IMMO APART: 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 APART
NACE 41.003, General construction of other non-residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€84,225
2024 · €39,483+€44,743
Equity
€883,039
2024 · €898,814-€15,775
Cash
€140,334
2024 · €155,333-€14,998
Balance sheet total
€1.8m
2024 · €1.9m-€80,080
Largest movements
Assets
- Tangible fixed assets -€57,344
down €57,344 (-3.3%), from €1.8m to €1.7m
Equity and liabilities
- Debts after one year -€77,863
down €77,863 (-9.2%), from €850,375 to €772,513
- Current portion of long-term debt -€21,413
down €21,413 (-21.6%), from €99,276 to €77,863
- Other debts +€20,000
up €20,000 (+25.0%), from €80,000 to €100,000
Income statement
- Gross operating margin +€83,616
up €83,616 (+69.1%), from €121,038 to €204,655
- Depreciation +€17,089
up €17,089 (+29.7%), from €57,566 to €74,654
- Taxes +€13,192
new in 2025: €13,192
- Financial charges +€6,641
up €6,641 (+53.2%), from €12,484 to €19,125
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
€39,483
Gross operating margin
+€83,616
Depreciation
-€17,089
Other operating charges
-€598
Financial income
-€1,354
Financial charges
-€6,641
Taxes
-€13,192
Result 2025
€84,225
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
+€201,587
Investment
-€17,310
Financing
-€199,276
Cash 2024
€155,333
From operations (derived)
+€201,587
Net result for the year
+€84,225
Depreciation
+€74,654
Receivables within one year
+€8,105
Deferred charges and accrued income
-€368
Trade debts
+€3,514
Tax, wage and social debts
+€11,456
Other debts
+€20,000
Investment (derived)
-€17,310
Investment in fixed assets (net)
-€17,310
Financing
-€199,276
Debts after one year
-€77,863
Current portion of long-term debt
-€21,413
Contributions, distributions and other
-€100,000
Cash 2025
€140,334
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,929,960 | €1,849,879 | -€80,080 | -4.1% |
| Fixed assets | 21/28 | €1,751,135 | €1,693,791 | -€57,344 | -3.3% |
| Tangible fixed assets | 22/27 | €1,751,135 | €1,693,791 | -€57,344 | -3.3% |
| Land and buildings | 22 | €1,751,135 | €1,693,791 | -€57,344 | -3.3% |
| Current assets | 29/58 | €178,824 | €156,089 | -€22,736 | -12.7% |
| Amounts receivable within one year | 40/41 | €22,873 | €14,768 | -€8,105 | -35.4% |
| Trade receivables | 40 | €7,779 | €9,768 | +€1,989 | +25.6% |
| Other amounts receivable | 41 | €15,094 | €5,000 | -€10,094 | -66.9% |
| Cash at bank and in hand | 54/58 | €155,333 | €140,334 | -€14,998 | -9.7% |
| Deferred charges and accrued income | 490/1 | €619 | €986 | +€368 | +59.4% |
| Total equity and liabilities | 10/49 | €1,929,960 | €1,849,879 | -€80,080 | -4.1% |
| Equity | 10/15 | €898,814 | €883,039 | -€15,775 | -1.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €836,840 | €821,066 | -€15,775 | -1.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €830,643 | €814,869 | -€15,775 | -1.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,031,146 | €966,840 | -€64,306 | -6.2% |
| Amounts payable after more than one year | 17 | €850,375 | €772,513 | -€77,863 | -9.2% |
| Financial debts | 170/4 | €850,375 | €772,513 | -€77,863 | -9.2% |
| Amounts payable within one year | 42/48 | €180,771 | €194,327 | +€13,557 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €99,276 | €77,863 | -€21,413 | -21.6% |
| Trade debts | 44 | €1,495 | €5,009 | +€3,514 | +235.1% |
| Suppliers | 440/4 | €1,495 | €5,009 | +€3,514 | +235.1% |
| Taxes, remuneration and social security | 45 | - | €11,456 | +€11,456 | |
| Taxes | 450/3 | - | €11,456 | +€11,456 | |
| Other amounts payable | 47/48 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,566 | €74,654 | +€17,089 | +29.7% |
| Other operating charges | 640/8 | €12,860 | €13,458 | +€598 | +4.6% |
| Gross operating margin | 9900 | €121,038 | €204,655 | +€83,616 | +69.1% |
| Operating profit (loss) | 9901 | €50,613 | €116,542 | +€65,930 | +130.3% |
| Financial income | 75/76B | €1,354 | €0 | -€1,354 | -100.0% |
| Recurring financial income | 75 | €1,354 | €0 | -€1,354 | -100.0% |
| Financial charges | 65/66B | €12,484 | €19,125 | +€6,641 | +53.2% |
| Recurring financial charges | 65 | €12,484 | €19,125 | +€6,641 | +53.2% |
| Profit (loss) for the period before taxes | 9903 | €39,483 | €97,418 | +€57,935 | +146.7% |
| Income taxes | 67/77 | - | €13,192 | +€13,192 | |
| Profit (loss) for the period | 9904 | €39,483 | €84,225 | +€44,743 | +113.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,483 | €84,225 | +€44,743 | +113.3% |
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.