B4L 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.
B4L IMMO
Largest movements
- Stocks and contracts +€191,143
new in 2025: €191,143
- Tangible fixed assets +€70,473
up €70,473 (+612%), from €11,520 to €81,993
of which Furniture and vehicles: +€49,768
- Receivables within one year +€22,990
up €22,990 (+4,200%), from €547 to €23,537
of which Trade receivables: +€21,849
- Cash -€17,802
down €17,802 (-73.5%), from €24,225 to €6,423
mainly Stocks and contracts (-€191,143) and Investment in fixed assets (net) (-€89,020)
- Other debts +€186,068
up €186,068 (+1,064%), from €17,492 to €203,560
- Debts after one year +€37,756
new in 2025: €37,756
- Trade debts +€22,200
up €22,200 (+17,912%), from €124 to €22,324
of which Suppliers: +€22,244
- Current portion of long-term debt +€11,285
new in 2025: €11,285
- Profit (loss) carried forward +€9,600
up €9,600 (+57.8%), from €16,600 to €26,200
- Depreciation +€16,754
up €16,754 (+934%), from €1,793 to €18,547
- Gross operating margin +€7,566
up €7,566 (+31.5%), from €24,010 to €31,576
- Taxes -€3,299
down €3,299 (-77.5%), from €4,259 to €960
- Financial charges +€2,159
up €2,159 (+2,772%), from €78 to €2,237
- Other operating charges -€970
down €970 (-73.9%), from €1,312 to €342
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 | €39,475 | €307,085 | +€267,610 | +678% |
| Fixed assets | 21/28 | €11,520 | €81,993 | +€70,473 | +612% |
| Tangible fixed assets | 22/27 | €11,520 | €81,993 | +€70,473 | +612% |
| Plant, machinery and equipment | 23 | €6,833 | €27,537 | +€20,705 | +303% |
| Furniture and vehicles | 24 | €4,688 | €54,456 | +€49,768 | +1,062% |
| Current assets | 29/58 | €27,955 | €225,092 | +€197,137 | +705% |
| Stocks and contracts in progress | 3 | - | €191,143 | +€191,143 | |
| Stocks | 30/36 | - | €191,143 | +€191,143 | |
| Amounts receivable within one year | 40/41 | €547 | €23,537 | +€22,990 | +4,200% |
| Trade receivables | 40 | - | €21,849 | +€21,849 | |
| Other amounts receivable | 41 | €547 | €1,688 | +€1,141 | +208% |
| Cash at bank and in hand | 54/58 | €24,225 | €6,423 | -€17,802 | -73.5% |
| Deferred charges and accrued income | 490/1 | €3,183 | €3,989 | +€807 | +25.3% |
| Total equity and liabilities | 10/49 | €39,475 | €307,085 | +€267,610 | +678% |
| Equity | 10/15 | €16,600 | €31,200 | +€14,600 | +88.0% |
| Contributions | 10/11 | - | €5,000 | +€5,000 | |
| Profit (loss) carried forward | 14 | €16,600 | €26,200 | +€9,600 | +57.8% |
| Amounts payable | 17/49 | €22,875 | €275,885 | +€253,009 | +1,106% |
| Amounts payable after more than one year | 17 | - | €37,756 | +€37,756 | |
| Financial debts | 170/4 | - | €37,756 | +€37,756 | |
| Amounts payable within one year | 42/48 | €22,875 | €238,129 | +€215,253 | +941% |
| Current portion of amounts payable after more than one year | 42 | - | €11,285 | +€11,285 | |
| Trade debts | 44 | €124 | €22,324 | +€22,200 | +17,912% |
| Suppliers | 440/4 | €80 | €22,324 | +€22,244 | +27,777% |
| Bills of exchange payable | 441 | €44 | - | -€44 | |
| Taxes, remuneration and social security | 45 | €5,259 | €959 | -€4,300 | -81.8% |
| Taxes | 450/3 | €4,259 | €959 | -€3,300 | -77.5% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €17,492 | €203,560 | +€186,068 | +1,064% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,793 | €18,547 | +€16,754 | +934% |
| Other operating charges | 640/8 | €1,312 | €342 | -€970 | -73.9% |
| Gross operating margin | 9900 | €24,010 | €31,576 | +€7,566 | +31.5% |
| Operating profit (loss) | 9901 | €20,905 | €12,687 | -€8,219 | -39.3% |
| Financial income | 75/76B | €32 | €111 | +€79 | +246% |
| Recurring financial income | 75 | €32 | €111 | +€79 | +246% |
| Financial charges | 65/66B | €78 | €2,237 | +€2,159 | +2,772% |
| Recurring financial charges | 65 | €78 | €2,237 | +€2,159 | +2,772% |
| Profit (loss) for the period before taxes | 9903 | €20,859 | €10,560 | -€10,299 | -49.4% |
| Income taxes | 67/77 | €4,259 | €960 | -€3,299 | -77.5% |
| Profit (loss) for the period | 9904 | €16,600 | €9,600 | -€7,000 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,600 | €9,600 | -€7,000 | -42.2% |
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.