Immo Alfa: 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 Alfa
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€372,866
2024 · -€219,249-€153,618
Equity
-€259,595
2024 · €113,271-€372,866
Cash
€235,367
2024 · €153,660+€81,708
Balance sheet total
€10.6m
2024 · €9.3m+€1.3m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+13.4%), from €9.1m to €10.3m
of which Land and buildings: +€1.2m
Equity and liabilities
- Debts after one year +€1.4m
up €1.4m (+15.4%), from €9.0m to €10.4m
of which Financial debts: +€1.4m
- Profit (loss) carried forward -€358,653
new in 2025: -€358,653
- Trade debts +€270,515
up €270,515 (+283%), from €95,591 to €366,106
Income statement
- Gross operating margin +€96,802
up €96,802 (+33.8%), from €286,346 to €383,148
- Financial charges +€87,342
up €87,342 (+36.5%), from €239,453 to €326,795
- Depreciation +€27,443
up €27,443 (+12.2%), from €224,396 to €251,838
- Other operating charges +€6,646
up €6,646 (+16.2%), from €40,963 to €47,609
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
-€219,249
Gross operating margin
+€96,802
Depreciation
-€27,443
Other operating charges
-€6,646
Other operating items
-€128,975
Financial income
-€13
Financial charges
-€87,342
Result 2025
-€372,866
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
+€164,029
Investment
-€1.5m
Financing
+€1.4m
Cash 2024
€153,660
From operations (derived)
+€164,029
Net result for the year
-€372,866
Depreciation
+€251,838
Receivables within one year
-€16,855
Smaller working-capital items
+€559
Trade debts
+€270,515
Other debts
+€30,838
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€1.4m
Debts after one year
+€1.4m
Cash 2025
€235,367
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,284,179 | €10,602,611 | +€1.3m | +14.2% |
| Fixed assets | 21/28 | €9,094,847 | €10,314,641 | +€1.2m | +13.4% |
| Tangible fixed assets | 22/27 | €9,094,469 | €10,314,641 | +€1.2m | +13.4% |
| Land and buildings | 22 | €9,094,469 | €10,303,972 | +€1.2m | +13.3% |
| Plant, machinery and equipment | 23 | - | €10,669 | +€10,669 | |
| Financial fixed assets | 28 | €378 | €0 | -€378 | -100% |
| Current assets | 29/58 | €189,333 | €287,970 | +€98,637 | +52.1% |
| Amounts receivable within one year | 40/41 | €35,132 | €51,986 | +€16,855 | +48.0% |
| Trade receivables | 40 | €14,272 | €22,786 | +€8,514 | +59.7% |
| Other amounts receivable | 41 | €20,860 | €29,201 | +€8,341 | +40.0% |
| Cash at bank and in hand | 54/58 | €153,660 | €235,367 | +€81,708 | +53.2% |
| Deferred charges and accrued income | 490/1 | €541 | €616 | +€75 | +13.8% |
| Total equity and liabilities | 10/49 | €9,284,179 | €10,602,611 | +€1.3m | +14.2% |
| Equity | 10/15 | €113,271 | -€259,595 | -€372,866 | |
| Contributions | 10/11 | €81,000 | €81,000 | = | 0.0% |
| Capital | 10 | €81,000 | €81,000 | = | 0.0% |
| Issued capital | 100 | €81,000 | €81,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €32,271 | €18,058 | -€14,213 | -44.0% |
| Non-distributable reserves | 130/1 | €18,058 | €18,058 | = | 0.0% |
| Legal reserve | 130 | €18,058 | €18,058 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €14,213 | €0 | -€14,213 | -100% |
| Profit (loss) carried forward | 14 | - | -€358,653 | -€358,653 | |
| Amounts payable | 17/49 | €9,170,909 | €10,862,206 | +€1.7m | +18.4% |
| Amounts payable after more than one year | 17 | €9,006,779 | €10,396,090 | +€1.4m | +15.4% |
| Financial debts | 170/4 | €8,988,314 | €10,380,025 | +€1.4m | +15.5% |
| Other amounts payable | 178/9 | €18,465 | €16,065 | -€2,400 | -13.0% |
| Amounts payable within one year | 42/48 | €157,702 | €461,029 | +€303,326 | +192% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €95,591 | €366,106 | +€270,515 | +283% |
| Suppliers | 440/4 | €95,591 | €366,106 | +€270,515 | +283% |
| Advances received on contracts in progress | 46 | €12,111 | €14,085 | +€1,973 | +16.3% |
| Other amounts payable | 47/48 | - | €30,838 | +€30,838 | |
| Accrued charges and deferred income | 492/3 | €6,427 | €5,088 | -€1,340 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,396 | €251,838 | +€27,443 | +12.2% |
| Other operating charges | 640/8 | €40,963 | €47,609 | +€6,646 | +16.2% |
| Non-recurring operating charges | 66A | €1,025 | €130,000 | +€128,975 | +12,583% |
| Gross operating margin | 9900 | €286,346 | €383,148 | +€96,802 | +33.8% |
| Operating profit (loss) | 9901 | €19,963 | -€46,299 | -€66,262 | |
| Financial income | 75/76B | €241 | €228 | -€13 | -5.5% |
| Recurring financial income | 75 | €241 | €228 | -€13 | -5.5% |
| Financial charges | 65/66B | €239,453 | €326,795 | +€87,342 | +36.5% |
| Recurring financial charges | 65 | €239,453 | €326,795 | +€87,342 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | -€219,249 | -€372,866 | -€153,618 | -70.1% |
| Profit (loss) for the period | 9904 | -€219,249 | -€372,866 | -€153,618 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€219,249 | -€372,866 | -€153,618 | -70.1% |
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 20 October 2026 via checked.be.