T²: 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
T²
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
€146,984
2024 · €324,428-€177,444
Equity
€497,541
2024 · €350,557+€146,984
Cash
€213,613
2024 · €239,480-€25,867
Balance sheet total
€2.8m
2024 · €2.7m+€67,826
Largest movements
Assets
- Receivables within one year +€240,990
up €240,990 (+909%), from €26,503 to €267,493
of which Other amounts receivable: +€173,500
- Tangible fixed assets -€147,513
down €147,513 (-6.4%), from €2.3m to €2.2m
of which Land and buildings: -€120,377
Equity and liabilities
- Profit (loss) carried forward +€146,984
up €146,984 (+4,602%), from €3,194 to €150,178
- Debts after one year -€136,233
down €136,233 (-13.8%), from €989,604 to €853,371
- Accrued charges and deferred income +€54,981
up €54,981 (+204%), from €26,903 to €81,884
Income statement
- Gross operating margin -€154,273
down €154,273 (-32.0%), from €481,718 to €327,445
- Depreciation +€19,245
up €19,245 (+15.0%), from €128,268 to €147,513
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
€324,428
Gross operating margin
-€154,273
Depreciation
-€19,245
Other operating charges
-€3,960
Financial charges
+€332
Taxes
-€298
Result 2025
€146,984
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
+€121,426
Investment
€0
Financing
-€147,292
Cash 2024
€239,480
From operations (derived)
+€121,426
Net result for the year
+€146,984
Depreciation
+€147,513
Receivables within one year
-€240,990
Deferred charges and accrued income
-€216
Trade debts
+€643
Tax, wage and social debts
+€12,511
Accrued charges and deferred income
+€54,981
Financing
-€147,292
Debts after one year
-€136,233
Current portion of long-term debt
-€11,060
Cash 2025
€213,613
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,730,758 | €2,798,584 | +€67,826 | +2.5% |
| Fixed assets | 21/28 | €2,304,497 | €2,156,983 | -€147,513 | -6.4% |
| Tangible fixed assets | 22/27 | €2,304,497 | €2,156,983 | -€147,513 | -6.4% |
| Land and buildings | 22 | €2,177,559 | €2,057,183 | -€120,377 | -5.5% |
| Plant, machinery and equipment | 23 | €1,408 | €910 | -€498 | -35.4% |
| Furniture and vehicles | 24 | €125,529 | €98,891 | -€26,638 | -21.2% |
| Current assets | 29/58 | €426,261 | €641,600 | +€215,339 | +50.5% |
| Stocks and contracts in progress | 3 | €156,173 | €156,173 | = | 0.0% |
| Stocks | 30/36 | €156,173 | €156,173 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,503 | €267,493 | +€240,990 | +909% |
| Trade receivables | 40 | €26,503 | €93,993 | +€67,490 | +255% |
| Other amounts receivable | 41 | - | €173,500 | +€173,500 | |
| Cash at bank and in hand | 54/58 | €239,480 | €213,613 | -€25,867 | -10.8% |
| Deferred charges and accrued income | 490/1 | €4,106 | €4,322 | +€216 | +5.3% |
| Total equity and liabilities | 10/49 | €2,730,758 | €2,798,584 | +€67,826 | +2.5% |
| Equity | 10/15 | €350,557 | €497,541 | +€146,984 | +41.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €61,500 | €61,500 | = | 0.0% |
| Other | 1109/19 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €108,750 | €108,750 | = | 0.0% |
| Reserves | 13 | €177,113 | €177,113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €17,353 | €17,353 | = | 0.0% |
| Distributable reserves | 133 | €159,760 | €159,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,194 | €150,178 | +€146,984 | +4,602% |
| Amounts payable | 17/49 | €2,380,201 | €2,301,043 | -€79,158 | -3.3% |
| Amounts payable after more than one year | 17 | €989,604 | €853,371 | -€136,233 | -13.8% |
| Financial debts | 170/4 | €989,604 | €853,371 | -€136,233 | -13.8% |
| Amounts payable within one year | 42/48 | €1,363,694 | €1,365,788 | +€2,094 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €159,624 | €148,564 | -€11,060 | -6.9% |
| Trade debts | 44 | €643 | €1,286 | +€643 | +100.0% |
| Suppliers | 440/4 | €643 | €1,286 | +€643 | +100.0% |
| Taxes, remuneration and social security | 45 | €16,184 | €28,695 | +€12,511 | +77.3% |
| Taxes | 450/3 | €16,184 | €28,695 | +€12,511 | +77.3% |
| Other amounts payable | 47/48 | €1,187,243 | €1,187,243 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €26,903 | €81,884 | +€54,981 | +204% |
| Non-recurring operating income | 76A | €167,647 | €130 | -€167,518 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,268 | €147,513 | +€19,245 | +15.0% |
| Other operating charges | 640/8 | €19,162 | €23,122 | +€3,960 | +20.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €481,718 | €327,445 | -€154,273 | -32.0% |
| Operating profit (loss) | 9901 | €334,287 | €156,810 | -€177,478 | -53.1% |
| Financial charges | 65/66B | €9,723 | €9,391 | -€332 | -3.4% |
| Recurring financial charges | 65 | €9,723 | €9,391 | -€332 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €324,565 | €147,419 | -€177,146 | -54.6% |
| Income taxes | 67/77 | €137 | €435 | +€298 | +218% |
| Profit (loss) for the period | 9904 | €324,428 | €146,984 | -€177,444 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €324,428 | €146,984 | -€177,444 | -54.7% |
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 29 October 2026 via checked.be.