IMMO APPELS: 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 APPELS
Largest movements
- Tangible fixed assets -€566,121
down €566,121 (-10.9%), from €5.2m to €4.6m
- Receivables within one year -€231,725
down €231,725 (-3.9%), from €6.0m to €5.8m
of which Other amounts receivable: -€231,500
- Short-term financial debts -€508,900
down €508,900 (-20.6%), from €2.5m to €2.0m
- Debts after one year -€328,284
down €328,284 (-54.7%), from €599,644 to €271,361
of which Financial debts: -€328,284
- Profit (loss) carried forward +€257,272
up €257,272 (+4.0%), from €6.4m to €6.7m
- Reserves -€131,653
down €131,653 (-18.4%), from €715,574 to €583,921
of which Tax-exempt reserves: -€131,653
- Financial charges -€63,397
down €63,397 (-30.6%), from €207,127 to €143,730
- Taxes +€28,464
up €28,464 (+43.5%), from €65,446 to €93,910
- Gross operating margin +€21,797
up €21,797 (+2.4%), from €924,296 to €946,093
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 | €11,279,470 | €10,527,448 | -€752,021 | -6.7% |
| Fixed assets | 21/28 | €5,172,005 | €4,605,884 | -€566,121 | -10.9% |
| Tangible fixed assets | 22/27 | €5,172,005 | €4,605,884 | -€566,121 | -10.9% |
| Land and buildings | 22 | €5,172,005 | €4,605,884 | -€566,121 | -10.9% |
| Current assets | 29/58 | €6,107,465 | €5,921,565 | -€185,900 | -3.0% |
| Amounts receivable within one year | 40/41 | €6,013,486 | €5,781,761 | -€231,725 | -3.9% |
| Trade receivables | 40 | €31,986 | €31,761 | -€225 | -0.7% |
| Other amounts receivable | 41 | €5,981,500 | €5,750,000 | -€231,500 | -3.9% |
| Cash at bank and in hand | 54/58 | €91,657 | €134,190 | +€42,534 | +46.4% |
| Deferred charges and accrued income | 490/1 | €2,322 | €5,613 | +€3,291 | +141.7% |
| Total equity and liabilities | 10/49 | €11,279,470 | €10,527,448 | -€752,021 | -6.7% |
| Equity | 10/15 | €7,306,222 | €7,431,840 | +€125,619 | +1.7% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Capital | 10 | €155,000 | €155,000 | = | 0.0% |
| Issued capital | 100 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €715,574 | €583,921 | -€131,653 | -18.4% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Legal reserve | 130 | €15,500 | €15,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €644,870 | €513,217 | -€131,653 | -20.4% |
| Distributable reserves | 133 | €55,204 | €55,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,435,648 | €6,692,920 | +€257,272 | +4.0% |
| Provisions and deferred taxes | 16 | €415,701 | €371,816 | -€43,884 | -10.6% |
| Deferred taxes | 168 | €415,701 | €371,816 | -€43,884 | -10.6% |
| Amounts payable | 17/49 | €3,557,547 | €2,723,791 | -€833,756 | -23.4% |
| Amounts payable after more than one year | 17 | €599,644 | €271,361 | -€328,284 | -54.7% |
| Financial debts | 170/4 | €597,664 | €269,381 | -€328,284 | -54.9% |
| Other amounts payable | 178/9 | €1,980 | €1,980 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,957,903 | €2,452,431 | -€505,472 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €314,249 | €327,889 | +€13,640 | +4.3% |
| Financial debts | 43 | €2,474,300 | €1,965,400 | -€508,900 | -20.6% |
| Credit institutions | 430/8 | €2,474,300 | €1,965,400 | -€508,900 | -20.6% |
| Trade debts | 44 | €143,653 | €133,564 | -€10,089 | -7.0% |
| Suppliers | 440/4 | €143,653 | €133,564 | -€10,089 | -7.0% |
| Taxes, remuneration and social security | 45 | €25,700 | €25,577 | -€123 | -0.5% |
| Taxes | 450/3 | €25,700 | €25,577 | -€123 | -0.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €605 | - | -€605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €565,998 | €566,121 | +€124 | 0.0% |
| Other operating charges | 640/8 | €59,673 | €63,603 | +€3,930 | +6.6% |
| Gross operating margin | 9900 | €924,296 | €946,093 | +€21,797 | +2.4% |
| Operating profit (loss) | 9901 | €298,625 | €316,369 | +€17,744 | +5.9% |
| Financial income | 75/76B | €5,127 | €3,005 | -€2,121 | -41.4% |
| Recurring financial income | 75 | €5,127 | €3,005 | -€2,121 | -41.4% |
| Financial charges | 65/66B | €207,127 | €143,730 | -€63,397 | -30.6% |
| Recurring financial charges | 65 | €207,127 | €143,730 | -€63,397 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €96,624 | €175,645 | +€79,020 | +81.8% |
| Transfer from deferred taxes | 780 | €43,884 | €43,884 | = | 0.0% |
| Income taxes | 67/77 | €65,446 | €93,910 | +€28,464 | +43.5% |
| Profit (loss) for the period | 9904 | €75,063 | €125,619 | +€50,556 | +67.4% |
| Transfer from tax-exempt reserves | 789 | €131,653 | €131,653 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €206,716 | €257,272 | +€50,556 | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.