AN - IMMO: what changed
Two fiscal 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.
AN - IMMO
Largest movements
- Cash +€562,474
up €562,474 (+542.4%), from €103,710 to €666,184
mainly Depreciation (+€385,465) and Investment in fixed assets (net) (+€146,496)
- Tangible fixed assets -€531,961
down €531,961 (-12.3%), from €4.3m to €3.8m
of which Land and buildings: -€462,064
- Reserves +€616,297
up €616,297 (+91.7%), from €671,879 to €1.3m
of which Tax-exempt reserves: +€364,490
- Profit (loss) carried forward -€376,172
new in 2025: -€376,172
- Revaluation surpluses -€324,290
down €324,290 (-10.9%), from €3.0m to €2.6m
- Provisions +€121,497
new in 2025: €121,497
- Gross operating margin +€442,259
up €442,259 (+664.0%), from €66,610 to €508,868
- Depreciation +€246,138
up €246,138 (+176.7%), from €139,327 to €385,465
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 | €4,413,571 | €4,446,401 | +€32,831 | +0.7% |
| Fixed assets | 21/28 | €4,309,076 | €3,777,114 | -€531,961 | -12.3% |
| Tangible fixed assets | 22/27 | €4,309,076 | €3,777,114 | -€531,961 | -12.3% |
| Land and buildings | 22 | €4,093,812 | €3,631,748 | -€462,064 | -11.3% |
| Plant, machinery and equipment | 23 | €8,497 | - | -€8,497 | |
| Furniture and vehicles | 24 | €206,767 | €145,366 | -€61,401 | -29.7% |
| Current assets | 29/58 | €104,495 | €669,287 | +€564,792 | +540.5% |
| Cash at bank and in hand | 54/58 | €103,710 | €666,184 | +€562,474 | +542.4% |
| Deferred charges and accrued income | 490/1 | €785 | €3,103 | +€2,318 | +295.4% |
| Total equity and liabilities | 10/49 | €4,413,571 | €4,446,401 | +€32,831 | +0.7% |
| Equity | 10/15 | €3,702,889 | €3,618,725 | -€84,165 | -2.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,969,010 | €2,644,721 | -€324,290 | -10.9% |
| Reserves | 13 | €671,879 | €1,288,176 | +€616,297 | +91.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €364,490 | +€364,490 | |
| Distributable reserves | 133 | €665,679 | €917,486 | +€251,807 | +37.8% |
| Profit (loss) carried forward | 14 | - | -€376,172 | -€376,172 | |
| Provisions and deferred taxes | 16 | - | €121,497 | +€121,497 | |
| Deferred taxes | 168 | - | €121,497 | +€121,497 | |
| Amounts payable | 17/49 | €710,681 | €706,180 | -€4,502 | -0.6% |
| Amounts payable after more than one year | 17 | €675,000 | €675,000 | = | 0.0% |
| Financial debts | 170/4 | €675,000 | €675,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €35,681 | €31,180 | -€4,502 | -12.6% |
| Trade debts | 44 | €1,817 | €7,476 | +€5,659 | +311.4% |
| Suppliers | 440/4 | €1,817 | €7,476 | +€5,659 | +311.4% |
| Taxes, remuneration and social security | 45 | €379 | €248 | -€131 | -34.6% |
| Taxes | 450/3 | €379 | €248 | -€131 | -34.6% |
| Other amounts payable | 47/48 | €33,485 | €23,456 | -€10,029 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,327 | €385,465 | +€246,138 | +176.7% |
| Other operating charges | 640/8 | €15,131 | €13,517 | -€1,614 | -10.7% |
| Gross operating margin | 9900 | €66,610 | €508,868 | +€442,259 | +664.0% |
| Operating profit (loss) | 9901 | -€87,848 | €109,886 | +€197,735 | |
| Financial income | 75/76B | €0 | €361 | +€361 | +1802500.0% |
| Recurring financial income | 75 | €0 | €361 | +€361 | +1802500.0% |
| Financial charges | 65/66B | €321 | €76 | -€246 | -76.5% |
| Recurring financial charges | 65 | €321 | €76 | -€246 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | -€88,169 | €110,171 | +€198,341 | |
| Transfer to deferred taxes | 680 | - | €121,497 | +€121,497 | |
| Income taxes | 67/77 | €379 | €356 | -€23 | -6.0% |
| Profit (loss) for the period | 9904 | -€88,548 | -€11,681 | +€76,867 | +86.8% |
| Transfer to tax-exempt reserves | 689 | - | €364,490 | +€364,490 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,548 | -€376,172 | -€287,624 | -324.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.