SUBLIMINAL RENOVATION: what changed
What changed
SUBLIMINAL RENOVATION
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€2,658
2024 · €23,003-€20,345
Equity
€32,508
2024 · €44,850-€12,342
Cash
€6,341
2024 · €43,716-€37,375
Balance sheet total
€176,177
2024 · €226,891-€50,714
Largest movements
Assets
- Cash -€37,375
down €37,375 (-85.5%), from €43,716 to €6,341
mainly Advances received (-€24,500) and Contributions, distributions and other (-€15,000)
- Tangible fixed assets -€16,484
down €16,484 (-10.9%), from €150,854 to €134,369
of which Leasing and similar rights: -€11,454
- Deferred charges and accrued income +€3,543
new in 2025: €3,543
Equity and liabilities
- Advances received -€24,500
no longer reported in 2025 (was €24,500)
- Debts after one year -€13,971
down €13,971 (-15.9%), from €87,597 to €73,625
- Profit (loss) carried forward -€12,342
down €12,342 (-41.3%), from €29,850 to €17,508
- Trade debts -€8,927
down €8,927 (-24.9%), from €35,924 to €26,997
- Other debts +€6,156
up €6,156 (+39.2%), from €15,713 to €21,869
Income statement
- Gross operating margin -€9,622
down €9,622 (-22.7%), from €42,321 to €32,699
- Depreciation +€7,977
up €7,977 (+82.2%), from €9,699 to €17,677
- Staff costs +€2,852
new in 2025: €2,852
- Taxes -€1,443
down €1,443 (-35.8%), from €4,034 to €2,591
- Other operating charges +€679
up €679 (+39.2%), from €1,734 to €2,413
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
€23,003
Gross operating margin
-€9,622
Staff costs
-€2,852
Depreciation
-€7,977
Other operating charges
-€679
Financial income
-€93
Financial charges
-€565
Taxes
+€1,443
Result 2025
€2,658
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
-€8,327
Investment
-€1,192
Financing
-€27,855
Cash 2024
€43,716
From operations (derived)
-€8,327
Net result for the year
+€2,658
Depreciation
+€17,677
Receivables within one year
+€398
Deferred charges and accrued income
-€3,543
Trade debts
-€8,927
Tax, wage and social debts
+€1,754
Advances received
-€24,500
Other debts
+€6,156
Investment (derived)
-€1,192
Investment in fixed assets (net)
-€1,192
Financing
-€27,855
Debts after one year
-€13,971
Current portion of long-term debt
+€1,116
Contributions, distributions and other
-€15,000
Cash 2025
€6,341
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €226,891 | €176,177 | -€50,714 | -22.4% |
| Fixed assets | 21/28 | €151,334 | €134,849 | -€16,484 | -10.9% |
| Tangible fixed assets | 22/27 | €150,854 | €134,369 | -€16,484 | -10.9% |
| Land and buildings | 22 | €112,266 | €108,899 | -€3,368 | -3.0% |
| Plant, machinery and equipment | 23 | €8,316 | €5,573 | -€2,743 | -33.0% |
| Furniture and vehicles | 24 | - | €1,080 | +€1,080 | |
| Leasing and similar rights | 25 | €30,271 | €18,818 | -€11,454 | -37.8% |
| Financial fixed assets | 28 | €480 | €480 | = | 0.0% |
| Current assets | 29/58 | €75,557 | €41,328 | -€34,230 | -45.3% |
| Amounts receivable within one year | 40/41 | €31,842 | €31,444 | -€398 | -1.2% |
| Trade receivables | 40 | €25,826 | €27,251 | +€1,425 | +5.5% |
| Other amounts receivable | 41 | €6,016 | €4,193 | -€1,822 | -30.3% |
| Cash at bank and in hand | 54/58 | €43,716 | €6,341 | -€37,375 | -85.5% |
| Deferred charges and accrued income | 490/1 | - | €3,543 | +€3,543 | |
| Total equity and liabilities | 10/49 | €226,891 | €176,177 | -€50,714 | -22.4% |
| Equity | 10/15 | €44,850 | €32,508 | -€12,342 | -27.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Contributions outside capital | 11 | €15,000 | - | -€15,000 | |
| Share premium | 1100/10 | €15,000 | - | -€15,000 | |
| Profit (loss) carried forward | 14 | €29,850 | €17,508 | -€12,342 | -41.3% |
| Amounts payable | 17/49 | €182,041 | €143,669 | -€38,372 | -21.1% |
| Amounts payable after more than one year | 17 | €87,597 | €73,625 | -€13,971 | -15.9% |
| Financial debts | 170/4 | €87,597 | €73,625 | -€13,971 | -15.9% |
| Amounts payable within one year | 42/48 | €94,444 | €70,044 | -€24,401 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €12,871 | €13,987 | +€1,116 | +8.7% |
| Trade debts | 44 | €35,924 | €26,997 | -€8,927 | -24.9% |
| Suppliers | 440/4 | €35,924 | €26,997 | -€8,927 | -24.9% |
| Advances received on contracts in progress | 46 | €24,500 | - | -€24,500 | |
| Taxes, remuneration and social security | 45 | €5,437 | €7,191 | +€1,754 | +32.3% |
| Taxes | 450/3 | €3,937 | €6,720 | +€2,783 | +70.7% |
| Remuneration and social security | 454/9 | €1,500 | €471 | -€1,029 | -68.6% |
| Other amounts payable | 47/48 | €15,713 | €21,869 | +€6,156 | +39.2% |
| Remuneration, social security and pensions | 62 | - | €2,852 | +€2,852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,699 | €17,677 | +€7,977 | +82.2% |
| Other operating charges | 640/8 | €1,734 | €2,413 | +€679 | +39.2% |
| Gross operating margin | 9900 | €42,321 | €32,699 | -€9,622 | -22.7% |
| Operating profit (loss) | 9901 | €30,888 | €9,757 | -€21,131 | -68.4% |
| Financial income | 75/76B | €130 | €37 | -€93 | -71.2% |
| Recurring financial income | 75 | €130 | €37 | -€93 | -71.2% |
| Financial charges | 65/66B | €3,981 | €4,546 | +€565 | +14.2% |
| Recurring financial charges | 65 | €3,981 | €4,546 | +€565 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €27,037 | €5,249 | -€21,788 | -80.6% |
| Income taxes | 67/77 | €4,034 | €2,591 | -€1,443 | -35.8% |
| Profit (loss) for the period | 9904 | €23,003 | €2,658 | -€20,345 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,003 | €2,658 | -€20,345 | -88.4% |
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 1 November 2026 via checked.be.