NOSHAQ IMMO: 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
NOSHAQ IMMO
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
-€3.8m
2024 · -€1.1m-€2.8m
Equity
€118.9m
2024 · €122.7m-€3.8m
Cash
€2.5m
2024 · €3.1m-€561,090
Balance sheet total
€190.0m
2024 · €177.2m+€12.7m
Largest movements
Assets
- Tangible fixed assets +€8.2m
up €8.2m (+26.1%), from €31.6m to €39.9m
of which Assets under construction and advance payments: +€8.2m
- Financial fixed assets +€3.0m
up €3.0m (+2.9%), from €106.4m to €109.4m
of which Companies linked by participating interests: +€4.1m
- Deferred charges and accrued income +€2.1m
up €2.1m (+93.9%), from €2.2m to €4.3m
Equity and liabilities
- Short-term financial debts +€15.9m
up €15.9m (+69.8%), from €22.7m to €38.6m
of which Other loans: +€15.9m
- Profit (loss) carried forward -€3.8m
down €3.8m (-637%), from -€595,395 to -€4.4m
Income statement
- Financial charges +€3.0m
up €3.0m (+89.2%), from €3.4m to €6.5m
of which Financial charges: +€1.7m
- Turnover +€824,132
up €824,132 (+47.6%), from €1.7m to €2.6m
- Services and other goods +€715,053
up €715,053 (+45.7%), from €1.6m to €2.3m
- Other operating income +€197,524
up €197,524 (+136%), from €144,788 to €342,311
- Financial income +€195,697
up €195,697 (+6.1%), from €3.2m to €3.4m
of which Financial income: +€214,224
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
Turnover
+€824,132
Other operating income
+€197,524
Services and other goods
-€715,053
Depreciation
-€30,557
Write-downs
-€51,072
Other operating charges
-€162,785
Financial income
+€195,697
Financial charges
-€3.0m
Taxes
+€0
Deferred taxes and other
+€9,698
Result 2025
-€3.8m
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
-€6.2m
Investment
-€12.1m
Financing
+€17.8m
Cash 2024
€3.1m
From operations (derived)
-€6.2m
Net result for the year
-€3.8m
Depreciation
+€891,073
Receivables after one year
+€584,080
Receivables within one year
-€562,501
Deferred charges and accrued income
-€2.1m
Smaller working-capital items
-€19,222
Trade debts
+€1.3m
Other debts
-€1.1m
Accrued charges and deferred income
-€1.3m
Investment (derived)
-€12.1m
Investment in fixed assets (net)
-€12.2m
Current investments
+€26,929
Financing
+€17.8m
Debts after one year
+€1.8m
Current portion of long-term debt
+€135,044
Short-term financial debts
+€15.9m
Cash 2025
€2.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,205,500 | €189,953,327 | +€12.7m | +7.2% |
| Fixed assets | 21/28 | €138,243,190 | €149,514,104 | +€11.3m | +8.2% |
| Intangible fixed assets | 21 | €223,226 | €214,478 | -€8,749 | -3.9% |
| Tangible fixed assets | 22/27 | €31,623,834 | €39,864,171 | +€8.2m | +26.1% |
| Land and buildings | 22 | €25,485,323 | €25,589,728 | +€104,404 | +0.4% |
| Furniture and vehicles | 24 | €910 | €809 | -€101 | -11.1% |
| Other tangible fixed assets | 26 | €1,776,992 | €1,724,909 | -€52,083 | -2.9% |
| Assets under construction and advance payments | 27 | €4,360,609 | €12,548,725 | +€8.2m | +188% |
| Financial fixed assets | 28 | €106,396,130 | €109,435,455 | +€3.0m | +2.9% |
| Affiliated companies | 280/1 | €63,913,356 | €62,069,195 | -€1.8m | -2.9% |
| Participating interests | 280 | €44,510,965 | €43,130,965 | -€1.4m | -3.1% |
| Amounts receivable | 281 | €19,402,390 | €18,938,230 | -€464,160 | -2.4% |
| Companies linked by participating interests | 282/3 | €26,421,141 | €30,560,743 | +€4.1m | +15.7% |
| Participating interests | 282 | €10,758,129 | €23,369,179 | +€12.6m | +117% |
| Amounts receivable | 283 | €15,663,012 | €7,191,564 | -€8.5m | -54.1% |
| Other financial fixed assets | 284/8 | €16,061,633 | €16,805,517 | +€743,884 | +4.6% |
| Shares | 284 | €5,258,300 | €5,628,877 | +€370,577 | +7.0% |
| Amounts receivable and cash guarantees | 285/8 | €10,803,333 | €11,176,640 | +€373,307 | +3.5% |
| Current assets | 29/58 | €38,962,310 | €40,439,223 | +€1.5m | +3.8% |
| Amounts receivable after more than one year | 29 | €5,445,583 | €4,861,503 | -€584,080 | -10.7% |
| Other amounts receivable | 291 | €5,445,583 | €4,861,503 | -€584,080 | -10.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €28,159,659 | €28,722,160 | +€562,501 | +2.0% |
| Trade receivables | 40 | €4,966,192 | €6,111,030 | +€1.1m | +23.1% |
| Other amounts receivable | 41 | €23,193,467 | €22,611,130 | -€582,337 | -2.5% |
| Current investments | 50/53 | €41,944 | €15,015 | -€26,929 | -64.2% |
| Other investments | 51/53 | €41,944 | €15,015 | -€26,929 | -64.2% |
