IMMO 4D: 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.
What changed
IMMO 4D
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€162,188
2024 · €340,663-€178,474
Equity
€1.5m
2024 · €1.4m+€162,188
Cash
€53,547
2024 · €105,574-€52,027
Balance sheet total
€6.2m
2024 · €5.4m+€784,636
Largest movements
Assets
- Tangible fixed assets +€929,843
up €929,843 (+18.6%), from €5.0m to €5.9m
of which Land and buildings: +€939,870
- Receivables within one year -€96,597
down €96,597 (-65.2%), from €148,211 to €51,613
of which Trade receivables: -€90,990
Equity and liabilities
- Debts after one year +€488,910
up €488,910 (+26.7%), from €1.8m to €2.3m
- Reserves +€189,450
up €189,450 (+21.6%), from €878,962 to €1.1m
of which Tax-exempt reserves: +€189,450
- Trade debts +€75,502
up €75,502 (+167.9%), from €44,969 to €120,471
- Other debts +€67,102
up €67,102 (+4.7%), from €1.4m to €1.5m
Income statement
- Gross operating margin -€201,640
down €201,640 (-23.4%), from €862,586 to €660,946
- Taxes -€51,542
down €51,542 (-32.1%), from €160,508 to €108,965
- Financial income -€32,371
down €32,371 (-99.9%), from €32,403 to €32
of which Non-recurring financial income: -€29,400
- Depreciation -€16,835
down €16,835 (-5.1%), from €332,131 to €315,296
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.
Result 2024
€340,663
Gross operating margin
-€201,640
Staff costs
-€6,661
Depreciation
+€16,835
Write-downs
-€3,297
Other operating charges
+€19
Financial income
-€32,371
Financial charges
-€2,903
Taxes
+€51,542
Result 2025
€162,188
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.
From operations
+€731,616
Investment
-€1.2m
Financing
+€461,496
Cash 2024
€105,574
From operations (derived)
+€731,616
Net result for the year
+€162,188
Depreciation
+€315,296
Receivables within one year
+€96,597
Deferred charges and accrued income
-€3,418
Trade debts
+€75,502
Tax, wage and social debts
-€27,922
Other debts
+€67,102
Accrued charges and deferred income
+€46,270
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€461,496
Debts after one year
+€488,910
Current portion of long-term debt
-€27,414
Cash 2025
€53,547
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,437,174 | €6,221,810 | +€784,636 | +14.4% |
| Fixed assets | 21/28 | €5,173,455 | €6,103,298 | +€929,843 | +18.0% |
| Tangible fixed assets | 22/27 | €5,010,855 | €5,940,698 | +€929,843 | +18.6% |
| Land and buildings | 22 | €4,831,628 | €5,771,498 | +€939,870 | +19.5% |
| Plant, machinery and equipment | 23 | €24,943 | €22,395 | -€2,547 | -10.2% |
| Furniture and vehicles | 24 | - | €14,740 | +€14,740 | |
| Other tangible fixed assets | 26 | €154,285 | €132,065 | -€22,219 | -14.4% |
| Financial fixed assets | 28 | €162,600 | €162,600 | = | 0.0% |
| Current assets | 29/58 | €263,719 | €118,513 | -€145,207 | -55.1% |
| Amounts receivable within one year | 40/41 | €148,211 | €51,613 | -€96,597 | -65.2% |
| Trade receivables | 40 | €115,440 | €24,450 | -€90,990 | -78.8% |
| Other amounts receivable | 41 | €32,771 | €27,163 | -€5,608 | -17.1% |
| Cash at bank and in hand | 54/58 | €105,574 | €53,547 | -€52,027 | -49.3% |
| Deferred charges and accrued income | 490/1 | €9,934 | €13,352 | +€3,418 | +34.4% |
| Total equity and liabilities | 10/49 | €5,437,174 | €6,221,810 | +€784,636 | +14.4% |
| Equity | 10/15 | €1,386,761 | €1,548,949 | +€162,188 | +11.7% |
| Contributions | 10/11 | €237,000 | €237,000 | = | 0.0% |
| Capital | 10 | €237,000 | €237,000 | = | 0.0% |
| Issued capital | 100 | €237,000 | €237,000 | = | 0.0% |
| Reserves | 13 | €878,962 | €1,068,412 | +€189,450 | +21.6% |
| Non-distributable reserves | 130/1 | €23,700 | €23,700 | = | 0.0% |
| Legal reserve | 130 | €23,700 | €23,700 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €189,450 | +€189,450 | |
| Distributable reserves | 133 | €855,262 | €855,262 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,799 | €243,537 | -€27,262 | -10.1% |
| Provisions and deferred taxes | 16 | €175,000 | €175,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €175,000 | €175,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,875,414 | €4,497,862 | +€622,448 | +16.1% |
| Amounts payable after more than one year | 17 | €1,834,426 | €2,323,336 | +€488,910 | +26.7% |
| Financial debts | 170/4 | €1,834,426 | €2,323,336 | +€488,910 | +26.7% |
| Amounts payable within one year | 42/48 | €1,925,901 | €2,013,170 | +€87,268 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €431,079 | €403,665 | -€27,414 | -6.4% |
| Trade debts | 44 | €44,969 | €120,471 | +€75,502 | +167.9% |
| Suppliers | 440/4 | €44,969 | €120,471 | +€75,502 | +167.9% |
| Taxes, remuneration and social security | 45 | €33,273 | €5,351 | -€27,922 | -83.9% |
| Taxes | 450/3 | €33,273 | €3,965 | -€29,307 | -88.1% |
| Remuneration and social security | 454/9 | - | €1,385 | +€1,385 | |
| Other amounts payable | 47/48 | €1,416,581 | €1,483,683 | +€67,102 | +4.7% |
| Accrued charges and deferred income | 492/3 | €115,086 | €161,356 | +€46,270 | +40.2% |
| Remuneration, social security and pensions | 62 | - | €6,661 | +€6,661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,131 | €315,296 | -€16,835 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,297 | - | +€3,297 | |
| Other operating charges | 640/8 | €1,093 | €1,073 | -€19 | -1.7% |
| Gross operating margin | 9900 | €862,586 | €660,946 | -€201,640 | -23.4% |
| Operating profit (loss) | 9901 | €532,659 | €337,916 | -€194,743 | -36.6% |
| Financial income | 75/76B | €32,403 | €32 | -€32,371 | -99.9% |
| Recurring financial income | 75 | €3,003 | €32 | -€2,971 | -98.9% |
| Non-recurring financial income | 76B | €29,400 | - | -€29,400 | |
| Financial charges | 65/66B | €63,892 | €66,795 | +€2,903 | +4.5% |
| Recurring financial charges | 65 | €63,892 | €55,997 | -€7,895 | -12.4% |
| Non-recurring financial charges | 66B | - | €10,798 | +€10,798 | |
| Profit (loss) for the period before taxes | 9903 | €501,170 | €271,154 | -€230,017 | -45.9% |
| Income taxes | 67/77 | €160,508 | €108,965 | -€51,542 | -32.1% |
| Profit (loss) for the period | 9904 | €340,663 | €162,188 | -€178,474 | -52.4% |
| Transfer to tax-exempt reserves | 689 | - | €189,450 | +€189,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €340,663 | -€27,262 | -€367,924 |
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.