ART - IMO: 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.
What changed
ART - IMO
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€323,570
2024 · €20,541+€303,029
Equity
€8.1m
2024 · €6.9m+€1.2m
Cash
€46,876
2024 · €22,469+€24,407
Balance sheet total
€12.7m
2024 · €11.6m+€1.1m
Largest movements
Assets
- Receivables within one year +€1.7m
up €1.7m (+311%), from €561,325 to €2.3m
of which Other amounts receivable: +€1.7m
- Current investments -€372,201
down €372,201 (-41.3%), from €900,996 to €528,795
- Deferred charges and accrued income -€275,547
down €275,547 (-89.1%), from €309,337 to €33,790
Equity and liabilities
- Reserves +€711,792
up €711,792 (+12.4%), from €5.8m to €6.5m
of which Distributable reserves: +€711,792
- Profit (loss) carried forward +€323,570
up €323,570 (+34.4%), from €941,139 to €1.3m
- Debts after one year -€273,381
down €273,381 (-10.6%), from €2.6m to €2.3m
of which Financial debts: -€281,437
- Other debts +€203,151
up €203,151 (+20.6%), from €985,000 to €1.2m
- Revaluation surpluses +€137,275
new in 2025: €137,275
Income statement
- Financial income +€276,349
up €276,349 (+1,149%), from €24,054 to €300,404
of which Non-recurring financial income: +€210,264
- Gross operating margin +€85,741
up €85,741 (+24.6%), from €349,111 to €434,852
- Taxes +€48,295
up €48,295 (+2,460%), from €1,964 to €50,259
- Depreciation +€20,568
up €20,568 (+13.9%), from €148,333 to €168,901
- Write-downs -€8,000
down €8,000 (-200%), from -€4,000 to -€12,000
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.
Result 2024
€20,541
Gross operating margin
+€85,741
Depreciation
-€20,568
Write-downs
+€8,000
Provisions
+€785
Other operating charges
-€2,197
Financial income
+€276,349
Financial charges
+€3,215
Taxes
-€48,295
Result 2025
€323,570
raises the resultlowers the result
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.
From operations
-€708,385
Investment
+€135,866
Financing
+€596,926
Cash 2024
€22,469
From operations (derived)
-€708,385
Net result for the year
+€323,570
Depreciation
+€168,901
Stocks and contracts
+€114,815
Receivables within one year
-€1.7m
Deferred charges and accrued income
+€275,547
Provisions
-€24,333
Trade debts
-€24,674
Smaller working-capital items
-€1,334
Other debts
+€203,151
Investment (derived)
+€135,866
Investment in fixed assets (net)
-€236,335
Current investments
+€372,201
Financing
+€596,926
Debts after one year
-€273,381
Current portion of long-term debt
+€2,648
Contributions, distributions and other
+€867,659
Cash 2025
€46,876
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,606,897 | €12,680,204 | +€1.1m | +9.2% |
| Fixed assets | 21/28 | €3,146,025 | €3,213,459 | +€67,435 | +2.1% |
| Tangible fixed assets | 22/27 | €3,145,775 | €3,213,209 | +€67,435 | +2.1% |
| Land and buildings | 22 | - | €212,340 | +€212,340 | |
| Leasing and similar rights | 25 | €377,103 | €368,312 | -€8,791 | -2.3% |
| Other tangible fixed assets | 26 | €2,768,672 | €2,632,558 | -€136,114 | -4.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €8,460,873 | €9,466,745 | +€1.0m | +11.9% |
| Stocks and contracts in progress | 3 | €6,666,745 | €6,551,930 | -€114,815 | -1.7% |
| Contracts in progress | 37 | €6,666,745 | €6,551,930 | -€114,815 | -1.7% |
| Amounts receivable within one year | 40/41 | €561,325 | €2,305,354 | +€1.7m | +311% |
| Trade receivables | 40 | €68,941 | €67,814 | -€1,127 | -1.6% |
| Other amounts receivable | 41 | €492,384 | €2,237,539 | +€1.7m | +354% |
