BELFIUS 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.
What changed
BELFIUS IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.0m
2024 · €2.4m+€596,838
Equity
€88.0m
2024 · €88.0m
Cash
€547,852
2024 · €436,500+€111,353
Balance sheet total
€147.2m
2024 · €114.9m+€32.3m
Largest movements
Assets
- Financial fixed assets +€30.5m
up €30.5m (+39.8%), from €76.6m to €107.1m
of which Affiliated companies: +€24.9m
- Receivables within one year -€9.7m
down €9.7m (-83.8%), from €11.6m to €1.9m
of which Other amounts receivable: -€9.5m
- Receivables after one year +€9.0m
up €9.0m (+46.2%), from €19.5m to €28.4m
of which Other amounts receivable: +€9.2m
- Current investments +€1.9m
up €1.9m (+190.0%), from €1.0m to €2.9m
Equity and liabilities
- Short-term financial debts +€33.3m
up €33.3m (+512.6%), from €6.5m to €39.8m
Income statement
- Goods and materials -€1.0m
down €1.0m (-89.2%), from €1.2m to €126,496
of which Change in stocks: decrease (increase): -€934,178
- Financial charges -€974,769
down €974,769 (-39.4%), from €2.5m to €1.5m
of which Non-recurring financial charges: -€1.7m
- Turnover -€929,225
down €929,225 (-40.0%), from €2.3m to €1.4m
- Financial income -€473,854
down €473,854 (-7.2%), from €6.6m to €6.1m
of which Non-recurring financial income: -€2.0m
- Taxes -€310,348
down €310,348 (-78.5%), from €395,398 to €85,050
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
€2.4m
Turnover
-€929,225
Other operating income
+€4,533
Goods and materials
+€1.0m
Services and other goods
-€107,045
Staff costs
+€30,246
Depreciation
+€2,873
Other operating charges
-€251,863
Other operating items
-€3,374
Financial income
-€473,854
Financial charges
+€974,769
Taxes
+€310,348
Result 2025
€3.0m
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.
From operations
+€2.3m
Investment
-€32.4m
Financing
+€30.2m
Cash 2024
€436,500
From operations (derived)
+€2.3m
Net result for the year
+€3.0m
Depreciation
+€201,829
Receivables after one year
-€9.0m
Stocks and contracts
-€239,468
Receivables within one year
+€9.7m
Deferred charges and accrued income
-€431,848
Trade debts
+€267,874
Tax, wage and social debts
-€134,228
Other debts
-€1.1m
Accrued charges and deferred income
+€19,842
Investment (derived)
-€32.4m
Investment in fixed assets (net)
-€30.5m
Current investments
-€1.9m
Financing
+€30.2m
Debts after one year
-€144,794
Current portion of long-term debt
+€11,881
Short-term financial debts
+€33.3m
Contributions, distributions and other
-€3.0m
Cash 2025
€547,852
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €114,925,415 | €147,199,741 | +€32.3m | +28.1% |
| Fixed assets | 21/28 | €79,469,964 | €109,757,718 | +€30.3m | +38.1% |
| Intangible fixed assets | 21 | €12,396 | €8,352 | -€4,044 | -32.6% |
| Tangible fixed assets | 22/27 | €2,862,313 | €2,669,457 | -€192,856 | -6.7% |
| Land and buildings | 22 | €2,862,313 | €2,669,457 | -€192,856 | -6.7% |
| Financial fixed assets | 28 | €76,595,256 | €107,079,909 | +€30.5m | +39.8% |
| Affiliated companies | 280/1 | €63,338,261 | €88,282,384 | +€24.9m | +39.4% |
