SFAR-MIDI: 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
SFAR-MIDI
NACE 68.202, Real estate activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€29,214
2024 · €64,722-€35,508
Equity
€463,637
2024 · €434,423+€29,214
Cash
€6,936
2024 · €125,230-€118,294
Balance sheet total
€22.0m
2024 · €22.9m-€883,421
Largest movements
Assets
- Receivables after one year -€922,366
down €922,366 (-4.3%), from €21.5m to €20.5m
- Current investments +€380,000
new in 2025: €380,000
Equity and liabilities
- Debts after one year -€879,374
down €879,374 (-4.3%), from €20.3m to €19.4m
Income statement
- Provisions +€55,000
no longer reported in 2025 (was -€55,000)
- Financial charges -€29,216
down €29,216 (-3.9%), from €743,825 to €714,609
- Financial income -€25,120
down €25,120 (-3.3%), from €758,695 to €733,575
- Taxes -€13,571
down €13,571 (-56.1%), from €24,195 to €10,624
- Gross operating margin +€1,657
up €1,657 (+8.2%), from €20,215 to €21,872
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
€64,722
Gross operating margin
+€1,657
Provisions
-€55,000
Other operating charges
+€169
Financial income
-€25,120
Financial charges
+€29,216
Taxes
+€13,571
Result 2025
€29,214
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
+€1.1m
Investment
-€380,000
Financing
-€852,031
Cash 2024
€125,230
From operations (derived)
+€1.1m
Net result for the year
+€29,214
Receivables after one year
+€922,366
Receivables within one year
+€216,981
Deferred charges and accrued income
+€5,780
Trade debts
+€2,614
Tax, wage and social debts
-€4,708
Other debts
-€10,553
Accrued charges and deferred income
-€47,957
Investment (derived)
-€380,000
Current investments
-€380,000
Financing
-€852,031
Debts after one year
-€879,374
Current portion of long-term debt
+€27,343
Cash 2025
€6,936
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,868,892 | €21,985,471 | -€883,421 | -3.9% |
| Current assets | 29/58 | €22,868,892 | €21,985,471 | -€883,421 | -3.9% |
| Amounts receivable after more than one year | 29 | €21,462,007 | €20,539,642 | -€922,366 | -4.3% |
| Other amounts receivable | 291 | €21,462,007 | €20,539,642 | -€922,366 | -4.3% |
| Amounts receivable within one year | 40/41 | €1,139,429 | €922,448 | -€216,981 | -19.0% |
| Trade receivables | 40 | €242,341 | €0 | -€242,341 | -100.0% |
| Other amounts receivable | 41 | €897,088 | €922,448 | +€25,360 | +2.8% |
| Current investments | 50/53 | - | €380,000 | +€380,000 | |
| Cash at bank and in hand | 54/58 | €125,230 | €6,936 | -€118,294 | -94.5% |
| Deferred charges and accrued income | 490/1 | €142,225 | €136,445 | -€5,780 | -4.1% |
| Total equity and liabilities | 10/49 | €22,868,892 | €21,985,471 | -€883,421 | -3.9% |
| Equity | 10/15 | €434,423 | €463,637 | +€29,214 | +6.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €366,773 | €395,987 | +€29,214 | +8.0% |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable | 17/49 | €22,399,469 | €21,486,834 | -€912,635 | -4.1% |
| Amounts payable after more than one year | 17 | €20,301,094 | €19,421,721 | -€879,374 | -4.3% |
| Financial debts | 170/4 | €20,301,094 | €19,421,721 | -€879,374 | -4.3% |
| Amounts payable within one year | 42/48 | €1,227,997 | €1,242,692 | +€14,695 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €1,009,303 | €1,036,645 | +€27,343 | +2.7% |
| Trade debts | 44 | €18,360 | €20,973 | +€2,614 | +14.2% |
| Suppliers | 440/4 | €18,360 | €20,973 | +€2,614 | +14.2% |
| Taxes, remuneration and social security | 45 | €23,205 | €18,497 | -€4,708 | -20.3% |
| Taxes | 450/3 | €23,205 | €18,497 | -€4,708 | -20.3% |
| Other amounts payable | 47/48 | €177,130 | €166,576 | -€10,553 | -6.0% |
| Accrued charges and deferred income | 492/3 | €870,378 | €822,421 | -€47,957 | -5.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€55,000 | - | +€55,000 | |
| Other operating charges | 640/8 | €1,168 | €998 | -€169 | -14.5% |
| Gross operating margin | 9900 | €20,215 | €21,872 | +€1,657 | +8.2% |
| Operating profit (loss) | 9901 | €74,048 | €20,873 | -€53,174 | -71.8% |
| Financial income | 75/76B | €758,695 | €733,575 | -€25,120 | -3.3% |
| Recurring financial income | 75 | €758,695 | €733,575 | -€25,120 | -3.3% |
| Financial charges | 65/66B | €743,825 | €714,609 | -€29,216 | -3.9% |
| Recurring financial charges | 65 | €743,825 | €714,609 | -€29,216 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €88,918 | €39,839 | -€49,079 | -55.2% |
| Income taxes | 67/77 | €24,195 | €10,624 | -€13,571 | -56.1% |
| Profit (loss) for the period | 9904 | €64,722 | €29,214 | -€35,508 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,722 | €29,214 | -€35,508 | -54.9% |
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.