,501
- Gross operating margin -€53,058
down €53,058 (-4.1%), from -€1.3m to -€1.3m
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
-€1.1m
Gross operating margin
-€53,058
Staff costs
-€119,745
Depreciation
-€6,140
Other operating charges
+€330
Financial income
-€508,460
Financial charges
+€7,154
Result 2025
-€1.7m
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
-€10.1m
Investment
+€884,967
Financing
+€9.2m
Cash 2024
€462,393
From operations (derived)
-€10.1m
Net result for the year
-€1.7m
Depreciation
+€10,074
Receivables after one year
-€8.4m
Receivables within one year
+€152,380
Deferred charges and accrued income
+€8,397
Trade debts
-€255,257
Tax, wage and social debts
+€148,451
Investment (derived)
+€884,967
Investment in fixed assets (net)
-€7.0m
Current investments
+€7.9m
Financing
+€9.2m
Contributions, distributions and other
+€9.2m
Cash 2025
€514,224
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,817,040 | €112,188,053 | +€7.4m | +7.0% |
| Fixed assets | 21/28 | €15,859,627 | €22,829,068 | +€7.0m | +43.9% |
| Tangible fixed assets | 22/27 | €15,859,264 | €22,828,705 | +€7.0m | +43.9% |
| Furniture and vehicles | 24 | €44,813 | €36,476 | -€8,337 | -18.6% |
| Assets under construction and advance payments | 27 | €15,814,450 | €22,792,228 | +€7.0m | +44.1% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €88,957,413 | €89,358,985 | +€401,571 | +0.5% |
| Amounts receivable after more than one year | 29 | €64,995,983 | €73,370,983 | +€8.4m | +12.9% |
| Other amounts receivable | 291 | €64,995,983 | €73,370,983 | +€8.4m | +12.9% |
| Amounts receivable within one year | 40/41 | €237,647 | €85,267 | -€152,380 | -64.1% |
| Trade receivables | 40 | €214,805 | €83,411 | -€131,395 | -61.2% |
| Other amounts receivable | 41 | €22,841 | €1,856 | -€20,985 | -91.9% |
| Current investments | 50/53 | €23,233,937 | €15,369,454 | -€7.9m | -33.8% |
| Cash at bank and in hand | 54/58 | €462,393 | €514,224 | +€51,830 | +11.2% |
| Deferred charges and accrued income | 490/1 | €27,453 | €19,057 | -€8,397 | -30.6% |
| Total equity and liabilities | 10/49 | €104,817,040 | €112,188,053 | +€7.4m | +7.0% |
| Equity | 10/15 | €103,925,155 | €111,402,974 | +€7.5m | +7.2% |
| Contributions | 10/11 | €139,091,046 | €148,316,046 | +€9.2m | +6.6% |
| Profit (loss) carried forward | 14 | -€35,165,891 | -€36,913,072 | -€1.7m | -5.0% |
| Amounts payable | 17/49 | €891,885 | €785,079 | -€106,806 | -12.0% |
| Amounts payable within one year | 42/48 | €891,703 | €784,897 | -€106,806 | -12.0% |
| Trade debts | 44 | €770,073 | €514,815 | -€255,257 | -33.1% |
| Suppliers | 440/4 | €770,073 | €514,815 | -€255,257 | -33.1% |
| Taxes, remuneration and social security | 45 | €121,630 | €270,082 | +€148,451 | +122% |
| Taxes | 450/3 | €67,487 | €167,604 | +€100,117 | +148% |
| Remuneration and social security | 454/9 | €54,143 | €102,477 | +€48,335 | +89.3% |
| Accrued charges and deferred income | 492/3 | €182 | €182 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €776,756 | €896,501 | +€119,745 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,934 | €10,074 | +€6,140 | +156% |
| Other operating charges | 640/8 | €1,634 | €1,304 | -€330 | -20.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€1,291,439 | -€1,344,497 | -€53,058 | -4.1% |
| Operating profit (loss) | 9901 | -€2,073,763 | -€2,252,377 | -€178,613 | -8.6% |
| Financial income | 75/76B | €1,047,985 | €539,525 | -€508,460 | -48.5% |
| Recurring financial income | 75 | €1,047,985 | €539,525 | -€508,460 | -48.5% |
| Financial charges | 65/66B | €41,484 | €34,329 | -€7,154 | -17.2% |
| Recurring financial charges | 65 | €41,484 | €34,329 | -€7,154 | -17.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€1,067,263 | -€1,747,181 | -€679,919 | -63.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,067,263 | -€1,747,181 | -€679,919 | -63.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,067,263 | -€1,747,181 | -€679,919 | -63.7% |
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 19 October 2026 via checked.be.