S REAL ESTATE: 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.
S REAL ESTATE
Largest movements
- Stocks and contracts -€596,252
no longer reported in 2025 (was €596,252)
- Receivables within one year +€43,072
up €43,072 (+68.9%), from €62,505 to €105,577
of which Other amounts receivable: +€50,090
- Current portion of long-term debt -€400,000
no longer reported in 2025 (was €400,000)
- Other debts -€122,092
no longer reported in 2025 (was €122,092)
- Trade debts -€32,649
down €32,649 (-90.8%), from €35,937 to €3,289
- Profit (loss) carried forward +€12,533
up €12,533 (+7.0%), from -€178,804 to -€166,272
- Gross operating margin +€48,870
up €48,870, from -€29,293 to €19,577
- Financial charges -€14,360
down €14,360 (-68.9%), from €20,839 to €6,479
- Financial income +€1,614
up €1,614 (+15,259%), from €11 to €1,625
- Other operating charges +€314
up €314 (+35.5%), from €885 to €1,199
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 | €668,832 | €121,331 | -€547,500 | -81.9% |
| Fixed assets | 21/28 | €5,389 | €6,564 | +€1,176 | +21.8% |
| Tangible fixed assets | 22/27 | €875 | €2,051 | +€1,176 | +134% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €875 | €255 | -€620 | -70.8% |
| Other tangible fixed assets | 26 | - | €1,795 | +€1,795 | |
| Financial fixed assets | 28 | €4,513 | €4,513 | = | 0.0% |
| Current assets | 29/58 | €663,443 | €114,767 | -€548,676 | -82.7% |
| Stocks and contracts in progress | 3 | €596,252 | - | -€596,252 | |
| Stocks | 30/36 | €596,252 | - | -€596,252 | |
| Amounts receivable within one year | 40/41 | €62,505 | €105,577 | +€43,072 | +68.9% |
| Trade receivables | 40 | €7,018 | - | -€7,018 | |
| Other amounts receivable | 41 | €55,487 | €105,577 | +€50,090 | +90.3% |
| Cash at bank and in hand | 54/58 | €3,955 | €9,190 | +€5,234 | +132% |
| Deferred charges and accrued income | 490/1 | €730 | - | -€730 | |
| Total equity and liabilities | 10/49 | €668,832 | €121,331 | -€547,500 | -81.9% |
| Equity | 10/15 | €105,268 | €117,800 | +€12,533 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €265,472 | €265,472 | = | 0.0% |
| Distributable reserves | 133 | €265,472 | €265,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,804 | -€166,272 | +€12,533 | +7.0% |
| Amounts payable | 17/49 | €563,564 | €3,531 | -€560,033 | -99.4% |
| Amounts payable within one year | 42/48 | €563,564 | €3,531 | -€560,033 | -99.4% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | - | -€400,000 | |
| Trade debts | 44 | €35,937 | €3,289 | -€32,649 | -90.8% |
| Suppliers | 440/4 | €35,937 | €3,289 | -€32,649 | -90.8% |
| Taxes, remuneration and social security | 45 | €5,535 | €242 | -€5,293 | -95.6% |
| Taxes | 450/3 | €5,535 | €242 | -€5,293 | -95.6% |
| Other amounts payable | 47/48 | €122,092 | - | -€122,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €785 | €749 | -€35 | -4.5% |
| Other operating charges | 640/8 | €885 | €1,199 | +€314 | +35.5% |
| Non-recurring operating charges | 66A | €287 | - | -€287 | |
| Gross operating margin | 9900 | -€29,293 | €19,577 | +€48,870 | |
| Operating profit (loss) | 9901 | -€31,250 | €17,628 | +€48,878 | |
| Financial income | 75/76B | €11 | €1,625 | +€1,614 | +15,259% |
| Recurring financial income | 75 | €11 | €1,625 | +€1,614 | +15,259% |
| Financial charges | 65/66B | €20,839 | €6,479 | -€14,360 | -68.9% |
| Recurring financial charges | 65 | €20,839 | €6,479 | -€14,360 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | -€52,078 | €12,775 | +€64,853 | |
| Transfer from deferred taxes | 780 | €8 | - | -€8 | |
| Income taxes | 67/77 | €265 | €242 | -€23 | -8.7% |
| Profit (loss) for the period | 9904 | -€52,335 | €12,533 | +€64,867 | |
| Transfer from tax-exempt reserves | 789 | €33 | - | -€33 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,301 | €12,533 | +€64,834 |
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 20 October 2026 via checked.be.