IMMO 44: 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 44
Largest movements
- Tangible fixed assets -€20,186
down €20,186 (-4.6%), from €436,312 to €416,126
- Cash -€16,475
down €16,475 (-32.0%), from €51,471 to €34,996
mainly Contributions, distributions and other (-€75,393) and Debts after one year (-€31,814)
- Receivables within one year -€6,697
down €6,697 (-100.0%), from €6,697 to €0
of which Other amounts receivable: -€6,697
- Reserves -€44,586
down €44,586 (-100.0%), from €44,586 to €0
- Debts after one year -€31,814
down €31,814 (-9.0%), from €354,335 to €322,522
- Other debts +€25,826
up €25,826 (+52.1%), from €49,568 to €75,393
- Gross operating margin +€1,160
up €1,160 (+1.7%), from €69,219 to €70,379
- Depreciation -€722
down €722 (-3.5%), from €20,908 to €20,186
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 | €498,480 | €451,123 | -€47,357 | -9.5% |
| Fixed assets | 21/28 | €436,312 | €416,126 | -€20,186 | -4.6% |
| Tangible fixed assets | 22/27 | €436,312 | €416,126 | -€20,186 | -4.6% |
| Land and buildings | 22 | €436,312 | €416,126 | -€20,186 | -4.6% |
| Current assets | 29/58 | €62,168 | €34,996 | -€27,172 | -43.7% |
| Amounts receivable within one year | 40/41 | €6,697 | €0 | -€6,697 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,697 | €0 | -€6,697 | -100.0% |
| Cash at bank and in hand | 54/58 | €51,471 | €34,996 | -€16,475 | -32.0% |
| Deferred charges and accrued income | 490/1 | €4,000 | €0 | -€4,000 | -100.0% |
| Total equity and liabilities | 10/49 | €498,480 | €451,123 | -€47,357 | -9.5% |
| Equity | 10/15 | €63,186 | €18,600 | -€44,586 | -70.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44,586 | €0 | -€44,586 | -100.0% |
| Distributable reserves | 133 | €44,586 | €0 | -€44,586 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €435,294 | €432,523 | -€2,771 | -0.6% |
| Amounts payable after more than one year | 17 | €354,335 | €322,522 | -€31,814 | -9.0% |
| Financial debts | 170/4 | €354,335 | €322,522 | -€31,814 | -9.0% |
| Amounts payable within one year | 42/48 | €80,958 | €110,001 | +€29,043 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | €31,390 | €31,814 | +€423 | +1.3% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | - | €2,794 | +€2,794 | |
| Taxes | 450/3 | - | €2,794 | +€2,794 | |
| Other amounts payable | 47/48 | €49,568 | €75,393 | +€25,826 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,908 | €20,186 | -€722 | -3.5% |
| Other operating charges | 640/8 | €3,206 | €3,315 | +€109 | +3.4% |
| Gross operating margin | 9900 | €69,219 | €70,379 | +€1,160 | +1.7% |
| Operating profit (loss) | 9901 | €45,105 | €46,879 | +€1,773 | +3.9% |
| Financial charges | 65/66B | €6,188 | €5,778 | -€410 | -6.6% |
| Recurring financial charges | 65 | €6,188 | €5,778 | -€410 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €38,918 | €41,101 | +€2,183 | +5.6% |
| Income taxes | 67/77 | €9,729 | €10,294 | +€564 | +5.8% |
| Profit (loss) for the period | 9904 | €29,188 | €30,807 | +€1,619 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,188 | €30,807 | +€1,619 | +5.5% |
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 11 October 2026 via checked.be.