De Immotheker: 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.
De Immotheker
Largest movements
- Deferred charges and accrued income +€603,168
up €603,168 (+29.9%), from €2.0m to €2.6m
- Cash +€403,850
up €403,850 (+17.0%), from €2.4m to €2.8m
mainly Net result for the year (+€659,134) and Accrued charges and deferred income (+€649,034)
- Receivables within one year +€332,561
up €332,561 (+21.5%), from €1.5m to €1.9m
of which Trade receivables: +€336,782
- Tangible fixed assets +€148,714
up €148,714 (+12.2%), from €1.2m to €1.4m
of which Assets under construction and advance payments: +€231,169
- Accrued charges and deferred income +€649,034
up €649,034 (+25.4%), from €2.6m to €3.2m
- Profit (loss) carried forward +€459,134
up €459,134 (+15.7%), from €2.9m to €3.4m
- Other debts +€197,938
up €197,938 (+1269.0%), from €15,599 to €213,537
- Advances received +€121,799
up €121,799 (+15.7%), from €776,587 to €898,386
- Tax, wage and social debts +€111,963
up €111,963 (+21.4%), from €524,296 to €636,260
of which Taxes: +€172,209
- Gross operating margin +€457,675
up €457,675 (+18.5%), from €2.5m to €2.9m
- Staff costs -€188,652
down €188,652 (-10.7%), from €1.8m to €1.6m
- Taxes +€175,018
up €175,018 (+201.6%), from €86,830 to €261,848
- Depreciation -€85,783
down €85,783 (-20.8%), from €413,293 to €327,510
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 | €7,785,646 | €9,229,539 | +€1.4m | +18.5% |
| Fixed assets | 21/28 | €1,849,255 | €1,953,569 | +€104,314 | +5.6% |
| Intangible fixed assets | 21 | €126,987 | €71,871 | -€55,116 | -43.4% |
| Tangible fixed assets | 22/27 | €1,215,565 | €1,364,278 | +€148,714 | +12.2% |
| Land and buildings | 22 | €637,911 | €599,795 | -€38,116 | -6.0% |
| Plant, machinery and equipment | 23 | €59,482 | €38,019 | -€21,463 | -36.1% |
| Furniture and vehicles | 24 | €55,395 | €45,488 | -€9,907 | -17.9% |
| Other tangible fixed assets | 26 | €168,587 | €155,618 | -€12,970 | -7.7% |
| Assets under construction and advance payments | 27 | €294,189 | €525,358 | +€231,169 | +78.6% |
| Financial fixed assets | 28 | €506,703 | €517,420 | +€10,717 | +2.1% |
| Current assets | 29/58 | €5,936,392 | €7,275,970 | +€1.3m | +22.6% |
| Amounts receivable within one year | 40/41 | €1,544,217 | €1,876,778 | +€332,561 | +21.5% |
| Trade receivables | 40 | €1,535,417 | €1,872,198 | +€336,782 | +21.9% |
| Other amounts receivable | 41 | €8,800 | €4,580 | -€4,221 | -48.0% |
| Cash at bank and in hand | 54/58 | €2,377,465 | €2,781,314 | +€403,850 | +17.0% |
| Deferred charges and accrued income | 490/1 | €2,014,710 | €2,617,878 | +€603,168 | +29.9% |
| Total equity and liabilities | 10/49 | €7,785,646 | €9,229,539 | +€1.4m | +18.5% |
| Equity | 10/15 | €2,937,871 | €3,397,005 | +€459,134 | +15.6% |
| Contributions | 10/11 | €18,800 | €18,800 | = | 0.0% |
| Reserves | 13 | €1,880 | €1,880 | = | 0.0% |
| Distributable reserves | 133 | €1,880 | €1,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,917,191 | €3,376,325 | +€459,134 | +15.7% |
| Provisions and deferred taxes | 16 | €9,606 | €9,606 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,606 | €9,606 | = | 0.0% |
| Pensions and similar obligations | 160 | €6,304 | €6,304 | = | 0.0% |
| Environmental obligations | 163 | €3,302 | €3,302 | = | 0.0% |
| Amounts payable | 17/49 | €4,838,170 | €5,822,928 | +€984,758 | +20.4% |
| Amounts payable after more than one year | 17 | €660,193 | €578,762 | -€81,431 | -12.3% |
| Financial debts | 170/4 | €660,193 | €578,762 | -€81,431 | -12.3% |
| Amounts payable within one year | 42/48 | €1,623,600 | €2,040,755 | +€417,155 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | €138,512 | €76,848 | -€61,664 | -44.5% |
| Trade debts | 44 | €168,607 | €215,726 | +€47,119 | +27.9% |
| Suppliers | 440/4 | €168,607 | €215,726 | +€47,119 | +27.9% |
| Advances received on contracts in progress | 46 | €776,587 | €898,386 | +€121,799 | +15.7% |
| Taxes, remuneration and social security | 45 | €524,296 | €636,260 | +€111,963 | +21.4% |
| Taxes | 450/3 | €164,369 | €336,577 | +€172,209 | +104.8% |
| Remuneration and social security | 454/9 | €359,928 | €299,682 | -€60,245 | -16.7% |
| Other amounts payable | 47/48 | €15,599 | €213,537 | +€197,938 | +1269.0% |
| Accrued charges and deferred income | 492/3 | €2,554,376 | €3,203,411 | +€649,034 | +25.4% |
| Non-recurring operating income | 76A | - | €262,810 | +€262,810 | |
| Remuneration, social security and pensions | 62 | €1,756,202 | €1,567,549 | -€188,652 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €413,293 | €327,510 | -€85,783 | -20.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,055 | +€1,055 | |
| Other operating charges | 640/8 | €46,425 | €52,425 | +€6,000 | +12.9% |
| Non-recurring operating charges | 66A | €61,940 | €6,852 | -€55,088 | -88.9% |
| Gross operating margin | 9900 | €2,471,735 | €2,929,410 | +€457,675 | +18.5% |
| Operating profit (loss) | 9901 | €193,876 | €974,019 | +€780,143 | +402.4% |
| Financial income | 75/76B | €16,676 | €4,335 | -€12,341 | -74.0% |
| Recurring financial income | 75 | €16,676 | €4,335 | -€12,341 | -74.0% |
| Financial charges | 65/66B | €41,547 | €57,372 | +€15,824 | +38.1% |
| Recurring financial charges | 65 | €41,547 | €57,372 | +€15,824 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €169,005 | €920,982 | +€751,977 | +444.9% |
| Income taxes | 67/77 | €86,830 | €261,848 | +€175,018 | +201.6% |
| Profit (loss) for the period | 9904 | €82,175 | €659,134 | +€576,960 | +702.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,175 | €659,134 | +€576,960 | +702.1% |
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 11 October 2026 via checked.be.