ROYAL IMMO: 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.
What changed
ROYAL IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,246
2024 · €28,280-€16,033
Equity
€467,943
2024 · €455,696+€12,246
Cash
€61,425
2024 · €53,174+€8,250
Balance sheet total
€2.1m
2024 · €2.0m+€91,560
Largest movements
Assets
- Tangible fixed assets +€54,433
up €54,433 (+3.1%), from €1.8m to €1.8m
of which Plant, machinery and equipment: +€97,544
Equity and liabilities
- Trade debts +€95,140
up €95,140 (+16.4%), from €580,817 to €675,957
Income statement
- Staff costs +€41,708
up €41,708 (+32.7%), from €127,537 to €169,244
- Gross operating margin +€32,083
up €32,083 (+9.2%), from €349,858 to €381,941
- Depreciation +€11,184
up €11,184 (+7.8%), from €142,946 to €154,131
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
€28,280
Gross operating margin
+€32,083
Staff costs
-€41,708
Depreciation
-€11,184
Other operating charges
+€1,028
Financial income
-€0
Financial charges
+€211
Taxes
+€3,535
Result 2025
€12,246
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.
From operations
+€220,211
Investment
-€208,563
Financing
-€3,397
Cash 2024
€53,174
From operations (derived)
+€220,211
Net result for the year
+€12,246
Depreciation
+€154,131
Receivables within one year
-€21,050
Deferred charges and accrued income
-€7,827
Trade debts
+€95,140
Tax, wage and social debts
-€1,107
Other debts
-€289
Accrued charges and deferred income
-€11,033
Investment (derived)
-€208,563
Investment in fixed assets (net)
-€208,563
Financing
-€3,397
Debts after one year
-€3,585
Current portion of long-term debt
+€188
Cash 2025
€61,425
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,018,651 | €2,110,211 | +€91,560 | +4.5% |
| Fixed assets | 21/28 | €1,757,813 | €1,812,245 | +€54,433 | +3.1% |
| Tangible fixed assets | 22/27 | €1,757,813 | €1,812,245 | +€54,433 | +3.1% |
| Land and buildings | 22 | €1,575,205 | €1,535,139 | -€40,066 | -2.5% |
| Plant, machinery and equipment | 23 | €168,290 | €265,834 | +€97,544 | +58.0% |
| Furniture and vehicles | 24 | - | €534 | +€534 | |
| Leasing and similar rights | 25 | €14,318 | €10,738 | -€3,579 | -25.0% |
| Current assets | 29/58 | €260,838 | €297,965 | +€37,127 | +14.2% |
| Amounts receivable within one year | 40/41 | €198,930 | €219,980 | +€21,050 | +10.6% |
| Trade receivables | 40 | €163,573 | €200,203 | +€36,630 | +22.4% |
| Other amounts receivable | 41 | €35,357 | €19,777 | -€15,580 | -44.1% |
| Cash at bank and in hand | 54/58 | €53,174 | €61,425 | +€8,250 | +15.5% |
| Deferred charges and accrued income | 490/1 | €8,734 | €16,560 | +€7,827 | +89.6% |
| Total equity and liabilities | 10/49 | €2,018,651 | €2,110,211 | +€91,560 | +4.5% |
| Equity | 10/15 | €455,696 | €467,943 | +€12,246 | +2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €228,700 | €228,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,700 | €28,700 | = | 0.0% |
| Legal reserve | 130 | €28,700 | €28,700 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,996 | €177,243 | +€12,246 | +7.4% |
| Amounts payable | 17/49 | €1,562,954 | €1,642,268 | +€79,314 | +5.1% |
| Amounts payable after more than one year | 17 | €234,311 | €230,726 | -€3,585 | -1.5% |
| Financial debts | 170/4 | €211,022 | €207,436 | -€3,585 | -1.7% |
| Other amounts payable | 178/9 | €23,289 | €23,289 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,317,593 | €1,411,524 | +€93,932 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €3,397 | €3,585 | +€188 | +5.5% |
| Trade debts | 44 | €580,817 | €675,957 | +€95,140 | +16.4% |
| Suppliers | 440/4 | €580,817 | €675,957 | +€95,140 | +16.4% |
| Taxes, remuneration and social security | 45 | €25,631 | €24,524 | -€1,107 | -4.3% |
| Taxes | 450/3 | €6,851 | €7,292 | +€441 | +6.4% |
| Remuneration and social security | 454/9 | €18,780 | €17,232 | -€1,548 | -8.2% |
| Other amounts payable | 47/48 | €707,747 | €707,458 | -€289 | 0.0% |
| Accrued charges and deferred income | 492/3 | €11,051 | €18 | -€11,033 | -99.8% |
| Non-recurring operating income | 76A | €219 | - | -€219 | |
| Remuneration, social security and pensions | 62 | €127,537 | €169,244 | +€41,708 | +32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,946 | €154,131 | +€11,184 | +7.8% |
| Other operating charges | 640/8 | €46,091 | €45,062 | -€1,028 | -2.2% |
| Gross operating margin | 9900 | €349,858 | €381,941 | +€32,083 | +9.2% |
| Operating profit (loss) | 9901 | €33,284 | €13,504 | -€19,780 | -59.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,469 | €1,258 | -€211 | -14.4% |
| Recurring financial charges | 65 | €1,469 | €1,258 | -€211 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €31,815 | €12,246 | -€19,569 | -61.5% |
| Income taxes | 67/77 | €3,535 | €0 | -€3,535 | -100.0% |
| Profit (loss) for the period | 9904 | €28,280 | €12,246 | -€16,033 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,280 | €12,246 | -€16,033 | -56.7% |
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 4 October 2026 via checked.be.