IMMO AFA: 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.
IMMO AFA
Largest movements
- Tangible fixed assets -€65,416
down €65,416 (-2.7%), from €2.4m to €2.4m
of which Land and buildings: -€65,342
- Cash +€40,113
up €40,113 (+47.2%), from €84,992 to €125,104
mainly Trade debts (+€87,223) and Depreciation (+€65,416)
- Trade debts +€87,223
up €87,223 (+57.0%), from €152,912 to €240,135
- Current portion of long-term debt -€46,370
down €46,370 (-57.3%), from €80,995 to €34,625
- Other debts -€40,294
down €40,294 (-16.9%), from €237,867 to €197,572
- Gross operating margin -€49,222
down €49,222 (-34.2%), from €144,111 to €94,889
- Provisions -€9,000
new in 2025: -€9,000
- Depreciation -€8,460
down €8,460 (-11.5%), from €73,876 to €65,416
- Taxes -€7,916
down €7,916 (-62.1%), from €12,758 to €4,841
- Financial charges -€4,392
down €4,392 (-50.3%), from €8,731 to €4,339
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,892,090 | €2,864,062 | -€28,028 | -1.0% |
| Fixed assets | 21/28 | €2,610,486 | €2,545,070 | -€65,416 | -2.5% |
| Tangible fixed assets | 22/27 | €2,428,993 | €2,363,577 | -€65,416 | -2.7% |
| Land and buildings | 22 | €2,428,892 | €2,363,550 | -€65,342 | -2.7% |
| Furniture and vehicles | 24 | €102 | €28 | -€74 | -72.8% |
| Financial fixed assets | 28 | €181,492 | €181,492 | = | 0.0% |
| Current assets | 29/58 | €281,605 | €318,993 | +€37,388 | +13.3% |
| Stocks and contracts in progress | 3 | €112,368 | €112,368 | = | 0.0% |
| Stocks | 30/36 | €112,368 | €112,368 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €84,245 | €81,520 | -€2,725 | -3.2% |
| Trade receivables | 40 | €2,725 | - | -€2,725 | |
| Other amounts receivable | 41 | €81,520 | €81,520 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,992 | €125,104 | +€40,113 | +47.2% |
| Total equity and liabilities | 10/49 | €2,892,090 | €2,864,062 | -€28,028 | -1.0% |
| Equity | 10/15 | €2,055,504 | €2,063,194 | +€7,690 | +0.4% |
| Contributions | 10/11 | €525,534 | €525,534 | = | 0.0% |
| Capital | 10 | €525,534 | €525,534 | = | 0.0% |
| Issued capital | 100 | €525,534 | €525,534 | = | 0.0% |
| Revaluation surpluses | 12 | €786,628 | €786,628 | = | 0.0% |
| Reserves | 13 | €198,331 | €192,050 | -€6,281 | -3.2% |
| Non-distributable reserves | 130/1 | €52,553 | €52,553 | = | 0.0% |
| Legal reserve | 130 | €52,553 | €52,553 | = | 0.0% |
| Tax-exempt reserves | 132 | €145,777 | €139,497 | -€6,281 | -4.3% |
| Profit (loss) carried forward | 14 | €545,011 | €558,982 | +€13,971 | +2.6% |
| Provisions and deferred taxes | 16 | €204,097 | €191,862 | -€12,235 | -6.0% |
| Provisions for liabilities and charges | 160/5 | €129,000 | €120,000 | -€9,000 | -7.0% |
| Environmental obligations | 163 | €129,000 | €120,000 | -€9,000 | -7.0% |
| Deferred taxes | 168 | €75,097 | €71,862 | -€3,235 | -4.3% |
| Amounts payable | 17/49 | €632,489 | €609,006 | -€23,483 | -3.7% |
| Amounts payable after more than one year | 17 | €141,050 | €119,100 | -€21,950 | -15.6% |
| Financial debts | 170/4 | €141,050 | €119,100 | -€21,950 | -15.6% |
| Amounts payable within one year | 42/48 | €491,439 | €489,906 | -€1,533 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €80,995 | €34,625 | -€46,370 | -57.3% |
| Trade debts | 44 | €152,912 | €240,135 | +€87,223 | +57.0% |
| Suppliers | 440/4 | €152,912 | €240,135 | +€87,223 | +57.0% |
| Advances received on contracts in progress | 46 | €2,725 | - | -€2,725 | |
| Taxes, remuneration and social security | 45 | €16,941 | €17,574 | +€633 | +3.7% |
| Taxes | 450/3 | €16,941 | €17,574 | +€633 | +3.7% |
| Other amounts payable | 47/48 | €237,867 | €197,572 | -€40,294 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,876 | €65,416 | -€8,460 | -11.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€9,000 | -€9,000 | |
| Other operating charges | 640/8 | €24,862 | €25,560 | +€698 | +2.8% |
| Non-recurring operating charges | 66A | €75 | €2 | -€73 | -97.1% |
| Gross operating margin | 9900 | €144,111 | €94,889 | -€49,222 | -34.2% |
| Operating profit (loss) | 9901 | €45,299 | €12,911 | -€32,388 | -71.5% |
| Financial income | 75/76B | €659 | €725 | +€66 | +10.0% |
| Recurring financial income | 75 | €659 | €725 | +€66 | +10.0% |
| Financial charges | 65/66B | €8,731 | €4,339 | -€4,392 | -50.3% |
| Recurring financial charges | 65 | €8,731 | €4,339 | -€4,392 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €37,226 | €9,296 | -€27,930 | -75.0% |
| Transfer from deferred taxes | 780 | €3,235 | €3,235 | = | 0.0% |
| Income taxes | 67/77 | €12,758 | €4,841 | -€7,916 | -62.1% |
| Profit (loss) for the period | 9904 | €27,704 | €7,690 | -€20,014 | -72.2% |
| Transfer from tax-exempt reserves | 789 | €6,281 | €6,281 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,985 | €13,971 | -€20,014 | -58.9% |
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.