F² 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
F² IMMO
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€40,808
2024 · €44,713-€3,905
Equity
€381,164
2024 · €341,977+€39,187
Cash
€57,951
2024 · €67,077-€9,126
Balance sheet total
€1.1m
2024 · €1.2m-€49,450
Largest movements
Assets
- Tangible fixed assets -€52,158
down €52,158 (-4.6%), from €1.1m to €1.1m
Equity and liabilities
- Debts after one year -€79,151
down €79,151 (-12.5%), from €634,156 to €555,005
- Reserves +€40,808
up €40,808 (+15.2%), from €267,822 to €308,630
Income statement
- Gross operating margin -€6,877
down €6,877 (-4.8%), from €142,688 to €135,811
- Taxes -€1,823
down €1,823 (-8.7%), from €20,867 to €19,044
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
€44,713
Gross operating margin
-€6,877
Depreciation
+€59
Other operating charges
-€237
Financial income
+€0
Financial charges
+€1,326
Taxes
+€1,823
Result 2025
€40,808
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
+€71,880
Investment
€0
Financing
-€81,006
Cash 2024
€67,077
From operations (derived)
+€71,880
Net result for the year
+€40,808
Depreciation
+€52,158
Receivables within one year
-€6,074
Deferred charges and accrued income
-€5,760
Provisions
-€540
Trade debts
-€7,025
Other debts
-€1,687
Financing
-€81,006
Debts after one year
-€79,151
Current portion of long-term debt
-€234
Contributions, distributions and other
-€1,621
Cash 2025
€57,951
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,198,440 | €1,148,990 | -€49,450 | -4.1% |
| Fixed assets | 21/28 | €1,123,561 | €1,071,403 | -€52,158 | -4.6% |
| Tangible fixed assets | 22/27 | €1,123,561 | €1,071,403 | -€52,158 | -4.6% |
| Land and buildings | 22 | €1,123,561 | €1,071,403 | -€52,158 | -4.6% |
| Current assets | 29/58 | €74,879 | €77,587 | +€2,707 | +3.6% |
| Amounts receivable within one year | 40/41 | €7,802 | €13,876 | +€6,074 | +77.8% |
| Trade receivables | 40 | €4,204 | €5,661 | +€1,457 | +34.7% |
| Other amounts receivable | 41 | €3,598 | €8,215 | +€4,616 | +128.3% |
| Cash at bank and in hand | 54/58 | €67,077 | €57,951 | -€9,126 | -13.6% |
| Deferred charges and accrued income | 490/1 | - | €5,760 | +€5,760 | |
| Total equity and liabilities | 10/49 | €1,198,440 | €1,148,990 | -€49,450 | -4.1% |
| Equity | 10/15 | €341,977 | €381,164 | +€39,187 | +11.5% |
| Contributions | 10/11 | €32,144 | €32,144 | = | 0.0% |
| Reserves | 13 | €267,822 | €308,630 | +€40,808 | +15.2% |
| Distributable reserves | 133 | €267,822 | €308,630 | +€40,808 | +15.2% |
| Profit (loss) carried forward | 14 | €14,063 | €14,063 | = | 0.0% |
| Investment grants | 15 | €27,948 | €26,327 | -€1,621 | -5.8% |
| Provisions and deferred taxes | 16 | €9,316 | €8,776 | -€540 | -5.8% |
| Deferred taxes | 168 | €9,316 | €8,776 | -€540 | -5.8% |
| Amounts payable | 17/49 | €847,147 | €759,050 | -€88,097 | -10.4% |
| Amounts payable after more than one year | 17 | €634,156 | €555,005 | -€79,151 | -12.5% |
| Financial debts | 170/4 | €634,156 | €555,005 | -€79,151 | -12.5% |
| Amounts payable within one year | 42/48 | €212,991 | €204,045 | -€8,946 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €93,613 | €93,379 | -€234 | -0.3% |
| Trade debts | 44 | €19,775 | €12,750 | -€7,025 | -35.5% |
| Suppliers | 440/4 | €19,775 | €12,750 | -€7,025 | -35.5% |
| Taxes, remuneration and social security | 45 | €866 | €866 | = | 0.0% |
| Taxes | 450/3 | €866 | €866 | = | 0.0% |
| Other amounts payable | 47/48 | €98,736 | €97,050 | -€1,687 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,217 | €52,158 | -€59 | -0.1% |
| Other operating charges | 640/8 | €7,781 | €8,018 | +€237 | +3.0% |
| Gross operating margin | 9900 | €142,688 | €135,811 | -€6,877 | -4.8% |
| Operating profit (loss) | 9901 | €82,690 | €75,635 | -€7,054 | -8.5% |
| Financial income | 75/76B | €1,621 | €1,621 | +€0 | 0.0% |
| Recurring financial income | 75 | €1,621 | €1,621 | +€0 | 0.0% |
| Financial charges | 65/66B | €19,271 | €17,945 | -€1,326 | -6.9% |
| Recurring financial charges | 65 | €19,271 | €17,945 | -€1,326 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €65,039 | €59,311 | -€5,728 | -8.8% |
| Transfer from deferred taxes | 780 | €540 | €540 | = | 0.0% |
| Income taxes | 67/77 | €20,867 | €19,044 | -€1,823 | -8.7% |
| Profit (loss) for the period | 9904 | €44,713 | €40,808 | -€3,905 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,713 | €40,808 | -€3,905 | -8.7% |
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 3 October 2026 via checked.be.