IMMO A.J.M.: 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.J.M.
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11,958
2024 · €14,390-€2,432
Equity
€308,442
2024 · €296,484+€11,958
Cash
€38,404
2024 · €12,750+€25,653
Balance sheet total
€1.1m
2024 · €1.1m-€25,131
Largest movements
Assets
- Current investments -€40,000
no longer reported in 2025 (was €40,000)
- Tangible fixed assets -€36,041
down €36,041 (-3.4%), from €1.0m to €1.0m
of which Land and buildings: -€34,880
- Cash +€25,653
up €25,653 (+201%), from €12,750 to €38,404
mainly Depreciation (+€49,840) and Current investments (+€40,000)
- Receivables within one year +€25,161
up €25,161 (+1,301%), from €1,934 to €27,095
of which Other amounts receivable: +€21,343
Equity and liabilities
- Debts after one year -€42,481
down €42,481 (-5.8%), from €730,603 to €688,122
Income statement
- Taxes +€1,139
up €1,139 (+45.3%), from €2,516 to €3,655
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
€14,390
Gross operating margin
+€812
Depreciation
+€495
Other operating charges
-€362
Other operating items
-€1,495
Financial income
+€187
Financial charges
-€929
Taxes
-€1,139
Result 2025
€11,958
raises the resultlowers the resultnot broken down further in the accounts
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
+€40,540
Investment
+€26,200
Financing
-€41,087
Cash 2024
€12,750
From operations (derived)
+€40,540
Net result for the year
+€11,958
Depreciation
+€49,840
Receivables within one year
-€25,161
Deferred charges and accrued income
-€94
Provisions
-€1,152
Trade debts
+€4,217
Tax, wage and social debts
+€932
Investment (derived)
+€26,200
Investment in fixed assets (net)
-€13,800
Current investments
+€40,000
Financing
-€41,087
Debts after one year
-€42,481
Current portion of long-term debt
+€1,394
Cash 2025
€38,404
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,108,228 | €1,083,096 | -€25,131 | -2.3% |
| Fixed assets | 21/28 | €1,049,722 | €1,013,682 | -€36,041 | -3.4% |
| Tangible fixed assets | 22/27 | €1,049,722 | €1,013,682 | -€36,041 | -3.4% |
| Land and buildings | 22 | €1,045,337 | €1,010,457 | -€34,880 | -3.3% |
| Plant, machinery and equipment | 23 | €4,385 | €3,225 | -€1,160 | -26.5% |
| Current assets | 29/58 | €58,505 | €69,414 | +€10,909 | +18.6% |
| Amounts receivable within one year | 40/41 | €1,934 | €27,095 | +€25,161 | +1,301% |
| Trade receivables | 40 | €425 | €4,243 | +€3,819 | +899% |
| Other amounts receivable | 41 | €1,509 | €22,852 | +€21,343 | +1,414% |
| Current investments | 50/53 | €40,000 | - | -€40,000 | |
| Cash at bank and in hand | 54/58 | €12,750 | €38,404 | +€25,653 | +201% |
| Deferred charges and accrued income | 490/1 | €3,821 | €3,915 | +€94 | +2.5% |
| Total equity and liabilities | 10/49 | €1,108,228 | €1,083,096 | -€25,131 | -2.3% |
| Equity | 10/15 | €296,484 | €308,442 | +€11,958 | +4.0% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €95,767 | €106,530 | +€10,763 | +11.2% |
| Non-distributable reserves | 130/1 | €7,016 | €8,016 | +€1,000 | +14.3% |
| Legal reserve | 130 | €7,016 | €8,016 | +€1,000 | +14.3% |
| Tax-exempt reserves | 132 | €55,958 | €53,721 | -€2,237 | -4.0% |
| Distributable reserves | 133 | €32,793 | €44,793 | +€12,000 | +36.6% |
| Profit (loss) carried forward | 14 | €38,717 | €39,912 | +€1,195 | +3.1% |
| Provisions and deferred taxes | 16 | €17,817 | €16,665 | -€1,152 | -6.5% |
| Deferred taxes | 168 | €17,817 | €16,665 | -€1,152 | -6.5% |
| Amounts payable | 17/49 | €793,927 | €757,989 | -€35,938 | -4.5% |
| Amounts payable after more than one year | 17 | €730,603 | €688,122 | -€42,481 | -5.8% |
| Financial debts | 170/4 | €730,603 | €688,122 | -€42,481 | -5.8% |
| Amounts payable within one year | 42/48 | €62,224 | €68,767 | +€6,543 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €41,087 | €42,481 | +€1,394 | +3.4% |
| Trade debts | 44 | €11,362 | €15,580 | +€4,217 | +37.1% |
| Suppliers | 440/4 | €11,362 | €15,580 | +€4,217 | +37.1% |
| Taxes, remuneration and social security | 45 | €8,655 | €9,587 | +€932 | +10.8% |
| Taxes | 450/3 | €8,655 | €9,587 | +€932 | +10.8% |
| Other amounts payable | 47/48 | €1,120 | €1,120 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,335 | €49,840 | -€495 | -1.0% |
| Other operating charges | 640/8 | €11,907 | €12,269 | +€362 | +3.0% |
| Non-recurring operating charges | 66A | - | €1,495 | +€1,495 | |
| Gross operating margin | 9900 | €103,825 | €104,637 | +€812 | +0.8% |
| Operating profit (loss) | 9901 | €41,583 | €41,033 | -€550 | -1.3% |
| Financial income | 75/76B | €394 | €581 | +€187 | +47.5% |
| Recurring financial income | 75 | €295 | €581 | +€286 | +97.1% |
| Non-recurring financial income | 76B | €99 | - | -€99 | |
| Financial charges | 65/66B | €26,223 | €27,152 | +€929 | +3.5% |
| Recurring financial charges | 65 | €26,223 | €27,152 | +€929 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €15,754 | €14,462 | -€1,292 | -8.2% |
| Transfer from deferred taxes | 780 | €1,152 | €1,152 | = | 0.0% |
| Income taxes | 67/77 | €2,516 | €3,655 | +€1,139 | +45.3% |
| Profit (loss) for the period | 9904 | €14,390 | €11,958 | -€2,432 | -16.9% |
| Transfer from tax-exempt reserves | 789 | €2,237 | €2,237 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,627 | €14,195 | -€2,432 | -14.6% |
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 17 October 2026 via checked.be.