Immo - Alco: 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 - Alco
Largest movements
- Cash +€132,123
up €132,123 (+229.7%), from €57,525 to €189,647
mainly Depreciation (+€109,502) and Other debts (+€106,173)
- Tangible fixed assets -€107,398
down €107,398 (-18.4%), from €582,528 to €475,130
of which Other tangible fixed assets: -€97,113
- Other debts +€106,173
up €106,173 (+203.3%), from €52,232 to €158,405
- Reserves -€86,800
down €86,800 (-11.8%), from €736,300 to €649,500
- Gross operating margin -€12,190
down €12,190 (-7.3%), from €166,427 to €154,236
- Write-downs +€5,215
new in 2025: €5,215
- Depreciation +€4,866
up €4,866 (+4.7%), from €104,635 to €109,502
- Taxes +€2,694
up €2,694 (+56.5%), from €4,767 to €7,461
- Financial charges +€1,854
up €1,854, from -€15 to €1,839
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 | €827,570 | €844,854 | +€17,285 | +2.1% |
| Fixed assets | 21/28 | €582,528 | €475,130 | -€107,398 | -18.4% |
| Tangible fixed assets | 22/27 | €582,528 | €475,130 | -€107,398 | -18.4% |
| Furniture and vehicles | 24 | €54,028 | €43,744 | -€10,284 | -19.0% |
| Other tangible fixed assets | 26 | €528,499 | €431,386 | -€97,113 | -18.4% |
| Current assets | 29/58 | €245,042 | €369,725 | +€124,682 | +50.9% |
| Amounts receivable within one year | 40/41 | €23,716 | €16,251 | -€7,465 | -31.5% |
| Trade receivables | 40 | €3,721 | €159 | -€3,562 | -95.7% |
| Other amounts receivable | 41 | €19,994 | €16,092 | -€3,902 | -19.5% |
| Current investments | 50/53 | €160,115 | €160,085 | -€30 | 0.0% |
| Cash at bank and in hand | 54/58 | €57,525 | €189,647 | +€132,123 | +229.7% |
| Deferred charges and accrued income | 490/1 | €3,687 | €3,741 | +€54 | +1.5% |
| Total equity and liabilities | 10/49 | €827,570 | €844,854 | +€17,285 | +2.1% |
| Equity | 10/15 | €757,125 | €670,366 | -€86,759 | -11.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €736,300 | €649,500 | -€86,800 | -11.8% |
| Distributable reserves | 133 | €736,300 | €649,500 | -€86,800 | -11.8% |
| Profit (loss) carried forward | 14 | €825 | €866 | +€41 | +4.9% |
| Amounts payable | 17/49 | €70,444 | €174,489 | +€104,044 | +147.7% |
| Amounts payable within one year | 42/48 | €70,444 | €174,489 | +€104,044 | +147.7% |
| Trade debts | 44 | €14,714 | €16,084 | +€1,370 | +9.3% |
| Suppliers | 440/4 | €14,714 | €16,084 | +€1,370 | +9.3% |
| Taxes, remuneration and social security | 45 | €3,498 | - | -€3,498 | |
| Taxes | 450/3 | €3,498 | - | -€3,498 | |
| Other amounts payable | 47/48 | €52,232 | €158,405 | +€106,173 | +203.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,635 | €109,502 | +€4,866 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,215 | +€5,215 | |
| Other operating charges | 640/8 | €20,417 | €19,736 | -€681 | -3.3% |
| Gross operating margin | 9900 | €166,427 | €154,236 | -€12,190 | -7.3% |
| Operating profit (loss) | 9901 | €41,374 | €19,784 | -€21,591 | -52.2% |
| Financial income | 75/76B | €4,259 | €2,757 | -€1,502 | -35.3% |
| Recurring financial income | 75 | €4,259 | €2,757 | -€1,502 | -35.3% |
| Financial charges | 65/66B | -€15 | €1,839 | +€1,854 | |
| Recurring financial charges | 65 | -€15 | €1,839 | +€1,854 | |
| Profit (loss) for the period before taxes | 9903 | €45,649 | €20,702 | -€24,947 | -54.6% |
| Income taxes | 67/77 | €4,767 | €7,461 | +€2,694 | +56.5% |
| Profit (loss) for the period | 9904 | €40,881 | €13,241 | -€27,641 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,881 | €13,241 | -€27,641 | -67.6% |
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 11 October 2026 via checked.be.