AEF 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.
AEF IMMO
Largest movements
- Tangible fixed assets -€486,566
down €486,566 (-48.2%), from €1.0m to €523,463
of which Land and buildings: -€480,753
- Receivables within one year +€142,391
up €142,391 (+47.8%), from €297,608 to €439,999
of which Other amounts receivable: +€131,812
- Stocks and contracts +€132,521
up €132,521 (+76.0%), from €174,308 to €306,829
- Short-term financial debts -€225,000
down €225,000 (-50.6%), from €445,000 to €220,000
- Debts after one year -€77,786
down €77,786 (-17.8%), from €437,975 to €360,189
of which Financial debts: -€95,047
- Other debts +€52,988
up €52,988 (+63.9%), from €82,905 to €135,894
- Trade debts +€39,168
up €39,168 (+95.7%), from €40,933 to €80,102
- Gross operating margin +€27,011
up €27,011 (+11.4%), from €236,901 to €263,912
- Other operating charges +€15,901
up €15,901 (+345.5%), from €4,602 to €20,503
- Financial charges -€13,700
down €13,700 (-43.5%), from €31,480 to €17,779
- Depreciation -€10,139
down €10,139 (-27.1%), from €37,449 to €27,310
- Taxes +€9,577
up €9,577 (+34.2%), from €27,980 to €37,556
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 | €1,543,383 | €1,341,377 | -€202,005 | -13.1% |
| Fixed assets | 21/28 | €1,010,104 | €523,538 | -€486,566 | -48.2% |
| Tangible fixed assets | 22/27 | €1,010,029 | €523,463 | -€486,566 | -48.2% |
| Land and buildings | 22 | €990,340 | €509,587 | -€480,753 | -48.5% |
| Plant, machinery and equipment | 23 | €11,136 | €7,568 | -€3,568 | -32.0% |
| Furniture and vehicles | 24 | €6,039 | €4,423 | -€1,617 | -26.8% |
| Other tangible fixed assets | 26 | €2,514 | €1,886 | -€629 | -25.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €533,279 | €817,839 | +€284,560 | +53.4% |
| Stocks and contracts in progress | 3 | €174,308 | €306,829 | +€132,521 | +76.0% |
| Stocks | 30/36 | €174,308 | €306,829 | +€132,521 | +76.0% |
| Amounts receivable within one year | 40/41 | €297,608 | €439,999 | +€142,391 | +47.8% |
| Trade receivables | 40 | €88,218 | €98,797 | +€10,579 | +12.0% |
| Other amounts receivable | 41 | €209,390 | €341,202 | +€131,812 | +63.0% |
| Current investments | 50/53 | €1,925 | - | -€1,925 | |
| Cash at bank and in hand | 54/58 | €51,268 | €63,564 | +€12,297 | +24.0% |
| Deferred charges and accrued income | 490/1 | €8,171 | €7,447 | -€724 | -8.9% |
| Total equity and liabilities | 10/49 | €1,543,383 | €1,341,377 | -€202,005 | -13.1% |
| Equity | 10/15 | €441,589 | €448,879 | +€7,290 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €422,989 | €430,279 | +€7,290 | +1.7% |
| Distributable reserves | 133 | €422,989 | €430,279 | +€7,290 | +1.7% |
| Amounts payable | 17/49 | €1,101,794 | €892,498 | -€209,296 | -19.0% |
| Amounts payable after more than one year | 17 | €437,975 | €360,189 | -€77,786 | -17.8% |
| Financial debts | 170/4 | €418,806 | €323,759 | -€95,047 | -22.7% |
| Other amounts payable | 178/9 | €19,169 | €36,430 | +€17,261 | +90.0% |
| Amounts payable within one year | 42/48 | €663,819 | €532,309 | -€131,510 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €48,225 | €50,615 | +€2,390 | +5.0% |
| Financial debts | 43 | €445,000 | €220,000 | -€225,000 | -50.6% |
| Credit institutions | 430/8 | €445,000 | €220,000 | -€225,000 | -50.6% |
| Trade debts | 44 | €40,933 | €80,102 | +€39,168 | +95.7% |
| Suppliers | 440/4 | €40,933 | €80,102 | +€39,168 | +95.7% |
| Advances received on contracts in progress | 46 | €5,368 | €5,368 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €41,387 | €40,331 | -€1,056 | -2.6% |
| Taxes | 450/3 | €26,187 | €27,252 | +€1,066 | +4.1% |
| Remuneration and social security | 454/9 | €15,200 | €13,078 | -€2,122 | -14.0% |
| Other amounts payable | 47/48 | €82,905 | €135,894 | +€52,988 | +63.9% |
| Non-recurring operating income | 76A | - | €120,879 | +€120,879 | |
| Remuneration, social security and pensions | 62 | €92,714 | €94,760 | +€2,045 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,449 | €27,310 | -€10,139 | -27.1% |
| Other operating charges | 640/8 | €4,602 | €20,503 | +€15,901 | +345.5% |
| Non-recurring operating charges | 66A | - | €2,412 | +€2,412 | |
| Gross operating margin | 9900 | €236,901 | €263,912 | +€27,011 | +11.4% |
| Operating profit (loss) | 9901 | €102,136 | €118,927 | +€16,792 | +16.4% |
| Financial income | 75/76B | €6,148 | €8,184 | +€2,036 | +33.1% |
| Recurring financial income | 75 | €6,148 | €8,184 | +€2,036 | +33.1% |
| Financial charges | 65/66B | €31,480 | €17,779 | -€13,700 | -43.5% |
| Recurring financial charges | 65 | €31,480 | €17,779 | -€13,700 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €76,804 | €109,332 | +€32,528 | +42.4% |
| Income taxes | 67/77 | €27,980 | €37,556 | +€9,577 | +34.2% |
| Profit (loss) for the period | 9904 | €48,824 | €71,776 | +€22,951 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,824 | €71,776 | +€22,951 | +47.0% |
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 12 October 2026 via checked.be.