VASTGOED ACTIEF: 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
VASTGOED ACTIEF
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€446,634
2024 · €47,881+€398,754
Equity
€2.8m
2024 · €2.4m+€446,634
Cash
€41,398
2024 · €108,338-€66,940
Balance sheet total
€6.5m
2024 · €5.4m+€1.1m
Largest movements
Assets
- Stocks and contracts +€925,207
up €925,207 (+36.4%), from €2.5m to €3.5m
- Tangible fixed assets +€327,434
up €327,434 (+13.6%), from €2.4m to €2.7m
of which Land and buildings: +€328,833
- Cash -€66,940
down €66,940 (-61.8%), from €108,338 to €41,398
mainly Stocks and contracts (-€925,207) and Short-term financial debts (-€494,057)
Equity and liabilities
- Debts after one year +€999,973
up €999,973 (+171%), from €583,797 to €1.6m
of which Financial debts: +€998,973
- Short-term financial debts -€494,057
down €494,057 (-54.1%), from €914,057 to €420,000
- Reserves +€446,634
up €446,634 (+19.1%), from €2.3m to €2.8m
of which Distributable reserves: +€313,869
- Other debts +€89,219
up €89,219 (+6.4%), from €1.4m to €1.5m
Income statement
- Gross operating margin +€1.1m
new in 2025: €1.1m
- Turnover -€359,042
no longer reported in 2025 (was €359,042)
- Other operating income -€224,695
no longer reported in 2025 (was €224,695)
- Taxes +€89,554
up €89,554 (+559%), from €16,018 to €105,571
- Services and other goods -€70,505
no longer reported in 2025 (was €70,505)
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
€47,881
Turnover
-€359,042
Other operating income
-€224,695
Goods and materials
+€28,612
Services and other goods
+€70,505
Staff costs
-€6,431
Depreciation
-€11,221
Other operating charges
-€52,816
Other operating items
+€1.1m
Financial income
-€513
Financial charges
+€20,061
Taxes
-€89,554
Deferred taxes and other
-€44,255
Result 2025
€446,634
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
-€179,160
Investment
-€423,440
Financing
+€535,661
Cash 2024
€108,338
From operations (derived)
-€179,160
Net result for the year
+€446,634
Depreciation
+€96,666
Stocks and contracts
-€925,207
Receivables within one year
+€7,291
Deferred charges and accrued income
+€59,257
Provisions
+€44,255
Smaller working-capital items
+€2,724
Other debts
+€89,219
Investment (derived)
-€423,440
Investment in fixed assets (net)
-€423,440
Financing
+€535,661
Debts after one year
+€999,973
Current portion of long-term debt
+€29,744
Short-term financial debts
-€494,057
Cash 2025
€41,398
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,429,893 | €6,548,386 | +€1.1m | +20.6% |
| Fixed assets | 21/28 | €2,446,765 | €2,773,539 | +€326,774 | +13.4% |
| Tangible fixed assets | 22/27 | €2,415,342 | €2,742,776 | +€327,434 | +13.6% |
| Land and buildings | 22 | €2,407,747 | €2,736,580 | +€328,833 | +13.7% |
| Furniture and vehicles | 24 | €7,595 | €6,196 | -€1,399 | -18.4% |
| Financial fixed assets | 28 | €31,423 | €30,763 | -€660 | -2.1% |
| Other financial fixed assets | 284/8 | €31,423 | - | -€31,423 | |
| Amounts receivable and cash guarantees | 285/8 | €31,423 | - | -€31,423 | |
| Current assets | 29/58 | €2,983,128 | €3,774,847 | +€791,719 | +26.5% |
| Stocks and contracts in progress | 3 | €2,538,626 | €3,463,833 | +€925,207 | +36.4% |
| Stocks | 30/36 | €2,538,626 | €3,463,833 | +€925,207 | +36.4% |
| Property held for sale | 35 | €2,538,626 | - | -€2.5m | |
| Amounts receivable within one year | 40/41 | €255,443 | €248,151 | -€7,291 | -2.9% |
| Trade receivables | 40 | €11,445 | €13,155 | +€1,710 | +14.9% |
| Other amounts receivable | 41 | €243,997 | €234,996 | -€9,001 | -3.7% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €108,338 | €41,398 | -€66,940 | -61.8% |
| Deferred charges and accrued income | 490/1 | €80,721 | €21,464 | -€59,257 | -73.4% |
