VASTGOED SCHELFHOUT: 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 SCHELFHOUT
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€370,092
2024 · €14,199+€355,894
Equity
€7.4m
2024 · €7.1m+€370,092
Cash
€103,720
2024 · €25,731+€77,989
Balance sheet total
€20.3m
2024 · €21.4m-€1.1m
Largest movements
Assets
- Receivables within one year -€2.5m
down €2.5m (-44.4%), from €5.6m to €3.1m
of which Other amounts receivable: -€2.4m
- Tangible fixed assets +€1.3m
up €1.3m (+8.4%), from €15.2m to €16.5m
Equity and liabilities
- Trade debts -€1.2m
down €1.2m (-48.2%), from €2.5m to €1.3m
- Short-term financial debts -€516,216
down €516,216 (-24.2%), from €2.1m to €1.6m
Income statement
- Gross operating margin +€323,392
up €323,392 (+38.3%), from €843,497 to €1.2m
- Other operating charges -€88,380
down €88,380 (-86.9%), from €101,655 to €13,274
- Taxes -€62,502
down €62,502 (-51.5%), from €121,418 to €58,916
- Depreciation +€23,236
up €23,236 (+7.9%), from €294,944 to €318,180
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
€14,199
Gross operating margin
+€323,392
Depreciation
-€23,236
Other operating charges
+€88,380
Financial income
-€485
Financial charges
-€4,059
Taxes
+€62,502
Deferred taxes and other
-€90,602
Result 2025
€370,092
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
+€2.0m
Investment
-€1.6m
Financing
-€349,353
Cash 2024
€25,731
From operations (derived)
+€2.0m
Net result for the year
+€370,092
Depreciation
+€318,180
Receivables within one year
+€2.5m
Deferred charges and accrued income
-€12,371
Provisions
+€45,432
Trade debts
-€1.2m
Tax, wage and social debts
+€8,402
Smaller working-capital items
+€5,042
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
-€349,353
Debts after one year
+€168,140
Current portion of long-term debt
-€1,277
Short-term financial debts
-€516,216
Cash 2025
€103,720
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,416,322 | €20,311,342 | -€1.1m | -5.2% |
| Fixed assets | 21/28 | €15,807,872 | €17,079,078 | +€1.3m | +8.0% |
| Tangible fixed assets | 22/27 | €15,206,823 | €16,478,028 | +€1.3m | +8.4% |
| Land and buildings | 22 | €15,206,823 | €16,478,028 | +€1.3m | +8.4% |
| Financial fixed assets | 28 | €601,049 | €601,049 | = | 0.0% |
| Current assets | 29/58 | €5,608,449 | €3,232,264 | -€2.4m | -42.4% |
| Amounts receivable within one year | 40/41 | €5,559,327 | €3,092,782 | -€2.5m | -44.4% |
| Trade receivables | 40 | €94,906 | €60,559 | -€34,347 | -36.2% |
| Other amounts receivable | 41 | €5,464,422 | €3,032,223 | -€2.4m | -44.5% |
| Cash at bank and in hand | 54/58 | €25,731 | €103,720 | +€77,989 | +303% |
| Deferred charges and accrued income | 490/1 | €23,391 | €35,763 | +€12,371 | +52.9% |
| Total equity and liabilities | 10/49 | €21,416,322 | €20,311,342 | -€1.1m | -5.2% |
| Equity | 10/15 | €7,069,434 | €7,439,526 | +€370,092 | +5.2% |
| Contributions | 10/11 | €162,618 | €162,618 | = | 0.0% |
| Reserves | 13 | €5,858,324 | €6,031,743 | +€173,419 | +3.0% |
| Tax-exempt reserves | 132 | €4,580,886 | €4,754,304 | +€173,419 | +3.8% |
| Distributable reserves | 133 | €1,277,439 | €1,277,439 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,048,492 | €1,245,166 | +€196,674 | +18.8% |
| Provisions and deferred taxes | 16 | €1,786,536 | €1,831,968 | +€45,432 | +2.5% |
| Deferred taxes | 168 | €1,786,536 | €1,831,968 | +€45,432 | +2.5% |
| Amounts payable | 17/49 | €12,560,352 | €11,039,848 | -€1.5m | -12.1% |
| Amounts payable after more than one year | 17 | €6,817,068 | €6,985,207 | +€168,140 | +2.5% |
| Financial debts | 170/4 | €6,772,505 | €6,940,645 | +€168,140 | +2.5% |
| Other amounts payable | 178/9 | €44,562 | €44,562 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,743,284 | €4,053,139 | -€1.7m | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €816,164 | €814,886 | -€1,277 | -0.2% |
| Financial debts | 43 | €2,136,216 | €1,620,000 | -€516,216 | -24.2% |
| Credit institutions | 430/8 | €2,136,216 | €1,620,000 | -€516,216 | -24.2% |
| Trade debts | 44 | €2,460,036 | €1,275,442 | -€1.2m | -48.2% |
| Suppliers | 440/4 | €2,460,036 | €1,275,442 | -€1.2m | -48.2% |
| Taxes, remuneration and social security | 45 | €15,597 | €24,000 | +€8,402 | +53.9% |
| Taxes | 450/3 | €15,597 | €24,000 | +€8,402 | +53.9% |
| Other amounts payable | 47/48 | €315,272 | €318,812 | +€3,540 | +1.1% |
| Accrued charges and deferred income | 492/3 | - | €1,502 | +€1,502 | |
| Non-recurring operating income | 76A | - | €364,596 | +€364,596 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294,944 | €318,180 | +€23,236 | +7.9% |
| Other operating charges | 640/8 | €101,655 | €13,274 | -€88,380 | -86.9% |
| Gross operating margin | 9900 | €843,497 | €1,166,889 | +€323,392 | +38.3% |
| Operating profit (loss) | 9901 | €446,898 | €835,435 | +€388,537 | +86.9% |
| Financial income | 75/76B | €486 | €1 | -€485 | -99.8% |
| Recurring financial income | 75 | €486 | €1 | -€485 | -99.8% |
| Financial charges | 65/66B | €356,937 | €360,996 | +€4,059 | +1.1% |
| Recurring financial charges | 65 | €353,775 | €360,996 | +€7,221 | +2.0% |
| Non-recurring financial charges | 66B | €3,162 | - | -€3,162 | |
| Profit (loss) for the period before taxes | 9903 | €90,447 | €474,440 | +€383,993 | +425% |
| Transfer from deferred taxes | 780 | €45,170 | €45,717 | +€547 | +1.2% |
| Transfer to deferred taxes | 680 | - | €91,149 | +€91,149 | |
| Income taxes | 67/77 | €121,418 | €58,916 | -€62,502 | -51.5% |
| Profit (loss) for the period | 9904 | €14,199 | €370,092 | +€355,894 | +2,507% |
| Transfer from tax-exempt reserves | 789 | €98,387 | €100,028 | +€1,641 | +1.7% |
| Transfer to tax-exempt reserves | 689 | - | €273,447 | +€273,447 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,586 | €196,674 | +€84,088 | +74.7% |
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 29 October 2026 via checked.be.