IMMO-51: 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-51
Largest movements
- Cash +€2.8m
up €2.8m (+933%), from €296,205 to €3.1m
mainly Net result for the year (+€2.0m) and Investment in fixed assets (net) (+€682,300)
- Tangible fixed assets -€710,736
down €710,736 (-32.5%), from €2.2m to €1.5m
of which Land and buildings: -€710,736
- Profit (loss) carried forward +€2.0m
up €2.0m (+695%), from €292,947 to €2.3m
- Gross operating margin +€3.1m
up €3.1m (+733%), from €416,787 to €3.5m
- Financial charges +€647,550
up €647,550 (+1,452%), from €44,601 to €692,152
of which Non-recurring financial charges: +€648,185
- Taxes +€637,394
up €637,394 (+708%), from €90,000 to €727,394
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 | €2,605,346 | €4,609,313 | +€2.0m | +76.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,183,547 | €1,472,811 | -€710,736 | -32.5% |
| Tangible fixed assets | 22/27 | €2,183,547 | €1,472,811 | -€710,736 | -32.5% |
| Land and buildings | 22 | €2,183,547 | €1,472,811 | -€710,736 | -32.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €421,799 | €3,136,502 | +€2.7m | +644% |
| Amounts receivable within one year | 40/41 | €55,753 | €15,745 | -€40,008 | -71.8% |
| Trade receivables | 40 | - | €4,745 | +€4,745 | |
| Other amounts receivable | 41 | €55,753 | €11,000 | -€44,753 | -80.3% |
| Cash at bank and in hand | 54/58 | €296,205 | €3,060,293 | +€2.8m | +933% |
| Deferred charges and accrued income | 490/1 | €69,841 | €60,465 | -€9,376 | -13.4% |
| Total equity and liabilities | 10/49 | €2,605,346 | €4,609,313 | +€2.0m | +76.9% |
| Equity | 10/15 | €1,484,246 | €3,520,696 | +€2.0m | +137% |
| Contributions | 10/11 | €1,145,027 | €1,145,027 | = | 0.0% |
| Reserves | 13 | €46,273 | €46,273 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,273 | €46,273 | = | 0.0% |
| Reserves not available under the articles | 1311 | €46,273 | €46,273 | = | 0.0% |
| Profit (loss) carried forward | 14 | €292,947 | €2,329,396 | +€2.0m | +695% |
| Amounts payable | 17/49 | €1,121,100 | €1,088,618 | -€32,482 | -2.9% |
| Amounts payable after more than one year | 17 | €1,072,279 | €1,026,887 | -€45,392 | -4.2% |
| Financial debts | 170/4 | €1,072,279 | €1,026,887 | -€45,392 | -4.2% |
| Amounts payable within one year | 42/48 | €48,820 | €61,730 | +€12,910 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €35,368 | €36,016 | +€647 | +1.8% |
| Trade debts | 44 | €306 | - | -€306 | |
| Suppliers | 440/4 | €306 | - | -€306 | |
| Other amounts payable | 47/48 | €13,146 | €25,715 | +€12,569 | +95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,436 | €28,436 | = | 0.0% |
| Other operating charges | 640/8 | €11,110 | €10,539 | -€571 | -5.1% |
| Gross operating margin | 9900 | €416,787 | €3,473,577 | +€3.1m | +733% |
| Operating profit (loss) | 9901 | €377,242 | €3,434,602 | +€3.1m | +810% |
| Financial income | 75/76B | - | €21,393 | +€21,393 | |
| Recurring financial income | 75 | - | €21,393 | +€21,393 | |
| Non-recurring financial income | 76B | - | €21,393 | +€21,393 | |
| Financial charges | 65/66B | €44,601 | €692,152 | +€647,550 | +1,452% |
| Recurring financial charges | 65 | €10,486 | €9,852 | -€635 | -6.1% |
| Non-recurring financial charges | 66B | €34,115 | €682,300 | +€648,185 | +1,900% |
| Profit (loss) for the period before taxes | 9903 | €332,641 | €2,763,843 | +€2.4m | +731% |
| Income taxes | 67/77 | €90,000 | €727,394 | +€637,394 | +708% |
| Profit (loss) for the period | 9904 | €242,641 | €2,036,449 | +€1.8m | +739% |
| Profit (loss) for the period to be appropriated | 9905 | €242,641 | €2,036,449 | +€1.8m | +739% |
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 14 October 2026 via checked.be.