IMMO 39: 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.
IMMO 39
Largest movements
- Tangible fixed assets -€75,374
down €75,374 (-6.1%), from €1.2m to €1.2m
- Debts after one year -€139,450
down €139,450 (-16.2%), from €859,832 to €720,382
- Profit (loss) carried forward +€68,976
up €68,976 (+30.3%), from -€227,927 to -€158,950
- Gross operating margin +€2,252
up €2,252 (+1.4%), from €163,822 to €166,074
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 | €1,266,882 | €1,197,797 | -€69,085 | -5.5% |
| Fixed assets | 21/28 | €1,247,829 | €1,172,455 | -€75,374 | -6.0% |
| Tangible fixed assets | 22/27 | €1,240,829 | €1,165,455 | -€75,374 | -6.1% |
| Land and buildings | 22 | €1,240,829 | €1,165,455 | -€75,374 | -6.1% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €19,053 | €25,342 | +€6,289 | +33.0% |
| Amounts receivable within one year | 40/41 | €868 | €10,855 | +€9,987 | +1150.5% |
| Trade receivables | 40 | - | €10,393 | +€10,393 | |
| Other amounts receivable | 41 | €868 | €462 | -€406 | -46.8% |
| Cash at bank and in hand | 54/58 | €18,185 | €14,487 | -€3,698 | -20.3% |
| Total equity and liabilities | 10/49 | €1,266,882 | €1,197,797 | -€69,085 | -5.5% |
| Equity | 10/15 | €72,073 | €141,050 | +€68,976 | +95.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€227,927 | -€158,950 | +€68,976 | +30.3% |
| Amounts payable | 17/49 | €1,194,808 | €1,056,747 | -€138,061 | -11.6% |
| Amounts payable after more than one year | 17 | €859,832 | €720,382 | -€139,450 | -16.2% |
| Financial debts | 170/4 | €859,832 | €720,382 | -€139,450 | -16.2% |
| Amounts payable within one year | 42/48 | €334,976 | €336,365 | +€1,389 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €137,947 | €139,450 | +€1,503 | +1.1% |
| Trade debts | 44 | €115 | €0 | -€115 | -100.0% |
| Suppliers | 440/4 | €115 | €0 | -€115 | -100.0% |
| Other amounts payable | 47/48 | €196,915 | €196,915 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,374 | €75,374 | = | 0.0% |
| Other operating charges | 640/8 | €11,045 | €11,392 | +€347 | +3.1% |
| Gross operating margin | 9900 | €163,822 | €166,074 | +€2,252 | +1.4% |
| Operating profit (loss) | 9901 | €77,404 | €79,309 | +€1,905 | +2.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €11,801 | €10,332 | -€1,469 | -12.4% |
| Recurring financial charges | 65 | €11,801 | €10,332 | -€1,469 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €65,603 | €68,976 | +€3,373 | +5.1% |
| Profit (loss) for the period | 9904 | €65,603 | €68,976 | +€3,373 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,603 | €68,976 | +€3,373 | +5.1% |
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.