R2AG: 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
R2AG
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
€1.3m
2024 · €951,693+€302,946
Equity
€25.0m
2024 · €24.5m+€529,639
Cash
€4.3m
2024 · €1.7m+€2.6m
Balance sheet total
€38.2m
2024 · €38.4m-€206,470
Largest movements
Assets
- Cash +€2.6m
up €2.6m (+147%), from €1.7m to €4.3m
mainly Net result for the year (+€1.3m) and Depreciation (+€1.0m)
- Tangible fixed assets -€1.6m
down €1.6m (-5.5%), from €30.3m to €28.6m
of which Land and buildings: -€1.7m
- Current investments -€1.0m
down €1.0m (-17.7%), from €5.7m to €4.7m
Equity and liabilities
- Debts after one year -€1.0m
down €1.0m (-14.3%), from €7.1m to €6.1m
- Reserves +€529,639
up €529,639 (+3.9%), from €13.5m to €14.0m
of which Distributable reserves: +€487,858
Income statement
- Gross operating margin +€926,022
up €926,022 (+36.8%), from €2.5m to €3.4m
- Financial income -€459,071
down €459,071 (-76.0%), from €603,750 to €144,678
- Taxes +€129,002
up €129,002 (+45.0%), from €286,508 to €415,510
- Depreciation -€48,646
down €48,646 (-4.5%), from €1.1m to €1.0m
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
€951,693
Gross operating margin
+€926,022
Staff costs
-€20,995
Depreciation
+€48,646
Other operating charges
-€21,334
Other operating items
+€71,000
Financial income
-€459,071
Financial charges
+€11,539
Taxes
-€129,002
Deferred taxes and other
-€123,859
Result 2025
€1.3m
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
+€2.7m
Investment
+€1.6m
Financing
-€1.8m
Cash 2024
€1.7m
From operations (derived)
+€2.7m
Net result for the year
+€1.3m
Depreciation
+€1.0m
Receivables within one year
+€115,195
Smaller working-capital items
+€291
Provisions
+€5,850
Trade debts
+€86,888
Tax, wage and social debts
+€67,909
Other debts
+€170,262
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€617,964
Current investments
+€1.0m
Financing
-€1.8m
Debts after one year
-€1.0m
Current portion of long-term debt
-€43,798
Contributions, distributions and other
-€725,000
Cash 2025
€4.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,394,337 | €38,187,867 | -€206,470 | -0.5% |
| Fixed assets | 21/28 | €30,253,883 | €28,604,087 | -€1.6m | -5.5% |
| Tangible fixed assets | 22/27 | €30,253,883 | €28,604,087 | -€1.6m | -5.5% |
| Land and buildings | 22 | €29,192,230 | €27,534,532 | -€1.7m | -5.7% |
| Plant, machinery and equipment | 23 | €148,707 | €161,934 | +€13,227 | +8.9% |
| Furniture and vehicles | 24 | €145,713 | €144,746 | -€966 | -0.7% |
| Other tangible fixed assets | 26 | €767,234 | €762,874 | -€4,360 | -0.6% |
| Current assets | 29/58 | €8,140,454 | €9,583,781 | +€1.4m | +17.7% |
| Amounts receivable within one year | 40/41 | €635,863 | €520,668 | -€115,195 | -18.1% |
| Trade receivables | 40 | €333,977 | €354,779 | +€20,802 | +6.2% |
| Other amounts receivable | 41 | €301,886 | €165,889 | -€135,997 | -45.0% |
| Current investments | 50/53 | €5,692,588 | €4,686,434 | -€1.0m | -17.7% |
| Cash at bank and in hand | 54/58 | €1,748,525 | €4,313,993 | +€2.6m | +147% |
| Deferred charges and accrued income | 490/1 | €63,478 | €62,686 | -€792 | -1.2% |
| Total equity and liabilities | 10/49 | €38,394,337 | €38,187,867 | -€206,470 | -0.5% |
| Equity | 10/15 | €24,501,088 | €25,030,728 | +€529,639 | +2.2% |
| Contributions | 10/11 | €11,035,327 | €11,035,327 | = | 0.0% |
