AR IMMO & MANAGEMENT: 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.
AR IMMO & MANAGEMENT
Largest movements
- Tangible fixed assets +€279,637
up €279,637 (+35.3%), from €791,140 to €1.1m
of which Land and buildings: +€264,138
- Stocks and contracts +€94,275
up €94,275, from €0 to €94,275
- Receivables within one year -€93,198
down €93,198 (-67.9%), from €137,355 to €44,157
of which Trade receivables: -€73,091
- Cash +€83,924
up €83,924 (+36.8%), from €228,170 to €312,094
mainly Debts after one year (+€269,282) and Other debts (+€206,642)
- Debts after one year +€269,282
up €269,282 (+37.4%), from €719,735 to €989,016
- Other debts +€206,642
up €206,642 (+1,492%), from €13,850 to €220,492
- Reserves -€102,278
down €102,278 (-32.1%), from €318,873 to €216,595
- Trade debts -€16,072
down €16,072 (-48.1%), from €33,412 to €17,341
- Gross operating margin -€50,908
down €50,908 (-12.3%), from €412,337 to €361,429
- Taxes -€19,604
down €19,604 (-32.3%), from €60,604 to €41,000
- Other operating charges +€8,910
up €8,910 (+94.0%), from €9,477 to €18,388
- Financial charges +€4,978
up €4,978 (+16.8%), from €29,720 to €34,698
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 | €1,167,669 | €1,522,302 | +€354,633 | +30.4% |
| Fixed assets | 21/28 | €791,140 | €1,071,777 | +€280,637 | +35.5% |
| Tangible fixed assets | 22/27 | €791,140 | €1,070,777 | +€279,637 | +35.3% |
| Land and buildings | 22 | €765,819 | €1,029,957 | +€264,138 | +34.5% |
| Plant, machinery and equipment | 23 | €14,814 | €13,772 | -€1,042 | -7.0% |
| Furniture and vehicles | 24 | €10,507 | €27,048 | +€16,541 | +157% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €376,529 | €450,525 | +€73,996 | +19.7% |
| Stocks and contracts in progress | 3 | €0 | €94,275 | +€94,275 | |
| Stocks | 30/36 | €0 | €94,275 | +€94,275 | |
| Amounts receivable within one year | 40/41 | €137,355 | €44,157 | -€93,198 | -67.9% |
| Trade receivables | 40 | €108,162 | €35,071 | -€73,091 | -67.6% |
| Other amounts receivable | 41 | €29,193 | €9,085 | -€20,107 | -68.9% |
| Cash at bank and in hand | 54/58 | €228,170 | €312,094 | +€83,924 | +36.8% |
| Deferred charges and accrued income | 490/1 | €11,004 | €0 | -€11,004 | -100% |
| Total equity and liabilities | 10/49 | €1,167,669 | €1,522,302 | +€354,633 | +30.4% |
| Equity | 10/15 | €323,873 | €221,595 | -€102,278 | -31.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €318,873 | €216,595 | -€102,278 | -32.1% |
| Distributable reserves | 133 | €318,873 | €216,595 | -€102,278 | -32.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €843,796 | €1,300,707 | +€456,911 | +54.1% |
| Amounts payable after more than one year | 17 | €719,735 | €989,016 | +€269,282 | +37.4% |
| Financial debts | 170/4 | €719,735 | €989,016 | +€269,282 | +37.4% |
| Amounts payable within one year | 42/48 | €113,322 | €311,691 | +€198,370 | +175% |
| Current portion of amounts payable after more than one year | 42 | €38,380 | €49,885 | +€11,505 | +30.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €33,412 | €17,341 | -€16,072 | -48.1% |
| Suppliers | 440/4 | €33,412 | €17,341 | -€16,072 | -48.1% |
| Taxes, remuneration and social security | 45 | €27,679 | €23,973 | -€3,706 | -13.4% |
| Taxes | 450/3 | €20,186 | €16,208 | -€3,977 | -19.7% |
| Remuneration and social security | 454/9 | €7,493 | €7,764 | +€271 | +3.6% |
| Other amounts payable | 47/48 | €13,850 | €220,492 | +€206,642 | +1,492% |
| Accrued charges and deferred income | 492/3 | €10,740 | €0 | -€10,740 | -100% |
| Non-recurring operating income | 76A | €4,103 | €31,333 | +€27,231 | +664% |
| Remuneration, social security and pensions | 62 | €39,831 | €41,795 | +€1,963 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,329 | €89,372 | +€4,042 | +4.7% |
| Other operating charges | 640/8 | €9,477 | €18,388 | +€8,910 | +94.0% |
| Non-recurring operating charges | 66A | €3,204 | €3,163 | -€41 | -1.3% |
| Gross operating margin | 9900 | €412,337 | €361,429 | -€50,908 | -12.3% |
| Operating profit (loss) | 9901 | €274,494 | €208,712 | -€65,783 | -24.0% |
| Financial income | 75/76B | €1,677 | €2 | -€1,675 | -99.9% |
| Recurring financial income | 75 | €1,677 | €2 | -€1,675 | -99.9% |
| Financial charges | 65/66B | €29,720 | €34,698 | +€4,978 | +16.8% |
| Recurring financial charges | 65 | €29,720 | €34,698 | +€4,978 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €246,452 | €174,016 | -€72,436 | -29.4% |
| Income taxes | 67/77 | €60,604 | €41,000 | -€19,604 | -32.3% |
| Profit (loss) for the period | 9904 | €185,848 | €133,016 | -€52,832 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €185,848 | €133,016 | -€52,832 | -28.4% |
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.