3 D: 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
3 D
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
€46.4m
2024 · €26.4m+€20.0m
Equity
€479.4m
2024 · €581.5m-€102.0m
Cash
€384,478
2024 · €287,645+€96,833
Balance sheet total
€576.6m
2024 · €623.2m-€46.7m
Largest movements
Assets
- Financial fixed assets -€59.6m
down €59.6m (-12.1%), from €493.3m to €433.7m
of which Affiliated companies: -€45.0m
- Current investments +€12.7m
up €12.7m (+10.7%), from €118.4m to €131.1m
Equity and liabilities
- Profit (loss) carried forward -€102.0m
down €102.0m (-21.1%), from €482.7m to €380.6m
- Debts after one year +€45.5m
up €45.5m (+170%), from €26.8m to €72.3m
- Current portion of long-term debt +€10.6m
up €10.6m (+111%), from €9.5m to €20.2m
Income statement
- Financial income +€50.4m
up €50.4m (+103%), from €49.2m to €99.6m
of which Non-recurring financial income: +€63.4m
- Financial charges +€29.7m
up €29.7m (+158%), from €18.8m to €48.5m
of which Non-recurring financial charges: +€27.5m
- Turnover -€1.0m
down €1.0m (-41.5%), from €2.5m to €1.4m
- Goods and materials -€703,480
down €703,480 (-60.5%), from €1.2m to €460,120
of which Purchases: -€390,296
- Services and other goods +€485,341
up €485,341 (+11.4%), from €4.3m to €4.8m
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
€26.4m
Turnover
-€1.0m
Other operating income
-€1,504
Goods and materials
+€703,480
Services and other goods
-€485,341
Staff costs
+€84,406
Depreciation
-€44,097
Write-downs
-€3,188
Other operating charges
-€11,940
Financial income
+€50.4m
Financial charges
-€29.7m
Taxes
+€121,783
Result 2025
€46.4m
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
+€45.9m
Investment
+€46.5m
Financing
-€92.3m
Cash 2024
€287,645
From operations (derived)
+€45.9m
Net result for the year
+€46.4m
Depreciation
+€379,369
Smaller working-capital items
-€161,279
Accrued charges and deferred income
-€751,397
Investment (derived)
+€46.5m
Investment in fixed assets (net)
+€59.2m
Current investments
-€12.7m
Financing
-€92.3m
Debts after one year
+€45.5m
Current portion of long-term debt
+€10.6m
Contributions, distributions and other
-€148.5m
Cash 2025
€384,478
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €623,240,960 | €576,554,102 | -€46.7m | -7.5% |
| Fixed assets | 21/28 | €498,155,927 | €438,548,325 | -€59.6m | -12.0% |
| Intangible fixed assets | 21 | - | €49,317 | +€49,317 | |
| Tangible fixed assets | 22/27 | €4,860,683 | €4,784,712 | -€75,971 | -1.6% |
| Land and buildings | 22 | €4,460,130 | €4,284,406 | -€175,725 | -3.9% |
| Plant, machinery and equipment | 23 | €88,992 | €258,389 | +€169,396 | +190% |
| Furniture and vehicles | 24 | €311,560 | €241,917 | -€69,643 | -22.4% |
| Financial fixed assets | 28 | €493,295,244 | €433,714,296 | -€59.6m | -12.1% |
| Affiliated companies | 280/1 | €204,464,540 | €159,453,977 | -€45.0m | -22.0% |
| Participating interests | 280 | €179,574,680 | €152,469,509 | -€27.1m | -15.1% |
| Amounts receivable | 281 | €24,889,860 | €6,984,468 | -€17.9m | -71.9% |
| Companies linked by participating interests | 282/3 | €119,216,657 | €112,358,834 | -€6.9m | -5.8% |
| Participating interests | 282 | €118,965,498 | €106,826,110 | -€12.1m | -10.2% |
| Amounts receivable | 283 | €251,159 | €5,532,724 | +€5.3m | +2,103% |
| Other financial fixed assets | 284/8 | €169,614,047 | €161,901,486 | -€7.7m | -4.5% |
| Shares | 284 | €169,614,047 | €161,901,486 | -€7.7m | -4.5% |
| Current assets | 29/58 | €125,085,033 | €138,005,776 | +€12.9m | +10.3% |
| Amounts receivable after more than one year | 29 | €100,673 | €101,595 | +€922 | +0.9% |
| Other amounts receivable | 291 | €100,673 | €101,595 | +€922 | +0.9% |
| Stocks and contracts in progress | 3 | €166,862 | €147,622 | -€19,240 | -11.5% |
| Stocks | 30/36 | €166,862 | €147,622 | -€19,240 | -11.5% |
| Property held for sale | 35 | €166,862 | €147,622 | -€19,240 | -11.5% |
| Amounts receivable within one year | 40/41 | €5,994,164 | €6,099,424 | +€105,259 | +1.8% |
| Trade receivables | 40 | €509,549 | €180,487 | -€329,062 | -64.6% |
| Other amounts receivable | 41 | €5,484,616 | €5,918,937 | +€434,321 | +7.9% |
| Current investments | 50/53 | €118,390,311 | €131,082,309 | +€12.7m | +10.7% |
| Other investments | 51/53 | €118,390,311 | €131,082,309 | +€12.7m | +10.7% |
| Cash at bank and in hand | 54/58 | €287,645 | €384,478 | +€96,833 | +33.7% |
| Deferred charges and accrued income | 490/1 | €145,378 | €190,348 | +€44,970 | +30.9% |
