Immo Apfelbaum: 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.
Immo Apfelbaum
Largest movements
- Tangible fixed assets -€943,416
down €943,416 (-9.0%), from €10.4m to €9.5m
of which Assets under construction and advance payments: -€557,497
- Profit (loss) carried forward -€1.1m
down €1.1m (-145.8%), from -€732,449 to -€1.8m
- Other debts +€849,979
up €849,979 (+7666.1%), from €11,088 to €861,067
- Short-term financial debts -€496,546
down €496,546 (-7.6%), from €6.6m to €6.1m
- Trade debts -€133,898
down €133,898 (-91.4%), from €146,508 to €12,610
- Revaluation surpluses -€131,254
down €131,254 (-5.2%), from €2.5m to €2.4m
- Turnover -€104,712
down €104,712 (-17.5%), from €600,000 to €495,288
- Gross operating margin -€102,041
down €102,041 (-31.8%), from €320,771 to €218,730
- Depreciation -€59,470
down €59,470 (-17.8%), from €333,973 to €274,504
- Financial charges -€58,862
down €58,862 (-15.0%), from €392,920 to €334,059
- Financial income -€11,362
down €11,362 (-100.0%), from €11,362 to €0
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 | €10,609,933 | €9,566,911 | -€1.0m | -9.8% |
| Formation expenses | 20 | €86,676 | €66,837 | -€19,839 | -22.9% |
| Fixed assets | 21/28 | €10,443,416 | €9,500,000 | -€943,416 | -9.0% |
| Tangible fixed assets | 22/27 | €10,443,416 | €9,500,000 | -€943,416 | -9.0% |
| Land and buildings | 22 | €9,885,919 | €9,500,000 | -€385,919 | -3.9% |
| Assets under construction and advance payments | 27 | €557,497 | €0 | -€557,497 | -100.0% |
| Current assets | 29/58 | €79,840 | €73 | -€79,767 | -99.9% |
| Amounts receivable within one year | 40/41 | €79,840 | €0 | -€79,840 | -100.0% |
| Trade receivables | 40 | €79,840 | €0 | -€79,840 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €0 | €73 | +€73 | |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €10,609,933 | €9,566,911 | -€1.0m | -9.8% |
| Equity | 10/15 | €3,806,644 | €2,607,653 | -€1.2m | -31.5% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,539,093 | €2,407,839 | -€131,254 | -5.2% |
| Profit (loss) carried forward | 14 | -€732,449 | -€1,800,186 | -€1.1m | -145.8% |
| Amounts payable | 17/49 | €6,803,288 | €6,959,257 | +€155,969 | +2.3% |
| Amounts payable within one year | 42/48 | €6,799,982 | €6,939,973 | +€139,992 | +2.1% |
| Financial debts | 43 | €6,562,546 | €6,066,000 | -€496,546 | -7.6% |
| Credit institutions | 430/8 | €6,562,546 | €6,066,000 | -€496,546 | -7.6% |
| Trade debts | 44 | €146,508 | €12,610 | -€133,898 | -91.4% |
| Suppliers | 440/4 | €146,508 | €12,610 | -€133,898 | -91.4% |
| Taxes, remuneration and social security | 45 | €79,840 | €297 | -€79,544 | -99.6% |
| Taxes | 450/3 | €79,840 | €297 | -€79,544 | -99.6% |
| Other amounts payable | 47/48 | €11,088 | €861,067 | +€849,979 | +7666.1% |
| Accrued charges and deferred income | 492/3 | €3,307 | €19,284 | +€15,977 | +483.2% |
| Turnover | 70 | €600,000 | €495,288 | -€104,712 | -17.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €279,229 | €276,558 | -€2,671 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €333,973 | €274,504 | -€59,470 | -17.8% |
| Other operating charges | 640/8 | - | €407 | +€407 | |
| Non-recurring operating charges | 66A | - | €677,497 | +€677,497 | |
| Gross operating margin | 9900 | €320,771 | €218,730 | -€102,041 | -31.8% |
| Operating profit (loss) | 9901 | -€13,203 | -€733,679 | -€720,476 | -5457.1% |
| Financial income | 75/76B | €11,362 | €0 | -€11,362 | -100.0% |
| Recurring financial income | 75 | €11,362 | €0 | -€11,362 | -100.0% |
| Financial charges | 65/66B | €392,920 | €334,059 | -€58,862 | -15.0% |
| Recurring financial charges | 65 | €392,920 | €334,059 | -€58,862 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€394,761 | -€1,067,737 | -€672,977 | -170.5% |
| Income taxes | 67/77 | €1,280 | €0 | -€1,280 | -100.0% |
| Profit (loss) for the period | 9904 | -€396,041 | -€1,067,737 | -€671,696 | -169.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€396,041 | -€1,067,737 | -€671,696 | -169.6% |
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 4 October 2026 via checked.be.