SHOPS BELGIUM 2: what changed
What changed
SHOPS BELGIUM 2
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
-€54,549
2024 · -€207,600+€153,051
Equity
€530,091
2024 · €584,641-€54,549
Cash
€37,811
2024 · €37,395+€416
Balance sheet total
€1.7m
2024 · €1.7m-€85,719
Largest movements
Assets
- Tangible fixed assets -€63,482
down €63,482 (-4.3%), from €1.5m to €1.4m
of which Land and buildings: -€116,906
Equity and liabilities
- Debts after one year -€108,390
down €108,390 (-12.4%), from €875,832 to €767,443
- Other debts +€84,792
up €84,792 (+64.3%), from €131,940 to €216,731
- Profit (loss) carried forward -€52,497
down €52,497, from €0 to -€52,497
Income statement
- Financial charges -€87,904
down €87,904 (-68.1%), from €129,028 to €41,123
- Gross operating margin +€65,797
up €65,797 (+88.8%), from €74,100 to €139,896
- Write-downs -€2,525
down €2,525 (-46.1%), from -€5,478 to -€8,003
- Other operating charges +€1,678
up €1,678 (+3.6%), from €46,826 to €48,504
- Depreciation +€1,530
up €1,530 (+1.4%), from €111,433 to €112,962
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€207,600
Gross operating margin
+€65,797
Depreciation
-€1,530
Write-downs
+€2,525
Other operating charges
-€1,678
Financial income
+€33
Financial charges
+€87,904
Result 2025
-€54,549
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€143,551
Investment
-€34,746
Financing
-€108,390
Cash 2024
€37,395
From operations (derived)
+€143,551
Net result for the year
-€54,549
Depreciation
+€112,962
Receivables within one year
+€6,778
Deferred charges and accrued income
+€1,141
Trade debts
-€8,123
Other debts
+€84,792
Accrued charges and deferred income
+€551
Investment (derived)
-€34,746
Investment in fixed assets (net)
-€34,746
Financing
-€108,390
Debts after one year
-€108,390
Cash 2025
€37,811
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,745,082 | €1,659,363 | -€85,719 | -4.9% |
| Fixed assets | 21/28 | €1,667,931 | €1,589,714 | -€78,217 | -4.7% |
| Intangible fixed assets | 21 | €176,442 | €161,707 | -€14,735 | -8.4% |
| Tangible fixed assets | 22/27 | €1,491,489 | €1,428,007 | -€63,482 | -4.3% |
| Land and buildings | 22 | €1,491,489 | €1,374,583 | -€116,906 | -7.8% |
| Plant, machinery and equipment | 23 | - | €53,424 | +€53,424 | |
| Current assets | 29/58 | €77,151 | €69,649 | -€7,502 | -9.7% |
| Amounts receivable within one year | 40/41 | €36,845 | €30,067 | -€6,778 | -18.4% |
| Trade receivables | 40 | €36,828 | €30,015 | -€6,814 | -18.5% |
| Other amounts receivable | 41 | €16 | €52 | +€36 | +222% |
| Cash at bank and in hand | 54/58 | €37,395 | €37,811 | +€416 | +1.1% |
| Deferred charges and accrued income | 490/1 | €2,911 | €1,771 | -€1,141 | -39.2% |
| Total equity and liabilities | 10/49 | €1,745,082 | €1,659,363 | -€85,719 | -4.9% |
| Equity | 10/15 | €584,641 | €530,091 | -€54,549 | -9.3% |
| Contributions | 10/11 | €580,000 | €580,000 | = | 0.0% |
| Capital | 10 | €580,000 | €580,000 | = | 0.0% |
| Issued capital | 100 | €580,000 | €580,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Share premium | 1100/10 | €0 | - | = | |
| Reserves | 13 | €4,641 | €2,588 | -€2,053 | -44.2% |
| Non-distributable reserves | 130/1 | €4,641 | €2,588 | -€2,053 | -44.2% |
| Legal reserve | 130 | €2,588 | €2,588 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,053 | €0 | -€2,053 | -100% |
| Profit (loss) carried forward | 14 | €0 | -€52,497 | -€52,497 | |
| Amounts payable | 17/49 | €1,160,441 | €1,129,272 | -€31,170 | -2.7% |
| Amounts payable after more than one year | 17 | €875,832 | €767,443 | -€108,390 | -12.4% |
| Financial debts | 170/4 | €875,832 | €767,443 | -€108,390 | -12.4% |
| Amounts payable within one year | 42/48 | €271,382 | €348,050 | +€76,669 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €108,390 | €108,390 | = | 0.0% |
| Trade debts | 44 | €31,053 | €22,930 | -€8,123 | -26.2% |
| Suppliers | 440/4 | €31,053 | €22,930 | -€8,123 | -26.2% |
| Other amounts payable | 47/48 | €131,940 | €216,731 | +€84,792 | +64.3% |
| Accrued charges and deferred income | 492/3 | €13,228 | €13,779 | +€551 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,433 | €112,962 | +€1,530 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,478 | -€8,003 | -€2,525 | -46.1% |
| Other operating charges | 640/8 | €46,826 | €48,504 | +€1,678 | +3.6% |
| Gross operating margin | 9900 | €74,100 | €139,896 | +€65,797 | +88.8% |
| Operating profit (loss) | 9901 | -€78,681 | -€13,567 | +€65,114 | +82.8% |
| Financial income | 75/76B | €108 | €141 | +€33 | +30.0% |
| Recurring financial income | 75 | €108 | €141 | +€33 | +30.0% |
| Financial charges | 65/66B | €129,028 | €41,123 | -€87,904 | -68.1% |
| Recurring financial charges | 65 | €129,028 | €41,123 | -€87,904 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | -€207,600 | -€54,549 | +€153,051 | +73.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€207,600 | -€54,549 | +€153,051 | +73.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€207,600 | -€54,549 | +€153,051 | +73.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.