H.S. 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.
H.S. IMMO
Largest movements
- Tangible fixed assets -€360,589
down €360,589 (-14.6%), from €2.5m to €2.1m
of which Plant, machinery and equipment: -€197,446
- Receivables within one year -€251,411
down €251,411 (-83.9%), from €299,603 to €48,192
of which Trade receivables: -€135,785
- Cash +€59,538
up €59,538 (+130%), from €45,714 to €105,252
mainly Other debts (+€277,952) and Investment in fixed assets (net) (+€277,413)
- Stocks and contracts -€32,500
no longer reported in 2025 (was €32,500)
- Reserves -€360,467
down €360,467 (-52.6%), from €685,318 to €324,852
- Debts after one year -€355,842
down €355,842 (-19.7%), from €1.8m to €1.4m
of which Financial debts: -€305,842
- Other debts +€277,952
up €277,952 (+747%), from €37,190 to €315,142
- Short-term financial debts -€75,000
down €75,000 (-75.0%), from €100,000 to €25,000
- Trade debts -€50,711
down €50,711 (-93.8%), from €54,050 to €3,339
- Gross operating margin -€397,928
down €397,928 (-89.1%), from €446,739 to €48,811
- Staff costs -€135,827
no longer reported in 2025 (was €135,827)
- Depreciation -€49,575
down €49,575 (-31.4%), from €157,810 to €108,234
- Taxes -€28,010
no longer reported in 2025 (was €28,010)
- Financial charges +€16,325
up €16,325 (+45.7%), from €35,688 to €52,013
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 | €2,917,234 | €2,261,288 | -€655,946 | -22.5% |
| Fixed assets | 21/28 | €2,487,877 | €2,102,230 | -€385,647 | -15.5% |
| Intangible fixed assets | 21 | €25,058 | - | -€25,058 | |
| Tangible fixed assets | 22/27 | €2,462,819 | €2,102,230 | -€360,589 | -14.6% |
| Land and buildings | 22 | €2,105,875 | €2,031,734 | -€74,142 | -3.5% |
| Plant, machinery and equipment | 23 | €267,942 | €70,496 | -€197,446 | -73.7% |
| Furniture and vehicles | 24 | €89,002 | - | -€89,002 | |
| Current assets | 29/58 | €429,357 | €159,058 | -€270,299 | -63.0% |
| Stocks and contracts in progress | 3 | €32,500 | - | -€32,500 | |
| Stocks | 30/36 | €32,500 | - | -€32,500 | |
| Amounts receivable within one year | 40/41 | €299,603 | €48,192 | -€251,411 | -83.9% |
| Trade receivables | 40 | €158,277 | €22,492 | -€135,785 | -85.8% |
| Other amounts receivable | 41 | €141,326 | €25,700 | -€115,626 | -81.8% |
| Current investments | 50/53 | €20,648 | €844 | -€19,805 | -95.9% |
| Cash at bank and in hand | 54/58 | €45,714 | €105,252 | +€59,538 | +130% |
| Deferred charges and accrued income | 490/1 | €30,892 | €4,770 | -€26,122 | -84.6% |
| Total equity and liabilities | 10/49 | €2,917,234 | €2,261,288 | -€655,946 | -22.5% |
| Equity | 10/15 | €703,918 | €336,797 | -€367,121 | -52.2% |
| Contributions | 10/11 | €18,600 | €11,946 | -€6,654 | -35.8% |
| Reserves | 13 | €685,318 | €324,852 | -€360,467 | -52.6% |
| Distributable reserves | 133 | €685,318 | €324,852 | -€360,467 | -52.6% |
| Amounts payable | 17/49 | €2,213,316 | €1,924,490 | -€288,825 | -13.0% |
| Amounts payable after more than one year | 17 | €1,803,015 | €1,447,173 | -€355,842 | -19.7% |
| Financial debts | 170/4 | €1,753,015 | €1,447,173 | -€305,842 | -17.4% |
| Other amounts payable | 178/9 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €408,055 | €477,317 | +€69,262 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €181,312 | €133,608 | -€47,704 | -26.3% |
| Financial debts | 43 | €100,000 | €25,000 | -€75,000 | -75.0% |
| Other loans | 439 | €100,000 | €25,000 | -€75,000 | -75.0% |
| Trade debts | 44 | €54,050 | €3,339 | -€50,711 | -93.8% |
| Suppliers | 440/4 | €54,050 | €3,339 | -€50,711 | -93.8% |
| Taxes, remuneration and social security | 45 | €35,503 | €228 | -€35,275 | -99.4% |
| Taxes | 450/3 | €22,840 | €228 | -€22,612 | -99.0% |
| Remuneration and social security | 454/9 | €12,663 | - | -€12,663 | |
| Other amounts payable | 47/48 | €37,190 | €315,142 | +€277,952 | +747% |
| Accrued charges and deferred income | 492/3 | €2,246 | - | -€2,246 | |
| Non-recurring operating income | 76A | €20,527 | - | -€20,527 | |
| Remuneration, social security and pensions | 62 | €135,827 | - | -€135,827 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,810 | €108,234 | -€49,575 | -31.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,116 | - | -€2,116 | |
| Other operating charges | 640/8 | €9,582 | €3,846 | -€5,736 | -59.9% |
| Gross operating margin | 9900 | €446,739 | €48,811 | -€397,928 | -89.1% |
| Operating profit (loss) | 9901 | €141,405 | -€63,269 | -€204,673 | |
| Financial income | 75/76B | €2,207 | - | -€2,207 | |
| Recurring financial income | 75 | €2,207 | - | -€2,207 | |
| Financial charges | 65/66B | €35,688 | €52,013 | +€16,325 | +45.7% |
| Recurring financial charges | 65 | €35,688 | €52,013 | +€16,325 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | €107,924 | -€115,282 | -€223,205 | |
| Income taxes | 67/77 | €28,010 | - | -€28,010 | |
| Profit (loss) for the period | 9904 | €79,914 | -€115,282 | -€195,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,914 | -€115,282 | -€195,196 |
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 20 October 2026 via checked.be.