WERE - INVEST: what changed
What changed
WERE - INVEST
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€22,631
2024 · €19,165+€3,466
Equity
€860,734
2024 · €940,550-€79,816
Cash
€409,836
2024 · €386,891+€22,945
Balance sheet total
€986,924
2024 · €1.1m-€85,844
Largest movements
Assets
- Tangible fixed assets -€120,223
down €120,223 (-18.2%), from €661,478 to €541,255
of which Land and buildings: -€121,263
- Cash +€22,945
up €22,945 (+5.9%), from €386,891 to €409,836
mainly Investment in fixed assets (net) (+€88,830) and Depreciation (+€31,392)
Equity and liabilities
- Contributions -€86,134
down €86,134 (-12.5%), from €686,470 to €600,336
- Profit (loss) carried forward +€31,079
new in 2025: €31,079
- Reserves -€24,762
down €24,762 (-9.7%), from €254,080 to €229,318
of which Distributable reserves: -€15,861
Income statement
- Depreciation -€6,776
down €6,776 (-17.8%), from €38,168 to €31,392
- Gross operating margin +€5,615
up €5,615 (+7.9%), from €71,323 to €76,939
- Other operating charges +€2,666
up €2,666 (+25.1%), from €10,621 to €13,287
- Financial income -€2,395
down €2,395 (-79.9%), from €2,998 to €602
- Taxes +€1,752
up €1,752 (+18.8%), from €9,307 to €11,059
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€19,165
Gross operating margin
+€5,615
Depreciation
+€6,776
Other operating charges
-€2,666
Other operating items
-€2,293
Financial income
-€2,395
Financial charges
+€181
Taxes
-€1,752
Result 2025
€22,631
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€43,277
Investment
+€88,830
Financing
-€109,162
Cash 2024
€386,891
From operations (derived)
+€43,277
Net result for the year
+€22,631
Depreciation
+€31,392
Receivables within one year
-€9,295
Deferred charges and accrued income
-€2,139
Provisions
-€4,370
Trade debts
+€7,074
Tax, wage and social debts
-€2,016
Investment (derived)
+€88,830
Investment in fixed assets (net)
+€88,830
Financing
-€109,162
Debts after one year
-€6,829
Current portion of long-term debt
+€115
Contributions, distributions and other
-€102,447
Cash 2025
€409,836
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,072,769 | €986,924 | -€85,844 | -8.0% |
| Fixed assets | 21/28 | €661,478 | €541,255 | -€120,223 | -18.2% |
| Tangible fixed assets | 22/27 | €661,478 | €541,255 | -€120,223 | -18.2% |
| Land and buildings | 22 | €661,078 | €539,815 | -€121,263 | -18.3% |
| Plant, machinery and equipment | 23 | €400 | €1,440 | +€1,040 | +260% |
| Current assets | 29/58 | €411,291 | €445,669 | +€34,378 | +8.4% |
| Amounts receivable within one year | 40/41 | €20,956 | €30,250 | +€9,295 | +44.4% |
| Other amounts receivable | 41 | €20,956 | €30,250 | +€9,295 | +44.4% |
| Cash at bank and in hand | 54/58 | €386,891 | €409,836 | +€22,945 | +5.9% |
| Deferred charges and accrued income | 490/1 | €3,444 | €5,583 | +€2,139 | +62.1% |
| Total equity and liabilities | 10/49 | €1,072,769 | €986,924 | -€85,844 | -8.0% |
| Equity | 10/15 | €940,550 | €860,734 | -€79,816 | -8.5% |
| Contributions | 10/11 | €686,470 | €600,336 | -€86,134 | -12.5% |
| Reserves | 13 | €254,080 | €229,318 | -€24,762 | -9.7% |
| Non-distributable reserves | 130/1 | €3,322 | €2,905 | -€417 | -12.5% |
| Reserves not available under the articles | 1311 | €3,322 | €2,905 | -€417 | -12.5% |
| Tax-exempt reserves | 132 | €144,224 | €135,740 | -€8,484 | -5.9% |
| Distributable reserves | 133 | €106,534 | €90,673 | -€15,861 | -14.9% |
| Profit (loss) carried forward | 14 | - | €31,079 | +€31,079 | |
| Provisions and deferred taxes | 16 | €74,297 | €69,927 | -€4,370 | -5.9% |
| Deferred taxes | 168 | €74,297 | €69,927 | -€4,370 | -5.9% |
| Amounts payable | 17/49 | €57,921 | €56,264 | -€1,657 | -2.9% |
| Amounts payable after more than one year | 17 | €45,899 | €39,070 | -€6,829 | -14.9% |
| Financial debts | 170/4 | €45,899 | €39,070 | -€6,829 | -14.9% |
| Amounts payable within one year | 42/48 | €12,022 | €17,194 | +€5,172 | +43.0% |
| Current portion of amounts payable after more than one year | 42 | €6,715 | €6,829 | +€115 | +1.7% |
| Trade debts | 44 | - | €7,074 | +€7,074 | |
| Suppliers | 440/4 | - | €7,074 | +€7,074 | |
| Taxes, remuneration and social security | 45 | €5,307 | €3,291 | -€2,016 | -38.0% |
| Taxes | 450/3 | €5,307 | €3,291 | -€2,016 | -38.0% |
| Non-recurring operating income | 76A | - | €212 | +€212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,168 | €31,392 | -€6,776 | -17.8% |
| Other operating charges | 640/8 | €10,621 | €13,287 | +€2,666 | +25.1% |
| Non-recurring operating charges | 66A | - | €2,293 | +€2,293 | |
| Gross operating margin | 9900 | €71,323 | €76,939 | +€5,615 | +7.9% |
| Operating profit (loss) | 9901 | €22,535 | €29,967 | +€7,432 | +33.0% |
| Financial income | 75/76B | €2,998 | €602 | -€2,395 | -79.9% |
| Recurring financial income | 75 | €2,998 | €602 | -€2,395 | -79.9% |
| Financial charges | 65/66B | €1,431 | €1,249 | -€181 | -12.7% |
| Recurring financial charges | 65 | €1,431 | €1,249 | -€181 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €24,101 | €29,320 | +€5,218 | +21.7% |
| Transfer from deferred taxes | 780 | €4,370 | €4,370 | = | 0.0% |
| Income taxes | 67/77 | €9,307 | €11,059 | +€1,752 | +18.8% |
| Profit (loss) for the period | 9904 | €19,165 | €22,631 | +€3,466 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €8,484 | €8,484 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,648 | €31,114 | +€3,466 | +12.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.