CN 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.
CN IMMO
Largest movements
- Stocks and contracts +€970,000
new in 2025: €970,000
- Cash -€575,145
down €575,145 (-91.6%), from €627,961 to €52,816
mainly Stocks and contracts (-€970,000) and Other debts (-€104,665)
- Tangible fixed assets -€237,196
down €237,196 (-4.5%), from €5.3m to €5.1m
of which Land and buildings: -€237,479
- Receivables within one year -€113,529
down €113,529 (-22.2%), from €511,041 to €397,513
of which Trade receivables: -€169,408
- Profit (loss) carried forward +€219,454
up €219,454 (+25.4%), from €865,689 to €1.1m
- Other debts -€104,665
down €104,665 (-8.9%), from €1.2m to €1.1m
- Current portion of long-term debt +€100,806
up €100,806 (+14.3%), from €702,978 to €803,784
- Debts after one year -€98,460
down €98,460 (-2.5%), from €4.0m to €3.9m
- Financial income -€491,676
down €491,676 (-99.4%), from €494,866 to €3,190
of which Non-recurring financial income: -€490,694
- Gross operating margin -€297,738
down €297,738 (-24.7%), from €1.2m to €905,980
- Taxes -€114,066
down €114,066 (-58.6%), from €194,576 to €80,510
- Other operating charges +€89,530
up €89,530 (+69.3%), from €129,226 to €218,756
- Financial charges +€47,893
up €47,893 (+53.9%), from €88,801 to €136,694
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 | €8,473,514 | €8,522,136 | +€48,622 | +0.6% |
| Fixed assets | 21/28 | €7,323,941 | €7,086,745 | -€237,196 | -3.2% |
| Tangible fixed assets | 22/27 | €5,317,551 | €5,080,355 | -€237,196 | -4.5% |
| Land and buildings | 22 | €5,314,296 | €5,076,817 | -€237,479 | -4.5% |
| Furniture and vehicles | 24 | €3,255 | €3,539 | +€283 | +8.7% |
| Financial fixed assets | 28 | €2,006,390 | €2,006,390 | = | 0.0% |
| Current assets | 29/58 | €1,149,573 | €1,435,391 | +€285,818 | +24.9% |
| Stocks and contracts in progress | 3 | - | €970,000 | +€970,000 | |
| Stocks | 30/36 | - | €970,000 | +€970,000 | |
| Amounts receivable within one year | 40/41 | €511,041 | €397,513 | -€113,529 | -22.2% |
| Trade receivables | 40 | €309,886 | €140,478 | -€169,408 | -54.7% |
| Other amounts receivable | 41 | €201,155 | €257,035 | +€55,880 | +27.8% |
| Cash at bank and in hand | 54/58 | €627,961 | €52,816 | -€575,145 | -91.6% |
| Deferred charges and accrued income | 490/1 | €10,570 | €15,062 | +€4,492 | +42.5% |
| Total equity and liabilities | 10/49 | €8,473,514 | €8,522,136 | +€48,622 | +0.6% |
| Equity | 10/15 | €1,910,631 | €2,124,797 | +€214,166 | +11.2% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €947,346 | €944,145 | -€3,201 | -0.3% |
| Non-distributable reserves | 130/1 | €4,360 | €4,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,360 | €4,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €478,436 | €475,235 | -€3,201 | -0.7% |
| Distributable reserves | 133 | €464,550 | €464,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €865,689 | €1,085,142 | +€219,454 | +25.4% |
| Investment grants | 15 | €53,996 | €51,909 | -€2,087 | -3.9% |
| Provisions and deferred taxes | 16 | €166,540 | €165,044 | -€1,496 | -0.9% |
| Deferred taxes | 168 | €166,540 | €165,044 | -€1,496 | -0.9% |
| Amounts payable | 17/49 | €6,396,343 | €6,232,294 | -€164,048 | -2.6% |
| Amounts payable after more than one year | 17 | €3,979,152 | €3,880,692 | -€98,460 | -2.5% |
| Financial debts | 170/4 | €3,979,152 | €3,880,692 | -€98,460 | -2.5% |
| Amounts payable within one year | 42/48 | €2,369,963 | €2,270,303 | -€99,660 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €702,978 | €803,784 | +€100,806 | +14.3% |
| Financial debts | 43 | - | €4,034 | +€4,034 | |
| Credit institutions | 430/8 | - | €4,034 | +€4,034 | |
| Trade debts | 44 | €301,845 | €262,050 | -€39,796 | -13.2% |
| Suppliers | 440/4 | €301,845 | €262,050 | -€39,796 | -13.2% |
| Taxes, remuneration and social security | 45 | €186,907 | €126,868 | -€60,040 | -32.1% |
| Taxes | 450/3 | €186,907 | €126,868 | -€60,040 | -32.1% |
| Other amounts payable | 47/48 | €1,178,232 | €1,073,567 | -€104,665 | -8.9% |
| Accrued charges and deferred income | 492/3 | €47,227 | €81,300 | +€34,073 | +72.1% |
| Non-recurring operating income | 76A | €96,876 | - | -€96,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,210 | €248,514 | -€28,696 | -10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,230 | +€9,230 | |
| Other operating charges | 640/8 | €129,226 | €218,756 | +€89,530 | +69.3% |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | €1,203,718 | €905,980 | -€297,738 | -24.7% |
| Operating profit (loss) | 9901 | €797,282 | €429,468 | -€367,814 | -46.1% |
| Financial income | 75/76B | €494,866 | €3,190 | -€491,676 | -99.4% |
| Recurring financial income | 75 | €4,172 | €3,190 | -€983 | -23.6% |
| Non-recurring financial income | 76B | €490,694 | - | -€490,694 | |
| Financial charges | 65/66B | €88,801 | €136,694 | +€47,893 | +53.9% |
| Recurring financial charges | 65 | €88,801 | €136,694 | +€47,893 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €1,203,347 | €295,963 | -€907,384 | -75.4% |
| Transfer from deferred taxes | 780 | €2,597 | €800 | -€1,797 | -69.2% |
| Transfer to deferred taxes | 680 | €122,673 | - | -€122,673 | |
| Income taxes | 67/77 | €194,576 | €80,510 | -€114,066 | -58.6% |
| Profit (loss) for the period | 9904 | €888,694 | €216,253 | -€672,441 | -75.7% |
| Transfer from tax-exempt reserves | 789 | €3,650 | €3,201 | -€449 | -12.3% |
| Transfer to tax-exempt reserves | 689 | €368,020 | - | -€368,020 | |
| Profit (loss) for the period to be appropriated | 9905 | €524,324 | €219,454 | -€304,870 | -58.1% |
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 14 October 2026 via checked.be.