IMMO-ALL: 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-ALL
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2,325
2024 · -€9,960+€12,285
Equity
€1.4m
2024 · €1.4m+€2,325
Cash
€445,173
2024 · €455,995-€10,822
Balance sheet total
€3.0m
2024 · €3.1m-€132,220
Largest movements
Assets
- Tangible fixed assets -€163,414
down €163,414 (-7.1%), from €2.3m to €2.1m
of which Land and buildings: -€156,247
- Receivables within one year +€38,158
up €38,158 (+10.3%), from €371,638 to €409,796
of which Other amounts receivable: +€38,158
Equity and liabilities
- Debts after one year -€126,438
down €126,438 (-8.6%), from €1.5m to €1.3m
Income statement
- Gross operating margin +€17,418
up €17,418 (+7.7%), from €224,984 to €242,402
- Taxes +€12,308
new in 2025: €12,308
- Financial income +€5,556
up €5,556 (+49.9%), from €11,139 to €16,695
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
-€9,960
Gross operating margin
+€17,418
Depreciation
-€888
Other operating charges
+€233
Financial income
+€5,556
Financial charges
+€2,275
Taxes
-€12,308
Result 2025
€2,325
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
+€97,103
Investment
-€1,720
Financing
-€106,205
Cash 2024
€455,995
From operations (derived)
+€97,103
Net result for the year
+€2,325
Depreciation
+€165,134
Receivables within one year
-€38,158
Deferred charges and accrued income
-€3,858
Provisions
-€15,428
Trade debts
+€1,936
Tax, wage and social debts
-€14,848
Investment (derived)
-€1,720
Investment in fixed assets (net)
-€1,720
Financing
-€106,205
Debts after one year
-€126,438
Current portion of long-term debt
+€20,233
Cash 2025
€445,173
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,131,544 | €2,999,323 | -€132,220 | -4.2% |
| Fixed assets | 21/28 | €2,295,880 | €2,132,466 | -€163,414 | -7.1% |
| Tangible fixed assets | 22/27 | €2,293,880 | €2,130,466 | -€163,414 | -7.1% |
| Land and buildings | 22 | €2,189,804 | €2,033,557 | -€156,247 | -7.1% |
| Plant, machinery and equipment | 23 | €6,580 | €6,386 | -€194 | -2.9% |
| Other tangible fixed assets | 26 | €97,496 | €90,523 | -€6,973 | -7.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €835,664 | €866,857 | +€31,194 | +3.7% |
| Amounts receivable within one year | 40/41 | €371,638 | €409,796 | +€38,158 | +10.3% |
| Trade receivables | 40 | €54,000 | €54,000 | = | 0.0% |
| Other amounts receivable | 41 | €317,638 | €355,796 | +€38,158 | +12.0% |
| Cash at bank and in hand | 54/58 | €455,995 | €445,173 | -€10,822 | -2.4% |
| Deferred charges and accrued income | 490/1 | €8,032 | €11,889 | +€3,858 | +48.0% |
| Total equity and liabilities | 10/49 | €3,131,544 | €2,999,323 | -€132,220 | -4.2% |
| Equity | 10/15 | €1,384,957 | €1,387,282 | +€2,325 | +0.2% |
| Contributions | 10/11 | €743,681 | €743,681 | = | 0.0% |
| Capital | 10 | €743,681 | €743,681 | = | 0.0% |
| Issued capital | 100 | €743,681 | €743,681 | = | 0.0% |
| Reserves | 13 | €641,276 | €643,601 | +€2,325 | +0.4% |
| Non-distributable reserves | 130/1 | €74,368 | €74,368 | = | 0.0% |
| Legal reserve | 130 | €74,368 | €74,368 | = | 0.0% |
| Tax-exempt reserves | 132 | €364,700 | €327,972 | -€36,728 | -10.1% |
| Distributable reserves | 133 | €202,208 | €241,262 | +€39,054 | +19.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €153,193 | €137,765 | -€15,428 | -10.1% |
| Deferred taxes | 168 | €153,193 | €137,765 | -€15,428 | -10.1% |
| Amounts payable | 17/49 | €1,593,394 | €1,474,276 | -€119,118 | -7.5% |
| Amounts payable after more than one year | 17 | €1,474,895 | €1,348,457 | -€126,438 | -8.6% |
| Financial debts | 170/4 | €1,474,895 | €1,348,457 | -€126,438 | -8.6% |
| Amounts payable within one year | 42/48 | €118,500 | €125,819 | +€7,320 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €90,930 | €111,163 | +€20,233 | +22.3% |
| Trade debts | 44 | €1,855 | €3,790 | +€1,936 | +104.3% |
| Suppliers | 440/4 | €1,855 | €3,790 | +€1,936 | +104.3% |
| Taxes, remuneration and social security | 45 | €25,714 | €10,866 | -€14,848 | -57.7% |
| Taxes | 450/3 | €25,714 | €10,866 | -€14,848 | -57.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,246 | €165,134 | +€888 | +0.5% |
| Other operating charges | 640/8 | €25,442 | €25,209 | -€233 | -0.9% |
| Gross operating margin | 9900 | €224,984 | €242,402 | +€17,418 | +7.7% |
| Operating profit (loss) | 9901 | €35,297 | €52,059 | +€16,762 | +47.5% |
| Financial income | 75/76B | €11,139 | €16,695 | +€5,556 | +49.9% |
| Recurring financial income | 75 | €11,139 | €16,695 | +€5,556 | +49.9% |
| Financial charges | 65/66B | €71,823 | €69,549 | -€2,275 | -3.2% |
| Recurring financial charges | 65 | €71,823 | €69,549 | -€2,275 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,388 | -€795 | +€24,593 | +96.9% |
| Transfer from deferred taxes | 780 | €15,428 | €15,428 | = | 0.0% |
| Income taxes | 67/77 | - | €12,308 | +€12,308 | |
| Profit (loss) for the period | 9904 | -€9,960 | €2,325 | +€12,285 | |
| Transfer from tax-exempt reserves | 789 | €36,728 | €36,728 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,769 | €39,054 | +€12,285 | +45.9% |
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 3 October 2026 via checked.be.