REIC: 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
REIC
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,372
2024 · €83,049-€84,421
Equity
€9.4m
2024 · €9.4m-€1,372
Cash
€93,065
2024 · €79,179+€13,886
Balance sheet total
€10.1m
2024 · €10.6m-€497,875
Largest movements
Assets
- Current investments -€341,170
down €341,170 (-39.6%), from €861,565 to €520,395
- Tangible fixed assets -€166,026
down €166,026 (-1.8%), from €9.4m to €9.2m
of which Land and buildings: -€164,775
Equity and liabilities
- Other debts -€500,000
down €500,000 (-100%), from €500,000 to €0
- Reserves -€108,346
down €108,346 (-4.2%), from €2.6m to €2.4m
of which Tax-exempt reserves: -€108,346
- Profit (loss) carried forward +€106,974
up €106,974 (+4.1%), from €2.6m to €2.7m
Income statement
- Depreciation +€88,852
up €88,852 (+88.2%), from €100,766 to €189,617
- Financial income -€16,403
down €16,403 (-55.7%), from €29,424 to €13,021
- Other operating charges +€5,181
up €5,181 (+16.8%), from €30,797 to €35,978
- Taxes -€4,722
down €4,722 (-10.9%), from €43,520 to €38,797
- Gross operating margin +€2,809
up €2,809 (+1.1%), from €262,449 to €265,258
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
€83,049
Gross operating margin
+€2,809
Staff costs
-€2,108
Depreciation
-€88,852
Other operating charges
-€5,181
Financial income
-€16,403
Financial charges
-€3
Taxes
+€4,722
Deferred taxes and other
+€20,595
Result 2025
-€1,372
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
-€303,692
Investment
+€317,578
Financing
€0
Cash 2024
€79,179
From operations (derived)
-€303,692
Net result for the year
-€1,372
Depreciation
+€189,617
Receivables within one year
+€4,960
Deferred charges and accrued income
-€395
Provisions
-€42,696
Trade debts
+€12,151
Tax, wage and social debts
+€31,716
Other debts
-€500,000
Accrued charges and deferred income
+€2,326
Investment (derived)
+€317,578
Investment in fixed assets (net)
-€23,592
Current investments
+€341,170
Cash 2025
€93,065
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,633,005 | €10,135,131 | -€497,875 | -4.7% |
| Fixed assets | 21/28 | €9,431,882 | €9,265,857 | -€166,026 | -1.8% |
| Tangible fixed assets | 22/27 | €9,401,882 | €9,235,857 | -€166,026 | -1.8% |
| Land and buildings | 22 | €9,396,411 | €9,231,635 | -€164,775 | -1.8% |
| Plant, machinery and equipment | 23 | €5,471 | €4,221 | -€1,250 | -22.9% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €1,201,123 | €869,274 | -€331,849 | -27.6% |
| Amounts receivable within one year | 40/41 | €249,165 | €244,204 | -€4,960 | -2.0% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €249,165 | €244,204 | -€4,960 | -2.0% |
| Current investments | 50/53 | €861,565 | €520,395 | -€341,170 | -39.6% |
| Cash at bank and in hand | 54/58 | €79,179 | €93,065 | +€13,886 | +17.5% |
| Deferred charges and accrued income | 490/1 | €11,214 | €11,609 | +€395 | +3.5% |
| Total equity and liabilities | 10/49 | €10,633,005 | €10,135,131 | -€497,875 | -4.7% |
| Equity | 10/15 | €9,382,812 | €9,381,440 | -€1,372 | 0.0% |
| Contributions | 10/11 | €4,200,000 | €4,200,000 | = | 0.0% |
| Capital | 10 | €4,200,000 | €4,200,000 | = | 0.0% |
| Issued capital | 100 | €4,200,000 | €4,200,000 | = | 0.0% |
| Reserves | 13 | €2,552,581 | €2,444,235 | -€108,346 | -4.2% |
| Non-distributable reserves | 130/1 | €420,000 | €420,000 | = | 0.0% |
| Legal reserve | 130 | €420,000 | €420,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,033,424 | €1,925,078 | -€108,346 | -5.3% |
| Distributable reserves | 133 | €99,157 | €99,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,630,231 | €2,737,205 | +€106,974 | +4.1% |
| Provisions and deferred taxes | 16 | €694,274 | €651,577 | -€42,696 | -6.1% |
| Deferred taxes | 168 | €694,274 | €651,577 | -€42,696 | -6.1% |
| Amounts payable | 17/49 | €555,920 | €102,113 | -€453,806 | -81.6% |
| Amounts payable after more than one year | 17 | €0 | €0 | = | |
| Financial debts | 170/4 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €553,816 | €97,683 | -€456,133 | -82.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €46,992 | €59,143 | +€12,151 | +25.9% |
| Suppliers | 440/4 | €46,992 | €59,143 | +€12,151 | +25.9% |
| Taxes, remuneration and social security | 45 | €6,824 | €38,540 | +€31,716 | +465% |
| Taxes | 450/3 | €3,301 | €34,891 | +€31,590 | +957% |
| Remuneration and social security | 454/9 | €3,523 | €3,649 | +€126 | +3.6% |
| Other amounts payable | 47/48 | €500,000 | €0 | -€500,000 | -100% |
| Accrued charges and deferred income | 492/3 | €2,104 | €4,430 | +€2,326 | +111% |
| Non-recurring operating income | 76A | €124,823 | €14,854 | -€109,969 | -88.1% |
| Remuneration, social security and pensions | 62 | €55,434 | €57,542 | +€2,108 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,766 | €189,617 | +€88,852 | +88.2% |
| Other operating charges | 640/8 | €30,797 | €35,978 | +€5,181 | +16.8% |
| Gross operating margin | 9900 | €262,449 | €265,258 | +€2,809 | +1.1% |
| Operating profit (loss) | 9901 | €75,452 | -€17,879 | -€93,332 | |
| Financial income | 75/76B | €29,424 | €13,021 | -€16,403 | -55.7% |
| Recurring financial income | 75 | €29,424 | €13,021 | -€16,403 | -55.7% |
| Financial charges | 65/66B | €409 | €413 | +€3 | +0.8% |
| Recurring financial charges | 65 | €409 | €413 | +€3 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €104,467 | -€5,271 | -€109,738 | |
| Transfer from deferred taxes | 780 | €22,102 | €42,696 | +€20,595 | +93.2% |
| Income taxes | 67/77 | €43,520 | €38,797 | -€4,722 | -10.9% |
| Profit (loss) for the period | 9904 | €83,049 | -€1,372 | -€84,421 | |
| Transfer from tax-exempt reserves | 789 | €46,562 | €108,346 | +€61,784 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €129,611 | €106,974 | -€22,637 | -17.5% |
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 14 October 2026 via checked.be.