IMMO A: 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.
What changed
IMMO A
NACE 35.150, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€114,437
2024 · €72,540+€41,897
Equity
€131,800
2024 · €281,710-€149,911
Cash
€43,217
2024 · €37,487+€5,731
Balance sheet total
€1.4m
2024 · €1.5m-€69,408
Largest movements
Assets
- Tangible fixed assets -€61,064
down €61,064 (-4.3%), from €1.4m to €1.4m
of which Land and buildings: -€43,909
Equity and liabilities
- Other debts +€223,639
up €223,639 (+3,017%), from €7,413 to €231,052
- Debts after one year -€170,350
down €170,350 (-16.1%), from €1.1m to €886,817
- Profit (loss) carried forward -€162,311
down €162,311 (-58.9%), from €275,510 to €113,200
- Tax, wage and social debts +€36,682
up €36,682 (+187%), from €19,591 to €56,273
of which Taxes: +€38,476
Income statement
- Depreciation -€26,398
down €26,398 (-25.8%), from €102,493 to €76,096
- Gross operating margin +€26,012
up €26,012 (+9.1%), from €284,741 to €310,753
- Taxes +€11,296
up €11,296 (+61.7%), from €18,316 to €29,612
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
€72,540
Gross operating margin
+€26,012
Staff costs
-€2,613
Depreciation
+€26,398
Other operating charges
+€2,189
Financial income
+€47
Financial charges
+€1,159
Taxes
-€11,296
Result 2025
€114,437
raises the resultlowers the result
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.
From operations
+€468,207
Investment
-€14,732
Financing
-€447,745
Cash 2024
€37,487
From operations (derived)
+€468,207
Net result for the year
+€114,437
Depreciation
+€76,096
Receivables within one year
+€12,734
Deferred charges and accrued income
+€1,040
Trade debts
+€3,831
Tax, wage and social debts
+€36,682
Other debts
+€223,639
Accrued charges and deferred income
-€251
Investment (derived)
-€14,732
Investment in fixed assets (net)
-€14,732
Financing
-€447,745
Debts after one year
-€170,350
Current portion of long-term debt
-€13,047
Contributions, distributions and other
-€264,347
Cash 2025
€43,217
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,471,725 | €1,402,318 | -€69,408 | -4.7% |
| Fixed assets | 21/28 | €1,412,351 | €1,350,987 | -€61,364 | -4.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,412,051 | €1,350,987 | -€61,064 | -4.3% |
| Land and buildings | 22 | €1,268,966 | €1,225,058 | -€43,909 | -3.5% |
| Plant, machinery and equipment | 23 | €33,793 | €41,000 | +€7,207 | +21.3% |
| Furniture and vehicles | 24 | €109,292 | €84,929 | -€24,362 | -22.3% |
| Financial fixed assets | 28 | €300 | €0 | -€300 | -100% |
| Current assets | 29/58 | €59,374 | €51,330 | -€8,044 | -13.5% |
| Amounts receivable within one year | 40/41 | €18,689 | €5,955 | -€12,734 | -68.1% |
| Trade receivables | 40 | €6,201 | €883 | -€5,318 | -85.8% |
| Other amounts receivable | 41 | €12,488 | €5,072 | -€7,416 | -59.4% |
| Cash at bank and in hand | 54/58 | €37,487 | €43,217 | +€5,731 | +15.3% |
| Deferred charges and accrued income | 490/1 | €3,198 | €2,158 | -€1,040 | -32.5% |
| Total equity and liabilities | 10/49 | €1,471,725 | €1,402,318 | -€69,408 | -4.7% |
| Equity | 10/15 | €281,710 | €131,800 | -€149,911 | -53.2% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Profit (loss) carried forward | 14 | €275,510 | €113,200 | -€162,311 | -58.9% |
| Amounts payable | 17/49 | €1,190,015 | €1,270,518 | +€80,503 | +6.8% |
| Amounts payable after more than one year | 17 | €1,057,167 | €886,817 | -€170,350 | -16.1% |
| Financial debts | 170/4 | €1,057,167 | €886,817 | -€170,350 | -16.1% |
| Amounts payable within one year | 42/48 | €132,086 | €383,191 | +€251,104 | +190% |
| Current portion of amounts payable after more than one year | 42 | €100,428 | €87,380 | -€13,047 | -13.0% |
| Trade debts | 44 | €4,654 | €8,485 | +€3,831 | +82.3% |
| Suppliers | 440/4 | €4,654 | €8,485 | +€3,831 | +82.3% |
| Taxes, remuneration and social security | 45 | €19,591 | €56,273 | +€36,682 | +187% |
| Taxes | 450/3 | €4,007 | €42,482 | +€38,476 | +960% |
| Remuneration and social security | 454/9 | €15,584 | €13,791 | -€1,794 | -11.5% |
| Other amounts payable | 47/48 | €7,413 | €231,052 | +€223,639 | +3,017% |
| Accrued charges and deferred income | 492/3 | €761 | €510 | -€251 | -33.0% |
| Remuneration, social security and pensions | 62 | €71,554 | €74,167 | +€2,613 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,493 | €76,096 | -€26,398 | -25.8% |
| Other operating charges | 640/8 | €12,076 | €9,887 | -€2,189 | -18.1% |
| Gross operating margin | 9900 | €284,741 | €310,753 | +€26,012 | +9.1% |
| Operating profit (loss) | 9901 | €98,617 | €150,603 | +€51,986 | +52.7% |
| Financial income | 75/76B | €157 | €204 | +€47 | +30.1% |
| Recurring financial income | 75 | €157 | €204 | +€47 | +30.1% |
| Financial charges | 65/66B | €7,918 | €6,758 | -€1,159 | -14.6% |
| Recurring financial charges | 65 | €7,918 | €6,758 | -€1,159 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €90,856 | €144,048 | +€53,193 | +58.5% |
| Income taxes | 67/77 | €18,316 | €29,612 | +€11,296 | +61.7% |
| Profit (loss) for the period | 9904 | €72,540 | €114,437 | +€41,897 | +57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,540 | €114,437 | +€41,897 | +57.8% |
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.