IMMO-36: 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
IMMO-36
NACE 68.321, Property management for co-owned buildings (syndics)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€30,090
2024 · -€463,557+€433,467
Equity
€5.0m
2024 · €5.1m-€30,090
Cash
€22,095
2024 · €96,660-€74,566
Balance sheet total
€10.6m
2024 · €11.9m-€1.2m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-11.4%), from €11.1m to €9.8m
of which Land and buildings: -€1.4m
Equity and liabilities
- Debts after one year -€897,401
down €897,401 (-16.4%), from €5.5m to €4.6m
- Reserves -€740,107
down €740,107 (-12.4%), from €6.0m to €5.3m
of which Tax-exempt reserves: -€740,107
- Profit (loss) carried forward +€710,017
up €710,017 (+49.2%), from -€1.4m to -€732,532
- Other debts -€310,828
down €310,828 (-37.7%), from €824,018 to €513,190
Income statement
- Gross operating margin +€351,842
up €351,842 (+192%), from €183,077 to €534,920
- Depreciation -€49,726
down €49,726 (-11.7%), from €423,837 to €374,111
- Financial charges -€49,660
down €49,660 (-28.0%), from €177,578 to €127,917
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
-€463,557
Gross operating margin
+€351,842
Depreciation
+€49,726
Other operating charges
-€873
Other operating items
-€16,995
Financial income
+€125
Financial charges
+€49,660
Taxes
-€19
Result 2025
-€30,090
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
+€133
Investment
+€896,854
Financing
-€971,553
Cash 2024
€96,660
From operations (derived)
+€133
Net result for the year
-€30,090
Depreciation
+€374,111
Receivables after one year
+€6,000
Receivables within one year
-€12,880
Deferred charges and accrued income
-€103,626
Trade debts
+€80,759
Tax, wage and social debts
-€3,312
Other debts
-€310,828
Investment (derived)
+€896,854
Investment in fixed assets (net)
+€896,854
Financing
-€971,553
Debts after one year
-€897,401
Current portion of long-term debt
-€46,460
Short-term financial debts
-€27,692
Cash 2025
€22,095
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,861,624 | €10,626,600 | -€1.2m | -10.4% |
| Fixed assets | 21/28 | €11,104,186 | €9,833,220 | -€1.3m | -11.4% |
| Tangible fixed assets | 22/27 | €11,104,186 | €9,833,220 | -€1.3m | -11.4% |
| Land and buildings | 22 | €11,099,247 | €9,694,288 | -€1.4m | -12.7% |
| Plant, machinery and equipment | 23 | €294 | €0 | -€294 | -100% |
| Furniture and vehicles | 24 | €4,644 | €138,932 | +€134,288 | +2,892% |
| Current assets | 29/58 | €757,439 | €793,380 | +€35,941 | +4.7% |
| Amounts receivable after more than one year | 29 | €6,000 | €0 | -€6,000 | -100% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €6,000 | €0 | -€6,000 | -100% |
| Amounts receivable within one year | 40/41 | €564,279 | €577,159 | +€12,880 | +2.3% |
| Trade receivables | 40 | €2,479 | €0 | -€2,479 | -100% |
| Other amounts receivable | 41 | €561,800 | €577,159 | +€15,359 | +2.7% |
| Current investments | 50/53 | €83,000 | €83,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,660 | €22,095 | -€74,566 | -77.1% |
| Deferred charges and accrued income | 490/1 | €7,500 | €111,126 | +€103,626 | +1,382% |
| Total equity and liabilities | 10/49 | €11,861,624 | €10,626,600 | -€1.2m | -10.4% |
| Equity | 10/15 | €5,078,896 | €5,048,806 | -€30,090 | -0.6% |
| Contributions | 10/11 | €528,986 | €528,986 | = | 0.0% |
| Capital | 10 | €528,986 | €528,986 | = | 0.0% |
| Issued capital | 100 | €528,986 | €528,986 | = | 0.0% |
| Reserves | 13 | €5,992,459 | €5,252,352 | -€740,107 | -12.4% |
| Non-distributable reserves | 130/1 | €52,898 | €52,898 | = | 0.0% |
| Legal reserve | 130 | €52,898 | €52,898 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,927,631 | €5,187,523 | -€740,107 | -12.5% |
| Distributable reserves | 133 | €11,930 | €11,930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,442,550 | -€732,532 | +€710,017 | +49.2% |
| Amounts payable | 17/49 | €6,782,729 | €5,577,794 | -€1.2m | -17.8% |
| Amounts payable after more than one year | 17 | €5,487,386 | €4,589,985 | -€897,401 | -16.4% |
| Financial debts | 170/4 | €5,487,386 | €4,589,985 | -€897,401 | -16.4% |
| Amounts payable within one year | 42/48 | €1,225,155 | €917,622 | -€307,533 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €293,691 | €247,231 | -€46,460 | -15.8% |
| Financial debts | 43 | €79,110 | €51,418 | -€27,692 | -35.0% |
| Credit institutions | 430/8 | €79,110 | €51,418 | -€27,692 | -35.0% |
| Trade debts | 44 | €25,005 | €105,763 | +€80,759 | +323% |
| Suppliers | 440/4 | €25,005 | €105,763 | +€80,759 | +323% |
| Taxes, remuneration and social security | 45 | €3,331 | €19 | -€3,312 | -99.4% |
| Taxes | 450/3 | €3,331 | €19 | -€3,312 | -99.4% |
| Other amounts payable | 47/48 | €824,018 | €513,190 | -€310,828 | -37.7% |
| Accrued charges and deferred income | 492/3 | €70,188 | €70,188 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €457,068 | +€457,068 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €423,837 | €374,111 | -€49,726 | -11.7% |
| Other operating charges | 640/8 | €45,821 | €46,694 | +€873 | +1.9% |
| Non-recurring operating charges | 66A | €0 | €16,995 | +€16,995 | +28,324,900% |
| Gross operating margin | 9900 | €183,077 | €534,920 | +€351,842 | +192% |
| Operating profit (loss) | 9901 | -€286,581 | €97,120 | +€383,700 | |
| Financial income | 75/76B | €602 | €727 | +€125 | +20.8% |
| Recurring financial income | 75 | €602 | €727 | +€125 | +20.8% |
| Financial charges | 65/66B | €177,578 | €127,917 | -€49,660 | -28.0% |
| Recurring financial charges | 65 | €177,578 | €127,917 | -€49,660 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | -€463,557 | -€30,071 | +€433,486 | +93.5% |
| Income taxes | 67/77 | €0 | €19 | +€19 | |
| Profit (loss) for the period | 9904 | -€463,557 | -€30,090 | +€433,467 | +93.5% |
| Transfer from tax-exempt reserves | 789 | €239,916 | €740,107 | +€500,191 | +208% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€223,640 | €710,017 | +€933,658 |
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 13 October 2026 via checked.be.