IMMO AC: 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 AC
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€14,696
2024 · -€7,556+€22,252
Equity
€1.0m
2024 · €987,964+€14,696
Cash
€1,259
2024 · €0+€1,259
Balance sheet total
€3.3m
2024 · €3.6m-€218,927
Largest movements
Assets
- Tangible fixed assets -€149,295
down €149,295 (-4.6%), from €3.3m to €3.1m
of which Land and buildings: -€122,917
- Deferred charges and accrued income -€69,919
down €69,919 (-25.6%), from €272,797 to €202,878
Equity and liabilities
- Debts after one year -€218,483
down €218,483 (-11.3%), from €1.9m to €1.7m
- Other debts -€45,635
down €45,635 (-11.7%), from €391,121 to €345,486
Income statement
- Financial charges -€17,665
down €17,665 (-12.0%), from €147,630 to €129,965
- Gross operating margin +€6,040
up €6,040 (+1.8%), from €331,995 to €338,035
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
-€7,556
Gross operating margin
+€6,040
Depreciation
-€1,480
Other operating charges
+€180
Financial income
-€35
Financial charges
+€17,665
Taxes
-€119
Result 2025
€14,696
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
+€231,998
Investment
-€15,581
Financing
-€215,158
Cash 2024
€0
From operations (derived)
+€231,998
Net result for the year
+€14,696
Depreciation
+€164,876
Receivables within one year
+€972
Deferred charges and accrued income
+€69,919
Trade debts
+€29,875
Tax, wage and social debts
-€3,409
Other debts
-€45,635
Accrued charges and deferred income
+€703
Investment (derived)
-€15,581
Investment in fixed assets (net)
-€15,581
Financing
-€215,158
Debts after one year
-€218,483
Current portion of long-term debt
+€8,403
Short-term financial debts
-€5,078
Cash 2025
€1,259
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,561,888 | €3,342,961 | -€218,927 | -6.1% |
| Fixed assets | 21/28 | €3,285,880 | €3,136,585 | -€149,295 | -4.5% |
| Tangible fixed assets | 22/27 | €3,280,880 | €3,131,585 | -€149,295 | -4.6% |
| Land and buildings | 22 | €2,946,333 | €2,823,417 | -€122,917 | -4.2% |
| Plant, machinery and equipment | 23 | €334,546 | €308,168 | -€26,378 | -7.9% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €276,009 | €206,376 | -€69,632 | -25.2% |
| Amounts receivable within one year | 40/41 | €3,211 | €2,239 | -€972 | -30.3% |
| Trade receivables | 40 | €3,211 | €2,239 | -€972 | -30.3% |
| Cash at bank and in hand | 54/58 | €0 | €1,259 | +€1,259 | |
| Deferred charges and accrued income | 490/1 | €272,797 | €202,878 | -€69,919 | -25.6% |
| Total equity and liabilities | 10/49 | €3,561,888 | €3,342,961 | -€218,927 | -6.1% |
| Equity | 10/15 | €987,964 | €1,002,660 | +€14,696 | +1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €919,764 | €934,460 | +€14,696 | +1.6% |
| Amounts payable | 17/49 | €2,573,924 | €2,340,301 | -€233,623 | -9.1% |
| Amounts payable after more than one year | 17 | €1,937,920 | €1,719,437 | -€218,483 | -11.3% |
| Financial debts | 170/4 | €1,937,920 | €1,719,437 | -€218,483 | -11.3% |
| Amounts payable within one year | 42/48 | €636,004 | €620,161 | -€15,843 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €210,080 | €218,483 | +€8,403 | +4.0% |
| Financial debts | 43 | €5,078 | €0 | -€5,078 | -100.0% |
| Credit institutions | 430/8 | €5,078 | €0 | -€5,078 | -100.0% |
| Trade debts | 44 | €25,164 | €55,040 | +€29,875 | +118.7% |
| Suppliers | 440/4 | €25,164 | €55,040 | +€29,875 | +118.7% |
| Taxes, remuneration and social security | 45 | €4,561 | €1,152 | -€3,409 | -74.7% |
| Taxes | 450/3 | €4,561 | €1,152 | -€3,409 | -74.7% |
| Other amounts payable | 47/48 | €391,121 | €345,486 | -€45,635 | -11.7% |
| Accrued charges and deferred income | 492/3 | €0 | €703 | +€703 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,396 | €164,876 | +€1,480 | +0.9% |
| Other operating charges | 640/8 | €28,678 | €28,498 | -€180 | -0.6% |
| Gross operating margin | 9900 | €331,995 | €338,035 | +€6,040 | +1.8% |
| Operating profit (loss) | 9901 | €139,921 | €144,661 | +€4,740 | +3.4% |
| Financial income | 75/76B | €35 | €0 | -€35 | -100.0% |
| Recurring financial income | 75 | €35 | €0 | -€35 | -100.0% |
| Financial charges | 65/66B | €147,630 | €129,965 | -€17,665 | -12.0% |
| Recurring financial charges | 65 | €147,630 | €129,965 | -€17,665 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,675 | €14,696 | +€22,371 | |
| Income taxes | 67/77 | -€119 | €0 | +€119 | |
| Profit (loss) for the period | 9904 | -€7,556 | €14,696 | +€22,252 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,556 | €14,696 | +€22,252 |
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 6 October 2026 via checked.be.