T-Vastgoed: 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-Vastgoed
Largest movements
- Stocks and contracts +€239,418
up €239,418 (+35.5%), from €675,041 to €914,460
- Cash -€83,545
down €83,545 (-91.6%), from €91,227 to €7,682
mainly Stocks and contracts (-€239,418) and Investment in fixed assets (net) (-€107,890)
- Tangible fixed assets +€55,754
up €55,754 (+3.2%), from €1.7m to €1.8m
of which Assets under construction and advance payments: +€106,188
- Debts after one year +€279,233
up €279,233 (+18.3%), from €1.5m to €1.8m
- Profit (loss) carried forward -€65,908
down €65,908 (-73.7%), from -€89,369 to -€155,277
- Financial charges +€21,664
up €21,664 (+63.0%), from €34,376 to €56,040
- Gross operating margin +€18,328
up €18,328 (+37.2%), from €49,257 to €67,585
- Depreciation -€10,511
down €10,511 (-16.8%), from €62,647 to €52,136
- Staff costs +€9,565
up €9,565 (+76.3%), from €12,537 to €22,102
- Other operating charges +€1,196
up €1,196 (+58.9%), from €2,029 to €3,225
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 | €2,510,152 | €2,720,690 | +€210,538 | +8.4% |
| Fixed assets | 21/28 | €1,730,294 | €1,786,049 | +€55,754 | +3.2% |
| Tangible fixed assets | 22/27 | €1,730,294 | €1,786,049 | +€55,754 | +3.2% |
| Land and buildings | 22 | €1,533,147 | €1,500,636 | -€32,511 | -2.1% |
| Furniture and vehicles | 24 | €125,378 | €107,455 | -€17,924 | -14.3% |
| Assets under construction and advance payments | 27 | €71,769 | €177,957 | +€106,188 | +148% |
| Current assets | 29/58 | €779,857 | €934,642 | +€154,784 | +19.8% |
| Stocks and contracts in progress | 3 | €675,041 | €914,460 | +€239,418 | +35.5% |
| Stocks | 30/36 | €675,041 | €914,460 | +€239,418 | +35.5% |
| Amounts receivable within one year | 40/41 | €13,589 | €6,733 | -€6,856 | -50.5% |
| Trade receivables | 40 | €5,574 | €6,733 | +€1,159 | +20.8% |
| Other amounts receivable | 41 | €8,015 | - | -€8,015 | |
| Cash at bank and in hand | 54/58 | €91,227 | €7,682 | -€83,545 | -91.6% |
| Deferred charges and accrued income | 490/1 | - | €5,767 | +€5,767 | |
| Total equity and liabilities | 10/49 | €2,510,152 | €2,720,690 | +€210,538 | +8.4% |
| Equity | 10/15 | -€79,369 | -€145,277 | -€65,908 | -83.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,369 | -€155,277 | -€65,908 | -73.7% |
| Amounts payable | 17/49 | €2,589,521 | €2,865,967 | +€276,446 | +10.7% |
| Amounts payable after more than one year | 17 | €1,529,699 | €1,808,932 | +€279,233 | +18.3% |
| Financial debts | 170/4 | €1,529,699 | €1,808,932 | +€279,233 | +18.3% |
| Amounts payable within one year | 42/48 | €1,050,706 | €1,047,909 | -€2,796 | -0.3% |
| Financial debts | 43 | €991,950 | €992,441 | +€491 | 0.0% |
| Credit institutions | 430/8 | €991,950 | €992,441 | +€491 | 0.0% |
| Trade debts | 44 | €42,517 | €34,355 | -€8,162 | -19.2% |
| Suppliers | 440/4 | €42,517 | €34,355 | -€8,162 | -19.2% |
| Taxes, remuneration and social security | 45 | €11,261 | €16,161 | +€4,900 | +43.5% |
| Taxes | 450/3 | €7,967 | €12,113 | +€4,146 | +52.0% |
| Remuneration and social security | 454/9 | €3,294 | €4,048 | +€754 | +22.9% |
| Other amounts payable | 47/48 | €4,977 | €4,952 | -€25 | -0.5% |
| Accrued charges and deferred income | 492/3 | €9,116 | €9,126 | +€10 | +0.1% |
| Remuneration, social security and pensions | 62 | €12,537 | €22,102 | +€9,565 | +76.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,647 | €52,136 | -€10,511 | -16.8% |
| Other operating charges | 640/8 | €2,029 | €3,225 | +€1,196 | +58.9% |
| Gross operating margin | 9900 | €49,257 | €67,585 | +€18,328 | +37.2% |
| Operating profit (loss) | 9901 | -€27,956 | -€9,878 | +€18,077 | +64.7% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €34,376 | €56,040 | +€21,664 | +63.0% |
| Recurring financial charges | 65 | €34,376 | €56,040 | +€21,664 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | -€62,332 | -€65,908 | -€3,576 | -5.7% |
| Profit (loss) for the period | 9904 | -€62,332 | -€65,908 | -€3,576 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,332 | -€65,908 | -€3,576 | -5.7% |
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 26 October 2026 via checked.be.