POLE POSITION: 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
POLE POSITION
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
€418,776
2024 · €415,249+€3,527
Equity
€12.9m
2024 · €12.5m+€418,776
Cash
€29,014
2024 · €6,926+€22,088
Balance sheet total
€24.6m
2024 · €23.9m+€691,166
Largest movements
Assets
- Current investments +€2.4m
new in 2025: €2.4m
- Financial fixed assets -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Receivables after one year -€1.3m
down €1.3m (-97.2%), from €1.3m to €37,000
- Receivables within one year +€1.0m
up €1.0m, from €0 to €1.0m
Equity and liabilities
- Reserves +€418,776
up €418,776 (+3.6%), from €11.7m to €12.1m
of which Tax-exempt reserves: +€330,809
Income statement
- Gross operating margin +€330,470
up €330,470 (+21.7%), from €1.5m to €1.9m
- Financial charges +€255,875
up €255,875 (+126%), from €202,489 to €458,364
- Other operating charges +€61,174
up €61,174 (+139%), from €44,043 to €105,217
- Financial income +€60,057
up €60,057 (+69.3%), from €86,611 to €146,669
- Taxes +€27,875
up €27,875 (+51.4%), from €54,222 to €82,097
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
€415,249
Gross operating margin
+€330,470
Staff costs
-€762
Depreciation
-€11,477
Other operating charges
-€61,174
Financial income
+€60,057
Financial charges
-€255,875
Taxes
-€27,875
Deferred taxes and other
-€29,836
Result 2025
€418,776
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
+€1.7m
Investment
-€1.8m
Financing
+€113,332
Cash 2024
€6,926
From operations (derived)
+€1.7m
Net result for the year
+€418,776
Depreciation
+€812,300
Receivables after one year
+€1.3m
Receivables within one year
-€1.0m
Deferred charges and accrued income
+€42,182
Provisions
+€110,270
Trade debts
+€74,597
Tax, wage and social debts
-€19,550
Smaller working-capital items
-€6,259
Investment (derived)
-€1.8m
Investment in fixed assets (net)
+€595,053
Current investments
-€2.4m
Financing
+€113,332
Debts after one year
+€163,332
Current portion of long-term debt
-€50,000
Cash 2025
€29,014
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,863,475 | €24,554,641 | +€691,166 | +2.9% |
| Fixed assets | 21/28 | €22,496,928 | €21,089,574 | -€1.4m | -6.3% |
| Tangible fixed assets | 22/27 | €21,179,611 | €21,089,574 | -€90,037 | -0.4% |
| Land and buildings | 22 | €21,102,947 | €21,032,337 | -€70,610 | -0.3% |
| Furniture and vehicles | 24 | €76,664 | €57,237 | -€19,428 | -25.3% |
| Financial fixed assets | 28 | €1,317,316 | €0 | -€1.3m | -100% |
| Current assets | 29/58 | €1,366,548 | €3,465,067 | +€2.1m | +154% |
| Amounts receivable after more than one year | 29 | €1,317,292 | €37,000 | -€1.3m | -97.2% |
| Other amounts receivable | 291 | €1,317,292 | €37,000 | -€1.3m | -97.2% |
| Amounts receivable within one year | 40/41 | €0 | €1,047,057 | +€1.0m | |
| Other amounts receivable | 41 | €0 | €1,047,057 | +€1.0m | |
| Current investments | 50/53 | - | €2,351,849 | +€2.4m | |
| Cash at bank and in hand | 54/58 | €6,926 | €29,014 | +€22,088 | +319% |
| Deferred charges and accrued income | 490/1 | €42,330 | €148 | -€42,182 | -99.7% |
| Total equity and liabilities | 10/49 | €23,863,475 | €24,554,641 | +€691,166 | +2.9% |
| Equity | 10/15 | €12,531,119 | €12,949,895 | +€418,776 | +3.3% |
| Contributions | 10/11 | €819,321 | €819,321 | = | 0.0% |
| Reserves | 13 | €11,711,798 | €12,130,574 | +€418,776 | +3.6% |
| Tax-exempt reserves | 132 | €497,725 | €828,533 | +€330,809 | +66.5% |
| Distributable reserves | 133 | €11,214,074 | €11,302,041 | +€87,967 | +0.8% |
| Provisions and deferred taxes | 16 | €165,908 | €276,178 | +€110,270 | +66.5% |
| Deferred taxes | 168 | €165,908 | €276,178 | +€110,270 | +66.5% |
| Amounts payable | 17/49 | €11,166,448 | €11,328,569 | +€162,120 | +1.5% |
| Amounts payable after more than one year | 17 | €10,066,099 | €10,229,431 | +€163,332 | +1.6% |
| Financial debts | 170/4 | €10,066,099 | €10,229,431 | +€163,332 | +1.6% |
| Amounts payable within one year | 42/48 | €1,086,423 | €1,086,035 | -€388 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €936,668 | €886,668 | -€50,000 | -5.3% |
| Trade debts | 44 | €4,504 | €79,101 | +€74,597 | +1,656% |
| Suppliers | 440/4 | €4,504 | €79,101 | +€74,597 | +1,656% |
| Taxes, remuneration and social security | 45 | €62,661 | €43,111 | -€19,550 | -31.2% |
| Taxes | 450/3 | €61,508 | €41,905 | -€19,603 | -31.9% |
| Remuneration and social security | 454/9 | €1,153 | €1,206 | +€53 | +4.6% |
| Other amounts payable | 47/48 | €82,590 | €77,155 | -€5,435 | -6.6% |
| Accrued charges and deferred income | 492/3 | €13,927 | €13,103 | -€824 | -5.9% |
| Non-recurring operating income | 76A | €359,794 | €560,806 | +€201,012 | +55.9% |
| Remuneration, social security and pensions | 62 | €9,969 | €10,731 | +€762 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €800,823 | €812,300 | +€11,477 | +1.4% |
| Other operating charges | 640/8 | €44,043 | €105,217 | +€61,174 | +139% |
| Gross operating margin | 9900 | €1,520,615 | €1,851,085 | +€330,470 | +21.7% |
| Operating profit (loss) | 9901 | €665,780 | €922,837 | +€257,057 | +38.6% |
| Financial income | 75/76B | €86,611 | €146,669 | +€60,057 | +69.3% |
| Recurring financial income | 75 | €86,611 | €146,669 | +€60,057 | +69.3% |
| Financial charges | 65/66B | €202,489 | €458,364 | +€255,875 | +126% |
| Recurring financial charges | 65 | €202,489 | €458,364 | +€255,875 | +126% |
| Profit (loss) for the period before taxes | 9903 | €549,903 | €611,142 | +€61,239 | +11.1% |
| Transfer from deferred taxes | 780 | €9,328 | €14,499 | +€5,171 | +55.4% |
| Transfer to deferred taxes | 680 | €89,761 | €124,768 | +€35,007 | +39.0% |
| Income taxes | 67/77 | €54,222 | €82,097 | +€27,875 | +51.4% |
| Profit (loss) for the period | 9904 | €415,249 | €418,776 | +€3,527 | +0.8% |
| Transfer from tax-exempt reserves | 789 | €27,984 | €43,496 | +€15,512 | +55.4% |
| Transfer to tax-exempt reserves | 689 | €269,283 | €374,304 | +€105,021 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,949 | €87,967 | -€85,981 | -49.4% |
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 27 October 2026 via checked.be.