Real Homes: 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
Real Homes
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€536,567
2024 · €266,009+€270,558
Equity
€10.2m
2024 · €9.6m+€536,567
Cash
€151,762
2024 · €1.1m-€959,806
Balance sheet total
€15.9m
2024 · €15.8m+€70,352
Largest movements
Assets
- Receivables within one year +€4.7m
up €4.7m (+227%), from €2.1m to €6.8m
of which Other amounts receivable: +€4.8m
- Receivables after one year -€3.5m
no longer reported in 2025 (was €3.5m)
- Cash -€959,806
down €959,806 (-86.3%), from €1.1m to €151,762
mainly Receivables within one year (-€4.7m) and Debts after one year (-€428,125)
- Tangible fixed assets -€270,612
down €270,612 (-3.4%), from €7.9m to €7.6m
of which Leasing and similar rights: -€202,081
Equity and liabilities
- Profit (loss) carried forward +€639,042
up €639,042 (+173%), from €368,484 to €1.0m
- Debts after one year -€428,125
down €428,125 (-89.4%), from €478,688 to €50,563
of which Financial debts: -€430,000
- Short-term financial debts +€301,791
up €301,791 (+8.2%), from €3.7m to €4.0m
of which Credit institutions: +€300,000
- Current portion of long-term debt -€291,500
down €291,500 (-40.4%), from €721,500 to €430,000
Income statement
- Financial income +€539,300
up €539,300 (+73,574%), from €733 to €540,033
- Gross operating margin -€522,991
down €522,991 (-38.5%), from €1.4m to €836,368
- Write-downs -€153,325
no longer reported in 2025 (was €153,325)
- Financial charges -€66,934
down €66,934 (-34.0%), from €196,899 to €129,965
- Other operating charges -€63,287
down €63,287 (-23.7%), from €267,217 to €203,930
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
€266,009
Gross operating margin
-€522,991
Depreciation
-€4,655
Write-downs
+€153,325
Provisions
-€6,250
Other operating charges
+€63,287
Other operating items
-€17,265
Financial income
+€539,300
Financial charges
+€66,934
Taxes
-€1,127
Result 2025
€536,567
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
-€290,879
Investment
-€251,093
Financing
-€417,834
Cash 2024
€1.1m
From operations (derived)
-€290,879
Net result for the year
+€536,567
Depreciation
+€521,705
Receivables after one year
+€3.5m
Receivables within one year
-€4.7m
Smaller working-capital items
-€19,765
Provisions
-€34,158
Trade debts
+€24,575
Tax, wage and social debts
-€30,273
Investment (derived)
-€251,093
Investment in fixed assets (net)
-€251,093
Financing
-€417,834
Debts after one year
-€428,125
Current portion of long-term debt
-€291,500
Short-term financial debts
+€301,791
Cash 2025
€151,762
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,847,414 | €15,917,766 | +€70,352 | +0.4% |
| Fixed assets | 21/28 | €9,176,039 | €8,905,427 | -€270,612 | -2.9% |
| Tangible fixed assets | 22/27 | €7,863,039 | €7,592,427 | -€270,612 | -3.4% |
| Land and buildings | 22 | €4,007,907 | €3,932,036 | -€75,871 | -1.9% |
| Furniture and vehicles | 24 | €1,802 | €138 | -€1,664 | -92.3% |
| Leasing and similar rights | 25 | €3,807,755 | €3,605,674 | -€202,081 | -5.3% |
| Other tangible fixed assets | 26 | - | €54,579 | +€54,579 | |
| Assets under construction and advance payments | 27 | €45,575 | - | -€45,575 | |
| Financial fixed assets | 28 | €1,313,000 | €1,313,000 | = | 0.0% |
| Current assets | 29/58 | €6,671,375 | €7,012,339 | +€340,964 | +5.1% |
| Amounts receivable after more than one year | 29 | €3,450,000 | - | -€3.5m | |
| Other amounts receivable | 291 | €3,450,000 | - | -€3.5m | |
| Stocks and contracts in progress | 3 | €14,476 | €14,476 | = | 0.0% |
| Stocks | 30/36 | €14,476 | €14,476 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,085,122 | €6,824,652 | +€4.7m | +227% |
| Trade receivables | 40 | €384,942 | €373,996 | -€10,946 | -2.8% |
| Other amounts receivable | 41 | €1,700,180 | €6,450,656 | +€4.8m | +279% |
| Cash at bank and in hand | 54/58 | €1,111,568 | €151,762 | -€959,806 | -86.3% |
