THE FIRST: 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
THE FIRST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€512,905
2024 · €561,043-€48,139
Equity
€29.1m
2024 · €29.9m-€837,095
Cash
€2.5m
2024 · €2.5m-€60,494
Balance sheet total
€56.9m
2024 · €58.5m-€1.5m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-2.6%), from €50.3m to €49.0m
of which Land and buildings: -€1.3m
Equity and liabilities
- Contributions -€1.4m
down €1.4m (-16.1%), from €8.4m to €7.0m
Income statement
- Taxes +€392,637
up €392,637 (+1,356%), from €28,950 to €421,587
of which Taxes: +€392,807
- Turnover +€263,688
up €263,688 (+7.2%), from €3.6m to €3.9m
- Services and other goods -€169,032
down €169,032 (-48.9%), from €345,841 to €176,810
- Other operating income -€84,473
down €84,473 (-54.0%), from €156,369 to €71,895
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
€561,043
Turnover
+€263,688
Other operating income
-€84,473
Services and other goods
+€169,032
Depreciation
-€4,310
Write-downs
+€21,483
Other operating charges
-€8,342
Financial income
-€18,385
Financial charges
+€5,806
Taxes
-€392,637
Result 2025
€512,905
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
+€1.4m
Investment
-€74,805
Financing
-€1.4m
Cash 2024
€2.5m
From operations (derived)
+€1.4m
Net result for the year
+€512,905
Depreciation
+€1.4m
Receivables after one year
+€518,081
Receivables within one year
-€166,976
Deferred charges and accrued income
-€162,671
Trade debts
-€258,055
Tax, wage and social debts
+€69,028
Accrued charges and deferred income
-€506,470
Investment (derived)
-€74,805
Investment in fixed assets (net)
-€74,805
Financing
-€1.4m
Contributions, distributions and other
-€1.4m
Cash 2025
€2.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,481,920 | €56,949,328 | -€1.5m | -2.6% |
| Fixed assets | 21/28 | €50,269,105 | €48,985,440 | -€1.3m | -2.6% |
| Intangible fixed assets | 21 | - | €8,190 | +€8,190 | |
| Tangible fixed assets | 22/27 | €50,268,905 | €48,977,050 | -€1.3m | -2.6% |
| Land and buildings | 22 | €50,268,905 | €48,964,871 | -€1.3m | -2.6% |
| Furniture and vehicles | 24 | - | €12,179 | +€12,179 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Other financial fixed assets | 284/8 | €200 | €200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €8,212,815 | €7,963,888 | -€248,927 | -3.0% |
| Amounts receivable after more than one year | 29 | €2,663,767 | €2,145,686 | -€518,081 | -19.4% |
| Trade receivables | 290 | €2,663,767 | €2,145,686 | -€518,081 | -19.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,570,510 | €1,737,486 | +€166,976 | +10.6% |
| Trade receivables | 40 | €1,097,345 | €899,336 | -€198,009 | -18.0% |
| Other amounts receivable | 41 | €473,166 | €838,150 | +€364,985 | +77.1% |
| Cash at bank and in hand | 54/58 | €2,523,329 | €2,462,835 | -€60,494 | -2.4% |
| Deferred charges and accrued income | 490/1 | €1,455,209 | €1,617,881 | +€162,671 | +11.2% |
| Total equity and liabilities | 10/49 | €58,481,920 | €56,949,328 | -€1.5m | -2.6% |
| Equity | 10/15 | €29,934,832 | €29,097,737 | -€837,095 | -2.8% |
| Contributions | 10/11 | €8,390,000 | €7,040,000 | -€1.4m | -16.1% |
| Capital | 10 | €8,390,000 | €7,040,000 | -€1.4m | -16.1% |
| Issued capital | 100 | €8,390,000 | €7,040,000 | -€1.4m | -16.1% |
| Revaluation surpluses | 12 | €22,905,058 | €22,905,058 | = | 0.0% |
| Reserves | 13 | €72,155 | €97,800 | +€25,645 | +35.5% |
| Non-distributable reserves | 130/1 | €72,155 | €97,800 | +€25,645 | +35.5% |
| Legal reserve | 130 | €72,155 | €97,800 | +€25,645 | +35.5% |
| Profit (loss) carried forward | 14 | -€1,432,380 | -€945,121 | +€487,259 | +34.0% |
| Amounts payable | 17/49 | €28,547,088 | €27,851,591 | -€695,497 | -2.4% |
| Amounts payable after more than one year | 17 | €24,300,000 | €24,300,000 | = | 0.0% |
| Financial debts | 170/4 | €24,300,000 | €24,300,000 | = | 0.0% |
| Credit institutions | 173 | €24,300,000 | €24,300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €460,023 | €270,995 | -€189,028 | -41.1% |
| Trade debts | 44 | €325,221 | €67,166 | -€258,055 | -79.3% |
| Suppliers | 440/4 | €325,221 | €67,166 | -€258,055 | -79.3% |
| Taxes, remuneration and social security | 45 | €120,402 | €189,430 | +€69,028 | +57.3% |
| Taxes | 450/3 | €120,402 | €189,430 | +€69,028 | +57.3% |
| Other amounts payable | 47/48 | €14,400 | €14,400 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,787,065 | €3,280,596 | -€506,470 | -13.4% |
| Operating income | 70/76A | €3,794,209 | €3,973,423 | +€179,215 | +4.7% |
| Turnover | 70 | €3,637,840 | €3,901,528 | +€263,688 | +7.2% |
| Other operating income | 74 | €156,369 | €71,895 | -€84,473 | -54.0% |
| Operating charges | 60/66A | €2,417,684 | €2,239,822 | -€177,862 | -7.4% |
| Services and other goods | 61 | €345,841 | €176,810 | -€169,032 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,354,159 | €1,358,470 | +€4,310 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,742 | -€10,742 | -€21,483 | |
| Other operating charges | 640/8 | €706,942 | €715,284 | +€8,342 | +1.2% |
| Operating profit (loss) | 9901 | €1,376,525 | €1,733,602 | +€357,077 | +25.9% |
| Financial income | 75/76B | €40,034 | €21,649 | -€18,385 | -45.9% |
| Recurring financial income | 75 | €40,034 | €21,649 | -€18,385 | -45.9% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €40,034 | €21,649 | -€18,385 | -45.9% |
| Financial charges | 65/66B | €826,565 | €820,759 | -€5,806 | -0.7% |
| Recurring financial charges | 65 | €826,565 | €820,759 | -€5,806 | -0.7% |
| Debt charges | 650 | €820,206 | €820,206 | = | 0.0% |
| Other financial charges | 652/9 | €6,359 | €553 | -€5,806 | -91.3% |
| Profit (loss) for the period before taxes | 9903 | €589,993 | €934,491 | +€344,498 | +58.4% |
| Income taxes | 67/77 | €28,950 | €421,587 | +€392,637 | +1,356% |
| Taxes | 670/3 | €29,107 | €421,915 | +€392,807 | +1,350% |
| Tax adjustments and reversals of tax provisions | 77 | €157 | €328 | +€171 | +109% |
| Profit (loss) for the period | 9904 | €561,043 | €512,905 | -€48,139 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €561,043 | €512,905 | -€48,139 | -8.6% |
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 16 October 2026 via checked.be.