SERIE: 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
SERIE
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€590,479
2024 · -€960,185+€369,706
Equity
€2.5m
2024 · €3.1m-€593,663
Cash
€16,996
2024 · €9,091+€7,905
Balance sheet total
€23.0m
2024 · €23.5m-€512,625
Largest movements
Assets
- Tangible fixed assets -€615,469
down €615,469 (-2.9%), from €21.0m to €20.4m
of which Land and buildings: -€618,910
Equity and liabilities
- Debts after one year -€3.4m
down €3.4m (-22.3%), from €15.1m to €11.7m
of which Financial debts: -€3.4m
- Current portion of long-term debt +€2.8m
up €2.8m (+364%), from €760,923 to €3.5m
- Other debts +€1.1m
up €1.1m (+29.5%), from €3.7m to €4.8m
- Profit (loss) carried forward -€590,479
down €590,479 (-13.8%), from -€4.3m to -€4.9m
- Trade debts -€377,990
down €377,990 (-63.5%), from €595,212 to €217,222
Income statement
- Gross operating margin +€413,676
up €413,676 (+65.4%), from €632,322 to €1.0m
- Depreciation +€215,011
up €215,011 (+27.3%), from €787,099 to €1.0m
- Financial charges -€171,094
down €171,094 (-23.6%), from €724,203 to €553,109
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
-€960,185
Gross operating margin
+€413,676
Depreciation
-€215,011
Other operating charges
+€914
Other operating items
-€552
Financial income
-€414
Financial charges
+€171,094
Result 2025
-€590,479
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
+€1.1m
Investment
-€386,642
Financing
-€724,576
Cash 2024
€9,091
From operations (derived)
+€1.1m
Net result for the year
-€590,479
Depreciation
+€1.0m
Receivables within one year
-€89,714
Deferred charges and accrued income
-€5,225
Trade debts
-€377,990
Other debts
+€1.1m
Accrued charges and deferred income
+€77,780
Investment (derived)
-€386,642
Investment in fixed assets (net)
-€386,642
Financing
-€724,576
Debts after one year
-€3.4m
Current portion of long-term debt
+€2.8m
Short-term financial debts
-€131,275
Contributions, distributions and other
-€3,185
Cash 2025
€16,996
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,473,379 | €22,960,754 | -€512,625 | -2.2% |
| Fixed assets | 21/28 | €23,437,893 | €22,822,425 | -€615,469 | -2.6% |
| Tangible fixed assets | 22/27 | €20,989,713 | €20,374,245 | -€615,469 | -2.9% |
| Land and buildings | 22 | €20,989,713 | €20,370,803 | -€618,910 | -2.9% |
| Furniture and vehicles | 24 | - | €3,441 | +€3,441 | |
| Financial fixed assets | 28 | €2,448,180 | €2,448,180 | = | 0.0% |
| Current assets | 29/58 | €35,485 | €138,329 | +€102,844 | +290% |
| Amounts receivable within one year | 40/41 | €21,086 | €110,800 | +€89,714 | +425% |
| Trade receivables | 40 | €21,086 | €10,800 | -€10,286 | -48.8% |
| Other amounts receivable | 41 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €9,091 | €16,996 | +€7,905 | +86.9% |
| Deferred charges and accrued income | 490/1 | €5,308 | €10,533 | +€5,225 | +98.4% |
| Total equity and liabilities | 10/49 | €23,473,379 | €22,960,754 | -€512,625 | -2.2% |
| Equity | 10/15 | €3,087,648 | €2,493,985 | -€593,663 | -19.2% |
| Contributions | 10/11 | €786,468 | €786,468 | = | 0.0% |
| Capital | 10 | €786,468 | €786,468 | = | 0.0% |
| Issued capital | 100 | €786,468 | €786,468 | = | 0.0% |
| Revaluation surpluses | 12 | €6,500,000 | €6,500,000 | = | 0.0% |
| Reserves | 13 | €63,684 | €63,684 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,632 | €14,632 | = | 0.0% |
| Legal reserve | 130 | €14,632 | €14,632 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,874 | €11,874 | = | 0.0% |
| Distributable reserves | 133 | €37,178 | €37,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,275,242 | -€4,865,721 | -€590,479 | -13.8% |
| Investment grants | 15 | €12,739 | €9,554 | -€3,185 | -25.0% |
| Amounts payable | 17/49 | €20,385,731 | €20,466,769 | +€81,039 | +0.4% |
| Amounts payable after more than one year | 17 | €15,054,042 | €11,696,775 | -€3.4m | -22.3% |
| Financial debts | 170/4 | €15,037,546 | €11,682,953 | -€3.4m | -22.3% |
| Other amounts payable | 178/9 | €16,496 | €13,822 | -€2,674 | -16.2% |
| Amounts payable within one year | 42/48 | €5,292,184 | €8,652,710 | +€3.4m | +63.5% |
| Current portion of amounts payable after more than one year | 42 | €760,923 | €3,528,074 | +€2.8m | +364% |
| Financial debts | 43 | €189,242 | €57,967 | -€131,275 | -69.4% |
| Credit institutions | 430/8 | €189,242 | €57,967 | -€131,275 | -69.4% |
| Trade debts | 44 | €595,212 | €217,222 | -€377,990 | -63.5% |
| Suppliers | 440/4 | €595,212 | €217,222 | -€377,990 | -63.5% |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3,736,808 | €4,839,448 | +€1.1m | +29.5% |
| Accrued charges and deferred income | 492/3 | €39,504 | €117,284 | +€77,780 | +197% |
| Non-recurring operating income | 76A | - | €100,000 | +€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €787,099 | €1,002,110 | +€215,011 | +27.3% |
| Other operating charges | 640/8 | €84,814 | €83,901 | -€914 | -1.1% |
| Non-recurring operating charges | 66A | - | €552 | +€552 | |
| Gross operating margin | 9900 | €632,322 | €1,045,998 | +€413,676 | +65.4% |
| Operating profit (loss) | 9901 | -€239,591 | -€40,565 | +€199,026 | +83.1% |
| Financial income | 75/76B | €3,609 | €3,195 | -€414 | -11.5% |
| Recurring financial income | 75 | €3,609 | €3,195 | -€414 | -11.5% |
| Financial charges | 65/66B | €724,203 | €553,109 | -€171,094 | -23.6% |
| Recurring financial charges | 65 | €724,203 | €553,109 | -€171,094 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | -€960,185 | -€590,479 | +€369,706 | +38.5% |
| Profit (loss) for the period | 9904 | -€960,185 | -€590,479 | +€369,706 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€960,185 | -€590,479 | +€369,706 | +38.5% |
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 20 October 2026 via checked.be.