TRADING PLACES: 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
TRADING PLACES
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€704,343
2024 · €33,699-€738,043
Equity
€3.8m
2024 · €4.5m-€704,343
Cash
€86,177
2024 · €550,219-€464,042
Balance sheet total
€22.4m
2024 · €21.5m+€879,130
Largest movements
Assets
- Tangible fixed assets +€2.6m
up €2.6m (+38.6%), from €6.6m to €9.2m
of which Land and buildings: +€2.6m
- Receivables within one year -€2.0m
down €2.0m (-89.6%), from €2.2m to €228,686
of which Other amounts receivable: -€1.8m
- Stocks and contracts +€906,338
up €906,338 (+11.2%), from €8.1m to €9.0m
- Cash -€464,042
down €464,042 (-84.3%), from €550,219 to €86,177
mainly Investment in fixed assets (net) (-€2.9m) and Stocks and contracts (-€906,338)
Equity and liabilities
- Short-term financial debts +€2.1m
up €2.1m (+25.0%), from €8.4m to €10.5m
- Trade debts -€803,521
down €803,521 (-38.9%), from €2.1m to €1.3m
- Other debts +€651,094
up €651,094 (+74.2%), from €877,841 to €1.5m
- Profit (loss) carried forward -€630,067
down €630,067, from €37,380 to -€592,687
- Debts after one year -€331,399
down €331,399 (-9.8%), from €3.4m to €3.1m
Income statement
- Gross operating margin -€586,597
down €586,597 (-64.5%), from €909,222 to €322,625
- Financial charges +€312,723
up €312,723 (+94.0%), from €332,843 to €645,566
- Financial income +€111,682
up €111,682 (+112%), from €99,751 to €211,432
- Other operating charges +€111,671
up €111,671 (+74.6%), from €149,710 to €261,381
- Taxes -€82,698
down €82,698, from €40,519 to -€42,178
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
€33,699
Gross operating margin
-€586,597
Staff costs
-€13,299
Depreciation
-€14,575
Other operating charges
-€111,671
Other operating items
+€104,055
Financial income
+€111,682
Financial charges
-€312,723
Taxes
+€82,698
Deferred taxes and other
+€2,388
Result 2025
-€704,343
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
+€483,056
Investment
-€2.7m
Financing
+€1.8m
Cash 2024
€550,219
From operations (derived)
+€483,056
Net result for the year
-€704,343
Depreciation
+€308,406
Stocks and contracts
-€906,338
Receivables within one year
+€2.0m
Deferred charges and accrued income
+€4,073
Provisions
-€32,472
Trade debts
-€803,521
Tax, wage and social debts
-€19,768
Other debts
+€651,094
Accrued charges and deferred income
+€10,557
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.9m
Current investments
+€137,516
Financing
+€1.8m
Debts after one year
-€331,399
Current portion of long-term debt
-€946
Short-term financial debts
+€2.1m
Cash 2025
€86,177
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,489,552 | €22,368,682 | +€879,130 | +4.1% |
| Fixed assets | 21/28 | €6,619,284 | €9,173,076 | +€2.6m | +38.6% |
| Tangible fixed assets | 22/27 | €6,619,284 | €9,173,076 | +€2.6m | +38.6% |
| Land and buildings | 22 | €6,469,924 | €9,040,889 | +€2.6m | +39.7% |
| Plant, machinery and equipment | 23 | €1,423 | €430 | -€993 | -69.8% |
| Furniture and vehicles | 24 | €147,936 | €131,757 | -€16,180 | -10.9% |
| Current assets | 29/58 | €14,870,268 | €13,195,607 | -€1.7m | -11.3% |
| Stocks and contracts in progress | 3 | €8,077,775 | €8,984,113 | +€906,338 | +11.2% |
| Stocks | 30/36 | €8,077,775 | €8,984,113 | +€906,338 | +11.2% |
| Amounts receivable within one year | 40/41 | €2,204,055 | €228,686 | -€2.0m | -89.6% |
| Trade receivables | 40 | €295,865 | €102,221 | -€193,644 | -65.5% |
| Other amounts receivable | 41 | €1,908,190 | €126,466 | -€1.8m | -93.4% |
| Current investments | 50/53 | €4,017,018 | €3,879,502 | -€137,516 | -3.4% |
| Cash at bank and in hand | 54/58 | €550,219 | €86,177 | -€464,042 | -84.3% |
