!SELL: 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
!SELL
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€97,337
2024 · €37,997-€135,334
Equity
€3.0m
2024 · €3.1m-€101,337
Cash
€6,080
2024 · €34,210-€28,129
Balance sheet total
€9.3m
2024 · €8.0m+€1.3m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+348%), from €396,686 to €1.8m
of which Other amounts receivable: +€1.6m
Equity and liabilities
- Debts after one year +€787,250
up €787,250 (+97.9%), from €803,863 to €1.6m
- Other debts +€759,074
up €759,074 (+20.7%), from €3.7m to €4.4m
- Profit (loss) carried forward -€135,334
down €135,334 (-8.0%), from €1.7m to €1.6m
- Trade debts -€131,638
down €131,638 (-81.7%), from €161,132 to €29,494
Income statement
- Gross operating margin -€97,394
down €97,394 (-89.4%), from €108,963 to €11,569
- Financial charges +€49,042
up €49,042 (+90.9%), from €53,924 to €102,966
- Depreciation +€17,679
up €17,679 (+39.6%), from €44,632 to €62,311
- Taxes -€6,882
down €6,882 (-89.6%), from €7,681 to €799
- Other operating charges -€3,925
down €3,925 (-51.6%), from €7,613 to €3,688
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
€37,997
Gross operating margin
-€97,394
Depreciation
-€17,679
Other operating charges
+€3,925
Other operating items
+€21,118
Financial income
-€3,143
Financial charges
-€49,042
Taxes
+€6,882
Result 2025
-€97,337
raises the resultlowers the resultnot broken down further in the accounts
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
-€772,366
Investment
-€28,892
Financing
+€773,128
Cash 2024
€34,210
From operations (derived)
-€772,366
Net result for the year
-€97,337
Depreciation
+€62,311
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€166
Trade debts
-€131,638
Tax, wage and social debts
+€20,108
Other debts
+€759,074
Accrued charges and deferred income
-€3,923
Investment (derived)
-€28,892
Investment in fixed assets (net)
-€25,881
Current investments
-€3,011
Financing
+€773,128
Debts after one year
+€787,250
Current portion of long-term debt
-€9,980
Short-term financial debts
-€142
Contributions, distributions and other
-€4,000
Cash 2025
€6,080
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,014,562 | €9,333,975 | +€1.3m | +16.5% |
| Fixed assets | 21/28 | €5,249,046 | €5,212,616 | -€36,430 | -0.7% |
| Tangible fixed assets | 22/27 | €1,309,521 | €1,265,591 | -€43,930 | -3.4% |
| Land and buildings | 22 | €1,209,913 | €1,188,323 | -€21,590 | -1.8% |
| Plant, machinery and equipment | 23 | €3,756 | €1,073 | -€2,683 | -71.4% |
| Furniture and vehicles | 24 | €95,852 | €76,194 | -€19,657 | -20.5% |
| Financial fixed assets | 28 | €3,939,525 | €3,947,025 | +€7,500 | +0.2% |
| Current assets | 29/58 | €2,765,516 | €4,121,359 | +€1.4m | +49.0% |
| Amounts receivable after more than one year | 29 | €2,000,000 | €2,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €396,686 | €1,777,482 | +€1.4m | +348% |
| Trade receivables | 40 | €205,908 | €19,845 | -€186,063 | -90.4% |
| Other amounts receivable | 41 | €190,778 | €1,757,638 | +€1.6m | +821% |
| Current investments | 50/53 | €274,522 | €277,533 | +€3,011 | +1.1% |
| Cash at bank and in hand | 54/58 | €34,210 | €6,080 | -€28,129 | -82.2% |
| Deferred charges and accrued income | 490/1 | €60,098 | €60,263 | +€166 | +0.3% |
| Total equity and liabilities | 10/49 | €8,014,562 | €9,333,975 | +€1.3m | +16.5% |
| Equity | 10/15 | €3,101,390 | €3,000,053 | -€101,337 | -3.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,403,799 | €1,437,796 | +€33,997 | +2.4% |
| Distributable reserves | 133 | €1,403,799 | €1,437,796 | +€33,997 | +2.4% |
| Profit (loss) carried forward | 14 | €1,689,530 | €1,554,197 | -€135,334 | -8.0% |
| Amounts payable | 17/49 | €4,913,173 | €6,333,922 | +€1.4m | +28.9% |
| Amounts payable after more than one year | 17 | €803,863 | €1,591,113 | +€787,250 | +97.9% |
| Financial debts | 170/4 | €803,863 | €1,591,113 | +€787,250 | +97.9% |
| Amounts payable within one year | 42/48 | €4,105,387 | €4,742,809 | +€637,423 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €231,709 | €221,729 | -€9,980 | -4.3% |
| Financial debts | 43 | €33,854 | €33,712 | -€142 | -0.4% |
| Credit institutions | 430/8 | €33,854 | €33,712 | -€142 | -0.4% |
| Trade debts | 44 | €161,132 | €29,494 | -€131,638 | -81.7% |
| Suppliers | 440/4 | €161,132 | €29,494 | -€131,638 | -81.7% |
| Taxes, remuneration and social security | 45 | €7,901 | €28,009 | +€20,108 | +255% |
| Taxes | 450/3 | €7,901 | €28,009 | +€20,108 | +255% |
| Other amounts payable | 47/48 | €3,670,790 | €4,429,865 | +€759,074 | +20.7% |
| Accrued charges and deferred income | 492/3 | €3,923 | - | -€3,923 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,632 | €62,311 | +€17,679 | +39.6% |
| Other operating charges | 640/8 | €7,613 | €3,688 | -€3,925 | -51.6% |
| Non-recurring operating charges | 66A | €21,163 | €45 | -€21,118 | -99.8% |
| Gross operating margin | 9900 | €108,963 | €11,569 | -€97,394 | -89.4% |
| Operating profit (loss) | 9901 | €35,555 | -€54,475 | -€90,030 | |
| Financial income | 75/76B | €64,046 | €60,903 | -€3,143 | -4.9% |
| Recurring financial income | 75 | €64,046 | €60,903 | -€3,143 | -4.9% |
| Financial charges | 65/66B | €53,924 | €102,966 | +€49,042 | +90.9% |
| Recurring financial charges | 65 | €53,924 | €102,966 | +€49,042 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €45,678 | -€96,538 | -€142,216 | |
| Income taxes | 67/77 | €7,681 | €799 | -€6,882 | -89.6% |
| Profit (loss) for the period | 9904 | €37,997 | -€97,337 | -€135,334 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,997 | -€97,337 | -€135,334 |
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 15 October 2026 via checked.be.