Rolf Driesen: 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
Rolf Driesen
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€853,521
2024 · €767,413+€86,107
Equity
€4.9m
2024 · €4.2m+€755,553
Cash
€273,586
2024 · €112,774+€160,812
Balance sheet total
€6.7m
2024 · €5.7m+€971,151
Largest movements
Assets
- Current investments +€946,228
up €946,228 (+210%), from €450,000 to €1.4m
- Tangible fixed assets -€174,457
down €174,457 (-5.1%), from €3.4m to €3.2m
of which Land and buildings: -€160,021
- Cash +€160,812
up €160,812 (+143%), from €112,774 to €273,586
mainly Net result for the year (+€853,521) and Short-term financial debts (+€190,042)
Equity and liabilities
- Reserves +€755,553
up €755,553 (+19.5%), from €3.9m to €4.6m
of which Distributable reserves: +€755,553
- Short-term financial debts +€190,042
up €190,042 (+13.8%), from €1.4m to €1.6m
Income statement
- Financial income +€74,653
up €74,653 (+193%), from €38,691 to €113,344
- Taxes +€70,723
up €70,723 (+21.6%), from €327,909 to €398,631
- Gross operating margin +€51,797
up €51,797 (+3.9%), from €1.3m to €1.4m
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
€767,413
Gross operating margin
+€51,797
Depreciation
+€1,431
Other operating charges
+€972
Financial income
+€74,653
Financial charges
-€5,597
Taxes
-€70,723
Deferred taxes and other
+€33,574
Result 2025
€853,521
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
+€1.0m
Investment
-€946,228
Financing
+€92,074
Cash 2024
€112,774
From operations (derived)
+€1.0m
Net result for the year
+€853,521
Depreciation
+€174,457
Receivables within one year
-€30,872
Deferred charges and accrued income
-€7,696
Smaller working-capital items
+€1,478
Tax, wage and social debts
+€21,353
Accrued charges and deferred income
+€2,726
Investment (derived)
-€946,228
Current investments
-€946,228
Financing
+€92,074
Short-term financial debts
+€190,042
Contributions, distributions and other
-€97,968
Cash 2025
€273,586
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,718,059 | €6,689,210 | +€971,151 | +17.0% |
| Fixed assets | 21/28 | €3,397,412 | €3,222,955 | -€174,457 | -5.1% |
| Tangible fixed assets | 22/27 | €3,397,412 | €3,222,955 | -€174,457 | -5.1% |
| Land and buildings | 22 | €3,343,270 | €3,183,249 | -€160,021 | -4.8% |
| Plant, machinery and equipment | 23 | €2,549 | €1,122 | -€1,427 | -56.0% |
| Furniture and vehicles | 24 | €51,592 | €38,583 | -€13,009 | -25.2% |
| Current assets | 29/58 | €2,320,648 | €3,466,256 | +€1.1m | +49.4% |
| Amounts receivable after more than one year | 29 | €1,700,000 | €1,700,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,700,000 | €1,700,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,180 | €32,052 | +€30,872 | +2,616% |
| Trade receivables | 40 | - | €16,568 | +€16,568 | |
| Other amounts receivable | 41 | €1,180 | €15,484 | +€14,304 | +1,212% |
| Current investments | 50/53 | €450,000 | €1,396,228 | +€946,228 | +210% |
| Cash at bank and in hand | 54/58 | €112,774 | €273,586 | +€160,812 | +143% |
| Deferred charges and accrued income | 490/1 | €56,694 | €64,390 | +€7,696 | +13.6% |
| Total equity and liabilities | 10/49 | €5,718,059 | €6,689,210 | +€971,151 | +17.0% |
| Equity | 10/15 | €4,184,218 | €4,939,771 | +€755,553 | +18.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,883,612 | €4,639,165 | +€755,553 | +19.5% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €100,722 | €100,722 | = | 0.0% |
| Distributable reserves | 133 | €3,779,890 | €4,535,443 | +€755,553 | +20.0% |
| Profit (loss) carried forward | 14 | €270,605 | €270,605 | = | 0.0% |
| Provisions and deferred taxes | 16 | €33,574 | €33,574 | = | 0.0% |
| Deferred taxes | 168 | €33,574 | €33,574 | = | 0.0% |
| Amounts payable | 17/49 | €1,500,267 | €1,715,866 | +€215,598 | +14.4% |
| Amounts payable after more than one year | 17 | €2,200 | €2,200 | = | 0.0% |
| Financial debts | 170/4 | €2,200 | €2,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,421,607 | €1,634,479 | +€212,873 | +15.0% |
| Financial debts | 43 | €1,379,958 | €1,570,000 | +€190,042 | +13.8% |
| Other loans | 439 | €1,379,958 | €1,570,000 | +€190,042 | +13.8% |
| Trade debts | 44 | €5,638 | €7,841 | +€2,203 | +39.1% |
| Suppliers | 440/4 | €5,638 | €7,841 | +€2,203 | +39.1% |
| Taxes, remuneration and social security | 45 | €31,163 | €52,516 | +€21,353 | +68.5% |
| Taxes | 450/3 | €31,163 | €52,516 | +€21,353 | +68.5% |
| Other amounts payable | 47/48 | €4,848 | €4,122 | -€725 | -15.0% |
| Accrued charges and deferred income | 492/3 | €76,461 | €79,186 | +€2,726 | +3.6% |
| Non-recurring operating income | 76A | - | €14,060 | +€14,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,887 | €174,457 | -€1,431 | -0.8% |
| Other operating charges | 640/8 | €17,941 | €16,969 | -€972 | -5.4% |
| Gross operating margin | 9900 | €1,336,007 | €1,387,804 | +€51,797 | +3.9% |
| Operating profit (loss) | 9901 | €1,142,179 | €1,196,379 | +€54,200 | +4.7% |
| Financial income | 75/76B | €38,691 | €113,344 | +€74,653 | +193% |
| Recurring financial income | 75 | €38,691 | €113,344 | +€74,653 | +193% |
| Financial charges | 65/66B | €51,974 | €57,571 | +€5,597 | +10.8% |
| Recurring financial charges | 65 | €51,974 | €57,571 | +€5,597 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €1,128,896 | €1,252,152 | +€123,256 | +10.9% |
| Transfer to deferred taxes | 680 | €33,574 | - | -€33,574 | |
| Income taxes | 67/77 | €327,909 | €398,631 | +€70,723 | +21.6% |
| Profit (loss) for the period | 9904 | €767,413 | €853,521 | +€86,107 | +11.2% |
| Transfer to tax-exempt reserves | 689 | €100,722 | - | -€100,722 | |
| Profit (loss) for the period to be appropriated | 9905 | €666,691 | €853,521 | +€186,830 | +28.0% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.