REAL ESTAT MANAGING: 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.
REAL ESTAT MANAGING
Largest movements
- Current investments -€450,000
down €450,000 (-90.0%), from €500,000 to €50,000
- Cash +€407,043
up €407,043 (+91.5%), from €444,616 to €851,659
mainly Current investments (+€450,000) and Depreciation (+€187,033)
- Receivables within one year +€81,523
up €81,523 (+62.0%), from €131,390 to €212,913
of which Other amounts receivable: +€66,921
- Tangible fixed assets -€64,284
down €64,284 (-1.6%), from €4.1m to €4.1m
of which Land and buildings: -€62,514
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€20,517
down €20,517 (-10.6%), from €194,381 to €173,864
- Financial income -€4,091
down €4,091 (-18.3%), from €22,376 to €18,286
- Other operating charges +€2,566
up €2,566 (+7.0%), from €36,392 to €38,957
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.
Cash bridge derived
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 | €5,830,863 | €5,798,940 | -€31,923 | -0.5% |
| Fixed assets | 21/28 | €4,133,283 | €4,068,999 | -€64,284 | -1.6% |
| Tangible fixed assets | 22/27 | €4,133,033 | €4,068,749 | -€64,284 | -1.6% |
| Land and buildings | 22 | €3,919,703 | €3,857,189 | -€62,514 | -1.6% |
| Plant, machinery and equipment | 23 | €648 | €2,024 | +€1,377 | +212.6% |
| Furniture and vehicles | 24 | €4,792 | €0 | -€4,792 | -100.0% |
| Other tangible fixed assets | 26 | €185,270 | €183,451 | -€1,819 | -1.0% |
| Assets under construction and advance payments | 27 | €22,620 | €26,085 | +€3,465 | +15.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,697,579 | €1,729,941 | +€32,361 | +1.9% |
| Amounts receivable after more than one year | 29 | €600,000 | €600,000 | = | 0.0% |
| Other amounts receivable | 291 | €600,000 | €600,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,390 | €212,913 | +€81,523 | +62.0% |
| Trade receivables | 40 | €13,917 | €28,519 | +€14,602 | +104.9% |
| Other amounts receivable | 41 | €117,473 | €184,394 | +€66,921 | +57.0% |
| Current investments | 50/53 | €500,000 | €50,000 | -€450,000 | -90.0% |
| Cash at bank and in hand | 54/58 | €444,616 | €851,659 | +€407,043 | +91.5% |
| Deferred charges and accrued income | 490/1 | €21,573 | €15,369 | -€6,204 | -28.8% |
| Total equity and liabilities | 10/49 | €5,830,863 | €5,798,940 | -€31,923 | -0.5% |
| Equity | 10/15 | €5,540,161 | €5,513,746 | -€26,414 | -0.5% |
| Contributions | 10/11 | €2,018,600 | €2,018,600 | = | 0.0% |
| Reserves | 13 | €2,235,890 | €2,215,351 | -€20,539 | -0.9% |
| Tax-exempt reserves | 132 | €770,327 | €749,788 | -€20,539 | -2.7% |
| Distributable reserves | 133 | €1,465,562 | €1,465,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,285,671 | €1,279,796 | -€5,875 | -0.5% |
| Provisions and deferred taxes | 16 | €280,247 | €271,962 | -€8,286 | -3.0% |
| Deferred taxes | 168 | €280,247 | €271,962 | -€8,286 | -3.0% |
| Amounts payable | 17/49 | €10,455 | €13,232 | +€2,777 | +26.6% |
| Amounts payable within one year | 42/48 | €5,986 | €12,255 | +€6,269 | +104.7% |
| Trade debts | 44 | €5,986 | €12,255 | +€6,269 | +104.7% |
| Suppliers | 440/4 | €5,986 | €12,255 | +€6,269 | +104.7% |
| Accrued charges and deferred income | 492/3 | €4,469 | €977 | -€3,492 | -78.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,728 | €187,033 | -€1,695 | -0.9% |
| Other operating charges | 640/8 | €36,392 | €38,957 | +€2,566 | +7.0% |
| Gross operating margin | 9900 | €194,381 | €173,864 | -€20,517 | -10.6% |
| Operating profit (loss) | 9901 | -€30,739 | -€52,126 | -€21,387 | -69.6% |
| Financial income | 75/76B | €22,376 | €18,286 | -€4,091 | -18.3% |
| Recurring financial income | 75 | €22,376 | €18,286 | -€4,091 | -18.3% |
| Financial charges | 65/66B | €671 | €712 | +€41 | +6.1% |
| Recurring financial charges | 65 | €671 | €712 | +€41 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,034 | -€34,553 | -€25,519 | -282.5% |
| Transfer from deferred taxes | 780 | €8,191 | €8,286 | +€94 | +1.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €179 | €147 | -€33 | -18.2% |
| Profit (loss) for the period | 9904 | -€1,022 | -€26,414 | -€25,392 | -2483.6% |
| Transfer from tax-exempt reserves | 789 | €20,256 | €20,539 | +€283 | +1.4% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €19,233 | -€5,875 | -€25,109 |
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 12 October 2026 via checked.be.