BSAM 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.
BSAM IMMO
Largest movements
- Tangible fixed assets +€38,491
up €38,491 (+3.7%), from €1.0m to €1.1m
of which Land and buildings: +€43,514
- Receivables within one year -€31,178
down €31,178 (-63.4%), from €49,196 to €18,018
of which Trade receivables: -€27,432
- Cash -€16,720
down €16,720 (-77.7%), from €21,518 to €4,798
mainly Investment in fixed assets (net) (-€126,208) and Debts after one year (-€23,372)
- Reserves +€44,913
up €44,913 (+21.6%), from €207,966 to €252,879
- Revaluation surpluses -€27,322
down €27,322 (-7.5%), from €364,200 to €336,879
- Debts after one year -€23,372
down €23,372 (-5.9%), from €396,593 to €373,221
- Gross operating margin -€59,833
down €59,833 (-23.6%), from €253,550 to €193,716
- Staff costs -€48,366
down €48,366 (-50.5%), from €95,772 to €47,405
- Depreciation -€17,677
down €17,677 (-16.8%), from €105,395 to €87,717
- Other operating charges -€5,740
down €5,740 (-42.9%), from €13,389 to €7,649
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,119,262 | €1,111,262 | -€8,000 | -0.7% |
| Fixed assets | 21/28 | €1,037,883 | €1,076,375 | +€38,491 | +3.7% |
| Tangible fixed assets | 22/27 | €1,037,733 | €1,076,225 | +€38,491 | +3.7% |
| Land and buildings | 22 | €1,015,584 | €1,059,098 | +€43,514 | +4.3% |
| Furniture and vehicles | 24 | €22,149 | €17,127 | -€5,023 | -22.7% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €81,378 | €34,887 | -€46,491 | -57.1% |
| Amounts receivable within one year | 40/41 | €49,196 | €18,018 | -€31,178 | -63.4% |
| Trade receivables | 40 | €45,157 | €17,725 | -€27,432 | -60.7% |
| Other amounts receivable | 41 | €4,039 | €293 | -€3,747 | -92.7% |
| Cash at bank and in hand | 54/58 | €21,518 | €4,798 | -€16,720 | -77.7% |
| Deferred charges and accrued income | 490/1 | €10,664 | €12,071 | +€1,407 | +13.2% |
| Total equity and liabilities | 10/49 | €1,119,262 | €1,111,262 | -€8,000 | -0.7% |
| Equity | 10/15 | €603,272 | €620,864 | +€17,592 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €364,200 | €336,879 | -€27,322 | -7.5% |
| Reserves | 13 | €207,966 | €252,879 | +€44,913 | +21.6% |
| Distributable reserves | 133 | €207,966 | €252,879 | +€44,913 | +21.6% |
| Profit (loss) carried forward | 14 | €12,506 | €12,506 | = | 0.0% |
| Amounts payable | 17/49 | €515,989 | €490,398 | -€25,592 | -5.0% |
| Amounts payable after more than one year | 17 | €396,593 | €373,221 | -€23,372 | -5.9% |
| Financial debts | 170/4 | €396,593 | €373,221 | -€23,372 | -5.9% |
| Amounts payable within one year | 42/48 | €119,397 | €117,177 | -€2,220 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €62,772 | €70,201 | +€7,429 | +11.8% |
| Trade debts | 44 | €32,089 | €21,843 | -€10,246 | -31.9% |
| Suppliers | 440/4 | €32,089 | €21,843 | -€10,246 | -31.9% |
| Taxes, remuneration and social security | 45 | €20,653 | €20,501 | -€152 | -0.7% |
| Taxes | 450/3 | €8,711 | €16,280 | +€7,569 | +86.9% |
| Remuneration and social security | 454/9 | €11,942 | €4,221 | -€7,721 | -64.7% |
| Other amounts payable | 47/48 | €3,882 | €4,632 | +€750 | +19.3% |
| Remuneration, social security and pensions | 62 | €95,772 | €47,405 | -€48,366 | -50.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,395 | €87,717 | -€17,677 | -16.8% |
| Other operating charges | 640/8 | €13,389 | €7,649 | -€5,740 | -42.9% |
| Gross operating margin | 9900 | €253,550 | €193,716 | -€59,833 | -23.6% |
| Operating profit (loss) | 9901 | €38,994 | €50,944 | +€11,950 | +30.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €19,774 | €19,780 | +€6 | 0.0% |
| Recurring financial charges | 65 | €19,774 | €19,780 | +€6 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €19,220 | €31,164 | +€11,944 | +62.1% |
| Income taxes | 67/77 | €11,195 | €13,572 | +€2,377 | +21.2% |
| Profit (loss) for the period | 9904 | €8,025 | €17,592 | +€9,567 | +119.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,025 | €17,592 | +€9,567 | +119.2% |
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 7 October 2026 via checked.be.