VAN DEN BRANDEN: 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
VAN DEN BRANDEN
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
€40,964
2024 · €51,052-€10,088
Equity
€4.0m
2024 · €4.0m+€40,964
Cash
€777,889
2024 · €1.1m-€322,965
Balance sheet total
€4.6m
2024 · €4.5m+€32,785
Largest movements
Assets
- Tangible fixed assets +€352,862
up €352,862 (+11.1%), from €3.2m to €3.5m
of which Land and buildings: +€383,311
- Cash -€322,965
down €322,965 (-29.3%), from €1.1m to €777,889
mainly Investment in fixed assets (net) (-€643,087) and Trade debts (-€21,329)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Depreciation +€80,139
up €80,139 (+38.1%), from €210,085 to €290,224
- Gross operating margin +€71,241
up €71,241 (+16.2%), from €440,318 to €511,559
- Write-downs +€5,621
new in 2025: €5,621
- Taxes -€5,201
down €5,201 (-17.7%), from €29,334 to €24,133
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
€51,052
Gross operating margin
+€71,241
Staff costs
-€4,024
Depreciation
-€80,139
Write-downs
-€5,621
Other operating charges
-€801
Financial income
+€364
Financial charges
+€3,691
Taxes
+€5,201
Result 2025
€40,964
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
+€320,020
Investment
-€642,984
Financing
€0
Cash 2024
€1.1m
From operations (derived)
+€320,020
Net result for the year
+€40,964
Depreciation
+€290,224
Receivables within one year
-€5,165
Deferred charges and accrued income
+€2,176
Provisions
-€163
Trade debts
-€21,329
Tax, wage and social debts
+€10,016
Other debts
+€8,269
Accrued charges and deferred income
-€4,973
Investment (derived)
-€642,984
Investment in fixed assets (net)
-€643,087
Current investments
+€102
Cash 2025
€777,889
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,544,555 | €4,577,339 | +€32,785 | +0.7% |
| Fixed assets | 21/28 | €3,172,049 | €3,524,912 | +€352,862 | +11.1% |
| Tangible fixed assets | 22/27 | €3,172,049 | €3,524,912 | +€352,862 | +11.1% |
| Land and buildings | 22 | €3,035,794 | €3,419,105 | +€383,311 | +12.6% |
| Plant, machinery and equipment | 23 | €19,342 | €31,580 | +€12,238 | +63.3% |
| Furniture and vehicles | 24 | €116,913 | €74,227 | -€42,686 | -36.5% |
| Current assets | 29/58 | €1,372,505 | €1,052,427 | -€320,078 | -23.3% |
| Amounts receivable within one year | 40/41 | €24,163 | €29,328 | +€5,165 | +21.4% |
| Trade receivables | 40 | €9,328 | €10,850 | +€1,522 | +16.3% |
| Other amounts receivable | 41 | €14,835 | €18,479 | +€3,643 | +24.6% |
| Current investments | 50/53 | €220,672 | €220,570 | -€102 | 0.0% |
| Cash at bank and in hand | 54/58 | €1,100,853 | €777,889 | -€322,965 | -29.3% |
| Deferred charges and accrued income | 490/1 | €26,817 | €24,641 | -€2,176 | -8.1% |
| Total equity and liabilities | 10/49 | €4,544,555 | €4,577,339 | +€32,785 | +0.7% |
| Equity | 10/15 | €3,953,738 | €3,994,702 | +€40,964 | +1.0% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €1,453,738 | €1,494,702 | +€40,964 | +2.8% |
| Tax-exempt reserves | 132 | €29,707 | €29,391 | -€316 | -1.1% |
| Distributable reserves | 133 | €1,424,031 | €1,465,312 | +€41,281 | +2.9% |
| Provisions and deferred taxes | 16 | €326 | €163 | -€163 | -50.0% |
| Deferred taxes | 168 | €326 | €163 | -€163 | -50.0% |
| Amounts payable | 17/49 | €590,491 | €582,474 | -€8,017 | -1.4% |
| Amounts payable within one year | 42/48 | €553,095 | €550,051 | -€3,044 | -0.6% |
| Trade debts | 44 | €34,961 | €13,632 | -€21,329 | -61.0% |
| Suppliers | 440/4 | €34,961 | €13,632 | -€21,329 | -61.0% |
| Taxes, remuneration and social security | 45 | €53,531 | €63,548 | +€10,016 | +18.7% |
| Taxes | 450/3 | €37,393 | €52,915 | +€15,522 | +41.5% |
| Remuneration and social security | 454/9 | €16,139 | €10,633 | -€5,506 | -34.1% |
| Other amounts payable | 47/48 | €464,602 | €472,871 | +€8,269 | +1.8% |
| Accrued charges and deferred income | 492/3 | €37,396 | €32,423 | -€4,973 | -13.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €84,421 | €88,445 | +€4,024 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,085 | €290,224 | +€80,139 | +38.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,621 | +€5,621 | |
| Other operating charges | 640/8 | €41,452 | €42,253 | +€801 | +1.9% |
| Gross operating margin | 9900 | €440,318 | €511,559 | +€71,241 | +16.2% |
| Operating profit (loss) | 9901 | €104,361 | €85,016 | -€19,345 | -18.5% |
| Financial income | 75/76B | €13,099 | €13,463 | +€364 | +2.8% |
| Recurring financial income | 75 | €13,099 | €13,463 | +€364 | +2.8% |
| Financial charges | 65/66B | €37,236 | €33,544 | -€3,691 | -9.9% |
| Recurring financial charges | 65 | €37,236 | €33,544 | -€3,691 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €80,224 | €64,934 | -€15,290 | -19.1% |
| Transfer from deferred taxes | 780 | €163 | €163 | = | 0.0% |
| Income taxes | 67/77 | €29,334 | €24,133 | -€5,201 | -17.7% |
| Profit (loss) for the period | 9904 | €51,052 | €40,964 | -€10,088 | -19.8% |
| Transfer from tax-exempt reserves | 789 | €316 | €316 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,369 | €41,281 | -€10,088 | -19.6% |
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 22 October 2026 via checked.be.