STUDENT ESTATE: 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
STUDENT ESTATE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€102,121
2024 · €3,320+€98,802
Equity
€992,824
2024 · €890,703+€102,121
Cash
€46,353
2024 · €136,646-€90,292
Balance sheet total
€9.9m
2024 · €10.2m-€364,518
Largest movements
Assets
- Tangible fixed assets -€236,083
down €236,083 (-2.4%), from €10.0m to €9.7m
of which Land and buildings: -€300,913
Equity and liabilities
- Debts after one year -€428,793
down €428,793 (-6.7%), from €6.4m to €6.0m
- Trade debts +€144,334
up €144,334 (+106%), from €135,582 to €279,916
- Profit (loss) carried forward +€116,157
up €116,157 (+76.3%), from €152,188 to €268,345
Income statement
- Financial charges -€112,364
down €112,364 (-36.3%), from €309,605 to €197,240
of which Financial charges: -€64,364
- Gross operating margin +€33,057
up €33,057 (+4.2%), from €794,988 to €828,045
- Other operating charges +€24,587
up €24,587 (+37.8%), from €65,048 to €89,635
- Depreciation +€19,839
up €19,839 (+5.0%), from €398,536 to €418,375
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
€3,320
Gross operating margin
+€33,057
Staff costs
-€1,947
Depreciation
-€19,839
Other operating charges
-€24,587
Financial income
+€6
Financial charges
+€112,364
Taxes
-€254
Result 2025
€102,121
raises the resultlowers the result
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
+€614,284
Investment
-€180,878
Financing
-€523,698
Cash 2024
€136,646
From operations (derived)
+€614,284
Net result for the year
+€102,121
Depreciation
+€418,375
Receivables within one year
+€46,053
Deferred charges and accrued income
-€9,324
Provisions
-€4,679
Trade debts
+€144,334
Tax, wage and social debts
-€58,913
Other debts
-€18,642
Accrued charges and deferred income
-€5,042
Investment (derived)
-€180,878
Investment in fixed assets (net)
-€180,878
Financing
-€523,698
Debts after one year
-€428,793
Current portion of long-term debt
-€94,906
Cash 2025
€46,353
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,218,519 | €9,854,000 | -€364,518 | -3.6% |
| Fixed assets | 21/28 | €9,986,145 | €9,748,649 | -€237,497 | -2.4% |
| Intangible fixed assets | 21 | €2,982 | €1,569 | -€1,414 | -47.4% |
| Tangible fixed assets | 22/27 | €9,983,163 | €9,747,080 | -€236,083 | -2.4% |
| Land and buildings | 22 | €8,593,474 | €8,292,561 | -€300,913 | -3.5% |
| Plant, machinery and equipment | 23 | €43,604 | €50,756 | +€7,151 | +16.4% |
| Furniture and vehicles | 24 | €26,085 | €143,764 | +€117,679 | +451% |
| Other tangible fixed assets | 26 | €1,320,000 | €1,260,000 | -€60,000 | -4.5% |
| Current assets | 29/58 | €232,374 | €105,352 | -€127,022 | -54.7% |
| Amounts receivable within one year | 40/41 | €95,075 | €49,022 | -€46,053 | -48.4% |
| Trade receivables | 40 | €45,075 | - | -€45,075 | |
| Other amounts receivable | 41 | €50,000 | €49,022 | -€978 | -2.0% |
| Cash at bank and in hand | 54/58 | €136,646 | €46,353 | -€90,292 | -66.1% |
| Deferred charges and accrued income | 490/1 | €653 | €9,977 | +€9,324 | +1,428% |
| Total equity and liabilities | 10/49 | €10,218,519 | €9,854,000 | -€364,518 | -3.6% |
| Equity | 10/15 | €890,703 | €992,824 | +€102,121 | +11.5% |
| Contributions | 10/11 | €255,455 | €255,455 | = | 0.0% |
| Reserves | 13 | €483,059 | €469,024 | -€14,036 | -2.9% |
| Tax-exempt reserves | 132 | €209,755 | €195,719 | -€14,036 | -6.7% |
| Distributable reserves | 133 | €273,305 | €273,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | €152,188 | €268,345 | +€116,157 | +76.3% |
| Provisions and deferred taxes | 16 | €100,859 | €96,181 | -€4,679 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €6,005 | €6,005 | = | 0.0% |
| Pensions and similar obligations | 160 | €6,005 | €6,005 | = | 0.0% |
| Deferred taxes | 168 | €94,855 | €90,176 | -€4,679 | -4.9% |
| Amounts payable | 17/49 | €9,226,957 | €8,764,996 | -€461,961 | -5.0% |
| Amounts payable after more than one year | 17 | €6,426,442 | €5,997,650 | -€428,793 | -6.7% |
| Financial debts | 170/4 | €6,426,442 | €5,997,650 | -€428,793 | -6.7% |
| Amounts payable within one year | 42/48 | €2,794,419 | €2,766,293 | -€28,126 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €621,036 | €526,130 | -€94,906 | -15.3% |
| Trade debts | 44 | €135,582 | €279,916 | +€144,334 | +106% |
| Suppliers | 440/4 | €135,582 | €279,916 | +€144,334 | +106% |
| Taxes, remuneration and social security | 45 | €65,648 | €6,736 | -€58,913 | -89.7% |
| Taxes | 450/3 | €63,439 | - | -€63,439 | |
| Remuneration and social security | 454/9 | €2,209 | €6,736 | +€4,526 | +205% |
| Other amounts payable | 47/48 | €1,972,153 | €1,953,511 | -€18,642 | -0.9% |
| Accrued charges and deferred income | 492/3 | €6,096 | €1,053 | -€5,042 | -82.7% |
| Remuneration, social security and pensions | 62 | €23,173 | €25,120 | +€1,947 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398,536 | €418,375 | +€19,839 | +5.0% |
| Other operating charges | 640/8 | €65,048 | €89,635 | +€24,587 | +37.8% |
| Gross operating margin | 9900 | €794,988 | €828,045 | +€33,057 | +4.2% |
| Operating profit (loss) | 9901 | €308,231 | €294,915 | -€13,315 | -4.3% |
| Financial income | 75/76B | €15 | €21 | +€6 | +39.7% |
| Recurring financial income | 75 | €15 | €21 | +€6 | +39.7% |
| Financial charges | 65/66B | €309,605 | €197,240 | -€112,364 | -36.3% |
| Recurring financial charges | 65 | €261,605 | €197,240 | -€64,364 | -24.6% |
| Non-recurring financial charges | 66B | €48,000 | - | -€48,000 | |
| Profit (loss) for the period before taxes | 9903 | -€1,359 | €97,696 | +€99,055 | |
| Transfer from deferred taxes | 780 | €4,679 | €4,679 | = | 0.0% |
| Income taxes | 67/77 | - | €254 | +€254 | |
| Profit (loss) for the period | 9904 | €3,320 | €102,121 | +€98,802 | +2,976% |
| Transfer from tax-exempt reserves | 789 | €14,036 | €14,036 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,355 | €116,157 | +€98,802 | +569% |
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 30 October 2026 via checked.be.