| Deferred charges and accrued income | 490/1 | €21,201 | €17,128 | -€4,073 | -19.2% |
| Total equity and liabilities | 10/49 | €21,489,552 | €22,368,682 | +€879,130 | +4.1% |
| Equity | 10/15 | €4,496,086 | €3,791,743 | -€704,343 | -15.7% |
| Contributions | 10/11 | €127,335 | €127,335 | = | 0.0% |
| Capital | 10 | €127,335 | €127,335 | = | 0.0% |
| Issued capital | 100 | €127,335 | €127,335 | = | 0.0% |
| Reserves | 13 | €4,331,371 | €4,257,095 | -€74,276 | -1.7% |
| Non-distributable reserves | 130/1 | €12,733 | €12,733 | = | 0.0% |
| Legal reserve | 130 | €12,733 | €12,733 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,318,638 | €4,244,362 | -€74,276 | -1.7% |
| Profit (loss) carried forward | 14 | €37,380 | -€592,687 | -€630,067 | |
| Provisions and deferred taxes | 16 | €1,729,162 | €1,696,690 | -€32,472 | -1.9% |
| Provisions for liabilities and charges | 160/5 | €98,666 | €98,666 | = | 0.0% |
| Environmental obligations | 163 | €98,666 | €98,666 | = | 0.0% |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €1,630,495 | €1,598,024 | -€32,472 | -2.0% |
| Amounts payable | 17/49 | €15,264,304 | €16,880,249 | +€1.6m | +10.6% |
| Amounts payable after more than one year | 17 | €3,392,519 | €3,061,120 | -€331,399 | -9.8% |
| Financial debts | 170/4 | €3,392,519 | €3,061,120 | -€331,399 | -9.8% |
| Amounts payable within one year | 42/48 | €11,810,283 | €13,747,070 | +€1.9m | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €332,345 | €331,399 | -€946 | -0.3% |
| Financial debts | 43 | €8,426,834 | €10,536,763 | +€2.1m | +25.0% |
| Credit institutions | 430/8 | €8,426,834 | €10,536,763 | +€2.1m | +25.0% |
| Trade debts | 44 | €2,064,332 | €1,260,811 | -€803,521 | -38.9% |
| Suppliers | 440/4 | €2,064,332 | €1,260,811 | -€803,521 | -38.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €108,931 | €89,163 | -€19,768 | -18.1% |
| Taxes | 450/3 | €98,104 | €82,641 | -€15,463 | -15.8% |
| Remuneration and social security | 454/9 | €10,826 | €6,522 | -€4,305 | -39.8% |
| Other amounts payable | 47/48 | €877,841 | €1,528,934 | +€651,094 | +74.2% |
| Accrued charges and deferred income | 492/3 | €61,502 | €72,059 | +€10,557 | +17.2% |
| Non-recurring operating income | 76A | €50,000 | €0 | -€50,000 | -100% |
| Remuneration, social security and pensions | 62 | €84,398 | €97,697 | +€13,299 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,832 | €308,406 | +€14,575 | +5.0% |
| Other operating charges | 640/8 | €149,710 | €261,381 | +€111,671 | +74.6% |
| Non-recurring operating charges | 66A | €104,055 | €0 | -€104,055 | -100% |
| Gross operating margin | 9900 | €909,222 | €322,625 | -€586,597 | -64.5% |
| Operating profit (loss) | 9901 | €277,228 | -€344,859 | -€622,087 | |
| Financial income | 75/76B | €99,751 | €211,432 | +€111,682 | +112% |
| Recurring financial income | 75 | €99,751 | €211,432 | +€111,682 | +112% |
| Financial charges | 65/66B | €332,843 | €645,566 | +€312,723 | +94.0% |
| Recurring financial charges | 65 | €332,843 | €645,566 | +€312,723 | +94.0% |
| Profit (loss) for the period before taxes | 9903 | €44,135 | -€778,993 | -€823,128 | |
| Transfer from deferred taxes | 780 | €30,084 | €32,472 | +€2,388 | +7.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €40,519 | -€42,178 | -€82,698 | |
| Profit (loss) for the period | 9904 | €33,699 | -€704,343 | -€738,043 | |
| Transfer from tax-exempt reserves | 789 | €66,903 | €74,276 | +€7,373 | +11.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €100,603 | -€630,067 | -€730,670 |
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 19 October 2026 via checked.be.