IMMO 46: 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 46
Largest movements
- Tangible fixed assets -€30,265
down €30,265 (-4.2%), from €719,406 to €689,141
- Debts after one year -€42,073
down €42,073 (-9.4%), from €445,472 to €403,400
- Reserves +€25,300
up €25,300 (+40.2%), from €63,000 to €88,300
- Current portion of long-term debt -€11,290
down €11,290 (-21.2%), from €53,363 to €42,073
- Financial charges -€7,205
down €7,205 (-30.3%), from €23,805 to €16,599
- Gross operating margin +€1,958
up €1,958 (+2.3%), from €84,985 to €86,942
- Taxes +€1,461
up €1,461 (+13.8%), from €10,622 to €12,083
- Other operating charges +€995
up €995 (+62.1%), from €1,603 to €2,597
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 | €741,098 | €707,733 | -€33,365 | -4.5% |
| Fixed assets | 21/28 | €719,406 | €689,141 | -€30,265 | -4.2% |
| Tangible fixed assets | 22/27 | €719,406 | €689,141 | -€30,265 | -4.2% |
| Land and buildings | 22 | €719,406 | €689,141 | -€30,265 | -4.2% |
| Current assets | 29/58 | €21,692 | €18,592 | -€3,099 | -14.3% |
| Cash at bank and in hand | 54/58 | €19,816 | €17,326 | -€2,490 | -12.6% |
| Deferred charges and accrued income | 490/1 | €1,875 | €1,266 | -€609 | -32.5% |
| Total equity and liabilities | 10/49 | €741,098 | €707,733 | -€33,365 | -4.5% |
| Equity | 10/15 | €201,908 | €227,306 | +€25,398 | +12.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €63,000 | €88,300 | +€25,300 | +40.2% |
| Distributable reserves | 133 | €63,000 | €88,300 | +€25,300 | +40.2% |
| Profit (loss) carried forward | 14 | €118,908 | €119,006 | +€98 | +0.1% |
| Amounts payable | 17/49 | €539,190 | €480,427 | -€58,763 | -10.9% |
| Amounts payable after more than one year | 17 | €445,472 | €403,400 | -€42,073 | -9.4% |
| Financial debts | 170/4 | €445,472 | €403,400 | -€42,073 | -9.4% |
| Amounts payable within one year | 42/48 | €93,717 | €77,027 | -€16,690 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €53,363 | €42,073 | -€11,290 | -21.2% |
| Trade debts | 44 | €1,634 | €400 | -€1,234 | -75.5% |
| Suppliers | 440/4 | €1,634 | €400 | -€1,234 | -75.5% |
| Taxes, remuneration and social security | 45 | €10,249 | €6,083 | -€4,166 | -40.6% |
| Taxes | 450/3 | €10,249 | €6,083 | -€4,166 | -40.6% |
| Other amounts payable | 47/48 | €28,472 | €28,472 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,086 | €30,265 | +€179 | +0.6% |
| Other operating charges | 640/8 | €1,603 | €2,597 | +€995 | +62.1% |
| Gross operating margin | 9900 | €84,985 | €86,942 | +€1,958 | +2.3% |
| Operating profit (loss) | 9901 | €53,296 | €54,080 | +€784 | +1.5% |
| Financial charges | 65/66B | €23,805 | €16,599 | -€7,205 | -30.3% |
| Recurring financial charges | 65 | €23,805 | €16,599 | -€7,205 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €29,491 | €37,481 | +€7,989 | +27.1% |
| Income taxes | 67/77 | €10,622 | €12,083 | +€1,461 | +13.8% |
| Profit (loss) for the period | 9904 | €18,869 | €25,398 | +€6,529 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,869 | €25,398 | +€6,529 | +34.6% |
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 7 October 2026 via checked.be.