IMMO ACTION: 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 ACTION
Largest movements
- Cash -€2.9m
down €2.9m (-93.4%), from €3.1m to €202,679
mainly Investment in fixed assets (net) (-€4.1m) and Debts after one year (-€2.8m)
- Tangible fixed assets +€1.6m
up €1.6m (+3.9%), from €39.8m to €41.4m
of which Land and buildings: +€1.8m
- Receivables within one year +€574,237
up €574,237 (+15.9%), from €3.6m to €4.2m
of which Other amounts receivable: +€1.7m
- Other debts +€2.9m
up €2.9m (+52.4%), from €5.6m to €8.5m
- Debts after one year -€2.8m
down €2.8m (-10.7%), from €25.6m to €22.9m
of which Financial debts: -€2.8m
- Profit (loss) carried forward -€1.2m
down €1.2m, from €830,015 to -€332,727
- Write-downs +€728,560
new in 2025: €728,560
- Financial charges +€719,900
up €719,900 (+82.8%), from €869,770 to €1.6m
of which Non-recurring financial charges: +€671,162
- Gross operating margin -€329,112
down €329,112 (-7.6%), from €4.3m to €4.0m
- Taxes -€309,133
down €309,133 (-98.4%), from €314,164 to €5,032
- Depreciation +€297,124
up €297,124 (+13.2%), from €2.3m to €2.6m
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 | €53,258,718 | €52,542,468 | -€716,250 | -1.3% |
| Fixed assets | 21/28 | €44,471,330 | €46,040,471 | +€1.6m | +3.5% |
| Tangible fixed assets | 22/27 | €39,843,330 | €41,412,471 | +€1.6m | +3.9% |
| Land and buildings | 22 | €34,935,016 | €36,749,899 | +€1.8m | +5.2% |
| Plant, machinery and equipment | 23 | €1,029,832 | €1,044,335 | +€14,503 | +1.4% |
| Furniture and vehicles | 24 | €144,833 | €71,297 | -€73,537 | -50.8% |
| Leasing and similar rights | 25 | €3,733,649 | €3,546,941 | -€186,708 | -5.0% |
| Financial fixed assets | 28 | €4,628,000 | €4,628,000 | = | 0.0% |
| Current assets | 29/58 | €8,787,388 | €6,501,997 | -€2.3m | -26.0% |
| Amounts receivable after more than one year | 29 | €2,103,000 | €2,103,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,103,000 | €2,103,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,610,452 | €4,184,689 | +€574,237 | +15.9% |
| Trade receivables | 40 | €1,205,762 | €60,579 | -€1.1m | -95.0% |
| Other amounts receivable | 41 | €2,404,690 | €4,124,110 | +€1.7m | +71.5% |
| Cash at bank and in hand | 54/58 | €3,063,552 | €202,679 | -€2.9m | -93.4% |
| Deferred charges and accrued income | 490/1 | €10,384 | €11,629 | +€1,245 | +12.0% |
| Total equity and liabilities | 10/49 | €53,258,718 | €52,542,468 | -€716,250 | -1.3% |
| Equity | 10/15 | €17,950,835 | €16,737,838 | -€1.2m | -6.8% |
| Contributions | 10/11 | €16,000,000 | €16,000,000 | = | 0.0% |
| Capital | 10 | €16,000,000 | €16,000,000 | = | 0.0% |
| Issued capital | 100 | €16,000,000 | €16,000,000 | = | 0.0% |
| Reserves | 13 | €1,120,820 | €1,070,565 | -€50,256 | -4.5% |
| Non-distributable reserves | 130/1 | €411,709 | €411,709 | = | 0.0% |
| Legal reserve | 130 | €411,709 | €411,709 | = | 0.0% |
| Tax-exempt reserves | 132 | €709,111 | €658,855 | -€50,256 | -7.1% |
| Profit (loss) carried forward | 14 | €830,015 | -€332,727 | -€1.2m | |
| Provisions and deferred taxes | 16 | €236,370 | €219,619 | -€16,752 | -7.1% |
| Deferred taxes | 168 | €236,370 | €219,619 | -€16,752 | -7.1% |
| Amounts payable | 17/49 | €35,071,513 | €35,585,012 | +€513,499 | +1.5% |
| Amounts payable after more than one year | 17 | €25,634,040 | €22,881,030 | -€2.8m | -10.7% |
| Financial debts | 170/4 | €25,431,843 | €22,678,833 | -€2.8m | -10.8% |
| Other amounts payable | 178/9 | €202,196 | €202,196 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,401,188 | €12,655,544 | +€3.3m | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €2,723,364 | €2,913,545 | +€190,181 | +7.0% |
| Trade debts | 44 | €656,179 | €843,019 | +€186,840 | +28.5% |
| Suppliers | 440/4 | €656,179 | €843,019 | +€186,840 | +28.5% |
| Taxes, remuneration and social security | 45 | €410,226 | €349,414 | -€60,812 | -14.8% |
| Taxes | 450/3 | €410,226 | €349,414 | -€60,812 | -14.8% |
| Other amounts payable | 47/48 | €5,611,420 | €8,549,567 | +€2.9m | +52.4% |
| Accrued charges and deferred income | 492/3 | €36,285 | €48,438 | +€12,153 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,257,268 | €2,554,391 | +€297,124 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €728,560 | +€728,560 | |
| Other operating charges | 640/8 | €482,817 | €406,204 | -€76,612 | -15.9% |
| Gross operating margin | 9900 | €4,303,346 | €3,974,234 | -€329,112 | -7.6% |
| Operating profit (loss) | 9901 | €1,563,262 | €285,079 | -€1.3m | -81.8% |
| Financial income | 75/76B | €121,438 | €79,873 | -€41,565 | -34.2% |
| Recurring financial income | 75 | €121,438 | €79,873 | -€41,565 | -34.2% |
| Financial charges | 65/66B | €869,770 | €1,589,670 | +€719,900 | +82.8% |
| Recurring financial charges | 65 | €869,770 | €918,508 | +€48,738 | +5.6% |
| Non-recurring financial charges | 66B | - | €671,162 | +€671,162 | |
| Profit (loss) for the period before taxes | 9903 | €814,930 | -€1,224,718 | -€2.0m | |
| Transfer from deferred taxes | 780 | €16,752 | €16,752 | = | 0.0% |
| Income taxes | 67/77 | €314,164 | €5,032 | -€309,133 | -98.4% |
| Profit (loss) for the period | 9904 | €517,517 | -€1,212,998 | -€1.7m | |
| Transfer from tax-exempt reserves | 789 | €50,256 | €50,256 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €567,773 | -€1,162,742 | -€1.7m |
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 15 October 2026 via checked.be.