HOLDING IMMOTUR: 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.
What changed
HOLDING IMMOTUR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€236,846
2024 · €103,918+€132,929
Equity
€11.3m
2024 · €11.0m+€236,846
Cash
€292,268
2024 · €302,827-€10,559
Balance sheet total
€11.5m
2024 · €11.2m+€280,928
Largest movements
Assets
- Receivables within one year +€117,206
up €117,206 (+8.1%), from €1.5m to €1.6m
of which Other amounts receivable: +€139,237
Equity and liabilities
- Reserves +€249,887
up €249,887 (+2.3%), from €10.7m to €10.9m
of which Distributable reserves: +€300,000
Income statement
- Financial income +€168,821
up €168,821 (+91.6%), from €184,232 to €353,053
- Taxes +€42,625
up €42,625 (+82.6%), from €51,596 to €94,221
- Depreciation -€29,516
down €29,516 (-21.0%), from €140,342 to €110,826
- Gross operating margin -€17,474
down €17,474 (-7.2%), from €243,458 to €225,984
- Other operating charges -€12,093
down €12,093 (-18.5%), from €65,410 to €53,317
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
€103,918
Gross operating margin
-€17,474
Staff costs
-€9,765
Depreciation
+€29,516
Other operating charges
+€12,093
Financial income
+€168,821
Financial charges
+€4,491
Taxes
-€42,625
Deferred taxes and other
-€12,128
Result 2025
€236,846
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€297,239
Investment
-€314,403
Financing
+€6,605
Cash 2024
€302,827
From operations (derived)
+€297,239
Net result for the year
+€236,846
Depreciation
+€110,826
Receivables within one year
-€117,206
Deferred charges and accrued income
+€29,297
Provisions
-€18,573
Trade debts
+€6,221
Tax, wage and social debts
+€49,345
Other debts
+€482
Investment (derived)
-€314,403
Investment in fixed assets (net)
-€202,972
Current investments
-€111,431
Financing
+€6,605
Debts after one year
+€6,605
Cash 2025
€292,268
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,227,038 | €11,507,966 | +€280,928 | +2.5% |
| Fixed assets | 21/28 | €5,334,552 | €5,426,699 | +€92,147 | +1.7% |
| Tangible fixed assets | 22/27 | €1,356,556 | €1,448,703 | +€92,147 | +6.8% |
| Land and buildings | 22 | €1,227,665 | €1,215,483 | -€12,183 | -1.0% |
| Plant, machinery and equipment | 23 | €17,592 | €133,217 | +€115,626 | +657% |
| Furniture and vehicles | 24 | €111,299 | €100,003 | -€11,296 | -10.1% |
| Financial fixed assets | 28 | €3,977,996 | €3,977,996 | = | 0.0% |
| Current assets | 29/58 | €5,892,486 | €6,081,267 | +€188,781 | +3.2% |
| Amounts receivable within one year | 40/41 | €1,450,680 | €1,567,886 | +€117,206 | +8.1% |
| Trade receivables | 40 | €36,151 | €14,120 | -€22,031 | -60.9% |
| Other amounts receivable | 41 | €1,414,529 | €1,553,766 | +€139,237 | +9.8% |
| Current investments | 50/53 | €4,104,219 | €4,215,649 | +€111,431 | +2.7% |
| Cash at bank and in hand | 54/58 | €302,827 | €292,268 | -€10,559 | -3.5% |
| Deferred charges and accrued income | 490/1 | €34,760 | €5,464 | -€29,297 | -84.3% |
| Total equity and liabilities | 10/49 | €11,227,038 | €11,507,966 | +€280,928 | +2.5% |
| Equity | 10/15 | €11,046,543 | €11,283,389 | +€236,846 | +2.1% |
| Contributions | 10/11 | €258,503 | €258,503 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Contributions outside capital | 11 | €8,503 | €8,503 | = | 0.0% |
| Share premium | 1100/10 | €8,503 | €8,503 | = | 0.0% |
| Reserves | 13 | €10,693,863 | €10,943,750 | +€249,887 | +2.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,863 | €18,750 | -€50,113 | -72.8% |
| Distributable reserves | 133 | €10,600,000 | €10,900,000 | +€300,000 | +2.8% |
| Profit (loss) carried forward | 14 | €94,177 | €81,136 | -€13,040 | -13.8% |
| Provisions and deferred taxes | 16 | €18,573 | - | -€18,573 | |
| Deferred taxes | 168 | €18,573 | - | -€18,573 | |
| Amounts payable | 17/49 | €161,923 | €224,577 | +€62,654 | +38.7% |
| Amounts payable after more than one year | 17 | €143,216 | €149,821 | +€6,605 | +4.6% |
| Other amounts payable | 178/9 | €143,216 | €149,821 | +€6,605 | +4.6% |
| Amounts payable within one year | 42/48 | €18,707 | €74,755 | +€56,049 | +300% |
| Trade debts | 44 | €100 | €6,322 | +€6,221 | +6,191% |
| Suppliers | 440/4 | €100 | €6,322 | +€6,221 | +6,191% |
| Taxes, remuneration and social security | 45 | €18,606 | €67,952 | +€49,345 | +265% |
| Taxes | 450/3 | €6,866 | €55,724 | +€48,858 | +712% |
| Remuneration and social security | 454/9 | €11,740 | €12,228 | +€488 | +4.2% |
| Other amounts payable | 47/48 | - | €482 | +€482 | |
| Remuneration, social security and pensions | 62 | €76,017 | €85,782 | +€9,765 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,342 | €110,826 | -€29,516 | -21.0% |
| Other operating charges | 640/8 | €65,410 | €53,317 | -€12,093 | -18.5% |
| Gross operating margin | 9900 | €243,458 | €225,984 | -€17,474 | -7.2% |
| Operating profit (loss) | 9901 | -€38,311 | -€23,941 | +€14,370 | +37.5% |
| Financial income | 75/76B | €184,232 | €353,053 | +€168,821 | +91.6% |
| Recurring financial income | 75 | €184,232 | €353,053 | +€168,821 | +91.6% |
| Financial charges | 65/66B | €21,108 | €16,617 | -€4,491 | -21.3% |
| Recurring financial charges | 65 | €21,108 | €16,617 | -€4,491 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €124,813 | €312,494 | +€187,682 | +150% |
| Transfer from deferred taxes | 780 | €30,700 | €18,573 | -€12,128 | -39.5% |
| Income taxes | 67/77 | €51,596 | €94,221 | +€42,625 | +82.6% |
| Profit (loss) for the period | 9904 | €103,918 | €236,846 | +€132,929 | +128% |
| Transfer from tax-exempt reserves | 789 | €82,836 | €50,113 | -€32,723 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €186,754 | €286,960 | +€100,206 | +53.7% |
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 31 October 2026 via checked.be.