Real Estimate: 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 Estimate
Largest movements
- Cash -€25,188
down €25,188 (-32.9%), from €76,639 to €51,451
mainly Contributions, distributions and other (-€51,558) and Investment in fixed assets (net) (-€17,672)
- Receivables within one year +€15,839
up €15,839 (+52.3%), from €30,264 to €46,102
of which Trade receivables: +€16,015
- Tangible fixed assets +€14,403
up €14,403 (+1,199%), from €1,202 to €15,604
- Reserves +€9,841
up €9,841 (+22.5%), from €43,770 to €53,611
- Tax, wage and social debts -€5,780
down €5,780 (-25.9%), from €22,309 to €16,529
- Other debts +€5,012
up €5,012 (+16.4%), from €30,578 to €35,590
- Current portion of long-term debt -€4,123
down €4,123 (-91.6%), from €4,501 to €378
- Gross operating margin +€27,012
up €27,012 (+45.7%), from €59,168 to €86,180
- Taxes +€7,486
up €7,486 (+62.4%), from €11,994 to €19,480
- Depreciation +€3,229
up €3,229 (+7,961%), from €41 to €3,270
- Financial income -€2,312
down €2,312 (-72.6%), from €3,187 to €875
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 | €114,381 | €119,050 | +€4,669 | +4.1% |
| Fixed assets | 21/28 | €1,202 | €15,604 | +€14,403 | +1,199% |
| Tangible fixed assets | 22/27 | €1,202 | €15,604 | +€14,403 | +1,199% |
| Furniture and vehicles | 24 | €1,202 | €15,604 | +€14,403 | +1,199% |
| Current assets | 29/58 | €113,179 | €103,446 | -€9,734 | -8.6% |
| Amounts receivable within one year | 40/41 | €30,264 | €46,102 | +€15,839 | +52.3% |
| Trade receivables | 40 | €29,639 | €45,654 | +€16,015 | +54.0% |
| Other amounts receivable | 41 | €624 | €448 | -€176 | -28.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €76,639 | €51,451 | -€25,188 | -32.9% |
| Deferred charges and accrued income | 490/1 | €6,276 | €5,892 | -€384 | -6.1% |
| Total equity and liabilities | 10/49 | €114,381 | €119,050 | +€4,669 | +4.1% |
| Equity | 10/15 | €53,770 | €63,611 | +€9,841 | +18.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €43,770 | €53,611 | +€9,841 | +22.5% |
| Distributable reserves | 133 | €43,770 | €53,611 | +€9,841 | +22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,610 | €55,438 | -€5,172 | -8.5% |
| Amounts payable after more than one year | 17 | €378 | €0 | -€378 | -100% |
| Financial debts | 170/4 | €378 | €0 | -€378 | -100% |
| Amounts payable within one year | 42/48 | €58,553 | €53,561 | -€4,992 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €4,501 | €378 | -€4,123 | -91.6% |
| Financial debts | 43 | €14 | €97 | +€83 | +614% |
| Credit institutions | 430/8 | €14 | €97 | +€83 | +614% |
| Trade debts | 44 | €1,151 | €967 | -€183 | -15.9% |
| Suppliers | 440/4 | €1,151 | €967 | -€183 | -15.9% |
| Taxes, remuneration and social security | 45 | €22,309 | €16,529 | -€5,780 | -25.9% |
| Taxes | 450/3 | €22,309 | €16,529 | -€5,780 | -25.9% |
| Other amounts payable | 47/48 | €30,578 | €35,590 | +€5,012 | +16.4% |
| Accrued charges and deferred income | 492/3 | €1,680 | €1,878 | +€198 | +11.8% |
| Non-recurring operating income | 76A | €6,773 | €0 | -€6,773 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €3,270 | +€3,229 | +7,961% |
| Other operating charges | 640/8 | €667 | €683 | +€16 | +2.4% |
| Gross operating margin | 9900 | €59,168 | €86,180 | +€27,012 | +45.7% |
| Operating profit (loss) | 9901 | €58,461 | €82,228 | +€23,767 | +40.7% |
| Financial income | 75/76B | €3,187 | €875 | -€2,312 | -72.6% |
| Recurring financial income | 75 | €3,187 | €875 | -€2,312 | -72.6% |
| Financial charges | 65/66B | €1,981 | €2,224 | +€243 | +12.3% |
| Recurring financial charges | 65 | €1,981 | €2,224 | +€243 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €59,667 | €80,878 | +€21,211 | +35.5% |
| Income taxes | 67/77 | €11,994 | €19,480 | +€7,486 | +62.4% |
| Profit (loss) for the period | 9904 | €47,673 | €61,399 | +€13,725 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,673 | €61,399 | +€13,725 | +28.8% |
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 29 October 2026 via checked.be.