| Participating interests | 280 | €38,266,262 | €57,150,072 | +€18.9m | +49.3% |
| Amounts receivable | 281 | €25,071,999 | €31,132,312 | +€6.1m | +24.2% |
| Companies linked by participating interests | 282/3 | €13,249,664 | €18,797,524 | +€5.5m | +41.9% |
| Participating interests | 282 | €13,249,664 | €18,797,524 | +€5.5m | +41.9% |
| Other financial fixed assets | 284/8 | €7,330 | - | -€7,330 | |
| Amounts receivable and cash guarantees | 285/8 | €7,330 | - | -€7,330 | |
| Current assets | 29/58 | €35,455,451 | €37,442,024 | +€2.0m | +5.6% |
| Amounts receivable after more than one year | 29 | €19,451,278 | €28,447,232 | +€9.0m | +46.2% |
| Trade receivables | 290 | €14,318,593 | €14,151,114 | -€167,479 | -1.2% |
| Other amounts receivable | 291 | €5,132,684 | €14,296,118 | +€9.2m | +178.5% |
| Stocks and contracts in progress | 3 | €1,458,410 | €1,697,878 | +€239,468 | +16.4% |
| Contracts in progress | 37 | €1,458,410 | €1,697,878 | +€239,468 | +16.4% |
| Amounts receivable within one year | 40/41 | €11,572,060 | €1,880,010 | -€9.7m | -83.8% |
| Trade receivables | 40 | €680,991 | €515,811 | -€165,179 | -24.3% |
| Other amounts receivable | 41 | €10,891,069 | €1,364,198 | -€9.5m | -87.5% |
| Current investments | 50/53 | €1,000,000 | €2,900,000 | +€1.9m | +190.0% |
| Other investments | 51/53 | €1,000,000 | €2,900,000 | +€1.9m | +190.0% |
| Cash at bank and in hand | 54/58 | €436,500 | €547,852 | +€111,353 | +25.5% |
| Deferred charges and accrued income | 490/1 | €1,537,204 | €1,969,052 | +€431,848 | +28.1% |
| Total equity and liabilities | 10/49 | €114,925,415 | €147,199,741 | +€32.3m | +28.1% |
| Equity | 10/15 | €87,987,451 | €87,987,451 | = | 0.0% |
| Contributions | 10/11 | €47,404,668 | €47,404,668 | = | 0.0% |
| Capital | 10 | €46,700,000 | €46,700,000 | = | 0.0% |
| Issued capital | 100 | €46,700,000 | €46,700,000 | = | 0.0% |
| Contributions outside capital | 11 | €704,668 | €704,668 | = | 0.0% |
| Share premium | 1100/10 | €704,668 | €704,668 | = | 0.0% |
| Reserves | 13 | €4,670,000 | €4,670,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,670,000 | €4,670,000 | = | 0.0% |
| Legal reserve | 130 | €4,670,000 | €4,670,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,912,783 | €35,912,783 | = | 0.0% |
| Provisions and deferred taxes | 16 | €43,094 | €43,094 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €43,094 | €43,094 | = | 0.0% |
| Other liabilities and charges | 164/5 | €43,094 | €43,094 | = | 0.0% |
| Amounts payable | 17/49 | €26,894,870 | €59,169,196 | +€32.3m | +120.0% |
| Amounts payable after more than one year | 17 | €14,109,211 | €13,964,416 | -€144,794 | -1.0% |
| Financial debts | 170/4 | €3,541,793 | €2,925,733 | -€616,060 | -17.4% |
| Credit institutions | 173 | €3,541,714 | €2,925,655 | -€616,059 | -17.4% |
| Other loans | 174 | €79 | €78 | -€1 | -1.3% |
| Other amounts payable | 178/9 | €10,567,418 | €11,038,683 | +€471,266 | +4.5% |
| Amounts payable within one year | 42/48 | €12,649,042 | €45,048,321 | +€32.4m | +256.1% |
| Current portion of amounts payable after more than one year | 42 | €604,181 | €616,062 | +€11,881 | +2.0% |
