A.R.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.R.IMMO
Largest movements
- Tangible fixed assets -€77,773
down €77,773 (-5.2%), from €1.5m to €1.4m
of which Land and buildings: -€65,373
- Cash -€17,227
down €17,227 (-19.7%), from €87,514 to €70,286
mainly Other debts (-€85,309) and Debts after one year (-€64,796)
- Other debts -€85,309
down €85,309 (-21.4%), from €399,166 to €313,857
- Debts after one year -€64,796
down €64,796 (-11.8%), from €549,964 to €485,168
- Reserves +€48,784
up €48,784 (+9.9%), from €493,517 to €542,301
of which Distributable reserves: +€55,922
- Gross operating margin +€16,859
up €16,859 (+9.0%), from €186,538 to €203,396
- Depreciation +€9,312
up €9,312 (+9.8%), from €94,596 to €103,908
- Taxes +€4,745
up €4,745 (+21.5%), from €22,023 to €26,767
- Other operating charges -€2,090
down €2,090 (-12.2%), from €17,130 to €15,040
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.
Cash bridge derived
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 | €1,588,315 | €1,494,732 | -€93,583 | -5.9% |
| Fixed assets | 21/28 | €1,486,740 | €1,408,967 | -€77,773 | -5.2% |
| Tangible fixed assets | 22/27 | €1,486,642 | €1,408,869 | -€77,773 | -5.2% |
| Land and buildings | 22 | €1,314,802 | €1,249,429 | -€65,373 | -5.0% |
| Plant, machinery and equipment | 23 | €158,287 | €140,450 | -€17,838 | -11.3% |
| Other tangible fixed assets | 26 | €13,553 | €18,991 | +€5,438 | +40.1% |
| Financial fixed assets | 28 | €98 | €98 | = | 0.0% |
| Current assets | 29/58 | €101,575 | €85,765 | -€15,809 | -15.6% |
| Amounts receivable within one year | 40/41 | €12,433 | €13,707 | +€1,274 | +10.2% |
| Trade receivables | 40 | €845 | €621 | -€224 | -26.5% |
| Other amounts receivable | 41 | €11,588 | €13,086 | +€1,498 | +12.9% |
| Cash at bank and in hand | 54/58 | €87,514 | €70,286 | -€17,227 | -19.7% |
| Deferred charges and accrued income | 490/1 | €1,628 | €1,772 | +€144 | +8.8% |
| Total equity and liabilities | 10/49 | €1,588,315 | €1,494,732 | -€93,583 | -5.9% |
| Equity | 10/15 | €505,917 | €554,701 | +€48,784 | +9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €493,517 | €542,301 | +€48,784 | +9.9% |
| Tax-exempt reserves | 132 | €77,272 | €70,134 | -€7,138 | -9.2% |
| Distributable reserves | 133 | €416,245 | €472,167 | +€55,922 | +13.4% |
| Provisions and deferred taxes | 16 | €25,757 | €23,378 | -€2,379 | -9.2% |
| Deferred taxes | 168 | €25,757 | €23,378 | -€2,379 | -9.2% |
| Amounts payable | 17/49 | €1,056,641 | €916,654 | -€139,987 | -13.2% |
| Amounts payable after more than one year | 17 | €549,964 | €485,168 | -€64,796 | -11.8% |
| Financial debts | 170/4 | €549,964 | €485,168 | -€64,796 | -11.8% |
| Amounts payable within one year | 42/48 | €505,684 | €429,316 | -€76,367 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €72,078 | €70,309 | -€1,769 | -2.5% |
| Trade debts | 44 | - | €8,395 | +€8,395 | |
| Suppliers | 440/4 | - | €8,395 | +€8,395 | |
| Taxes, remuneration and social security | 45 | €34,440 | €36,756 | +€2,316 | +6.7% |
| Taxes | 450/3 | €34,440 | €36,756 | +€2,316 | +6.7% |
| Other amounts payable | 47/48 | €399,166 | €313,857 | -€85,309 | -21.4% |
| Accrued charges and deferred income | 492/3 | €993 | €2,170 | +€1,177 | +118.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,596 | €103,908 | +€9,312 | +9.8% |
| Other operating charges | 640/8 | €17,130 | €15,040 | -€2,090 | -12.2% |
| Gross operating margin | 9900 | €186,538 | €203,396 | +€16,859 | +9.0% |
| Operating profit (loss) | 9901 | €74,811 | €84,449 | +€9,638 | +12.9% |
| Financial income | 75/76B | €30 | €25 | -€5 | -16.8% |
| Recurring financial income | 75 | €30 | €25 | -€5 | -16.8% |
| Financial charges | 65/66B | €12,991 | €11,302 | -€1,689 | -13.0% |
| Recurring financial charges | 65 | €12,985 | €11,302 | -€1,683 | -13.0% |
| Non-recurring financial charges | 66B | €6 | - | -€6 | |
| Profit (loss) for the period before taxes | 9903 | €61,850 | €73,172 | +€11,322 | +18.3% |
| Transfer from deferred taxes | 780 | €2,379 | €2,379 | = | 0.0% |
| Income taxes | 67/77 | €22,023 | €26,767 | +€4,745 | +21.5% |
| Profit (loss) for the period | 9904 | €42,207 | €48,784 | +€6,577 | +15.6% |
| Transfer from tax-exempt reserves | 789 | €7,138 | €7,138 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,345 | €55,922 | +€6,577 | +13.3% |
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 12 October 2026 via checked.be.