IMMO 48 PROJECTS: 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 48 PROJECTS
Largest movements
- Tangible fixed assets +€193,255
up €193,255 (+26.2%), from €737,697 to €930,952
- Cash -€36,722
down €36,722 (-73.9%), from €49,703 to €12,980
mainly Investment in fixed assets (net) (-€209,505)
- Receivables within one year -€25,384
down €25,384 (-42.0%), from €60,488 to €35,104
of which Other amounts receivable: -€28,599
- Debts after one year +€67,555
up €67,555 (+14.6%), from €461,486 to €529,041
- Reserves +€22,106
up €22,106 (+17.4%), from €126,730 to €148,837
of which Distributable reserves: +€22,106
- Current portion of long-term debt +€16,751
up €16,751 (+65.8%), from €25,443 to €42,195
- Tax, wage and social debts +€11,075
up €11,075 (+104%), from €10,628 to €21,703
- Financial charges +€12,226
up €12,226 (+133%), from €9,185 to €21,411
- Gross operating margin +€7,420
up €7,420 (+11.9%), from €62,511 to €69,931
- Other operating charges -€1,228
down €1,228 (-36.7%), from €3,345 to €2,117
- Taxes -€1,162
down €1,162 (-12.6%), from €9,209 to €8,047
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €847,888 | €979,036 | +€131,148 | +15.5% |
| Fixed assets | 21/28 | €737,697 | €930,952 | +€193,255 | +26.2% |
| Tangible fixed assets | 22/27 | €737,697 | €930,952 | +€193,255 | +26.2% |
| Land and buildings | 22 | €737,697 | €930,952 | +€193,255 | +26.2% |
| Current assets | 29/58 | €110,191 | €48,084 | -€62,107 | -56.4% |
| Amounts receivable within one year | 40/41 | €60,488 | €35,104 | -€25,384 | -42.0% |
| Trade receivables | 40 | €30,311 | €33,525 | +€3,215 | +10.6% |
| Other amounts receivable | 41 | €30,178 | €1,579 | -€28,599 | -94.8% |
| Cash at bank and in hand | 54/58 | €49,703 | €12,980 | -€36,722 | -73.9% |
| Total equity and liabilities | 10/49 | €847,888 | €979,036 | +€131,148 | +15.5% |
| Equity | 10/15 | €226,730 | €248,837 | +€22,106 | +9.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €126,730 | €148,837 | +€22,106 | +17.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €116,730 | €138,837 | +€22,106 | +18.9% |
| Amounts payable | 17/49 | €621,158 | €730,200 | +€109,042 | +17.6% |
| Amounts payable after more than one year | 17 | €461,486 | €529,041 | +€67,555 | +14.6% |
| Financial debts | 170/4 | €461,486 | €529,041 | +€67,555 | +14.6% |
| Amounts payable within one year | 42/48 | €159,671 | €201,159 | +€41,487 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €25,443 | €42,195 | +€16,751 | +65.8% |
| Trade debts | 44 | €40,416 | €47,239 | +€6,823 | +16.9% |
| Suppliers | 440/4 | €40,416 | €47,239 | +€6,823 | +16.9% |
| Taxes, remuneration and social security | 45 | €10,628 | €21,703 | +€11,075 | +104% |
| Taxes | 450/3 | €10,628 | €21,703 | +€11,075 | +104% |
| Other amounts payable | 47/48 | €83,184 | €90,022 | +€6,838 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,250 | €16,250 | = | 0.0% |
| Other operating charges | 640/8 | €3,345 | €2,117 | -€1,228 | -36.7% |
| Gross operating margin | 9900 | €62,511 | €69,931 | +€7,420 | +11.9% |
| Operating profit (loss) | 9901 | €42,917 | €51,564 | +€8,648 | +20.2% |
| Financial charges | 65/66B | €9,185 | €21,411 | +€12,226 | +133% |
| Recurring financial charges | 65 | €9,185 | €21,411 | +€12,226 | +133% |
| Profit (loss) for the period before taxes | 9903 | €33,732 | €30,154 | -€3,578 | -10.6% |
| Income taxes | 67/77 | €9,209 | €8,047 | -€1,162 | -12.6% |
| Profit (loss) for the period | 9904 | €24,523 | €22,106 | -€2,417 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,523 | €22,106 | -€2,417 | -9.9% |
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 27 October 2026 via checked.be.