TEMA: 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
TEMA
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€113,007
2024 · €54,698+€58,309
Equity
€2.5m
2024 · €2.4m+€113,007
Cash
€110,359
2024 · €121,672-€11,313
Balance sheet total
€5.2m
2024 · €4.9m+€243,982
Largest movements
Assets
- Receivables within one year +€211,035
up €211,035 (+15.2%), from €1.4m to €1.6m
of which Other amounts receivable: +€229,442
- Stocks and contracts +€121,635
up €121,635 (+17.4%), from €700,473 to €822,107
Equity and liabilities
- Short-term financial debts +€310,000
new in 2025: €310,000
- Reserves +€113,007
up €113,007 (+5.1%), from €2.2m to €2.3m
of which Distributable reserves: +€113,007
- Debts after one year -€92,231
down €92,231 (-42.5%), from €217,193 to €124,961
- Accrued charges and deferred income -€88,093
down €88,093 (-93.8%), from €93,882 to €5,788
- Advances received -€81,000
down €81,000 (-100%), from €81,000 to €0
Income statement
- Gross operating margin +€98,825
up €98,825 (+35.9%), from €275,112 to €373,938
- Taxes +€28,264
up €28,264 (+99.6%), from €28,390 to €56,654
- Depreciation +€9,209
up €9,209 (+10.5%), from €87,831 to €97,040
- Other operating charges +€7,501
up €7,501 (+28.0%), from €26,794 to €34,295
- Financial charges -€4,546
down €4,546 (-5.9%), from €77,610 to €73,064
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
€54,698
Gross operating margin
+€98,825
Staff costs
-€210
Depreciation
-€9,209
Other operating charges
-€7,501
Financial income
+€122
Financial charges
+€4,546
Taxes
-€28,264
Result 2025
€113,007
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
-€188,629
Investment
-€45,569
Financing
+€222,886
Cash 2024
€121,672
From operations (derived)
-€188,629
Net result for the year
+€113,007
Depreciation
+€97,040
Receivables after one year
+€25,000
Stocks and contracts
-€121,635
Receivables within one year
-€211,035
Deferred charges and accrued income
+€904
Trade debts
+€3,475
Tax, wage and social debts
+€64,948
Advances received
-€81,000
Other debts
+€8,760
Accrued charges and deferred income
-€88,093
Investment (derived)
-€45,569
Investment in fixed assets (net)
-€45,569
Financing
+€222,886
Debts after one year
-€92,231
Current portion of long-term debt
+€5,117
Short-term financial debts
+€310,000
Cash 2025
€110,359
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,936,632 | €5,180,615 | +€243,982 | +4.9% |
| Fixed assets | 21/28 | €2,697,146 | €2,645,676 | -€51,471 | -1.9% |
| Tangible fixed assets | 22/27 | €2,634,646 | €2,583,176 | -€51,471 | -2.0% |
| Land and buildings | 22 | €2,590,125 | €2,515,303 | -€74,822 | -2.9% |
| Furniture and vehicles | 24 | €36,872 | €45,349 | +€8,476 | +23.0% |
| Other tangible fixed assets | 26 | €7,649 | €22,524 | +€14,875 | +194% |
| Financial fixed assets | 28 | €62,500 | €62,500 | = | 0.0% |
| Current assets | 29/58 | €2,239,486 | €2,534,939 | +€295,453 | +13.2% |
| Amounts receivable after more than one year | 29 | €25,000 | €0 | -€25,000 | -100% |
| Other amounts receivable | 291 | €25,000 | €0 | -€25,000 | -100% |
| Stocks and contracts in progress | 3 | €700,473 | €822,107 | +€121,635 | +17.4% |
| Stocks | 30/36 | €700,473 | €822,107 | +€121,635 | +17.4% |
