RETAIL PROPERTY DEVELOPMENT: 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.
RETAIL PROPERTY DEVELOPMENT
Largest movements
- Financial fixed assets +€4.6m
up €4.6m (+921%), from €503,026 to €5.1m
- Current investments -€1.0m
down €1.0m (-49.9%), from €2.0m to €1.0m
- Receivables within one year +€638,622
up €638,622 (+265%), from €241,185 to €879,807
of which Trade receivables: +€715,585
- Cash +€482,109
up €482,109 (+185%), from €260,975 to €743,084
mainly Short-term financial debts (+€3.6m) and Other debts (+€1.2m)
- Stocks and contracts -€425,196
down €425,196 (-11.5%), from €3.7m to €3.3m
- Short-term financial debts +€3.6m
up €3.6m (+312%), from €1.2m to €4.8m
- Other debts +€1.2m
up €1.2m (+760%), from €153,104 to €1.3m
- Debts after one year -€205,555
down €205,555 (-100%), from €205,555 to €0
- Profit (loss) carried forward -€204,351
down €204,351 (-9.8%), from €2.1m to €1.9m
- Gross operating margin +€289,488
up €289,488, from -€212,151 to €77,337
- Staff costs -€117,197
down €117,197 (-82.9%), from €141,363 to €24,165
- Financial income -€35,111
down €35,111 (-95.1%), from €36,916 to €1,805
- Other operating charges -€17,957
down €17,957 (-81.4%), from €22,050 to €4,094
- Financial charges -€4,369
down €4,369 (-1.8%), from €247,374 to €243,005
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 | €6,933,076 | €11,250,335 | +€4.3m | +62.3% |
| Fixed assets | 21/28 | €714,864 | €5,336,588 | +€4.6m | +647% |
| Tangible fixed assets | 22/27 | €211,838 | €199,786 | -€12,052 | -5.7% |
| Plant, machinery and equipment | 23 | €1,135 | €416 | -€719 | -63.4% |
| Furniture and vehicles | 24 | €1,286 | €420 | -€866 | -67.3% |
| Other tangible fixed assets | 26 | €209,417 | €198,951 | -€10,466 | -5.0% |
| Financial fixed assets | 28 | €503,026 | €5,136,802 | +€4.6m | +921% |
| Current assets | 29/58 | €6,218,212 | €5,913,746 | -€304,465 | -4.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €3,706,190 | €3,280,994 | -€425,196 | -11.5% |
| Stocks | 30/36 | €3,706,190 | €3,280,994 | -€425,196 | -11.5% |
| Amounts receivable within one year | 40/41 | €241,185 | €879,807 | +€638,622 | +265% |
| Trade receivables | 40 | €85,798 | €801,383 | +€715,585 | +834% |
| Other amounts receivable | 41 | €155,387 | €78,423 | -€76,964 | -49.5% |
| Current investments | 50/53 | €2,004,118 | €1,004,118 | -€1.0m | -49.9% |
| Cash at bank and in hand | 54/58 | €260,975 | €743,084 | +€482,109 | +185% |
| Deferred charges and accrued income | 490/1 | €5,744 | €5,744 | = | 0.0% |
| Total equity and liabilities | 10/49 | €6,933,076 | €11,250,335 | +€4.3m | +62.3% |
| Equity | 10/15 | €2,844,422 | €2,640,071 | -€204,351 | -7.2% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €686,536 | €686,536 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €680,236 | €680,236 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,094,885 | €1,890,535 | -€204,351 | -9.8% |
| Amounts payable | 17/49 | €4,088,654 | €8,610,264 | +€4.5m | +111% |
| Amounts payable after more than one year | 17 | €205,555 | €0 | -€205,555 | -100% |
| Financial debts | 170/4 | €205,555 | €0 | -€205,555 | -100% |
| Amounts payable within one year | 42/48 | €3,864,154 | €8,600,109 | +€4.7m | +123% |
| Current portion of amounts payable after more than one year | 42 | €2,418,333 | €2,385,000 | -€33,333 | -1.4% |
| Financial debts | 43 | €1,154,000 | €4,750,000 | +€3.6m | +312% |
| Credit institutions | 430/8 | €1,154,000 | €4,750,000 | +€3.6m | +312% |
| Trade debts | 44 | €129,479 | €147,514 | +€18,035 | +13.9% |
| Suppliers | 440/4 | €129,479 | €147,514 | +€18,035 | +13.9% |
| Taxes, remuneration and social security | 45 | €9,238 | €178 | -€9,060 | -98.1% |
| Taxes | 450/3 | €4,500 | €178 | -€4,322 | -96.0% |
| Remuneration and social security | 454/9 | €4,738 | €0 | -€4,738 | -100% |
| Other amounts payable | 47/48 | €153,104 | €1,317,418 | +€1.2m | +760% |
| Accrued charges and deferred income | 492/3 | €18,944 | €10,154 | -€8,790 | -46.4% |
| Remuneration, social security and pensions | 62 | €141,363 | €24,165 | -€117,197 | -82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,354 | €12,052 | -€303 | -2.4% |
| Other operating charges | 640/8 | €22,050 | €4,094 | -€17,957 | -81.4% |
| Gross operating margin | 9900 | -€212,151 | €77,337 | +€289,488 | |
| Operating profit (loss) | 9901 | -€387,918 | €37,027 | +€424,944 | |
| Financial income | 75/76B | €36,916 | €1,805 | -€35,111 | -95.1% |
| Recurring financial income | 75 | €36,916 | €1,805 | -€35,111 | -95.1% |
| Financial charges | 65/66B | €247,374 | €243,005 | -€4,369 | -1.8% |
| Recurring financial charges | 65 | €247,374 | €243,005 | -€4,369 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€598,376 | -€204,173 | +€394,203 | +65.9% |
| Income taxes | 67/77 | €1,605 | €178 | -€1,427 | -88.9% |
| Profit (loss) for the period | 9904 | -€599,981 | -€204,351 | +€395,630 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€599,981 | -€204,351 | +€395,630 | +65.9% |
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 17 October 2026 via checked.be.