TOWER BEL: 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
TOWER BEL
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
-€1.5m
2024 · -€1.4m-€45,839
Equity
-€2.3m
2024 · -€838,016-€1.5m
Cash
€634,147
2024 · €554,597+€79,550
Balance sheet total
€45.4m
2024 · €48.1m-€2.8m
Largest movements
Assets
- Tangible fixed assets -€2.6m
down €2.6m (-5.9%), from €43.8m to €41.2m
of which Land and buildings: -€2.7m
Equity and liabilities
- Debts after one year -€1.9m
down €1.9m (-4.2%), from €45.0m to €43.1m
of which Financial debts: -€1.9m
- Profit (loss) carried forward -€1.5m
down €1.5m (-47.3%), from -€3.1m to -€4.5m
- Tax, wage and social debts +€516,245
up €516,245 (+4,453%), from €11,593 to €527,838
Income statement
- Financial charges -€102,795
down €102,795 (-4.8%), from €2.1m to €2.0m
- Write-downs +€88,967
no longer reported in 2025 (was -€88,967)
- Other operating charges +€64,550
up €64,550 (+3.9%), from €1.7m to €1.7m
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
-€1.4m
Gross operating margin
+€47,946
Depreciation
-€41,887
Write-downs
-€88,967
Other operating charges
-€64,550
Financial income
-€1,174
Financial charges
+€102,795
Result 2025
-€1.5m
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
+€2.4m
Investment
-€406,455
Financing
-€1.9m
Cash 2024
€554,597
From operations (derived)
+€2.4m
Net result for the year
-€1.5m
Depreciation
+€3.0m
Receivables within one year
-€133,652
Deferred charges and accrued income
+€443,803
Trade debts
-€2,017
Tax, wage and social debts
+€516,245
Other debts
+€168,229
Accrued charges and deferred income
-€137,860
Investment (derived)
-€406,455
Investment in fixed assets (net)
-€406,455
Financing
-€1.9m
Debts after one year
-€1.9m
Cash 2025
€634,147
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,148,677 | €45,351,805 | -€2.8m | -5.8% |
| Fixed assets | 21/28 | €43,794,178 | €41,227,906 | -€2.6m | -5.9% |
| Tangible fixed assets | 22/27 | €43,794,178 | €41,227,906 | -€2.6m | -5.9% |
| Land and buildings | 22 | €43,696,435 | €40,954,591 | -€2.7m | -6.3% |
| Assets under construction and advance payments | 27 | €97,743 | €273,316 | +€175,573 | +180% |
| Current assets | 29/58 | €4,354,500 | €4,123,898 | -€230,601 | -5.3% |
| Amounts receivable within one year | 40/41 | €1,274,227 | €1,407,879 | +€133,652 | +10.5% |
| Trade receivables | 40 | €1,274,227 | €1,394,541 | +€120,314 | +9.4% |
| Other amounts receivable | 41 | - | €13,337 | +€13,337 | |
| Cash at bank and in hand | 54/58 | €554,597 | €634,147 | +€79,550 | +14.3% |
| Deferred charges and accrued income | 490/1 | €2,525,676 | €2,081,873 | -€443,803 | -17.6% |
| Total equity and liabilities | 10/49 | €48,148,677 | €45,351,805 | -€2.8m | -5.8% |
| Equity | 10/15 | -€838,016 | -€2,299,485 | -€1.5m | -174% |
| Contributions | 10/11 | €2,250,000 | €2,250,000 | = | 0.0% |
| Capital | 10 | €2,250,000 | €2,250,000 | = | 0.0% |
| Issued capital | 100 | €6,000,000 | €6,000,000 | = | 0.0% |
| Uncalled capital | 101 | €3,750,000 | €3,750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,088,016 | -€4,549,485 | -€1.5m | -47.3% |
| Amounts payable | 17/49 | €48,986,693 | €47,651,290 | -€1.3m | -2.7% |
| Amounts payable after more than one year | 17 | €44,967,496 | €43,087,496 | -€1.9m | -4.2% |
| Financial debts | 170/4 | €44,360,000 | €42,480,000 | -€1.9m | -4.2% |
| Other amounts payable | 178/9 | €607,496 | €607,496 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,810,751 | €3,493,209 | +€682,457 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €1,880,000 | €1,880,000 | = | 0.0% |
| Trade debts | 44 | €336,528 | €334,511 | -€2,017 | -0.6% |
| Suppliers | 440/4 | €336,528 | €334,511 | -€2,017 | -0.6% |
| Taxes, remuneration and social security | 45 | €11,593 | €527,838 | +€516,245 | +4,453% |
| Taxes | 450/3 | €11,593 | €527,838 | +€516,245 | +4,453% |
| Other amounts payable | 47/48 | €582,631 | €750,860 | +€168,229 | +28.9% |
| Accrued charges and deferred income | 492/3 | €1,208,446 | €1,070,586 | -€137,860 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,930,839 | €2,972,726 | +€41,887 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€88,967 | - | +€88,967 | |
| Other operating charges | 640/8 | €1,661,062 | €1,725,612 | +€64,550 | +3.9% |
| Gross operating margin | 9900 | €5,217,901 | €5,265,847 | +€47,946 | +0.9% |
| Operating profit (loss) | 9901 | €714,968 | €567,509 | -€147,459 | -20.6% |
| Financial income | 75/76B | €1,175 | €1 | -€1,174 | -100.0% |
| Recurring financial income | 75 | €1,175 | €1 | -€1,174 | -100.0% |
| Financial charges | 65/66B | €2,131,773 | €2,028,978 | -€102,795 | -4.8% |
| Recurring financial charges | 65 | €2,131,773 | €2,028,978 | -€102,795 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,415,631 | -€1,461,469 | -€45,839 | -3.2% |
| Profit (loss) for the period | 9904 | -€1,415,631 | -€1,461,469 | -€45,839 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,415,631 | -€1,461,469 | -€45,839 | -3.2% |
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.