Part Invest: what changed
What changed
Part Invest
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€53,799
2024 · €9,188+€44,611
Equity
€1.9m
2024 · €1.8m+€53,799
Cash
€25,039
2024 · €32,790-€7,751
Balance sheet total
€3.7m
2024 · €3.7m-€59,240
Largest movements
Assets
- Tangible fixed assets -€88,973
down €88,973 (-2.4%), from €3.6m to €3.6m
of which Land and buildings: -€66,608
Equity and liabilities
- Short-term financial debts -€475,000
down €475,000 (-37.3%), from €1.3m to €800,000
- Debts after one year +€367,395
up €367,395 (+210%), from €174,629 to €542,024
- Reserves +€53,799
up €53,799 (+3.5%), from €1.5m to €1.6m
of which Distributable reserves: +€66,230
Income statement
- Financial charges -€37,497
down €37,497 (-40.9%), from €91,652 to €54,155
- Gross operating margin +€31,465
up €31,465 (+12.0%), from €261,541 to €293,006
- Taxes +€23,948
up €23,948 (+87.6%), from €27,323 to €51,271
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9,188
Gross operating margin
+€31,465
Depreciation
+€806
Other operating charges
-€1,034
Financial charges
+€37,497
Taxes
-€23,948
Deferred taxes and other
-€175
Result 2025
€53,799
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€85,845
Investment
-€20,678
Financing
-€72,918
Cash 2024
€32,790
From operations (derived)
+€85,845
Net result for the year
+€53,799
Depreciation
+€109,650
Receivables within one year
-€30,856
Deferred charges and accrued income
-€6,628
Provisions
-€4,144
Trade debts
-€921
Tax, wage and social debts
-€13,919
Other debts
-€12,574
Accrued charges and deferred income
-€8,563
Investment (derived)
-€20,678
Investment in fixed assets (net)
-€20,678
Financing
-€72,918
Debts after one year
+€367,395
Current portion of long-term debt
+€34,687
Short-term financial debts
-€475,000
Cash 2025
€25,039
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,740,444 | €3,681,205 | -€59,240 | -1.6% |
| Fixed assets | 21/28 | €3,639,446 | €3,550,473 | -€88,973 | -2.4% |
| Tangible fixed assets | 22/27 | €3,639,446 | €3,550,473 | -€88,973 | -2.4% |
| Land and buildings | 22 | €3,361,899 | €3,295,290 | -€66,608 | -2.0% |
| Plant, machinery and equipment | 23 | €11,970 | €10,056 | -€1,915 | -16.0% |
| Furniture and vehicles | 24 | €240,000 | €210,000 | -€30,000 | -12.5% |
| Leasing and similar rights | 25 | €13,170 | €2,043 | -€11,128 | -84.5% |
| Assets under construction and advance payments | 27 | €12,407 | €33,084 | +€20,678 | +167% |
| Current assets | 29/58 | €100,999 | €130,731 | +€29,733 | +29.4% |
| Amounts receivable within one year | 40/41 | €38,517 | €69,373 | +€30,856 | +80.1% |
| Trade receivables | 40 | €25,840 | €56,695 | +€30,856 | +119% |
| Other amounts receivable | 41 | €12,677 | €12,677 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,790 | €25,039 | -€7,751 | -23.6% |
| Deferred charges and accrued income | 490/1 | €29,692 | €36,320 | +€6,628 | +22.3% |
| Total equity and liabilities | 10/49 | €3,740,444 | €3,681,205 | -€59,240 | -1.6% |
| Equity | 10/15 | €1,827,259 | €1,881,057 | +€53,799 | +2.9% |
| Contributions | 10/11 | €284,000 | €284,000 | = | 0.0% |
| Capital | 10 | €284,000 | €284,000 | = | 0.0% |
| Issued capital | 100 | €284,000 | €284,000 | = | 0.0% |
| Reserves | 13 | €1,543,259 | €1,597,057 | +€53,799 | +3.5% |
| Non-distributable reserves | 130/1 | €28,400 | €28,400 | = | 0.0% |
| Legal reserve | 130 | €28,400 | €28,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €542,253 | €529,822 | -€12,431 | -2.3% |
| Distributable reserves | 133 | €972,606 | €1,038,835 | +€66,230 | +6.8% |
| Provisions and deferred taxes | 16 | €180,751 | €176,607 | -€4,144 | -2.3% |
| Deferred taxes | 168 | €180,751 | €176,607 | -€4,144 | -2.3% |
| Amounts payable | 17/49 | €1,732,435 | €1,623,540 | -€108,895 | -6.3% |
| Amounts payable after more than one year | 17 | €174,629 | €542,024 | +€367,395 | +210% |
| Financial debts | 170/4 | €174,629 | €542,024 | +€367,395 | +210% |
| Amounts payable within one year | 42/48 | €1,544,677 | €1,076,949 | -€467,727 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | €77,894 | €112,581 | +€34,687 | +44.5% |
| Financial debts | 43 | €1,275,000 | €800,000 | -€475,000 | -37.3% |
| Credit institutions | 430/8 | €1,275,000 | €800,000 | -€475,000 | -37.3% |
| Trade debts | 44 | €27,116 | €26,195 | -€921 | -3.4% |
| Suppliers | 440/4 | €27,116 | €26,195 | -€921 | -3.4% |
| Taxes, remuneration and social security | 45 | €29,401 | €15,482 | -€13,919 | -47.3% |
| Taxes | 450/3 | €29,401 | €15,482 | -€13,919 | -47.3% |
| Other amounts payable | 47/48 | €135,266 | €122,692 | -€12,574 | -9.3% |
| Accrued charges and deferred income | 492/3 | €13,130 | €4,567 | -€8,563 | -65.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,456 | €109,650 | -€806 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €27,240 | €28,274 | +€1,034 | +3.8% |
| Gross operating margin | 9900 | €261,541 | €293,006 | +€31,465 | +12.0% |
| Operating profit (loss) | 9901 | €123,844 | €155,081 | +€31,237 | +25.2% |
| Financial charges | 65/66B | €91,652 | €54,155 | -€37,497 | -40.9% |
| Recurring financial charges | 65 | €91,652 | €54,155 | -€37,497 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €32,192 | €100,926 | +€68,734 | +214% |
| Transfer from deferred taxes | 780 | €4,318 | €4,144 | -€175 | -4.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €27,323 | €51,271 | +€23,948 | +87.6% |
| Profit (loss) for the period | 9904 | €9,188 | €53,799 | +€44,611 | +486% |
| Transfer from tax-exempt reserves | 789 | €12,955 | €12,431 | -€525 | -4.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,143 | €66,230 | +€44,086 | +199% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.