OBJECTIVE REAL ESTATE DEVELOPMENT: 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.
OBJECTIVE REAL ESTATE DEVELOPMENT
Largest movements
- Tangible fixed assets -€41,771
down €41,771 (-1.9%), from €2.2m to €2.1m
of which Land and buildings: -€31,904
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges +€18,606
up €18,606 (+1,095%), from €1,700 to €20,306
- Financial income +€6,233
up €6,233 (+922%), from €676 to €6,909
- Gross operating margin +€5,016
up €5,016 (+213%), from €2,357 to €7,373
- Financial charges -€640
down €640 (-66.9%), from €956 to €316
- Taxes -€160
new in 2025: -€160
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,433,767 | €2,413,955 | -€19,812 | -0.8% |
| Formation expenses | 20 | €2,537 | €1,899 | -€638 | -25.2% |
| Fixed assets | 21/28 | €2,152,071 | €2,110,300 | -€41,771 | -1.9% |
| Tangible fixed assets | 22/27 | €2,152,071 | €2,110,300 | -€41,771 | -1.9% |
| Land and buildings | 22 | €2,097,536 | €2,065,632 | -€31,904 | -1.5% |
| Plant, machinery and equipment | 23 | €54,535 | €44,669 | -€9,866 | -18.1% |
| Current assets | 29/58 | €279,159 | €301,756 | +€22,597 | +8.1% |
| Amounts receivable within one year | 40/41 | €12,345 | €12,552 | +€207 | +1.7% |
| Trade receivables | 40 | €12,345 | €12,392 | +€47 | +0.4% |
| Other amounts receivable | 41 | - | €160 | +€160 | |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €66,814 | €89,204 | +€22,390 | +33.5% |
| Total equity and liabilities | 10/49 | €2,433,767 | €2,413,955 | -€19,812 | -0.8% |
| Equity | 10/15 | €2,240,470 | €2,223,786 | -€16,684 | -0.7% |
| Contributions | 10/11 | €2,350,000 | €2,350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,530 | -€126,214 | -€16,684 | -15.2% |
| Amounts payable | 17/49 | €193,297 | €190,170 | -€3,127 | -1.6% |
| Amounts payable within one year | 42/48 | €192,632 | €190,170 | -€2,462 | -1.3% |
| Trade debts | 44 | €2,347 | €170 | -€2,177 | -92.8% |
| Suppliers | 440/4 | €2,347 | €170 | -€2,177 | -92.8% |
| Taxes, remuneration and social security | 45 | €285 | €0 | -€285 | -100% |
| Taxes | 450/3 | €285 | €0 | -€285 | -100% |
| Other amounts payable | 47/48 | €190,000 | €190,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €665 | €0 | -€665 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,504 | €10,505 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,700 | €20,306 | +€18,606 | +1,095% |
| Gross operating margin | 9900 | €2,357 | €7,373 | +€5,016 | +213% |
| Operating profit (loss) | 9901 | -€9,847 | -€23,437 | -€13,590 | -138% |
| Financial income | 75/76B | €676 | €6,909 | +€6,233 | +922% |
| Recurring financial income | 75 | €676 | €6,909 | +€6,233 | +922% |
| Financial charges | 65/66B | €956 | €316 | -€640 | -66.9% |
| Recurring financial charges | 65 | €956 | €316 | -€640 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,127 | -€16,845 | -€6,717 | -66.3% |
| Income taxes | 67/77 | - | -€160 | -€160 | |
| Profit (loss) for the period | 9904 | -€10,127 | -€16,684 | -€6,557 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,127 | -€16,684 | -€6,557 | -64.7% |
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 26 October 2026 via checked.be.