| Total equity and liabilities | 10/49 | €5,429,893 | €6,548,386 | +€1.1m | +20.6% |
| Equity | 10/15 | €2,354,878 | €2,801,512 | +€446,634 | +19.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,334,878 | €2,781,512 | +€446,634 | +19.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €132,765 | +€132,765 | |
| Distributable reserves | 133 | €2,332,878 | €2,646,747 | +€313,869 | +13.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €44,255 | +€44,255 | |
| Deferred taxes | 168 | - | €44,255 | +€44,255 | |
| Amounts payable | 17/49 | €3,075,015 | €3,702,619 | +€627,604 | +20.4% |
| Amounts payable after more than one year | 17 | €583,797 | €1,583,771 | +€999,973 | +171% |
| Financial debts | 170/4 | €583,797 | €1,582,771 | +€998,973 | +171% |
| Credit institutions | 173 | €583,797 | - | -€583,797 | |
| Other amounts payable | 178/9 | - | €1,000 | +€1,000 | |
| Amounts payable within one year | 42/48 | €2,490,628 | €2,117,150 | -€373,478 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €161,672 | €191,417 | +€29,744 | +18.4% |
| Financial debts | 43 | €914,057 | €420,000 | -€494,057 | -54.1% |
| Credit institutions | 430/8 | €914,057 | €420,000 | -€494,057 | -54.1% |
| Trade debts | 44 | - | €2,143 | +€2,143 | |
| Suppliers | 440/4 | - | €2,143 | +€2,143 | |
| Taxes, remuneration and social security | 45 | €22,560 | €22,033 | -€527 | -2.3% |
| Remuneration and social security | 454/9 | €22,560 | €22,033 | -€527 | -2.3% |
| Other amounts payable | 47/48 | €1,392,339 | €1,481,557 | +€89,219 | +6.4% |
| Accrued charges and deferred income | 492/3 | €589 | €1,698 | +€1,109 | +188% |
| Operating income | 70/76A | €585,578 | - | -€585,578 | |
| Turnover | 70 | €359,042 | - | -€359,042 | |
| Other operating income | 74 | €224,695 | - | -€224,695 | |
| Non-recurring operating income | 76A | €1,841 | €0 | -€1,841 | -100% |
| Operating charges | 60/66A | €436,571 | - | -€436,571 | |
| Goods for resale, raw materials and consumables | 60 | €28,612 | - | -€28,612 | |
| Purchases | 600/8 | €28,612 | - | -€28,612 | |
| Services and other goods | 61 | €70,505 | - | -€70,505 | |
| Remuneration, social security and pensions | 62 | €229,059 | €235,490 | +€6,431 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,445 | €96,666 | +€11,221 | +13.1% |
| Other operating charges | 640/8 | €22,950 | €75,766 | +€52,816 | +230% |
| Gross operating margin | 9900 | - | €1,069,944 | +€1.1m | |
| Operating profit (loss) | 9901 | €149,008 | €662,022 | +€513,014 | +344% |
| Financial income | 75/76B | €6,238 | €5,726 | -€513 | -8.2% |
| Recurring financial income | 75 | €6,238 | €5,726 | -€513 | -8.2% |
| Income from current assets | 751 | €6,238 | - | -€6,238 | |
| Financial charges | 65/66B | €91,348 | €71,287 | -€20,061 | -22.0% |
| Recurring financial charges | 65 | €91,348 | €71,287 | -€20,061 | -22.0% |
| Debt charges | 650 | €59,746 | - | -€59,746 | |
| Other financial charges | 652/9 | €31,602 | - | -€31,602 | |
| Profit (loss) for the period before taxes | 9903 | €63,898 | €596,460 | +€532,562 | +833% |
| Transfer from deferred taxes | 780 | - | €1,026 | +€1,026 | |
| Transfer to deferred taxes | 680 | - | €45,281 | +€45,281 | |
| Income taxes | 67/77 | €16,018 | €105,571 | +€89,554 | +559% |
| Taxes | 670/3 | €17,000 | - | -€17,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €982 | - | -€982 | |
| Profit (loss) for the period | 9904 | €47,881 | €446,634 | +€398,754 | +833% |
| Transfer from tax-exempt reserves | 789 | - | €3,078 | +€3,078 | |
| Transfer to tax-exempt reserves | 689 | - | €135,843 | +€135,843 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,881 | €313,869 | +€265,988 | +556% |
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 21 October 2026 via checked.be.