BOULEMBERG 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.
What changed
BOULEMBERG IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€336,992
2024 · €72,646-€409,638
Equity
€824,241
2024 · €1.2m-€336,992
Cash
€5,914
2024 · €26,015-€20,100
Balance sheet total
€11.0m
2024 · €11.9m-€890,124
Largest movements
Assets
- Receivables within one year -€498,647
down €498,647 (-14.2%), from €3.5m to €3.0m
of which Trade receivables: -€501,541
- Tangible fixed assets -€371,376
down €371,376 (-4.5%), from €8.3m to €7.9m
of which Land and buildings: -€225,815
Equity and liabilities
- Debts after one year -€428,006
down €428,006 (-6.3%), from €6.8m to €6.3m
of which Financial debts: -€432,006
- Profit (loss) carried forward -€327,898
down €327,898 (-45.2%), from €724,810 to €396,912
Income statement
- Gross operating margin -€435,820
down €435,820 (-57.9%), from €752,667 to €316,847
- Other operating charges -€32,838
down €32,838 (-47.9%), from €68,498 to €35,661
- Depreciation +€31,970
up €31,970 (+7.9%), from €403,146 to €435,116
- Taxes -€16,122
down €16,122 (-75.1%), from €21,463 to €5,341
- Staff costs -€7,998
down €7,998 (-19.3%), from €41,430 to €33,432
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
€72,646
Gross operating margin
-€435,820
Staff costs
+€7,998
Depreciation
-€31,970
Other operating charges
+€32,838
Other operating items
+€1,255
Financial income
+€17
Financial charges
-€77
Taxes
+€16,122
Result 2025
-€336,992
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
+€485,282
Investment
-€63,739
Financing
-€441,643
Cash 2024
€26,015
From operations (derived)
+€485,282
Net result for the year
-€336,992
Depreciation
+€435,116
Receivables within one year
+€498,647
Trade debts
-€54,434
Tax, wage and social debts
-€57,055
Investment (derived)
-€63,739
Investment in fixed assets (net)
-€63,739
Financing
-€441,643
Debts after one year
-€428,006
Current portion of long-term debt
-€13,637
Cash 2025
€5,914
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,873,735 | €10,983,611 | -€890,124 | -7.5% |
| Fixed assets | 21/28 | €8,330,971 | €7,959,595 | -€371,376 | -4.5% |
| Tangible fixed assets | 22/27 | €8,318,681 | €7,947,304 | -€371,376 | -4.5% |
| Land and buildings | 22 | €5,882,025 | €5,656,211 | -€225,815 | -3.8% |
| Plant, machinery and equipment | 23 | €89,143 | €76,563 | -€12,581 | -14.1% |
| Furniture and vehicles | 24 | €29,244 | €21,462 | -€7,782 | -26.6% |
| Leasing and similar rights | 25 | €28,088 | €21,347 | -€6,741 | -24.0% |
| Other tangible fixed assets | 26 | €2,290,180 | €2,171,722 | -€118,458 | -5.2% |
| Financial fixed assets | 28 | €12,291 | €12,291 | = | 0.0% |
| Current assets | 29/58 | €3,542,764 | €3,024,016 | -€518,748 | -14.6% |
| Amounts receivable within one year | 40/41 | €3,516,749 | €3,018,102 | -€498,647 | -14.2% |
| Trade receivables | 40 | €3,459,085 | €2,957,544 | -€501,541 | -14.5% |
| Other amounts receivable | 41 | €57,664 | €60,558 | +€2,894 | +5.0% |
| Cash at bank and in hand | 54/58 | €26,015 | €5,914 | -€20,100 | -77.3% |
| Total equity and liabilities | 10/49 | €11,873,735 | €10,983,611 | -€890,124 | -7.5% |
| Equity | 10/15 | €1,161,233 | €824,241 | -€336,992 | -29.0% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Revaluation surpluses | 12 | €8,057 | €8,057 | = | 0.0% |
| Reserves | 13 | €230,052 | €220,958 | -€9,094 | -4.0% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,220 | €201,126 | -€9,094 | -4.3% |
| Profit (loss) carried forward | 14 | €724,810 | €396,912 | -€327,898 | -45.2% |
| Provisions and deferred taxes | 16 | €2,194,867 | €2,194,867 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,194,867 | €2,194,867 | = | 0.0% |
| Environmental obligations | 163 | €2,194,867 | €2,194,867 | = | 0.0% |
| Amounts payable | 17/49 | €8,517,635 | €7,964,503 | -€553,132 | -6.5% |
| Amounts payable after more than one year | 17 | €6,754,559 | €6,326,553 | -€428,006 | -6.3% |
| Financial debts | 170/4 | €5,871,522 | €5,439,516 | -€432,006 | -7.4% |
| Other amounts payable | 178/9 | €883,037 | €887,037 | +€4,000 | +0.5% |
| Amounts payable within one year | 42/48 | €1,763,076 | €1,637,950 | -€125,126 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €636,693 | €623,056 | -€13,637 | -2.1% |
| Trade debts | 44 | €201,967 | €147,533 | -€54,434 | -27.0% |
| Suppliers | 440/4 | €201,967 | €147,533 | -€54,434 | -27.0% |
| Taxes, remuneration and social security | 45 | €99,417 | €42,361 | -€57,055 | -57.4% |
| Taxes | 450/3 | €86,020 | €38,990 | -€47,030 | -54.7% |
| Remuneration and social security | 454/9 | €13,397 | €3,372 | -€10,025 | -74.8% |
| Other amounts payable | 47/48 | €825,000 | €825,000 | = | 0.0% |
| Non-recurring operating income | 76A | €380 | - | -€380 | |
| Remuneration, social security and pensions | 62 | €41,430 | €33,432 | -€7,998 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,146 | €435,116 | +€31,970 | +7.9% |
| Other operating charges | 640/8 | €68,498 | €35,661 | -€32,838 | -47.9% |
| Non-recurring operating charges | 66A | €1,255 | - | -€1,255 | |
| Gross operating margin | 9900 | €752,667 | €316,847 | -€435,820 | -57.9% |
| Operating profit (loss) | 9901 | €238,338 | -€187,361 | -€425,699 | |
| Financial income | 75/76B | €84 | €101 | +€17 | +20.0% |
| Recurring financial income | 75 | €84 | €101 | +€17 | +20.0% |
| Financial charges | 65/66B | €144,313 | €144,391 | +€77 | +0.1% |
| Recurring financial charges | 65 | €144,313 | €144,391 | +€77 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €94,109 | -€331,651 | -€425,759 | |
| Income taxes | 67/77 | €21,463 | €5,341 | -€16,122 | -75.1% |
| Profit (loss) for the period | 9904 | €72,646 | -€336,992 | -€409,638 | |
| Transfer from tax-exempt reserves | 789 | €9,094 | €9,094 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,740 | -€327,898 | -€409,638 |
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 2 October 2026 via checked.be.