TO-RENT: what changed
What changed
TO-RENT
NACE 77.120, Rental and leasing activities
filed annual accounts (NBB)
Net result for the year
-€14,080
2024 · €24,050-€38,130
Equity
€890,265
2024 · €904,345-€14,080
Cash
€11,275
2024 · €6,914+€4,361
Balance sheet total
€1.4m
2024 · €1.6m-€157,848
Largest movements
Assets
- Tangible fixed assets -€81,418
down €81,418 (-6.5%), from €1.2m to €1.2m
of which Furniture and vehicles: -€46,553
- Receivables within one year -€71,011
down €71,011 (-23.9%), from €296,870 to €225,859
of which Trade receivables: -€92,665
Equity and liabilities
- Debts after one year -€125,404
down €125,404 (-28.4%), from €441,071 to €315,667
of which Financial debts: -€104,404
- Tax, wage and social debts -€20,893
down €20,893 (-46.6%), from €44,824 to €23,931
of which Taxes: -€19,166
Income statement
- Gross operating margin -€81,496
down €81,496 (-23.7%), from €343,283 to €261,787
- Depreciation -€26,514
down €26,514 (-10.1%), from €261,713 to €235,199
- Taxes -€8,524
down €8,524 (-66.6%), from €12,799 to €4,275
- Staff costs -€6,391
down €6,391 (-75.2%), from €8,503 to €2,113
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€24,050
Gross operating margin
-€81,496
Staff costs
+€6,391
Depreciation
+€26,514
Other operating charges
+€1,669
Other operating items
+€589
Financial charges
-€321
Taxes
+€8,524
Result 2025
-€14,080
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€280,976
Investment
-€153,781
Financing
-€122,834
Cash 2024
€6,914
From operations (derived)
+€280,976
Net result for the year
-€14,080
Depreciation
+€235,199
Stocks and contracts
+€5,789
Receivables within one year
+€71,011
Deferred charges and accrued income
+€3,991
Smaller working-capital items
-€41
Tax, wage and social debts
-€20,893
Investment (derived)
-€153,781
Investment in fixed assets (net)
-€153,781
Financing
-€122,834
Debts after one year
-€125,404
Current portion of long-term debt
+€2,570
Cash 2025
€11,275
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,577,637 | €1,419,788 | -€157,848 | -10.0% |
| Fixed assets | 21/28 | €1,257,060 | €1,175,642 | -€81,418 | -6.5% |
| Tangible fixed assets | 22/27 | €1,248,060 | €1,166,642 | -€81,418 | -6.5% |
| Land and buildings | 22 | €937,715 | €918,099 | -€19,616 | -2.1% |
| Plant, machinery and equipment | 23 | €2,565 | €1,736 | -€829 | -32.3% |
| Furniture and vehicles | 24 | €261,367 | €214,815 | -€46,553 | -17.8% |
| Leasing and similar rights | 25 | €46,413 | €31,993 | -€14,420 | -31.1% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €320,576 | €244,147 | -€76,430 | -23.8% |
| Stocks and contracts in progress | 3 | €10,532 | €4,743 | -€5,789 | -55.0% |
| Stocks | 30/36 | €10,532 | €4,743 | -€5,789 | -55.0% |
| Amounts receivable within one year | 40/41 | €296,870 | €225,859 | -€71,011 | -23.9% |
| Trade receivables | 40 | €255,336 | €162,671 | -€92,665 | -36.3% |
| Other amounts receivable | 41 | €41,534 | €63,188 | +€21,654 | +52.1% |
| Cash at bank and in hand | 54/58 | €6,914 | €11,275 | +€4,361 | +63.1% |
| Deferred charges and accrued income | 490/1 | €6,261 | €2,270 | -€3,991 | -63.7% |
| Total equity and liabilities | 10/49 | €1,577,637 | €1,419,788 | -€157,848 | -10.0% |
| Equity | 10/15 | €904,345 | €890,265 | -€14,080 | -1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €874,760 | €874,760 | = | 0.0% |
| Distributable reserves | 133 | €874,760 | €874,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,985 | -€3,095 | -€14,080 | |
| Amounts payable | 17/49 | €673,292 | €529,524 | -€143,768 | -21.4% |
| Amounts payable after more than one year | 17 | €441,071 | €315,667 | -€125,404 | -28.4% |
| Financial debts | 170/4 | €283,071 | €178,667 | -€104,404 | -36.9% |
| Other amounts payable | 178/9 | €158,000 | €137,000 | -€21,000 | -13.3% |
| Amounts payable within one year | 42/48 | €231,783 | €213,557 | -€18,226 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €101,834 | €104,404 | +€2,570 | +2.5% |
| Financial debts | 43 | €9,000 | €9,000 | = | 0.0% |
| Credit institutions | 430/8 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €65,531 | €65,747 | +€216 | +0.3% |
| Suppliers | 440/4 | €65,531 | €65,747 | +€216 | +0.3% |
| Taxes, remuneration and social security | 45 | €44,824 | €23,931 | -€20,893 | -46.6% |
| Taxes | 450/3 | €43,015 | €23,849 | -€19,166 | -44.6% |
| Remuneration and social security | 454/9 | €1,809 | €81 | -€1,727 | -95.5% |
| Other amounts payable | 47/48 | €10,594 | €10,475 | -€119 | -1.1% |
| Accrued charges and deferred income | 492/3 | €437 | €300 | -€138 | -31.5% |
| Non-recurring operating income | 76A | - | €30,500 | +€30,500 | |
| Remuneration, social security and pensions | 62 | €8,503 | €2,113 | -€6,391 | -75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261,713 | €235,199 | -€26,514 | -10.1% |
| Other operating charges | 640/8 | €25,065 | €23,396 | -€1,669 | -6.7% |
| Non-recurring operating charges | 66A | €589 | - | -€589 | |
| Gross operating margin | 9900 | €343,283 | €261,787 | -€81,496 | -23.7% |
| Operating profit (loss) | 9901 | €47,413 | €1,079 | -€46,334 | -97.7% |
| Financial charges | 65/66B | €10,563 | €10,884 | +€321 | +3.0% |
| Recurring financial charges | 65 | €10,563 | €10,884 | +€321 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €36,849 | -€9,805 | -€46,654 | |
| Income taxes | 67/77 | €12,799 | €4,275 | -€8,524 | -66.6% |
| Profit (loss) for the period | 9904 | €24,050 | -€14,080 | -€38,130 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,050 | -€14,080 | -€38,130 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.