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 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€472,997
2024 · €427,279+€45,718
Equity
€17.1m
2024 · €18.1m-€930,332
Cash
€850,469
2024 · €598,131+€252,338
Balance sheet total
€37.2m
2024 · €38.8m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€1.7m
down €1.7m (-4.6%), from €36.9m to €35.2m
of which Land and buildings: -€1.0m
Equity and liabilities
- Investment grants -€1.4m
down €1.4m (-10.8%), from €13.1m to €11.6m
- Reserves +€472,997
up €472,997 (+46.5%), from €1.0m to €1.5m
- Debts after one year -€444,242
down €444,242 (-3.7%), from €11.9m to €11.4m
Income statement
- Depreciation +€111,359
up €111,359 (+6.8%), from €1.6m to €1.8m
- Gross operating margin +€107,865
up €107,865 (+9.1%), from €1.2m to €1.3m
- Financial income +€81,924
up €81,924 (+6.1%), from €1.3m to €1.4m
- Other operating charges +€23,543
up €23,543 (+27,665%), from €85 to €23,628
- Staff costs -€20,370
down €20,370 (-6.5%), from €314,003 to €293,633
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
€427,279
Gross operating margin
+€107,865
Staff costs
+€20,370
Depreciation
-€111,359
Other operating charges
-€23,543
Other operating items
+€1,638
Financial income
+€81,924
Financial charges
-€15,745
Taxes
-€15,432
Result 2025
€472,997
raises the resultlowers the resultnot broken down further in the accounts
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
+€2.2m
Investment
-€65,101
Financing
-€1.8m
Cash 2024
€598,131
From operations (derived)
+€2.2m
Net result for the year
+€472,997
Depreciation
+€1.8m
Receivables within one year
+€145,051
Deferred charges and accrued income
+€6,535
Trade debts
+€34,420
Tax, wage and social debts
-€46,703
Advances received
-€2,748
Accrued charges and deferred income
-€203,897
Investment (derived)
-€65,101
Investment in fixed assets (net)
-€65,101
Financing
-€1.8m
Debts after one year
-€444,242
Contributions, distributions and other
-€1.4m
Cash 2025
€850,469
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,792,433 | €37,198,931 | -€1.6m | -4.1% |
| Fixed assets | 21/28 | €36,917,146 | €35,222,892 | -€1.7m | -4.6% |
| Intangible fixed assets | 21 | €15,712 | €10,425 | -€5,287 | -33.6% |
| Tangible fixed assets | 22/27 | €36,901,434 | €35,212,467 | -€1.7m | -4.6% |
| Land and buildings | 22 | €28,776,448 | €27,747,207 | -€1.0m | -3.6% |
| Plant, machinery and equipment | 23 | €551,049 | €336,116 | -€214,934 | -39.0% |
| Furniture and vehicles | 24 | €940,026 | €709,568 | -€230,458 | -24.5% |
| Other tangible fixed assets | 26 | €6,633,910 | €6,419,576 | -€214,334 | -3.2% |
| Current assets | 29/58 | €1,875,287 | €1,976,039 | +€100,752 | +5.4% |
| Amounts receivable within one year | 40/41 | €561,599 | €416,548 | -€145,051 | -25.8% |
| Trade receivables | 40 | €404,272 | €371,333 | -€32,939 | -8.1% |
| Other amounts receivable | 41 | €157,327 | €45,214 | -€112,112 | -71.3% |
| Current investments | 50/53 | €700,000 | €700,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €598,131 | €850,469 | +€252,338 | +42.2% |
| Deferred charges and accrued income | 490/1 | €15,557 | €9,022 | -€6,535 | -42.0% |
| Total equity and liabilities | 10/49 | €38,792,433 | €37,198,931 | -€1.6m | -4.1% |
| Equity | 10/15 | €18,068,961 | €17,138,629 | -€930,332 | -5.1% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €1,016,479 | €1,489,475 | +€472,997 | +46.5% |
| Distributable reserves | 133 | €1,016,479 | €1,489,475 | +€472,997 | +46.5% |
| Investment grants | 15 | €13,052,482 | €11,649,153 | -€1.4m | -10.8% |
| Amounts payable | 17/49 | €20,723,472 | €20,060,302 | -€663,170 | -3.2% |
| Amounts payable after more than one year | 17 | €11,876,465 | €11,432,222 | -€444,242 | -3.7% |
| Financial debts | 170/4 | €11,876,465 | €11,432,222 | -€444,242 | -3.7% |
| Amounts payable within one year | 42/48 | €638,125 | €623,094 | -€15,031 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €444,242 | €444,242 | = | 0.0% |
| Trade debts | 44 | €97,167 | €131,587 | +€34,420 | +35.4% |
| Suppliers | 440/4 | €97,167 | €131,587 | +€34,420 | +35.4% |
| Advances received on contracts in progress | 46 | €2,748 | €0 | -€2,748 | -100% |
| Taxes, remuneration and social security | 45 | €93,968 | €47,265 | -€46,703 | -49.7% |
| Taxes | 450/3 | €54,207 | €19,629 | -€34,578 | -63.8% |
| Remuneration and social security | 454/9 | €39,761 | €27,636 | -€12,125 | -30.5% |
| Accrued charges and deferred income | 492/3 | €8,208,882 | €8,004,986 | -€203,897 | -2.5% |
| Remuneration, social security and pensions | 62 | €314,003 | €293,633 | -€20,370 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,647,996 | €1,759,355 | +€111,359 | +6.8% |
| Other operating charges | 640/8 | €85 | €23,628 | +€23,543 | +27,665% |
| Non-recurring operating charges | 66A | €1,638 | €0 | -€1,638 | -100% |
| Gross operating margin | 9900 | €1,189,454 | €1,297,320 | +€107,865 | +9.1% |
| Operating profit (loss) | 9901 | -€774,267 | -€779,297 | -€5,029 | -0.6% |
| Financial income | 75/76B | €1,333,606 | €1,415,530 | +€81,924 | +6.1% |
| Recurring financial income | 75 | €1,333,606 | €1,415,530 | +€81,924 | +6.1% |
| Financial charges | 65/66B | -€13,196 | €2,549 | +€15,745 | |
| Recurring financial charges | 65 | -€13,196 | €2,549 | +€15,745 | |
| Profit (loss) for the period before taxes | 9903 | €572,534 | €633,684 | +€61,150 | +10.7% |
| Income taxes | 67/77 | €145,256 | €160,688 | +€15,432 | +10.6% |
| Profit (loss) for the period | 9904 | €427,279 | €472,997 | +€45,718 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €427,279 | €472,997 | +€45,718 | +10.7% |
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 15 October 2026 via checked.be.