H. 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.
H. IMMO
Largest movements
- Current investments +€345,789
up €345,789 (+96.1%), from €359,823 to €705,612
- Cash -€136,911
down €136,911 (-29.6%), from €461,837 to €324,926
mainly Current investments (-€345,789) and Debts after one year (-€87,011)
- Tangible fixed assets -€81,671
down €81,671 (-5.7%), from €1.4m to €1.3m
of which Land and buildings: -€76,125
- Reserves +€145,552
up €145,552 (+9.8%), from €1.5m to €1.6m
- Debts after one year -€87,011
down €87,011 (-24.9%), from €349,684 to €262,673
- Other debts +€36,600
up €36,600 (+13.2%), from €277,770 to €314,370
- Gross operating margin +€52,216
up €52,216 (+15.5%), from €337,108 to €389,323
- Other operating charges +€31,613
new in 2025: €31,613
- Taxes -€11,623
down €11,623 (-14.2%), from €81,682 to €70,059
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 | €2,319,165 | €2,427,511 | +€108,345 | +4.7% |
| Fixed assets | 21/28 | €1,427,457 | €1,345,786 | -€81,671 | -5.7% |
| Tangible fixed assets | 22/27 | €1,427,457 | €1,345,786 | -€81,671 | -5.7% |
| Land and buildings | 22 | €1,406,215 | €1,330,089 | -€76,125 | -5.4% |
| Plant, machinery and equipment | 23 | €21,243 | €15,697 | -€5,546 | -26.1% |
| Current assets | 29/58 | €891,708 | €1,081,725 | +€190,017 | +21.3% |
| Amounts receivable within one year | 40/41 | €68,340 | €51,187 | -€17,153 | -25.1% |
| Trade receivables | 40 | €2,733 | €1,431 | -€1,302 | -47.6% |
| Other amounts receivable | 41 | €65,606 | €49,756 | -€15,851 | -24.2% |
| Current investments | 50/53 | €359,823 | €705,612 | +€345,789 | +96.1% |
| Cash at bank and in hand | 54/58 | €461,837 | €324,926 | -€136,911 | -29.6% |
| Deferred charges and accrued income | 490/1 | €1,708 | - | -€1,708 | |
| Total equity and liabilities | 10/49 | €2,319,165 | €2,427,511 | +€108,345 | +4.7% |
| Equity | 10/15 | €1,543,106 | €1,688,657 | +€145,552 | +9.4% |
| Contributions | 10/11 | €60,701 | €60,701 | = | 0.0% |
| Reserves | 13 | €1,482,404 | €1,627,956 | +€145,552 | +9.8% |
| Distributable reserves | 133 | €1,482,404 | €1,627,956 | +€145,552 | +9.8% |
| Amounts payable | 17/49 | €776,060 | €738,853 | -€37,206 | -4.8% |
| Amounts payable after more than one year | 17 | €349,684 | €262,673 | -€87,011 | -24.9% |
| Financial debts | 170/4 | €349,684 | €262,673 | -€87,011 | -24.9% |
| Amounts payable within one year | 42/48 | €426,321 | €476,181 | +€49,860 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €85,974 | €87,011 | +€1,037 | +1.2% |
| Trade debts | 44 | €2,652 | €219 | -€2,432 | -91.7% |
| Suppliers | 440/4 | €2,652 | €219 | -€2,432 | -91.7% |
| Taxes, remuneration and social security | 45 | €59,924 | €74,580 | +€14,656 | +24.5% |
| Taxes | 450/3 | €59,924 | €74,580 | +€14,656 | +24.5% |
| Other amounts payable | 47/48 | €277,770 | €314,370 | +€36,600 | +13.2% |
| Accrued charges and deferred income | 492/3 | €56 | - | -€56 | |
| Non-recurring operating income | 76A | - | €12,000 | +€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,671 | €81,671 | = | 0.0% |
| Other operating charges | 640/8 | - | €31,613 | +€31,613 | |
| Gross operating margin | 9900 | €337,108 | €389,323 | +€52,216 | +15.5% |
| Operating profit (loss) | 9901 | €255,436 | €276,039 | +€20,603 | +8.1% |
| Financial income | 75/76B | €3,612 | €2,707 | -€904 | -25.0% |
| Recurring financial income | 75 | €3,612 | €2,707 | -€904 | -25.0% |
| Financial charges | 65/66B | €6,153 | €5,136 | -€1,018 | -16.5% |
| Recurring financial charges | 65 | €6,153 | €5,136 | -€1,018 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €252,895 | €273,610 | +€20,716 | +8.2% |
| Income taxes | 67/77 | €81,682 | €70,059 | -€11,623 | -14.2% |
| Profit (loss) for the period | 9904 | €171,213 | €203,552 | +€32,339 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €171,213 | €203,552 | +€32,339 | +18.9% |
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 6 October 2026 via checked.be.