STUDY AND DEVELOPMENT IN REAL ESTATE PROJECTS: 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.
STUDY AND DEVELOPMENT IN REAL ESTATE PROJECTS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward -€964
down €964 (-2.2%), from €44,069 to €43,105
- Depreciation +€223
up €223 (+500%), from €45 to €268
- Gross operating margin -€120
down €120 (-24.5%), from -€492 to -€612
- Other operating charges +€50
new in 2025: €50
- Financial charges -€23
down €23 (-40.0%), from €56 to €34
From the 31-12-2024 result to the 31-12-2025 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.
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,272 | €64,410 | -€862 | -1.3% |
| Fixed assets | 21/28 | €30,760 | €30,492 | -€268 | -0.9% |
| Tangible fixed assets | 22/27 | €760 | €492 | -€268 | -35.3% |
| Furniture and vehicles | 24 | €760 | €492 | -€268 | -35.3% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €34,512 | €33,918 | -€594 | -1.7% |
| Stocks and contracts in progress | 3 | €488 | €488 | = | 0.0% |
| Stocks | 30/36 | €488 | €488 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,024 | €33,430 | -€594 | -1.7% |
| Total equity and liabilities | 10/49 | €65,272 | €64,410 | -€862 | -1.3% |
| Equity | 10/15 | €64,520 | €63,556 | -€964 | -1.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,069 | €43,105 | -€964 | -2.2% |
| Amounts payable | 17/49 | €751 | €853 | +€102 | +13.6% |
| Amounts payable within one year | 42/48 | €674 | €790 | +€116 | +17.2% |
| Trade debts | 44 | - | €50 | +€50 | |
| Suppliers | 440/4 | - | €50 | +€50 | |
| Other amounts payable | 47/48 | €674 | €740 | +€66 | +9.7% |
| Accrued charges and deferred income | 492/3 | €77 | €64 | -€13 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45 | €268 | +€223 | +500% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | -€492 | -€612 | -€120 | -24.5% |
| Operating profit (loss) | 9901 | -€536 | -€930 | -€394 | -73.4% |
| Financial charges | 65/66B | €56 | €34 | -€23 | -40.0% |
| Recurring financial charges | 65 | €56 | €34 | -€23 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | -€593 | -€964 | -€371 | -62.7% |
| Profit (loss) for the period | 9904 | -€593 | -€964 | -€371 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€593 | -€964 | -€371 | -62.7% |
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 28 October 2026 via checked.be.