S en W: what changed
What changed
S en W
NACE 68.310, Real estate agency activities
filed annual accounts (NBB)
Net result for the year
€29,602
2024 · €33,728-€4,126
Equity
€299,256
2024 · €270,654+€28,602
Cash
€221,103
2024 · €16,921+€204,182
Balance sheet total
€641,490
2024 · €465,067+€176,423
Largest movements
Assets
- Cash +€204,182
up €204,182 (+1,207%), from €16,921 to €221,103
mainly Other debts (+€153,683) and Depreciation (+€43,722)
- Tangible fixed assets -€30,767
down €30,767 (-8.6%), from €359,500 to €328,733
of which Land and buildings: -€17,179
Equity and liabilities
- Other debts +€153,683
up €153,683 (+866%), from €17,750 to €171,433
- Reserves +€28,602
up €28,602 (+11.4%), from €251,088 to €279,689
of which Distributable reserves: +€28,602
- Trade debts +€27,691
up €27,691 (+812%), from €3,408 to €31,099
- Current portion of long-term debt -€20,574
down €20,574 (-58.0%), from €35,450 to €14,876
- Debts after one year -€14,876
down €14,876 (-12.0%), from €123,923 to €109,047
of which Financial debts: -€14,876
Income statement
- Gross operating margin -€8,985
down €8,985 (-8.7%), from €103,752 to €94,767
- Depreciation -€3,431
down €3,431 (-7.3%), from €47,153 to €43,722
- Taxes -€1,419
down €1,419 (-9.6%), from €14,789 to €13,370
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€33,728
Gross operating margin
-€8,985
Depreciation
+€3,431
Other operating charges
-€592
Financial income
+€102
Financial charges
+€499
Taxes
+€1,419
Result 2025
€29,602
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€253,520
Investment
-€8,779
Financing
-€40,559
Cash 2024
€16,921
From operations (derived)
+€253,520
Net result for the year
+€29,602
Depreciation
+€43,722
Receivables within one year
-€1,811
Deferred charges and accrued income
-€5,373
Trade debts
+€27,691
Tax, wage and social debts
+€6,132
Other debts
+€153,683
Accrued charges and deferred income
-€125
Investment (derived)
-€8,779
Investment in fixed assets (net)
-€8,779
Financing
-€40,559
Debts after one year
-€14,876
Current portion of long-term debt
-€20,574
Short-term financial debts
-€4,109
Contributions, distributions and other
-€1,000
Cash 2025
€221,103
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €465,067 | €641,490 | +€176,423 | +37.9% |
| Fixed assets | 21/28 | €372,048 | €337,105 | -€34,943 | -9.4% |
| Intangible fixed assets | 21 | €11,648 | €7,472 | -€4,176 | -35.8% |
| Tangible fixed assets | 22/27 | €359,500 | €328,733 | -€30,767 | -8.6% |
| Land and buildings | 22 | €291,981 | €274,803 | -€17,179 | -5.9% |
| Plant, machinery and equipment | 23 | €40,164 | €27,650 | -€12,514 | -31.2% |
| Furniture and vehicles | 24 | €27,355 | €26,280 | -€1,075 | -3.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €93,019 | €304,385 | +€211,366 | +227% |
| Amounts receivable after more than one year | 29 | €47,000 | €47,000 | = | 0.0% |
| Other amounts receivable | 291 | €47,000 | €47,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,247 | €24,058 | +€1,811 | +8.1% |
| Trade receivables | 40 | €2,040 | €16,777 | +€14,737 | +722% |
| Other amounts receivable | 41 | €20,207 | €7,282 | -€12,925 | -64.0% |
| Cash at bank and in hand | 54/58 | €16,921 | €221,103 | +€204,182 | +1,207% |
| Deferred charges and accrued income | 490/1 | €6,851 | €12,223 | +€5,373 | +78.4% |
| Total equity and liabilities | 10/49 | €465,067 | €641,490 | +€176,423 | +37.9% |
| Equity | 10/15 | €270,654 | €299,256 | +€28,602 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €251,088 | €279,689 | +€28,602 | +11.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €249,228 | €277,829 | +€28,602 | +11.5% |
| Profit (loss) carried forward | 14 | €967 | €967 | = | 0.0% |
| Amounts payable | 17/49 | €194,413 | €342,234 | +€147,821 | +76.0% |
| Amounts payable after more than one year | 17 | €123,923 | €109,047 | -€14,876 | -12.0% |
| Financial debts | 170/4 | €123,043 | €108,167 | -€14,876 | -12.1% |
| Other amounts payable | 178/9 | €880 | €880 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,115 | €232,938 | +€162,822 | +232% |
| Current portion of amounts payable after more than one year | 42 | €35,450 | €14,876 | -€20,574 | -58.0% |
| Financial debts | 43 | €4,109 | - | -€4,109 | |
| Credit institutions | 430/8 | €4,109 | - | -€4,109 | |
| Trade debts | 44 | €3,408 | €31,099 | +€27,691 | +812% |
| Suppliers | 440/4 | €3,408 | €31,099 | +€27,691 | +812% |
| Taxes, remuneration and social security | 45 | €9,398 | €15,530 | +€6,132 | +65.2% |
| Taxes | 450/3 | €9,398 | €15,530 | +€6,132 | +65.2% |
| Other amounts payable | 47/48 | €17,750 | €171,433 | +€153,683 | +866% |
| Accrued charges and deferred income | 492/3 | €375 | €250 | -€125 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,153 | €43,722 | -€3,431 | -7.3% |
| Other operating charges | 640/8 | €4,183 | €4,775 | +€592 | +14.1% |
| Gross operating margin | 9900 | €103,752 | €94,767 | -€8,985 | -8.7% |
| Operating profit (loss) | 9901 | €52,416 | €46,271 | -€6,146 | -11.7% |
| Financial income | 75/76B | €945 | €1,047 | +€102 | +10.8% |
| Recurring financial income | 75 | €945 | €1,047 | +€102 | +10.8% |
| Financial charges | 65/66B | €4,844 | €4,345 | -€499 | -10.3% |
| Recurring financial charges | 65 | €4,844 | €4,345 | -€499 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €48,517 | €42,972 | -€5,545 | -11.4% |
| Income taxes | 67/77 | €14,789 | €13,370 | -€1,419 | -9.6% |
| Profit (loss) for the period | 9904 | €33,728 | €29,602 | -€4,126 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,728 | €29,602 | -€4,126 | -12.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.