| Cash at bank and in hand | 54/58 | €3,093,434 | €2,532,344 | -€561,090 | -18.1% |
| Deferred charges and accrued income | 490/1 | €2,221,690 | €4,308,202 | +€2.1m | +93.9% |
| Total equity and liabilities | 10/49 | €177,205,500 | €189,953,327 | +€12.7m | +7.2% |
| Equity | 10/15 | €122,720,189 | €118,874,612 | -€3.8m | -3.1% |
| Contributions | 10/11 | €122,100,000 | €122,100,000 | = | 0.0% |
| Capital | 10 | €122,100,000 | €122,100,000 | = | 0.0% |
| Issued capital | 100 | €122,100,000 | €122,100,000 | = | 0.0% |
| Reserves | 13 | €1,215,584 | €1,164,705 | -€50,879 | -4.2% |
| Non-distributable reserves | 130/1 | €261,563 | €261,563 | = | 0.0% |
| Legal reserve | 130 | €261,563 | €261,563 | = | 0.0% |
| Tax-exempt reserves | 132 | €954,021 | €903,142 | -€50,879 | -5.3% |
| Profit (loss) carried forward | 14 | -€595,395 | -€4,390,093 | -€3.8m | -637% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €406,362 | €385,821 | -€20,541 | -5.1% |
| Deferred taxes | 168 | €406,362 | €385,821 | -€20,541 | -5.1% |
| Amounts payable | 17/49 | €54,078,948 | €70,692,893 | +€16.6m | +30.7% |
| Amounts payable after more than one year | 17 | €15,644,784 | €17,445,737 | +€1.8m | +11.5% |
| Financial debts | 170/4 | €15,631,284 | €17,445,737 | +€1.8m | +11.6% |
| Credit institutions | 173 | €15,631,284 | €17,445,737 | +€1.8m | +11.6% |
| Other amounts payable | 178/9 | €13,500 | €0 | -€13,500 | -100% |
| Amounts payable within one year | 42/48 | €36,536,329 | €52,682,993 | +€16.1m | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €2,109,817 | €2,244,861 | +€135,044 | +6.4% |
| Financial debts | 43 | €22,713,904 | €38,563,904 | +€15.9m | +69.8% |
| Credit institutions | 430/8 | €6,500,000 | €6,500,000 | = | 0.0% |
| Other loans | 439 | €16,213,904 | €32,063,904 | +€15.9m | +97.8% |
| Trade debts | 44 | €4,797,461 | €6,068,931 | +€1.3m | +26.5% |
| Suppliers | 440/4 | €4,797,461 | €6,068,931 | +€1.3m | +26.5% |
| Taxes, remuneration and social security | 45 | €0 | €1,319 | +€1,319 | |
| Taxes | 450/3 | €0 | €1,319 | +€1,319 | |
| Other amounts payable | 47/48 | €6,915,147 | €5,803,978 | -€1.1m | -16.1% |
| Accrued charges and deferred income | 492/3 | €1,897,835 | €564,164 | -€1.3m | -70.3% |
| Operating income | 70/76A | €1,876,865 | €2,898,521 | +€1.0m | +54.4% |
| Turnover | 70 | €1,732,077 | €2,556,209 | +€824,132 | +47.6% |
| Other operating income | 74 | €144,788 | €342,311 | +€197,524 | +136% |
| Operating charges | 60/66A | €2,740,687 | €3,700,154 | +€959,467 | +35.0% |
| Services and other goods | 61 | €1,564,810 | €2,279,863 | +€715,053 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €860,516 | €891,073 | +€30,557 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,436 | €62,508 | +€51,072 | +447% |
| Other operating charges | 640/8 | €303,925 | €466,710 | +€162,785 | +53.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€863,822 | -€801,633 | +€62,189 | +7.2% |
| Financial income | 75/76B | €3,189,937 | €3,385,633 | +€195,697 | +6.1% |
| Recurring financial income | 75 | €3,107,478 | €3,321,702 | +€214,224 | +6.9% |
| Income from financial fixed assets | 750 | €1,828,874 | €1,766,656 | -€62,218 | -3.4% |
| Income from current assets | 751 | €1,256,939 | €1,543,478 | +€286,539 | +22.8% |
| Other financial income | 752/9 | €21,664 | €11,567 | -€10,097 | -46.6% |
| Non-recurring financial income | 76B | €82,459 | €63,932 | -€18,527 | -22.5% |
| Financial charges | 65/66B | €3,409,817 | €6,450,119 | +€3.0m | +89.2% |
| Recurring financial charges | 65 | €2,559,817 | €4,251,458 | +€1.7m | +66.1% |
| Debt charges | 650 | €2,523,142 | €2,087,676 | -€435,465 | -17.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | €2,123,057 | +€2.1m | |
| Other financial charges | 652/9 | €36,676 | €40,724 | +€4,049 | +11.0% |
| Non-recurring financial charges | 66B | €850,000 | €2,198,661 | +€1.3m | +159% |
| Profit (loss) for the period before taxes | 9903 | -€1,083,703 | -€3,866,119 | -€2.8m | -257% |
| Transfer from deferred taxes | 780 | €10,843 | €20,541 | +€9,698 | +89.4% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100% |
| Taxes | 670/3 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | -€1,072,859 | -€3,845,578 | -€2.8m | -258% |
| Transfer from tax-exempt reserves | 789 | €21,059 | €50,879 | +€29,821 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,051,801 | -€3,794,698 | -€2.7m | -261% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.