Old England: 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
Old England
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€97,223
2024 · -€3,781+€101,004
Equity
€560,929
2024 · €463,543+€97,386
Cash
€361,636
2024 · €524,673-€163,037
Balance sheet total
€2.0m
2024 · €1.7m+€302,310
Largest movements
Assets
- Tangible fixed assets +€362,290
up €362,290 (+322%), from €112,428 to €474,718
- Cash -€163,037
down €163,037 (-31.1%), from €524,673 to €361,636
mainly Investment in fixed assets (net) (-€428,433) and Current investments (-€91,846)
- Current investments +€91,846
up €91,846 (+9.6%), from €956,677 to €1.0m
Equity and liabilities
- Debts after one year +€201,526
up €201,526 (+18.2%), from €1.1m to €1.3m
- Profit (loss) carried forward +€97,386
up €97,386 (+11.7%), from -€830,772 to -€733,386
Income statement
- Depreciation -€107,400
down €107,400 (-61.9%), from €173,543 to €66,143
- Gross operating margin +€34,814
up €34,814 (+22.6%), from €153,951 to €188,765
- Financial income -€28,382
down €28,382 (-67.0%), from €42,333 to €13,951
- Financial charges +€10,811
up €10,811 (+71.1%), from €15,213 to €26,023
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
-€3,781
Gross operating margin
+€34,814
Depreciation
+€107,400
Other operating charges
-€1,444
Financial income
-€28,382
Financial charges
-€10,811
Taxes
+€431
Deferred taxes and other
-€1,006
Result 2025
€97,223
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
+€143,434
Investment
-€520,279
Financing
+€213,808
Cash 2024
€524,673
From operations (derived)
+€143,434
Net result for the year
+€97,223
Depreciation
+€66,143
Receivables within one year
+€4,073
Deferred charges and accrued income
-€15,285
Trade debts
-€16,632
Tax, wage and social debts
-€571
Other debts
+€3,220
Accrued charges and deferred income
+€5,263
Investment (derived)
-€520,279
Investment in fixed assets (net)
-€428,433
Current investments
-€91,846
Financing
+€213,808
Debts after one year
+€201,526
Current portion of long-term debt
+€12,118
Contributions, distributions and other
+€163
Cash 2025
€361,636
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,699,480 | €2,001,791 | +€302,310 | +17.8% |
| Fixed assets | 21/28 | €142,523 | €504,813 | +€362,290 | +254% |
| Tangible fixed assets | 22/27 | €112,428 | €474,718 | +€362,290 | +322% |
| Land and buildings | 22 | €112,428 | €474,718 | +€362,290 | +322% |
| Financial fixed assets | 28 | €30,096 | €30,096 | = | 0.0% |
| Current assets | 29/58 | €1,556,957 | €1,496,977 | -€59,980 | -3.9% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,637 | €10,564 | -€4,073 | -27.8% |
| Trade receivables | 40 | €6,668 | €1,008 | -€5,660 | -84.9% |
| Other amounts receivable | 41 | €7,969 | €9,555 | +€1,587 | +19.9% |
| Current investments | 50/53 | €956,677 | €1,048,522 | +€91,846 | +9.6% |
| Cash at bank and in hand | 54/58 | €524,673 | €361,636 | -€163,037 | -31.1% |
| Deferred charges and accrued income | 490/1 | €970 | €16,256 | +€15,285 | +1,575% |
| Total equity and liabilities | 10/49 | €1,699,480 | €2,001,791 | +€302,310 | +17.8% |
| Equity | 10/15 | €463,543 | €560,929 | +€97,386 | +21.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,094,315 | €1,094,315 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €824,315 | €824,315 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€830,772 | -€733,386 | +€97,386 | +11.7% |
| Amounts payable | 17/49 | €1,235,937 | €1,440,861 | +€204,924 | +16.6% |
| Amounts payable after more than one year | 17 | €1,109,123 | €1,310,649 | +€201,526 | +18.2% |
| Financial debts | 170/4 | €1,109,123 | €1,310,649 | +€201,526 | +18.2% |
| Amounts payable within one year | 42/48 | €113,034 | €111,169 | -€1,865 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €79,329 | €91,447 | +€12,118 | +15.3% |
| Trade debts | 44 | €22,748 | €6,116 | -€16,632 | -73.1% |
| Suppliers | 440/4 | €22,748 | €6,116 | -€16,632 | -73.1% |
| Taxes, remuneration and social security | 45 | €571 | - | -€571 | |
| Taxes | 450/3 | €571 | - | -€571 | |
| Other amounts payable | 47/48 | €10,386 | €13,606 | +€3,220 | +31.0% |
| Accrued charges and deferred income | 492/3 | €13,780 | €19,043 | +€5,263 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,543 | €66,143 | -€107,400 | -61.9% |
| Other operating charges | 640/8 | €12,059 | €13,502 | +€1,444 | +12.0% |
| Gross operating margin | 9900 | €153,951 | €188,765 | +€34,814 | +22.6% |
| Operating profit (loss) | 9901 | -€31,651 | €109,120 | +€140,771 | |
| Financial income | 75/76B | €42,333 | €13,951 | -€28,382 | -67.0% |
| Recurring financial income | 75 | €42,333 | €13,951 | -€28,382 | -67.0% |
| Financial charges | 65/66B | €15,213 | €26,023 | +€10,811 | +71.1% |
| Recurring financial charges | 65 | €15,213 | €26,023 | +€10,811 | +71.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,531 | €97,048 | +€101,578 | |
| Transfer from deferred taxes | 780 | €1,006 | - | -€1,006 | |
| Income taxes | 67/77 | €256 | -€175 | -€431 | |
| Profit (loss) for the period | 9904 | -€3,781 | €97,223 | +€101,004 | |
| Transfer from tax-exempt reserves | 789 | €2,120 | - | -€2,120 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,661 | €97,223 | +€98,884 |
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 17 October 2026 via checked.be.