| Financial debts | 43 | €6,500,000 | €39,820,000 | +€33.3m | +512.6% |
| Credit institutions | 430/8 | €6,500,000 | €39,820,000 | +€33.3m | +512.6% |
| Trade debts | 44 | €457,342 | €725,216 | +€267,874 | +58.6% |
| Suppliers | 440/4 | €457,342 | €725,216 | +€267,874 | +58.6% |
| Taxes, remuneration and social security | 45 | €246,349 | €112,121 | -€134,228 | -54.5% |
| Taxes | 450/3 | €135,997 | €10,844 | -€125,153 | -92.0% |
| Remuneration and social security | 454/9 | €110,352 | €101,277 | -€9,076 | -8.2% |
| Other amounts payable | 47/48 | €4,841,170 | €3,774,922 | -€1.1m | -22.0% |
| Accrued charges and deferred income | 492/3 | €136,617 | €156,459 | +€19,842 | +14.5% |
| Operating income | 70/76A | €2,330,150 | €1,401,967 | -€928,183 | -39.8% |
| Turnover | 70 | €2,325,281 | €1,396,056 | -€929,225 | -40.0% |
| Other operating income | 74 | €1,378 | €5,911 | +€4,533 | +329.0% |
| Non-recurring operating income | 76A | €3,491 | - | -€3,491 | |
| Operating charges | 60/66A | €3,665,186 | €2,951,428 | -€713,758 | -19.5% |
| Goods for resale, raw materials and consumables | 60 | €1,165,926 | €126,496 | -€1.0m | -89.2% |
| Purchases | 600/8 | €478,636 | €373,384 | -€105,252 | -22.0% |
| Change in stocks: decrease (increase) | 609 | €687,290 | -€246,888 | -€934,178 | |
| Services and other goods | 61 | €1,572,588 | €1,679,633 | +€107,045 | +6.8% |
| Remuneration, social security and pensions | 62 | €698,015 | €667,769 | -€30,246 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,702 | €201,829 | -€2,873 | -1.4% |
| Other operating charges | 640/8 | €23,763 | €275,626 | +€251,863 | +1059.9% |
| Non-recurring operating charges | 66A | €192 | €75 | -€117 | -60.8% |
| Operating profit (loss) | 9901 | -€1,335,036 | -€1,549,462 | -€214,425 | -16.1% |
| Financial income | 75/76B | €6,567,380 | €6,093,527 | -€473,854 | -7.2% |
| Recurring financial income | 75 | €4,549,057 | €6,093,527 | +€1.5m | +34.0% |
| Income from financial fixed assets | 750 | €2,482,728 | €4,416,070 | +€1.9m | +77.9% |
| Income from current assets | 751 | €1,615,183 | €1,206,191 | -€408,992 | -25.3% |
| Other financial income | 752/9 | €451,146 | €471,266 | +€20,119 | +4.5% |
| Non-recurring financial income | 76B | €2,018,323 | - | -€2.0m | |
| Financial charges | 65/66B | €2,473,993 | €1,499,225 | -€974,769 | -39.4% |
| Recurring financial charges | 65 | €744,077 | €1,499,225 | +€755,147 | +101.5% |
| Debt charges | 650 | €291,515 | €980,977 | +€689,462 | +236.5% |
| Other financial charges | 652/9 | €452,563 | €518,248 | +€65,685 | +14.5% |
| Non-recurring financial charges | 66B | €1,729,916 | - | -€1.7m | |
| Profit (loss) for the period before taxes | 9903 | €2,758,351 | €3,044,840 | +€286,489 | +10.4% |
| Income taxes | 67/77 | €395,398 | €85,050 | -€310,348 | -78.5% |
| Taxes | 670/3 | €395,398 | €85,050 | -€310,348 | -78.5% |
| Profit (loss) for the period | 9904 | €2,362,953 | €2,959,791 | +€596,838 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,362,953 | €2,959,791 | +€596,838 | +25.3% |
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.