RENOVATION DEVELOPMENT & CONSTRUCTION: what changed
Two fiscal 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.
RENOVATION DEVELOPMENT & CONSTRUCTION
Largest movements
- Tangible fixed assets +€438,237
up €438,237 (+14.4%), from €3.0m to €3.5m
of which Assets under construction and advance payments: +€494,695
- Cash +€46,189
up €46,189 (+134.9%), from €34,239 to €80,428
mainly Trade debts (+€395,801) and Debts after one year (+€363,217)
- Trade debts +€395,801
up €395,801 (+3556.0%), from €11,131 to €406,932
- Debts after one year +€363,217
up €363,217 (+17.8%), from €2.0m to €2.4m
of which Financial debts: +€280,452
- Profit (loss) carried forward -€266,073
down €266,073 (-26.9%), from -€987,291 to -€1.3m
- Depreciation -€79,036
down €79,036 (-58.3%), from €135,495 to €56,459
- Gross operating margin -€26,526
down €26,526 (-2397.6%), from -€1,106 to -€27,632
- Financial charges -€21,521
down €21,521 (-11.1%), from €193,909 to €172,389
- Other operating charges -€7,327
down €7,327 (-43.3%), from €16,921 to €9,594
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.
Cash bridge derived
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 | €3,164,389 | €3,672,086 | +€507,697 | +16.0% |
| Fixed assets | 21/28 | €3,047,878 | €3,486,115 | +€438,237 | +14.4% |
| Tangible fixed assets | 22/27 | €3,047,878 | €3,486,115 | +€438,237 | +14.4% |
| Land and buildings | 22 | €2,695,520 | €2,639,061 | -€56,459 | -2.1% |
| Assets under construction and advance payments | 27 | €352,359 | €847,054 | +€494,695 | +140.4% |
| Current assets | 29/58 | €116,510 | €185,971 | +€69,461 | +59.6% |
| Amounts receivable within one year | 40/41 | €82,107 | €105,366 | +€23,259 | +28.3% |
| Trade receivables | 40 | €44,412 | €1,480 | -€42,932 | -96.7% |
| Other amounts receivable | 41 | €37,696 | €103,886 | +€66,190 | +175.6% |
| Cash at bank and in hand | 54/58 | €34,239 | €80,428 | +€46,189 | +134.9% |
| Deferred charges and accrued income | 490/1 | €163 | €176 | +€13 | +8.0% |
| Total equity and liabilities | 10/49 | €3,164,389 | €3,672,086 | +€507,697 | +16.0% |
| Equity | 10/15 | -€968,699 | -€1,234,773 | -€266,073 | -27.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€987,291 | -€1,253,365 | -€266,073 | -26.9% |
| Amounts payable | 17/49 | €4,133,088 | €4,906,858 | +€773,771 | +18.7% |
| Amounts payable after more than one year | 17 | €2,043,669 | €2,406,887 | +€363,217 | +17.8% |
| Financial debts | 170/4 | €525,395 | €805,846 | +€280,452 | +53.4% |
| Other amounts payable | 178/9 | €1,518,275 | €1,601,041 | +€82,766 | +5.5% |
| Amounts payable within one year | 42/48 | €2,089,418 | €2,499,972 | +€410,553 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €2,078,288 | €2,093,040 | +€14,752 | +0.7% |
| Trade debts | 44 | €11,131 | €406,932 | +€395,801 | +3556.0% |
| Suppliers | 440/4 | €11,131 | €406,932 | +€395,801 | +3556.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,495 | €56,459 | -€79,036 | -58.3% |
| Other operating charges | 640/8 | €16,921 | €9,594 | -€7,327 | -43.3% |
| Gross operating margin | 9900 | -€1,106 | -€27,632 | -€26,526 | -2397.6% |
| Operating profit (loss) | 9901 | -€153,522 | -€93,685 | +€59,838 | +39.0% |
| Financial charges | 65/66B | €193,909 | €172,389 | -€21,521 | -11.1% |
| Recurring financial charges | 65 | €193,909 | €172,389 | -€21,521 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€347,432 | -€266,073 | +€81,358 | +23.4% |
| Profit (loss) for the period | 9904 | -€347,432 | -€266,073 | +€81,358 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€347,432 | -€266,073 | +€81,358 | +23.4% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.