Real Estate Development Trust: 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 Estate Development Trust
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Financial fixed assets -€230,556
down €230,556 (-6.4%), from €3.6m to €3.4m
- Cash -€178,373
down €178,373 (-88.3%), from €201,954 to €23,581
mainly Current investments (-€1.5m) and Deferred charges and accrued income (-€149,490)
- Deferred charges and accrued income +€149,490
up €149,490 (+59.4%), from €251,671 to €401,161
- Reserves +€1.5m
up €1.5m (+1,535%), from €100,000 to €1.6m
- Profit (loss) carried forward -€1.3m
down €1.3m (-36.1%), from €3.5m to €2.3m
- Short-term financial debts +€780,000
new in 2025: €780,000
- Other debts +€259,065
new in 2025: €259,065
- Financial income +€141,322
up €141,322 (+75.0%), from €188,388 to €329,711
of which Non-recurring financial income: +€138,095
- Financial charges +€19,731
up €19,731 (+7,413%), from €266 to €19,998
- Taxes -€5,041
down €5,041 (-10.6%), from €47,388 to €42,348
- Gross operating margin +€2,051
up €2,051 (+14.4%), from -€14,244 to -€12,193
- Other operating charges +€1,197
up €1,197 (+956%), from €125 to €1,322
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,728,451 | €6,041,826 | +€1.3m | +27.8% |
| Fixed assets | 21/28 | €3,614,056 | €3,383,500 | -€230,556 | -6.4% |
| Financial fixed assets | 28 | €3,614,056 | €3,383,500 | -€230,556 | -6.4% |
| Current assets | 29/58 | €1,114,395 | €2,658,326 | +€1.5m | +139% |
| Amounts receivable after more than one year | 29 | €543,882 | €564,549 | +€20,668 | +3.8% |
| Other amounts receivable | 291 | €543,882 | €564,549 | +€20,668 | +3.8% |
| Amounts receivable within one year | 40/41 | €116,888 | €134,035 | +€17,147 | +14.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €116,888 | €134,035 | +€17,147 | +14.7% |
| Current investments | 50/53 | - | €1,535,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €201,954 | €23,581 | -€178,373 | -88.3% |
| Deferred charges and accrued income | 490/1 | €251,671 | €401,161 | +€149,490 | +59.4% |
| Total equity and liabilities | 10/49 | €4,728,451 | €6,041,826 | +€1.3m | +27.8% |
| Equity | 10/15 | €4,644,797 | €4,898,648 | +€253,850 | +5.5% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €1,635,000 | +€1.5m | +1,535% |
| Non-distributable reserves | 130/1 | €100,000 | €1,635,000 | +€1.5m | +1,535% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Own shares acquired | 1312 | - | €1,535,000 | +€1.5m | |
| Profit (loss) carried forward | 14 | €3,544,797 | €2,263,648 | -€1.3m | -36.1% |
| Amounts payable | 17/49 | €83,654 | €1,143,179 | +€1.1m | +1,267% |
| Amounts payable within one year | 42/48 | €81,654 | €1,140,179 | +€1.1m | +1,296% |
| Financial debts | 43 | - | €780,000 | +€780,000 | |
| Credit institutions | 430/8 | - | €780,000 | +€780,000 | |
| Trade debts | 44 | €11,266 | €11,266 | = | 0.0% |
| Suppliers | 440/4 | €11,266 | €11,266 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €70,388 | €89,848 | +€19,459 | +27.6% |
| Taxes | 450/3 | €70,388 | €89,848 | +€19,459 | +27.6% |
| Other amounts payable | 47/48 | - | €259,065 | +€259,065 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €3,000 | +€1,000 | +50.0% |
| Other operating charges | 640/8 | €125 | €1,322 | +€1,197 | +956% |
| Gross operating margin | 9900 | -€14,244 | -€12,193 | +€2,051 | +14.4% |
| Operating profit (loss) | 9901 | -€14,369 | -€13,515 | +€854 | +5.9% |
| Financial income | 75/76B | €188,388 | €329,711 | +€141,322 | +75.0% |
| Recurring financial income | 75 | €188,388 | €191,616 | +€3,227 | +1.7% |
| Non-recurring financial income | 76B | - | €138,095 | +€138,095 | |
| Financial charges | 65/66B | €266 | €19,998 | +€19,731 | +7,413% |
| Recurring financial charges | 65 | €266 | €19,998 | +€19,731 | +7,413% |
| Profit (loss) for the period before taxes | 9903 | €173,753 | €296,198 | +€122,445 | +70.5% |
| Income taxes | 67/77 | €47,388 | €42,348 | -€5,041 | -10.6% |
| Profit (loss) for the period | 9904 | €126,365 | €253,850 | +€127,486 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €126,365 | €253,850 | +€127,486 | +101% |
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 25 October 2026 via checked.be.