| Deferred charges and accrued income | 490/1 | €10,209 | €21,449 | +€11,240 | +110% |
| Total equity and liabilities | 10/49 | €15,847,414 | €15,917,766 | +€70,352 | +0.4% |
| Equity | 10/15 | €9,628,221 | €10,164,788 | +€536,567 | +5.6% |
| Contributions | 10/11 | €5,796,420 | €5,796,420 | = | 0.0% |
| Capital | 10 | €5,500,000 | €5,500,000 | = | 0.0% |
| Issued capital | 100 | €5,500,000 | €5,500,000 | = | 0.0% |
| Contributions outside capital | 11 | €296,420 | €296,420 | = | 0.0% |
| Share premium | 1100/10 | €296,420 | €296,420 | = | 0.0% |
| Reserves | 13 | €3,463,317 | €3,360,842 | -€102,475 | -3.0% |
| Non-distributable reserves | 130/1 | €551,800 | €551,800 | = | 0.0% |
| Legal reserve | 130 | €550,000 | €550,000 | = | 0.0% |
| Other | 1319 | €1,800 | €1,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,151,602 | €2,049,127 | -€102,475 | -4.8% |
| Distributable reserves | 133 | €759,915 | €759,915 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368,484 | €1,007,526 | +€639,042 | +173% |
| Provisions and deferred taxes | 16 | €914,227 | €880,069 | -€34,158 | -3.7% |
| Provisions for liabilities and charges | 160/5 | €271,250 | €271,250 | = | 0.0% |
| Other liabilities and charges | 164/5 | €271,250 | €271,250 | = | 0.0% |
| Deferred taxes | 168 | €642,977 | €608,819 | -€34,158 | -5.3% |
| Amounts payable | 17/49 | €5,304,966 | €4,872,909 | -€432,057 | -8.1% |
| Amounts payable after more than one year | 17 | €478,688 | €50,563 | -€428,125 | -89.4% |
| Financial debts | 170/4 | €430,000 | - | -€430,000 | |
| Other amounts payable | 178/9 | €48,688 | €50,563 | +€1,875 | +3.9% |
| Amounts payable within one year | 42/48 | €4,661,484 | €4,661,077 | -€407 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €721,500 | €430,000 | -€291,500 | -40.4% |
| Financial debts | 43 | €3,700,000 | €4,001,791 | +€301,791 | +8.2% |
| Credit institutions | 430/8 | €3,700,000 | €4,000,000 | +€300,000 | +8.1% |
| Other loans | 439 | - | €1,791 | +€1,791 | |
| Trade debts | 44 | €192,063 | €216,638 | +€24,575 | +12.8% |
| Suppliers | 440/4 | €192,063 | €216,638 | +€24,575 | +12.8% |
| Advances received on contracts in progress | 46 | €5,000 | - | -€5,000 | |
| Taxes, remuneration and social security | 45 | €42,921 | €12,648 | -€30,273 | -70.5% |
| Taxes | 450/3 | €42,921 | €12,648 | -€30,273 | -70.5% |
| Accrued charges and deferred income | 492/3 | €164,794 | €161,269 | -€3,525 | -2.1% |
| Non-recurring operating income | 76A | €529,531 | €15,009 | -€514,522 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517,050 | €521,705 | +€4,655 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €153,325 | - | -€153,325 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,250 | - | +€6,250 | |
| Other operating charges | 640/8 | €267,217 | €203,930 | -€63,287 | -23.7% |
| Non-recurring operating charges | 66A | - | €17,265 | +€17,265 | |
| Gross operating margin | 9900 | €1,359,359 | €836,368 | -€522,991 | -38.5% |
| Operating profit (loss) | 9901 | €428,017 | €93,468 | -€334,549 | -78.2% |
| Financial income | 75/76B | €733 | €540,033 | +€539,300 | +73,574% |
| Recurring financial income | 75 | €733 | €540,033 | +€539,300 | +73,574% |
| Financial charges | 65/66B | €196,899 | €129,965 | -€66,934 | -34.0% |
| Recurring financial charges | 65 | €196,899 | €129,965 | -€66,934 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €231,851 | €503,536 | +€271,685 | +117% |
| Transfer from deferred taxes | 780 | €34,158 | €34,158 | = | 0.0% |
| Income taxes | 67/77 | - | €1,127 | +€1,127 | |
| Profit (loss) for the period | 9904 | €266,009 | €536,567 | +€270,558 | +102% |
| Transfer from tax-exempt reserves | 789 | €102,475 | €102,475 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €368,484 | €639,042 | +€270,558 | +73.4% |
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 20 October 2026 via checked.be.