IMMO - APALM: 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 - APALM
Largest movements
- Tangible fixed assets -€48,836
down €48,836 (-3.2%), from €1.5m to €1.5m
- Cash +€31,217
up €31,217 (+13.7%), from €227,848 to €259,065
mainly Depreciation (+€48,836) and Deferred charges and accrued income (+€9,845)
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€23,061
down €23,061 (-100%), from €23,061 to €0
- Gross operating margin +€15,672
up €15,672 (+34.8%), from €45,028 to €60,700
- Financial charges +€9,098
up €9,098 (+228%), from €3,982 to €13,080
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 | €1,790,788 | €1,774,375 | -€16,413 | -0.9% |
| Fixed assets | 21/28 | €1,541,075 | €1,492,238 | -€48,836 | -3.2% |
| Tangible fixed assets | 22/27 | €1,541,075 | €1,492,238 | -€48,836 | -3.2% |
| Land and buildings | 22 | €1,541,075 | €1,492,238 | -€48,836 | -3.2% |
| Current assets | 29/58 | €249,713 | €282,136 | +€32,423 | +13.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €5,958 | €17,010 | +€11,051 | +185% |
| Trade receivables | 40 | €1,045 | €8,492 | +€7,447 | +713% |
| Other amounts receivable | 41 | €4,913 | €8,517 | +€3,604 | +73.4% |
| Cash at bank and in hand | 54/58 | €227,848 | €259,065 | +€31,217 | +13.7% |
| Deferred charges and accrued income | 490/1 | €15,907 | €6,062 | -€9,845 | -61.9% |
| Total equity and liabilities | 10/49 | €1,790,788 | €1,774,375 | -€16,413 | -0.9% |
| Equity | 10/15 | €1,471,371 | €1,457,156 | -€14,215 | -1.0% |
| Contributions | 10/11 | €314,512 | €314,512 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Contributions outside capital | 11 | €14,512 | €14,512 | = | 0.0% |
| Share premium | 1100/10 | €14,512 | €14,512 | = | 0.0% |
| Reserves | 13 | €1,156,859 | €1,142,644 | -€14,215 | -1.2% |
| Non-distributable reserves | 130/1 | €63,606 | €63,606 | = | 0.0% |
| Legal reserve | 130 | €63,606 | €63,606 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,958 | €7,516 | -€442 | -5.6% |
| Distributable reserves | 133 | €1,085,296 | €1,071,522 | -€13,773 | -1.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,653 | €2,505 | -€147 | -5.6% |
| Deferred taxes | 168 | €2,653 | €2,505 | -€147 | -5.6% |
| Amounts payable | 17/49 | €316,764 | €314,713 | -€2,051 | -0.6% |
| Amounts payable within one year | 42/48 | €312,842 | €301,663 | -€11,178 | -3.6% |
| Trade debts | 44 | €12,521 | €1,663 | -€10,858 | -86.7% |
| Suppliers | 440/4 | €12,521 | €1,663 | -€10,858 | -86.7% |
| Taxes, remuneration and social security | 45 | €320 | €0 | -€320 | -100% |
| Taxes | 450/3 | €320 | €0 | -€320 | -100% |
| Other amounts payable | 47/48 | €300,000 | €300,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,922 | €13,050 | +€9,128 | +233% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,535 | €48,836 | +€302 | +0.6% |
| Other operating charges | 640/8 | €12,638 | €13,146 | +€508 | +4.0% |
| Gross operating margin | 9900 | €45,028 | €60,700 | +€15,672 | +34.8% |
| Operating profit (loss) | 9901 | -€16,144 | -€1,283 | +€14,862 | +92.1% |
| Financial income | 75/76B | €23,061 | €0 | -€23,061 | -100% |
| Recurring financial income | 75 | €23,061 | €0 | -€23,061 | -100% |
| Financial charges | 65/66B | €3,982 | €13,080 | +€9,098 | +228% |
| Recurring financial charges | 65 | €3,982 | €13,080 | +€9,098 | +228% |
| Profit (loss) for the period before taxes | 9903 | €2,935 | -€14,363 | -€17,297 | |
| Transfer from deferred taxes | 780 | €147 | €147 | = | 0.0% |
| Income taxes | 67/77 | €320 | €0 | -€320 | -100% |
| Profit (loss) for the period | 9904 | €2,762 | -€14,215 | -€16,977 | |
| Transfer from tax-exempt reserves | 789 | €442 | €442 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,204 | -€13,773 | -€16,977 |
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 17 October 2026 via checked.be.