IMMO 4: 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.
IMMO 4
Largest movements
- Receivables within one year +€160,235
up €160,235 (+5.7%), from €2.8m to €3.0m
of which Other amounts receivable: +€139,112
- Tangible fixed assets -€136,966
down €136,966 (-5.7%), from €2.4m to €2.3m
- Debts after one year -€201,620
down €201,620 (-44.2%), from €456,620 to €255,000
- Accrued charges and deferred income +€200,688
up €200,688 (+2427.4%), from €8,268 to €208,955
- Reserves +€88,233
up €88,233 (+3.4%), from €2.6m to €2.7m
of which Distributable reserves: +€88,233
- Financial income +€31,733
up €31,733 (+11.9%), from €266,219 to €297,952
- Financial charges +€29,328
up €29,328 (+14.4%), from €203,232 to €232,560
- Depreciation -€14,009
down €14,009 (-9.3%), from €150,975 to €136,966
- Gross operating margin -€11,067
down €11,067 (-5.0%), from €221,067 to €210,000
- Other operating charges +€3,321
up €3,321 (+68.5%), from €4,848 to €8,168
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 | €6,189,395 | €6,209,454 | +€20,059 | +0.3% |
| Fixed assets | 21/28 | €2,435,644 | €2,298,678 | -€136,966 | -5.6% |
| Tangible fixed assets | 22/27 | €2,423,413 | €2,286,447 | -€136,966 | -5.7% |
| Land and buildings | 22 | €2,160,451 | €2,098,505 | -€61,947 | -2.9% |
| Plant, machinery and equipment | 23 | €63,471 | €53,878 | -€9,593 | -15.1% |
| Furniture and vehicles | 24 | €3,922 | €2,644 | -€1,278 | -32.6% |
| Leasing and similar rights | 25 | €32,804 | €7,597 | -€25,207 | -76.8% |
| Other tangible fixed assets | 26 | €162,765 | €123,823 | -€38,942 | -23.9% |
| Financial fixed assets | 28 | €12,232 | €12,232 | = | 0.0% |
| Current assets | 29/58 | €3,753,751 | €3,910,775 | +€157,025 | +4.2% |
| Amounts receivable after more than one year | 29 | €925,000 | €925,000 | = | 0.0% |
| Other amounts receivable | 291 | €925,000 | €925,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,814,874 | €2,975,109 | +€160,235 | +5.7% |
| Trade receivables | 40 | €11,171 | €32,294 | +€21,123 | +189.1% |
| Other amounts receivable | 41 | €2,803,703 | €2,942,815 | +€139,112 | +5.0% |
| Cash at bank and in hand | 54/58 | €8,663 | €5,174 | -€3,489 | -40.3% |
| Deferred charges and accrued income | 490/1 | €5,214 | €5,493 | +€279 | +5.3% |
| Total equity and liabilities | 10/49 | €6,189,395 | €6,209,454 | +€20,059 | +0.3% |
| Equity | 10/15 | €2,846,171 | €2,934,403 | +€88,233 | +3.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,596,171 | €2,684,403 | +€88,233 | +3.4% |
| Tax-exempt reserves | 132 | €3,056 | €3,056 | = | 0.0% |
| Distributable reserves | 133 | €2,593,115 | €2,681,348 | +€88,233 | +3.4% |
| Amounts payable | 17/49 | €3,343,224 | €3,275,050 | -€68,174 | -2.0% |
| Amounts payable after more than one year | 17 | €456,620 | €255,000 | -€201,620 | -44.2% |
| Financial debts | 170/4 | €456,620 | €255,000 | -€201,620 | -44.2% |
| Amounts payable within one year | 42/48 | €2,878,337 | €2,811,095 | -€67,242 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €222,911 | €201,620 | -€21,291 | -9.6% |
| Trade debts | 44 | €20,541 | €18,881 | -€1,660 | -8.1% |
| Suppliers | 440/4 | €20,541 | €18,881 | -€1,660 | -8.1% |
| Taxes, remuneration and social security | 45 | €19,709 | €30,592 | +€10,883 | +55.2% |
| Taxes | 450/3 | €19,709 | €30,592 | +€10,883 | +55.2% |
| Other amounts payable | 47/48 | €2,615,176 | €2,560,001 | -€55,175 | -2.1% |
| Accrued charges and deferred income | 492/3 | €8,268 | €208,955 | +€200,688 | +2427.4% |
| Non-recurring operating income | 76A | €17,195 | €0 | -€17,195 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,975 | €136,966 | -€14,009 | -9.3% |
| Other operating charges | 640/8 | €4,848 | €8,168 | +€3,321 | +68.5% |
| Gross operating margin | 9900 | €221,067 | €210,000 | -€11,067 | -5.0% |
| Operating profit (loss) | 9901 | €65,245 | €64,866 | -€379 | -0.6% |
| Financial income | 75/76B | €266,219 | €297,952 | +€31,733 | +11.9% |
| Recurring financial income | 75 | €266,219 | €297,952 | +€31,733 | +11.9% |
| Financial charges | 65/66B | €203,232 | €232,560 | +€29,328 | +14.4% |
| Recurring financial charges | 65 | €203,232 | €232,560 | +€29,328 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €128,232 | €130,258 | +€2,026 | +1.6% |
| Income taxes | 67/77 | €40,993 | €42,025 | +€1,032 | +2.5% |
| Profit (loss) for the period | 9904 | €87,239 | €88,233 | +€994 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,239 | €88,233 | +€994 | +1.1% |
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 10 October 2026 via checked.be.