GRUBOR: 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
GRUBOR
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
-€33,044
2024 · -€20,007-€13,037
Equity
€720,261
2024 · €753,305-€33,044
Cash
€85,985
2024 · €140,215-€54,229
Balance sheet total
€3.4m
2024 · €3.5m-€132,559
Largest movements
Assets
- Tangible fixed assets -€104,472
down €104,472 (-4.7%), from €2.2m to €2.1m
of which Land and buildings: -€97,208
- Cash -€54,229
down €54,229 (-38.7%), from €140,215 to €85,985
mainly Debts after one year (-€772,457) and Net result for the year (-€33,044)
Equity and liabilities
- Debts after one year -€772,457
down €772,457 (-48.4%), from €1.6m to €821,977
- Other debts +€616,134
up €616,134 (+140%), from €440,789 to €1.1m
- Accrued charges and deferred income +€54,674
up €54,674 (+15.6%), from €350,935 to €405,609
Income statement
- Financial charges +€24,346
up €24,346 (+30.2%), from €80,558 to €104,904
- Gross operating margin +€12,858
up €12,858 (+6.5%), from €197,242 to €210,100
- Financial income -€2,131
down €2,131 (-100.0%), from €2,131 to €0
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
-€20,007
Gross operating margin
+€12,858
Depreciation
-€639
Other operating charges
+€1,222
Financial income
-€2,131
Financial charges
-€24,346
Taxes
-€1
Result 2025
-€33,044
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
+€716,908
Investment
+€5,320
Financing
-€776,458
Cash 2024
€140,215
From operations (derived)
+€716,908
Net result for the year
-€33,044
Depreciation
+€99,151
Receivables within one year
+€6,580
Deferred charges and accrued income
-€32,721
Smaller working-capital items
-€635
Trade debts
+€6,770
Other debts
+€616,134
Accrued charges and deferred income
+€54,674
Investment (derived)
+€5,320
Investment in fixed assets (net)
+€5,320
Financing
-€776,458
Debts after one year
-€772,457
Current portion of long-term debt
-€4,001
Cash 2025
€85,985
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,503,449 | €3,370,890 | -€132,559 | -3.8% |
| Fixed assets | 21/28 | €3,252,348 | €3,147,876 | -€104,472 | -3.2% |
| Tangible fixed assets | 22/27 | €2,202,348 | €2,097,876 | -€104,472 | -4.7% |
| Land and buildings | 22 | €2,174,886 | €2,077,678 | -€97,208 | -4.5% |
| Furniture and vehicles | 24 | €27,462 | €20,199 | -€7,264 | -26.4% |
| Financial fixed assets | 28 | €1,050,000 | €1,050,000 | = | 0.0% |
| Current assets | 29/58 | €251,101 | €223,013 | -€28,088 | -11.2% |
| Amounts receivable within one year | 40/41 | €6,580 | - | -€6,580 | |
| Other amounts receivable | 41 | €6,580 | - | -€6,580 | |
| Current investments | 50/53 | €100,500 | €100,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €140,215 | €85,985 | -€54,229 | -38.7% |
| Deferred charges and accrued income | 490/1 | €3,806 | €36,528 | +€32,721 | +860% |
| Total equity and liabilities | 10/49 | €3,503,449 | €3,370,890 | -€132,559 | -3.8% |
| Equity | 10/15 | €753,305 | €720,261 | -€33,044 | -4.4% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €607,425 | €602,774 | -€4,651 | -0.8% |
| Non-distributable reserves | 130/1 | €113,600 | €113,600 | = | 0.0% |
| Legal reserve | 130 | €13,100 | €13,100 | = | 0.0% |
| Own shares acquired | 1312 | €100,500 | €100,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €493,825 | €489,174 | -€4,651 | -0.9% |
| Profit (loss) carried forward | 14 | -€349,907 | -€378,301 | -€28,393 | -8.1% |
| Provisions and deferred taxes | 16 | €164,608 | €163,058 | -€1,550 | -0.9% |
| Deferred taxes | 168 | €164,608 | €163,058 | -€1,550 | -0.9% |
| Amounts payable | 17/49 | €2,585,536 | €2,487,571 | -€97,965 | -3.8% |
| Amounts payable after more than one year | 17 | €1,594,434 | €821,977 | -€772,457 | -48.4% |
| Financial debts | 170/4 | €1,594,434 | €821,977 | -€772,457 | -48.4% |
| Amounts payable within one year | 42/48 | €640,167 | €1,259,985 | +€619,818 | +96.8% |
| Current portion of amounts payable after more than one year | 42 | €150,261 | €146,261 | -€4,001 | -2.7% |
| Trade debts | 44 | €46,077 | €52,847 | +€6,770 | +14.7% |
| Suppliers | 440/4 | €46,077 | €52,847 | +€6,770 | +14.7% |
| Taxes, remuneration and social security | 45 | €3,040 | €3,955 | +€915 | +30.1% |
| Taxes | 450/3 | €59 | €958 | +€898 | +1,515% |
| Remuneration and social security | 454/9 | €2,981 | €2,997 | +€16 | +0.5% |
| Other amounts payable | 47/48 | €440,789 | €1,056,923 | +€616,134 | +140% |
| Accrued charges and deferred income | 492/3 | €350,935 | €405,609 | +€54,674 | +15.6% |
| Non-recurring operating income | 76A | - | €3,260 | +€3,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,512 | €99,151 | +€639 | +0.6% |
| Other operating charges | 640/8 | €41,801 | €40,579 | -€1,222 | -2.9% |
| Gross operating margin | 9900 | €197,242 | €210,100 | +€12,858 | +6.5% |
| Operating profit (loss) | 9901 | €56,929 | €70,370 | +€13,441 | +23.6% |
| Financial income | 75/76B | €2,131 | €0 | -€2,131 | -100.0% |
| Recurring financial income | 75 | €2,131 | €0 | -€2,131 | -100.0% |
| Financial charges | 65/66B | €80,558 | €104,904 | +€24,346 | +30.2% |
| Recurring financial charges | 65 | €80,558 | €104,904 | +€24,346 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,498 | -€34,534 | -€13,036 | -60.6% |
| Transfer from deferred taxes | 780 | €1,550 | €1,550 | = | 0.0% |
| Income taxes | 67/77 | €59 | €60 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€20,007 | -€33,044 | -€13,037 | -65.2% |
| Transfer from tax-exempt reserves | 789 | €4,651 | €4,651 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,356 | -€28,393 | -€13,037 | -84.9% |
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 14 October 2026 via checked.be.