T-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.
T-Estate
Largest movements
- Tangible fixed assets -€36,418
down €36,418 (-5.2%), from €699,818 to €663,400
of which Land and buildings: -€29,340
- Receivables within one year +€23,758
up €23,758 (+15.4%), from €154,322 to €178,080
of which Trade receivables: +€23,111
- Reserves +€37,746
up €37,746 (+120%), from €31,365 to €69,111
of which Distributable reserves: +€37,746
- Other debts -€35,350
down €35,350 (-88.4%), from €40,000 to €4,650
- Debts after one year -€24,708
down €24,708 (-4.5%), from €548,130 to €523,423
- Gross operating margin +€10,196
up €10,196 (+9.4%), from €108,679 to €118,875
- Taxes +€2,680
up €2,680 (+20.8%), from €12,863 to €15,543
- Financial charges -€1,527
down €1,527 (-5.3%), from €28,564 to €27,037
- Other operating charges +€1,433
up €1,433 (+57.9%), from €2,476 to €3,909
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €871,169 | €850,749 | -€20,419 | -2.3% |
| Fixed assets | 21/28 | €699,918 | €663,500 | -€36,418 | -5.2% |
| Tangible fixed assets | 22/27 | €699,818 | €663,400 | -€36,418 | -5.2% |
| Land and buildings | 22 | €678,938 | €649,598 | -€29,340 | -4.3% |
| Plant, machinery and equipment | 23 | €4,047 | €2,519 | -€1,528 | -37.8% |
| Furniture and vehicles | 24 | €3,111 | €1,540 | -€1,571 | -50.5% |
| Leasing and similar rights | 25 | €13,722 | €9,743 | -€3,979 | -29.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €171,251 | €187,250 | +€15,999 | +9.3% |
| Amounts receivable within one year | 40/41 | €154,322 | €178,080 | +€23,758 | +15.4% |
| Trade receivables | 40 | €110,477 | €133,589 | +€23,111 | +20.9% |
| Other amounts receivable | 41 | €43,844 | €44,491 | +€647 | +1.5% |
| Cash at bank and in hand | 54/58 | €13,352 | €5,408 | -€7,943 | -59.5% |
| Deferred charges and accrued income | 490/1 | €3,577 | €3,761 | +€184 | +5.1% |
| Total equity and liabilities | 10/49 | €871,169 | €850,749 | -€20,419 | -2.3% |
| Equity | 10/15 | €225,555 | €263,301 | +€37,746 | +16.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €31,365 | €69,111 | +€37,746 | +120% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €31,365 | €69,111 | +€37,746 | +120% |
| Profit (loss) carried forward | 14 | €192,190 | €192,190 | = | 0.0% |
| Amounts payable | 17/49 | €645,614 | €587,449 | -€58,165 | -9.0% |
| Amounts payable after more than one year | 17 | €548,130 | €523,423 | -€24,708 | -4.5% |
| Financial debts | 170/4 | €548,130 | €523,423 | -€24,708 | -4.5% |
| Amounts payable within one year | 42/48 | €97,484 | €64,026 | -€33,458 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €26,620 | €30,572 | +€3,952 | +14.8% |
| Financial debts | 43 | €3,958 | €0 | -€3,958 | -100% |
| Credit institutions | 430/8 | €3,958 | €0 | -€3,958 | -100% |
| Trade debts | 44 | €8,518 | €3,927 | -€4,591 | -53.9% |
| Suppliers | 440/4 | €8,518 | €3,927 | -€4,591 | -53.9% |
| Taxes, remuneration and social security | 45 | €18,388 | €24,877 | +€6,489 | +35.3% |
| Taxes | 450/3 | €16,205 | €20,578 | +€4,373 | +27.0% |
| Remuneration and social security | 454/9 | €2,184 | €4,299 | +€2,116 | +96.9% |
| Other amounts payable | 47/48 | €40,000 | €4,650 | -€35,350 | -88.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,804 | €36,418 | +€614 | +1.7% |
| Other operating charges | 640/8 | €2,476 | €3,909 | +€1,433 | +57.9% |
| Gross operating margin | 9900 | €108,679 | €118,875 | +€10,196 | +9.4% |
| Operating profit (loss) | 9901 | €70,399 | €78,547 | +€8,149 | +11.6% |
| Financial income | 75/76B | €1,740 | €1,778 | +€38 | +2.2% |
| Recurring financial income | 75 | €1,740 | €1,778 | +€38 | +2.2% |
| Financial charges | 65/66B | €28,564 | €27,037 | -€1,527 | -5.3% |
| Recurring financial charges | 65 | €28,564 | €27,037 | -€1,527 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €43,575 | €53,289 | +€9,714 | +22.3% |
| Income taxes | 67/77 | €12,863 | €15,543 | +€2,680 | +20.8% |
| Profit (loss) for the period | 9904 | €30,712 | €37,746 | +€7,034 | +22.9% |
| Transfer from tax-exempt reserves | 789 | €652 | €0 | -€652 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €31,365 | €37,746 | +€6,381 | +20.3% |
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 15 October 2026 via checked.be.