SAD IMMO: 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
SAD IMMO
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€11,503
2024 · -€17,000+€5,496
Equity
€949,164
2024 · €993,591-€44,428
Cash
€53,384
2024 · €43,055+€10,328
Balance sheet total
€5.1m
2024 · €5.4m-€295,977
Largest movements
Assets
- Receivables within one year -€166,682
down €166,682 (-73.3%), from €227,327 to €60,646
of which Other amounts receivable: -€186,213
- Tangible fixed assets -€140,801
down €140,801 (-2.8%), from €5.1m to €5.0m
of which Land and buildings: -€261,821
Equity and liabilities
- Debts after one year -€292,785
down €292,785 (-7.7%), from €3.8m to €3.5m
Income statement
- Other operating income +€58,760
up €58,760 (+13.2%), from €445,725 to €504,485
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
-€17,000
Depreciation
-€28,897
Other operating charges
-€2,451
Other operating items
+€32,095
Financial income
+€2,689
Financial charges
+€2,060
Result 2025
-€11,503
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
+€517,305
Investment
-€192,160
Financing
-€314,817
Cash 2024
€43,055
From operations (derived)
+€517,305
Net result for the year
-€11,503
Depreciation
+€334,648
Receivables within one year
+€166,682
Deferred charges and accrued income
-€2,864
Provisions
-€13,639
Trade debts
+€22,843
Other debts
+€21,138
Investment (derived)
-€192,160
Investment in fixed assets (net)
-€192,160
Financing
-€314,817
Debts after one year
-€292,785
Current portion of long-term debt
+€10,893
Contributions, distributions and other
-€32,924
Cash 2025
€53,384
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,374,112 | €5,078,135 | -€295,977 | -5.5% |
| Formation expenses | 20 | €3,515 | €1,828 | -€1,687 | -48.0% |
| Fixed assets | 21/28 | €5,098,599 | €4,957,798 | -€140,801 | -2.8% |
| Tangible fixed assets | 22/27 | €5,092,499 | €4,951,698 | -€140,801 | -2.8% |
| Land and buildings | 22 | €5,064,322 | €4,802,500 | -€261,821 | -5.2% |
| Plant, machinery and equipment | 23 | €16,605 | €31,309 | +€14,703 | +88.5% |
| Furniture and vehicles | 24 | €11,572 | €8,697 | -€2,875 | -24.8% |
| Assets under construction and advance payments | 27 | €0 | €109,192 | +€109,192 | |
| Financial fixed assets | 28 | €6,100 | €6,100 | = | 0.0% |
| Other financial fixed assets | 284/8 | €6,100 | €6,100 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €6,100 | €6,100 | = | 0.0% |
| Current assets | 29/58 | €271,998 | €118,509 | -€153,489 | -56.4% |
| Amounts receivable within one year | 40/41 | €227,327 | €60,646 | -€166,682 | -73.3% |
| Trade receivables | 40 | €32,947 | €52,478 | +€19,531 | +59.3% |
| Other amounts receivable | 41 | €194,381 | €8,168 | -€186,213 | -95.8% |
| Cash at bank and in hand | 54/58 | €43,055 | €53,384 | +€10,328 | +24.0% |
| Deferred charges and accrued income | 490/1 | €1,615 | €4,480 | +€2,864 | +177.3% |
| Total equity and liabilities | 10/49 | €5,374,112 | €5,078,135 | -€295,977 | -5.5% |
| Equity | 10/15 | €993,591 | €949,164 | -€44,428 | -4.5% |
| Contributions | 10/11 | €227,680 | €227,680 | = | 0.0% |
| Capital | 10 | €227,680 | €227,680 | = | 0.0% |
| Issued capital | 100 | €227,680 | €227,680 | = | 0.0% |
| Reserves | 13 | €561,647 | €520,731 | -€40,916 | -7.3% |
| Non-distributable reserves | 130/1 | €22,768 | €22,768 | = | 0.0% |
| Legal reserve | 130 | €22,768 | €22,768 | = | 0.0% |
| Tax-exempt reserves | 132 | €538,726 | €497,810 | -€40,916 | -7.6% |
| Distributable reserves | 133 | €153 | €153 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€288,187 | -€258,774 | +€29,412 | +10.2% |
| Investment grants | 15 | €492,452 | €459,527 | -€32,924 | -6.7% |
| Provisions and deferred taxes | 16 | €179,575 | €165,937 | -€13,639 | -7.6% |
| Deferred taxes | 168 | €179,575 | €165,937 | -€13,639 | -7.6% |
| Amounts payable | 17/49 | €4,200,945 | €3,963,034 | -€237,911 | -5.7% |
| Amounts payable after more than one year | 17 | €3,795,450 | €3,502,665 | -€292,785 | -7.7% |
| Financial debts | 170/4 | €3,795,450 | €3,502,665 | -€292,785 | -7.7% |
| Credit institutions | 173 | €3,795,450 | €3,502,665 | -€292,785 | -7.7% |
| Amounts payable within one year | 42/48 | €405,495 | €460,370 | +€54,874 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €281,892 | €292,785 | +€10,893 | +3.9% |
| Trade debts | 44 | €3,741 | €26,584 | +€22,843 | +610.6% |
| Suppliers | 440/4 | €3,741 | €26,584 | +€22,843 | +610.6% |
| Other amounts payable | 47/48 | €119,862 | €141,000 | +€21,138 | +17.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €445,725 | €504,485 | +€58,760 | +13.2% |
| Other operating income | 74 | €445,725 | €504,485 | +€58,760 | +13.2% |
| Operating charges | 60/66A | €391,617 | €449,631 | +€58,014 | +14.8% |
| Services and other goods | 61 | €57,443 | €84,108 | +€26,666 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305,751 | €334,648 | +€28,897 | +9.5% |
| Other operating charges | 640/8 | €28,424 | €30,875 | +€2,451 | +8.6% |
| Operating profit (loss) | 9901 | €54,107 | €54,854 | +€747 | +1.4% |
| Financial income | 75/76B | €32,941 | €35,630 | +€2,689 | +8.2% |
| Recurring financial income | 75 | €30,502 | €32,924 | +€2,422 | +7.9% |
| Other financial income | 752/9 | €30,502 | €32,924 | +€2,422 | +7.9% |
| Non-recurring financial income | 76B | €2,439 | €2,705 | +€266 | +10.9% |
| Financial charges | 65/66B | €117,686 | €115,626 | -€2,060 | -1.8% |
| Recurring financial charges | 65 | €117,686 | €115,626 | -€2,060 | -1.8% |
| Debt charges | 650 | €113,248 | €112,265 | -€983 | -0.9% |
| Other financial charges | 652/9 | €4,438 | €3,361 | -€1,077 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,638 | -€25,142 | +€5,496 | +17.9% |
| Transfer from deferred taxes | 780 | €13,639 | €13,639 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€17,000 | -€11,503 | +€5,496 | +32.3% |
| Transfer from tax-exempt reserves | 789 | €40,916 | €40,916 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,916 | €29,412 | +€5,496 | +23.0% |
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 10 October 2026 via checked.be.