FSA 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.
FSA IMMO
Largest movements
- Cash +€16,810
up €16,810 (+9.1%), from €184,166 to €200,976
mainly Depreciation (+€41,334) and Net result for the year (+€14,503)
- Reserves +€14,503
up €14,503 (+3.3%), from €434,405 to €448,907
- Other debts +€13,329
up €13,329 (+5.0%), from €268,955 to €282,284
- Gross operating margin -€55,436
down €55,436 (-40.4%), from €137,355 to €81,919
- Taxes -€20,474
down €20,474 (-84.8%), from €24,145 to €3,671
- Depreciation +€18,459
up €18,459 (+80.7%), from €22,875 to €41,334
- Purchases and services +€12,335
up €12,335 (+19.0%), from €64,750 to €77,084
- Financial charges -€5,180
down €5,180 (-21.3%), from €24,294 to €19,114
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 | €1,167,299 | €1,187,696 | +€20,398 | +1.7% |
| Fixed assets | 21/28 | €974,860 | €967,486 | -€7,374 | -0.8% |
| Tangible fixed assets | 22/27 | €773,370 | €765,996 | -€7,374 | -1.0% |
| Land and buildings | 22 | €753,108 | €719,263 | -€33,844 | -4.5% |
| Plant, machinery and equipment | 23 | €19,489 | €43,263 | +€23,774 | +122.0% |
| Furniture and vehicles | 24 | €774 | €3,470 | +€2,696 | +348.3% |
| Financial fixed assets | 28 | €201,490 | €201,490 | = | 0.0% |
| Current assets | 29/58 | €192,439 | €220,210 | +€27,772 | +14.4% |
| Amounts receivable within one year | 40/41 | €7,816 | €18,354 | +€10,539 | +134.8% |
| Trade receivables | 40 | - | €15,791 | +€15,791 | |
| Other amounts receivable | 41 | €7,816 | €2,564 | -€5,252 | -67.2% |
| Cash at bank and in hand | 54/58 | €184,166 | €200,976 | +€16,810 | +9.1% |
| Deferred charges and accrued income | 490/1 | €456 | €880 | +€423 | +92.7% |
| Total equity and liabilities | 10/49 | €1,167,299 | €1,187,696 | +€20,398 | +1.7% |
| Equity | 10/15 | €869,405 | €883,907 | +€14,503 | +1.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Capital | 10 | €35,000 | €35,000 | = | 0.0% |
| Issued capital | 100 | €35,000 | €35,000 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €434,405 | €448,907 | +€14,503 | +3.3% |
| Distributable reserves | 133 | €434,405 | €448,907 | +€14,503 | +3.3% |
| Amounts payable | 17/49 | €297,894 | €303,789 | +€5,895 | +2.0% |
| Amounts payable within one year | 42/48 | €297,894 | €303,789 | +€5,895 | +2.0% |
| Trade debts | 44 | €6,049 | €3,923 | -€2,125 | -35.1% |
| Suppliers | 440/4 | €6,049 | €3,923 | -€2,125 | -35.1% |
| Taxes, remuneration and social security | 45 | €22,891 | €17,581 | -€5,309 | -23.2% |
| Taxes | 450/3 | €22,891 | €13,953 | -€8,937 | -39.0% |
| Remuneration and social security | 454/9 | - | €3,628 | +€3,628 | |
| Other amounts payable | 47/48 | €268,955 | €282,284 | +€13,329 | +5.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €64,750 | €77,084 | +€12,335 | +19.0% |
| Remuneration, social security and pensions | 62 | €2,016 | €1,728 | -€288 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,875 | €41,334 | +€18,459 | +80.7% |
| Other operating charges | 640/8 | €4,230 | €4,585 | +€355 | +8.4% |
| Gross operating margin | 9900 | €137,355 | €81,919 | -€55,436 | -40.4% |
| Operating profit (loss) | 9901 | €108,233 | €34,271 | -€73,962 | -68.3% |
| Financial income | 75/76B | €493 | €3,017 | +€2,524 | +511.6% |
| Recurring financial income | 75 | €493 | €3,017 | +€2,524 | +511.6% |
| Financial charges | 65/66B | €24,294 | €19,114 | -€5,180 | -21.3% |
| Recurring financial charges | 65 | €24,294 | €19,114 | -€5,180 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €84,432 | €18,174 | -€66,258 | -78.5% |
| Income taxes | 67/77 | €24,145 | €3,671 | -€20,474 | -84.8% |
| Profit (loss) for the period | 9904 | €60,287 | €14,503 | -€45,784 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €60,287 | €14,503 | -€45,784 | -75.9% |
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.