| Capital | 10 | €11,035,327 | €11,035,327 | = | 0.0% |
| Issued capital | 100 | €11,035,327 | €11,035,327 | = | 0.0% |
| Reserves | 13 | €13,465,762 | €13,995,401 | +€529,639 | +3.9% |
| Non-distributable reserves | 130/1 | €1,103,533 | €1,103,533 | = | 0.0% |
| Legal reserve | 130 | €1,103,533 | €1,103,533 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,526,854 | €6,568,635 | +€41,781 | +0.6% |
| Distributable reserves | 133 | €5,835,375 | €6,323,233 | +€487,858 | +8.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €4,921,193 | €4,927,043 | +€5,850 | +0.1% |
| Provisions for liabilities and charges | 160/5 | €58,918 | €50,841 | -€8,077 | -13.7% |
| Major repairs and maintenance | 162 | €58,918 | €50,841 | -€8,077 | -13.7% |
| Deferred taxes | 168 | €4,862,275 | €4,876,202 | +€13,927 | +0.3% |
| Amounts payable | 17/49 | €8,972,055 | €8,230,096 | -€741,959 | -8.3% |
| Amounts payable after more than one year | 17 | €7,129,333 | €6,106,614 | -€1.0m | -14.3% |
| Financial debts | 170/4 | €7,129,333 | €6,106,614 | -€1.0m | -14.3% |
| Amounts payable within one year | 42/48 | €1,824,113 | €2,105,374 | +€281,261 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €957,670 | €913,872 | -€43,798 | -4.6% |
| Trade debts | 44 | €150,239 | €237,127 | +€86,888 | +57.8% |
| Suppliers | 440/4 | €150,239 | €237,127 | +€86,888 | +57.8% |
| Taxes, remuneration and social security | 45 | €63,228 | €131,138 | +€67,909 | +107% |
| Taxes | 450/3 | €20,221 | €91,814 | +€71,593 | +354% |
| Remuneration and social security | 454/9 | €43,007 | €39,323 | -€3,684 | -8.6% |
| Other amounts payable | 47/48 | €652,976 | €823,238 | +€170,262 | +26.1% |
| Accrued charges and deferred income | 492/3 | €18,609 | €18,109 | -€501 | -2.7% |
| Non-recurring operating income | 76A | - | €55,422 | +€55,422 | |
| Remuneration, social security and pensions | 62 | €389,790 | €410,785 | +€20,995 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,080,479 | €1,031,833 | -€48,646 | -4.5% |
| Other operating charges | 640/8 | €285,115 | €306,449 | +€21,334 | +7.5% |
| Non-recurring operating charges | 66A | €71,000 | €0 | -€71,000 | -100% |
| Gross operating margin | 9900 | €2,518,503 | €3,444,525 | +€926,022 | +36.8% |
| Operating profit (loss) | 9901 | €692,119 | €1,695,458 | +€1.0m | +145% |
| Financial income | 75/76B | €603,750 | €144,678 | -€459,071 | -76.0% |
| Recurring financial income | 75 | €603,750 | €144,678 | -€459,071 | -76.0% |
| Financial charges | 65/66B | €167,599 | €156,060 | -€11,539 | -6.9% |
| Recurring financial charges | 65 | €167,599 | €156,060 | -€11,539 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €1,128,269 | €1,684,076 | +€555,807 | +49.3% |
| Transfer from deferred taxes | 780 | €109,932 | €215,839 | +€105,907 | +96.3% |
| Transfer to deferred taxes | 680 | - | €229,766 | +€229,766 | |
| Income taxes | 67/77 | €286,508 | €415,510 | +€129,002 | +45.0% |
| Profit (loss) for the period | 9904 | €951,693 | €1,254,639 | +€302,946 | +31.8% |
| Transfer from tax-exempt reserves | 789 | €329,795 | €647,516 | +€317,721 | +96.3% |
| Transfer to tax-exempt reserves | 689 | - | €689,298 | +€689,298 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,281,488 | €1,212,858 | -€68,631 | -5.4% |
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 15 October 2026 via checked.be.