A&L IMMO: 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.
A&L IMMO
Largest movements
- Financial fixed assets -€5.6m
down €5.6m (-82.9%), from €6.8m to €1.2m
- Tangible fixed assets -€363,585
down €363,585 (-25.8%), from €1.4m to €1.0m
- Cash +€339,303
up €339,303 (+5,479%), from €6,193 to €345,496
mainly Investment in fixed assets (net) (+€6.0m) and Net result for the year (+€3.7m)
- Revaluation surpluses -€5.6m
no longer reported in 2025 (was €5.6m)
- Profit (loss) carried forward +€939,060
up €939,060 (+116%), from €812,336 to €1.8m
- Short-term financial debts -€463,089
down €463,089 (-40.9%), from €1.1m to €670,000
- Other debts -€217,071
down €217,071 (-31.2%), from €695,305 to €478,233
- Debts after one year -€185,460
down €185,460 (-17.3%), from €1.1m to €886,455
- Financial income +€3.7m
up €3.7m (+48,136%), from €7,589 to €3.7m
- Gross operating margin -€170,274
down €170,274 (-32.3%), from €527,371 to €357,097
- Other operating charges +€63,613
up €63,613 (+451%), from €14,096 to €77,709
- Taxes -€56,368
down €56,368 (-54.3%), from €103,813 to €47,445
- Financial charges +€26,746
up €26,746 (+26.3%), from €101,698 to €128,444
of which Financial charges: +€25,517
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,710,098 | €4,132,599 | -€5.6m | -57.4% |
| Fixed assets | 21/28 | €8,198,221 | €2,205,734 | -€6.0m | -73.1% |
| Tangible fixed assets | 22/27 | €1,408,673 | €1,045,088 | -€363,585 | -25.8% |
| Land and buildings | 22 | €1,408,673 | €1,045,088 | -€363,585 | -25.8% |
| Financial fixed assets | 28 | €6,789,547 | €1,160,646 | -€5.6m | -82.9% |
| Current assets | 29/58 | €1,511,878 | €1,926,864 | +€414,987 | +27.4% |
| Amounts receivable within one year | 40/41 | €1,503,522 | €1,577,912 | +€74,391 | +4.9% |
| Trade receivables | 40 | €18,174 | €19,866 | +€1,692 | +9.3% |
| Other amounts receivable | 41 | €1,485,348 | €1,558,046 | +€72,698 | +4.9% |
| Cash at bank and in hand | 54/58 | €6,193 | €345,496 | +€339,303 | +5,479% |
| Deferred charges and accrued income | 490/1 | €2,163 | €3,456 | +€1,293 | +59.8% |
| Total equity and liabilities | 10/49 | €9,710,098 | €4,132,599 | -€5.6m | -57.4% |
| Equity | 10/15 | €6,443,007 | €1,754,396 | -€4.7m | -72.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | €5,627,672 | - | -€5.6m | |
| Profit (loss) carried forward | 14 | €812,336 | €1,751,396 | +€939,060 | +116% |
| Amounts payable | 17/49 | €3,267,091 | €2,378,203 | -€888,888 | -27.2% |
| Amounts payable after more than one year | 17 | €1,071,915 | €886,455 | -€185,460 | -17.3% |
| Financial debts | 170/4 | €1,071,915 | €886,455 | -€185,460 | -17.3% |
| Amounts payable within one year | 42/48 | €2,195,176 | €1,443,248 | -€751,928 | -34.3% |
| Current portion of amounts payable after more than one year | 42 | €114,612 | €96,969 | -€17,643 | -15.4% |
| Financial debts | 43 | €1,133,089 | €670,000 | -€463,089 | -40.9% |
| Credit institutions | 430/8 | €1,133,089 | €670,000 | -€463,089 | -40.9% |
| Trade debts | 44 | €68,328 | €45,350 | -€22,978 | -33.6% |
| Suppliers | 440/4 | €68,328 | €45,350 | -€22,978 | -33.6% |
| Taxes, remuneration and social security | 45 | €183,842 | €152,696 | -€31,147 | -16.9% |
| Taxes | 450/3 | €183,842 | €152,696 | -€31,147 | -16.9% |
| Other amounts payable | 47/48 | €695,305 | €478,233 | -€217,071 | -31.2% |
| Accrued charges and deferred income | 492/3 | - | €48,500 | +€48,500 | |
| Non-recurring operating income | 76A | - | €348,230 | +€348,230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,558 | €35,044 | -€10,514 | -23.1% |
| Other operating charges | 640/8 | €14,096 | €77,709 | +€63,613 | +451% |
| Gross operating margin | 9900 | €527,371 | €357,097 | -€170,274 | -32.3% |
| Operating profit (loss) | 9901 | €467,718 | €244,344 | -€223,374 | -47.8% |
| Financial income | 75/76B | €7,589 | €3,660,605 | +€3.7m | +48,136% |
| Recurring financial income | 75 | €7,589 | €3,660,605 | +€3.7m | +48,136% |
| Financial charges | 65/66B | €101,698 | €128,444 | +€26,746 | +26.3% |
| Recurring financial charges | 65 | €101,698 | €127,215 | +€25,517 | +25.1% |
| Non-recurring financial charges | 66B | - | €1,229 | +€1,229 | |
| Profit (loss) for the period before taxes | 9903 | €373,608 | €3,776,505 | +€3.4m | +911% |
| Income taxes | 67/77 | €103,813 | €47,445 | -€56,368 | -54.3% |
| Profit (loss) for the period | 9904 | €269,796 | €3,729,060 | +€3.5m | +1,282% |
| Profit (loss) for the period to be appropriated | 9905 | €269,796 | €3,729,060 | +€3.5m | +1,282% |
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 15 October 2026 via checked.be.