| Amounts receivable within one year | 40/41 | €1,388,278 | €1,599,313 | +€211,035 | +15.2% |
| Trade receivables | 40 | €80,731 | €62,325 | -€18,406 | -22.8% |
| Other amounts receivable | 41 | €1,307,547 | €1,536,988 | +€229,442 | +17.5% |
| Cash at bank and in hand | 54/58 | €121,672 | €110,359 | -€11,313 | -9.3% |
| Deferred charges and accrued income | 490/1 | €4,063 | €3,159 | -€904 | -22.2% |
| Total equity and liabilities | 10/49 | €4,936,632 | €5,180,615 | +€243,982 | +4.9% |
| Equity | 10/15 | €2,357,295 | €2,470,302 | +€113,007 | +4.8% |
| Contributions | 10/11 | €148,828 | €148,828 | = | 0.0% |
| Capital | 10 | €142,000 | €142,000 | = | 0.0% |
| Issued capital | 100 | €142,000 | €142,000 | = | 0.0% |
| Contributions outside capital | 11 | €6,828 | €6,828 | = | 0.0% |
| Share premium | 1100/10 | €6,828 | €6,828 | = | 0.0% |
| Reserves | 13 | €2,208,468 | €2,321,475 | +€113,007 | +5.1% |
| Non-distributable reserves | 130/1 | €14,200 | €14,200 | = | 0.0% |
| Legal reserve | 130 | €14,200 | €14,200 | = | 0.0% |
| Distributable reserves | 133 | €2,194,268 | €2,307,275 | +€113,007 | +5.2% |
| Amounts payable | 17/49 | €2,579,337 | €2,710,313 | +€130,976 | +5.1% |
| Amounts payable after more than one year | 17 | €217,193 | €124,961 | -€92,231 | -42.5% |
| Financial debts | 170/4 | €217,193 | €124,961 | -€92,231 | -42.5% |
| Amounts payable within one year | 42/48 | €2,268,263 | €2,579,563 | +€311,300 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €87,114 | €92,231 | +€5,117 | +5.9% |
| Financial debts | 43 | - | €310,000 | +€310,000 | |
| Credit institutions | 430/8 | - | €310,000 | +€310,000 | |
| Trade debts | 44 | €4,478 | €7,953 | +€3,475 | +77.6% |
| Suppliers | 440/4 | €4,478 | €7,953 | +€3,475 | +77.6% |
| Advances received on contracts in progress | 46 | €81,000 | €0 | -€81,000 | -100% |
| Taxes, remuneration and social security | 45 | €31,459 | €96,408 | +€64,948 | +206% |
| Taxes | 450/3 | €31,459 | €96,408 | +€64,948 | +206% |
| Other amounts payable | 47/48 | €2,064,211 | €2,072,971 | +€8,760 | +0.4% |
| Accrued charges and deferred income | 492/3 | €93,882 | €5,788 | -€88,093 | -93.8% |
| Non-recurring operating income | 76A | €53,780 | €0 | -€53,780 | -100% |
| Remuneration, social security and pensions | 62 | -€210 | €0 | +€210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,831 | €97,040 | +€9,209 | +10.5% |
| Other operating charges | 640/8 | €26,794 | €34,295 | +€7,501 | +28.0% |
| Gross operating margin | 9900 | €275,112 | €373,938 | +€98,825 | +35.9% |
| Operating profit (loss) | 9901 | €160,698 | €242,603 | +€81,905 | +51.0% |
| Financial income | 75/76B | - | €122 | +€122 | |
| Recurring financial income | 75 | - | €122 | +€122 | |
| Financial charges | 65/66B | €77,610 | €73,064 | -€4,546 | -5.9% |
| Recurring financial charges | 65 | €77,610 | €73,064 | -€4,546 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €83,088 | €169,661 | +€86,573 | +104% |
| Income taxes | 67/77 | €28,390 | €56,654 | +€28,264 | +99.6% |
| Profit (loss) for the period | 9904 | €54,698 | €113,007 | +€58,309 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €54,698 | €113,007 | +€58,309 | +107% |
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 25 October 2026 via checked.be.