| Current investments | 50/53 | €900,996 | €528,795 | -€372,201 | -41.3% |
| Cash at bank and in hand | 54/58 | €22,469 | €46,876 | +€24,407 | +109% |
| Deferred charges and accrued income | 490/1 | €309,337 | €33,790 | -€275,547 | -89.1% |
| Total equity and liabilities | 10/49 | €11,606,897 | €12,680,204 | +€1.1m | +9.2% |
| Equity | 10/15 | €6,865,598 | €8,056,827 | +€1.2m | +17.4% |
| Contributions | 10/11 | €172,000 | €190,592 | +€18,592 | +10.8% |
| Capital | 10 | €172,000 | €190,592 | +€18,592 | +10.8% |
| Issued capital | 100 | €172,000 | €190,592 | +€18,592 | +10.8% |
| Revaluation surpluses | 12 | - | €137,275 | +€137,275 | |
| Reserves | 13 | €5,752,459 | €6,464,251 | +€711,792 | +12.4% |
| Non-distributable reserves | 130/1 | €22,310 | €22,310 | = | 0.0% |
| Legal reserve | 130 | €22,310 | €22,310 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,034 | €42,034 | = | 0.0% |
| Distributable reserves | 133 | €5,688,114 | €6,399,906 | +€711,792 | +12.5% |
| Profit (loss) carried forward | 14 | €941,139 | €1,264,709 | +€323,570 | +34.4% |
| Provisions and deferred taxes | 16 | €780,210 | €755,878 | -€24,333 | -3.1% |
| Provisions for liabilities and charges | 160/5 | €780,210 | €755,878 | -€24,333 | -3.1% |
| Other liabilities and charges | 164/5 | €780,210 | €755,878 | -€24,333 | -3.1% |
| Amounts payable | 17/49 | €3,961,089 | €3,867,499 | -€93,590 | -2.4% |
| Amounts payable after more than one year | 17 | €2,569,350 | €2,295,969 | -€273,381 | -10.6% |
| Financial debts | 170/4 | €2,561,728 | €2,280,291 | -€281,437 | -11.0% |
| Other amounts payable | 178/9 | €7,623 | €15,678 | +€8,056 | +106% |
| Amounts payable within one year | 42/48 | €1,344,270 | €1,524,995 | +€180,725 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €275,324 | €277,972 | +€2,648 | +1.0% |
| Trade debts | 44 | €63,602 | €38,928 | -€24,674 | -38.8% |
| Suppliers | 440/4 | €63,602 | €38,928 | -€24,674 | -38.8% |
| Taxes, remuneration and social security | 45 | €20,344 | €19,944 | -€400 | -2.0% |
| Taxes | 450/3 | €20,344 | €19,944 | -€400 | -2.0% |
| Other amounts payable | 47/48 | €985,000 | €1,188,151 | +€203,151 | +20.6% |
| Accrued charges and deferred income | 492/3 | €47,469 | €46,535 | -€934 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,333 | €168,901 | +€20,568 | +13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,000 | -€12,000 | -€8,000 | -200% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€23,548 | -€24,333 | -€785 | -3.3% |
| Other operating charges | 640/8 | €55,193 | €57,390 | +€2,197 | +4.0% |
| Gross operating margin | 9900 | €349,111 | €434,852 | +€85,741 | +24.6% |
| Operating profit (loss) | 9901 | €173,133 | €244,894 | +€71,760 | +41.4% |
| Financial income | 75/76B | €24,054 | €300,404 | +€276,349 | +1,149% |
| Recurring financial income | 75 | €23,929 | €90,015 | +€66,086 | +276% |
| Non-recurring financial income | 76B | €125 | €210,389 | +€210,264 | +167,781% |
| Financial charges | 65/66B | €174,683 | €171,468 | -€3,215 | -1.8% |
| Recurring financial charges | 65 | €174,683 | €171,468 | -€3,215 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €22,504 | €373,829 | +€351,325 | +1,561% |
| Income taxes | 67/77 | €1,964 | €50,259 | +€48,295 | +2,460% |
| Profit (loss) for the period | 9904 | €20,541 | €323,570 | +€303,029 | +1,475% |
| Profit (loss) for the period to be appropriated | 9905 | €20,541 | €323,570 | +€303,029 | +1,475% |
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 19 October 2026 via checked.be.