S.P.M.: 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
S.P.M.
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
€4,251
2024 · €13,076-€8,825
Equity
€297,002
2024 · €292,751+€4,251
Cash
€60,335
2024 · €70,022-€9,687
Balance sheet total
€1.7m
2024 · €1.8m-€61,943
Largest movements
Assets
- Tangible fixed assets -€54,394
down €54,394 (-3.2%), from €1.7m to €1.6m
of which Land and buildings: -€54,125
Equity and liabilities
- Debts after one year -€65,144
down €65,144 (-6.6%), from €991,653 to €926,509
- Other debts -€21,252
down €21,252 (-5.5%), from €386,238 to €364,987
Income statement
- Other operating charges +€17,146
up €17,146 (+368%), from €4,660 to €21,806
- Gross operating margin +€9,891
up €9,891 (+8.9%), from €110,595 to €120,487
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
€13,076
Gross operating margin
+€9,891
Depreciation
-€867
Other operating charges
-€17,146
Financial income
-€1
Financial charges
-€703
Taxes
+€1
Result 2025
€4,251
raises the resultlowers the result
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
+€66,135
Investment
-€11,838
Financing
-€63,985
Cash 2024
€70,022
From operations (derived)
+€66,135
Net result for the year
+€4,251
Depreciation
+€66,232
Receivables within one year
-€2,220
Deferred charges and accrued income
+€82
Trade debts
+€10,203
Tax, wage and social debts
+€403
Other debts
-€21,252
Accrued charges and deferred income
+€8,436
Investment (derived)
-€11,838
Investment in fixed assets (net)
-€11,838
Financing
-€63,985
Debts after one year
-€65,144
Current portion of long-term debt
+€1,160
Cash 2025
€60,335
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,790,732 | €1,728,789 | -€61,943 | -3.5% |
| Fixed assets | 21/28 | €1,690,406 | €1,636,012 | -€54,394 | -3.2% |
| Tangible fixed assets | 22/27 | €1,675,626 | €1,621,232 | -€54,394 | -3.2% |
| Land and buildings | 22 | €1,673,648 | €1,619,522 | -€54,125 | -3.2% |
| Plant, machinery and equipment | 23 | €1,979 | €1,710 | -€269 | -13.6% |
| Financial fixed assets | 28 | €14,780 | €14,780 | = | 0.0% |
| Current assets | 29/58 | €100,326 | €92,777 | -€7,549 | -7.5% |
| Amounts receivable within one year | 40/41 | €20,287 | €22,508 | +€2,220 | +10.9% |
| Trade receivables | 40 | €20,287 | €22,508 | +€2,220 | +10.9% |
| Current investments | 50/53 | €9,935 | €9,935 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,022 | €60,335 | -€9,687 | -13.8% |
| Deferred charges and accrued income | 490/1 | €82 | - | -€82 | |
| Total equity and liabilities | 10/49 | €1,790,732 | €1,728,789 | -€61,943 | -3.5% |
| Equity | 10/15 | €292,751 | €297,002 | +€4,251 | +1.5% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €18,592 | €18,592 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,239 | €92,490 | +€4,251 | +4.8% |
| Amounts payable | 17/49 | €1,497,981 | €1,431,787 | -€66,194 | -4.4% |
| Amounts payable after more than one year | 17 | €991,653 | €926,509 | -€65,144 | -6.6% |
| Financial debts | 170/4 | €991,653 | €926,509 | -€65,144 | -6.6% |
| Amounts payable within one year | 42/48 | €505,753 | €496,267 | -€9,486 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €63,985 | €65,144 | +€1,160 | +1.8% |
| Trade debts | 44 | €51,701 | €61,904 | +€10,203 | +19.7% |
| Suppliers | 440/4 | €51,701 | €61,904 | +€10,203 | +19.7% |
| Taxes, remuneration and social security | 45 | €3,829 | €4,232 | +€403 | +10.5% |
| Taxes | 450/3 | €3,829 | €4,232 | +€403 | +10.5% |
| Other amounts payable | 47/48 | €386,238 | €364,987 | -€21,252 | -5.5% |
| Accrued charges and deferred income | 492/3 | €575 | €9,011 | +€8,436 | +1,467% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,365 | €66,232 | +€867 | +1.3% |
| Other operating charges | 640/8 | €4,660 | €21,806 | +€17,146 | +368% |
| Gross operating margin | 9900 | €110,595 | €120,487 | +€9,891 | +8.9% |
| Operating profit (loss) | 9901 | €40,570 | €32,448 | -€8,121 | -20.0% |
| Financial income | 75/76B | €3 | €2 | -€1 | -30.2% |
| Recurring financial income | 75 | €3 | €2 | -€1 | -30.2% |
| Financial charges | 65/66B | €27,496 | €28,199 | +€703 | +2.6% |
| Recurring financial charges | 65 | €27,496 | €28,199 | +€703 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €13,077 | €4,251 | -€8,826 | -67.5% |
| Income taxes | 67/77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | €13,076 | €4,251 | -€8,825 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,076 | €4,251 | -€8,825 | -67.5% |
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 27 October 2026 via checked.be.