REAL PROPERTY: 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 PROPERTY
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€70,694
2024 · €109,801-€39,107
Equity
€4.4m
2024 · €4.3m+€70,694
Cash
€10,679
2024 · €43,524-€32,845
Balance sheet total
€6.0m
2024 · €6.2m-€184,151
Largest movements
Assets
- Tangible fixed assets -€166,538
down €166,538 (-2.7%), from €6.1m to €5.9m
of which Land and buildings: -€153,809
Equity and liabilities
- Debts after one year -€457,015
down €457,015 (-30.6%), from €1.5m to €1.0m
- Other debts +€232,573
up €232,573 (+223%), from €104,410 to €336,983
- Reserves +€70,694
up €70,694 (+2.0%), from €3.6m to €3.6m
of which Distributable reserves: +€140,096
Income statement
- Gross operating margin -€73,379
down €73,379 (-14.8%), from €495,626 to €422,247
- Financial charges -€20,281
down €20,281 (-26.1%), from €77,815 to €57,535
- Taxes -€13,036
down €13,036 (-35.6%), from €36,600 to €23,565
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
€109,801
Gross operating margin
-€73,379
Depreciation
+€2,720
Other operating charges
+€3,038
Financial income
-€4,803
Financial charges
+€20,281
Taxes
+€13,036
Result 2025
€70,694
raises the resultlowers the result
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
+€497,561
Investment
-€47,456
Financing
-€482,950
Cash 2024
€43,524
From operations (derived)
+€497,561
Net result for the year
+€70,694
Depreciation
+€213,994
Receivables within one year
-€15,105
Deferred charges and accrued income
-€128
Trade debts
+€9,689
Tax, wage and social debts
-€4,160
Advances received
-€2,240
Other debts
+€232,573
Accrued charges and deferred income
-€7,756
Investment (derived)
-€47,456
Investment in fixed assets (net)
-€47,456
Financing
-€482,950
Debts after one year
-€457,015
Current portion of long-term debt
-€25,934
Cash 2025
€10,679
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,181,120 | €5,996,970 | -€184,151 | -3.0% |
| Fixed assets | 21/28 | €6,111,710 | €5,945,172 | -€166,538 | -2.7% |
| Tangible fixed assets | 22/27 | €6,111,710 | €5,945,172 | -€166,538 | -2.7% |
| Land and buildings | 22 | €6,062,062 | €5,908,253 | -€153,809 | -2.5% |
| Furniture and vehicles | 24 | €44,201 | €34,201 | -€10,000 | -22.6% |
| Leasing and similar rights | 25 | €5,446 | €2,718 | -€2,729 | -50.1% |
| Current assets | 29/58 | €69,410 | €51,798 | -€17,613 | -25.4% |
| Amounts receivable within one year | 40/41 | €24,301 | €39,406 | +€15,105 | +62.2% |
| Trade receivables | 40 | €2,017 | €153 | -€1,863 | -92.4% |
| Other amounts receivable | 41 | €22,285 | €39,253 | +€16,968 | +76.1% |
| Cash at bank and in hand | 54/58 | €43,524 | €10,679 | -€32,845 | -75.5% |
| Deferred charges and accrued income | 490/1 | €1,585 | €1,713 | +€128 | +8.1% |
| Total equity and liabilities | 10/49 | €6,181,120 | €5,996,970 | -€184,151 | -3.0% |
| Equity | 10/15 | €4,319,229 | €4,389,923 | +€70,694 | +1.6% |
| Contributions | 10/11 | €744,955 | €744,955 | = | 0.0% |
| Reserves | 13 | €3,574,274 | €3,644,968 | +€70,694 | +2.0% |
| Tax-exempt reserves | 132 | €925,363 | €855,961 | -€69,402 | -7.5% |
| Distributable reserves | 133 | €2,648,911 | €2,789,007 | +€140,096 | +5.3% |
| Amounts payable | 17/49 | €1,861,891 | €1,607,047 | -€254,844 | -13.7% |
| Amounts payable after more than one year | 17 | €1,494,764 | €1,037,748 | -€457,015 | -30.6% |
| Financial debts | 170/4 | €1,494,764 | €1,037,748 | -€457,015 | -30.6% |
| Amounts payable within one year | 42/48 | €349,564 | €559,491 | +€209,927 | +60.1% |
| Current portion of amounts payable after more than one year | 42 | €229,571 | €203,636 | -€25,934 | -11.3% |
| Trade debts | 44 | €4,025 | €13,714 | +€9,689 | +241% |
| Suppliers | 440/4 | €4,025 | €13,714 | +€9,689 | +241% |
| Advances received on contracts in progress | 46 | €5,798 | €3,558 | -€2,240 | -38.6% |
| Taxes, remuneration and social security | 45 | €5,761 | €1,600 | -€4,160 | -72.2% |
| Taxes | 450/3 | €5,761 | €1,600 | -€4,160 | -72.2% |
| Other amounts payable | 47/48 | €104,410 | €336,983 | +€232,573 | +223% |
| Accrued charges and deferred income | 492/3 | €17,563 | €9,807 | -€7,756 | -44.2% |
| Non-recurring operating income | 76A | €89,192 | €0 | -€89,192 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,714 | €213,994 | -€2,720 | -1.3% |
| Other operating charges | 640/8 | €59,498 | €56,460 | -€3,038 | -5.1% |
| Gross operating margin | 9900 | €495,626 | €422,247 | -€73,379 | -14.8% |
| Operating profit (loss) | 9901 | €219,414 | €151,793 | -€67,621 | -30.8% |
| Financial income | 75/76B | €4,803 | €0 | -€4,803 | -100% |
| Recurring financial income | 75 | €4,803 | €0 | -€4,803 | -100% |
| Financial charges | 65/66B | €77,815 | €57,535 | -€20,281 | -26.1% |
| Recurring financial charges | 65 | €77,815 | €57,535 | -€20,281 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €146,401 | €94,259 | -€52,143 | -35.6% |
| Income taxes | 67/77 | €36,600 | €23,565 | -€13,036 | -35.6% |
| Profit (loss) for the period | 9904 | €109,801 | €70,694 | -€39,107 | -35.6% |
| Transfer from tax-exempt reserves | 789 | €69,402 | €69,402 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €179,203 | €140,096 | -€39,107 | -21.8% |
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 25 October 2026 via checked.be.