| Total equity and liabilities | 10/49 | €623,240,960 | €576,554,102 | -€46.7m | -7.5% |
| Equity | 10/15 | €581,474,340 | €479,436,083 | -€102.0m | -17.5% |
| Contributions | 10/11 | €89,864,605 | €89,864,605 | = | 0.0% |
| Capital | 10 | €89,368,818 | €89,368,818 | = | 0.0% |
| Issued capital | 100 | €89,368,818 | €89,368,818 | = | 0.0% |
| Contributions outside capital | 11 | €495,787 | €495,787 | = | 0.0% |
| Share premium | 1100/10 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €8,936,882 | €8,936,882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,936,882 | €8,936,882 | = | 0.0% |
| Legal reserve | 130 | €8,936,882 | €8,936,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €482,672,853 | €380,634,596 | -€102.0m | -21.1% |
| Amounts payable | 17/49 | €41,766,620 | €97,118,019 | +€55.4m | +133% |
| Amounts payable after more than one year | 17 | €26,777,571 | €72,275,817 | +€45.5m | +170% |
| Financial debts | 170/4 | €26,777,571 | €72,275,817 | +€45.5m | +170% |
| Leasing and similar obligations | 172 | €277,571 | €240,146 | -€37,425 | -13.5% |
| Credit institutions | 173 | €26,500,000 | €19,500,000 | -€7.0m | -26.4% |
| Other loans | 174 | - | €52,535,671 | +€52.5m | |
| Amounts payable within one year | 42/48 | €13,811,747 | €24,416,297 | +€10.6m | +76.8% |
| Current portion of amounts payable after more than one year | 42 | €9,537,425 | €20,171,343 | +€10.6m | +111% |
| Trade debts | 44 | €716,650 | €727,113 | +€10,463 | +1.5% |
| Suppliers | 440/4 | €716,650 | €727,113 | +€10,463 | +1.5% |
| Taxes, remuneration and social security | 45 | €54,966 | €47,635 | -€7,331 | -13.3% |
| Remuneration and social security | 454/9 | €54,966 | €47,635 | -€7,331 | -13.3% |
| Other amounts payable | 47/48 | €3,502,706 | €3,470,206 | -€32,500 | -0.9% |
| Accrued charges and deferred income | 492/3 | €1,177,302 | €425,905 | -€751,397 | -63.8% |
| Operating income | 70/76A | €2,483,746 | €1,460,016 | -€1.0m | -41.2% |
| Turnover | 70 | €2,462,129 | €1,439,904 | -€1.0m | -41.5% |
| Other operating income | 74 | €21,616 | €20,112 | -€1,504 | -7.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €6,383,461 | €6,140,141 | -€243,320 | -3.8% |
| Goods for resale, raw materials and consumables | 60 | €1,163,600 | €460,120 | -€703,480 | -60.5% |
| Purchases | 600/8 | €829,438 | €439,142 | -€390,296 | -47.1% |
| Change in stocks: decrease (increase) | 609 | €334,162 | €20,978 | -€313,184 | -93.7% |
| Services and other goods | 61 | €4,272,027 | €4,757,368 | +€485,341 | +11.4% |
| Remuneration, social security and pensions | 62 | €571,263 | €486,858 | -€84,406 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,271 | €379,369 | +€44,097 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,926 | -€1,738 | +€3,188 | +64.7% |
| Other operating charges | 640/8 | €46,225 | €58,166 | +€11,940 | +25.8% |
| Operating profit (loss) | 9901 | -€3,899,715 | -€4,680,125 | -€780,410 | -20.0% |
| Financial income | 75/76B | €49,169,078 | €99,577,411 | +€50.4m | +103% |
| Recurring financial income | 75 | €39,032,149 | €26,082,260 | -€12.9m | -33.2% |
| Income from financial fixed assets | 750 | €36,234,269 | €24,157,623 | -€12.1m | -33.3% |
| Income from current assets | 751 | €2,797,762 | €1,922,635 | -€875,127 | -31.3% |
| Other financial income | 752/9 | €117 | €2,001 | +€1,884 | +1,606% |
| Non-recurring financial income | 76B | €10,136,929 | €73,495,151 | +€63.4m | +625% |
| Financial charges | 65/66B | €18,811,738 | €48,514,858 | +€29.7m | +158% |
| Recurring financial charges | 65 | €2,429,110 | €4,644,668 | +€2.2m | +91.2% |
| Debt charges | 650 | €501,108 | €1,318,157 | +€817,049 | +163% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,851,114 | €3,319,539 | +€1.5m | +79.3% |
| Other financial charges | 652/9 | €76,887 | €6,972 | -€69,915 | -90.9% |
| Non-recurring financial charges | 66B | €16,382,628 | €43,870,191 | +€27.5m | +168% |
| Profit (loss) for the period before taxes | 9903 | €26,457,625 | €46,382,428 | +€19.9m | +75.3% |
| Income taxes | 67/77 | €82,468 | -€39,315 | -€121,783 | |
| Taxes | 670/3 | €82,468 | €1,172 | -€81,296 | -98.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €40,487 | +€40,487 | |
| Profit (loss) for the period | 9904 | €26,375,157 | €46,421,743 | +€20.0m | +76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,375,157 | €46,421,743 | +€20.0m | +76.0% |
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 25 October 2026 via checked.be.