IMMO-AX: 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-AX
Largest movements
- Receivables within one year -€21,098
down €21,098 (-38.5%), from €54,795 to €33,698
of which Trade receivables: -€19,958
- Deferred charges and accrued income -€6,856
down €6,856 (-22.9%), from €29,874 to €23,019
- Tangible fixed assets -€5,403
down €5,403 (-4.8%), from €112,179 to €106,776
of which Land and buildings: -€25,721
- Cash -€3,823
down €3,823 (-7.7%), from €49,930 to €46,107
mainly Trade debts (-€32,203) and Debts after one year (-€7,912)
- Trade debts -€32,203
down €32,203 (-80.9%), from €39,817 to €7,614
- Debts after one year -€7,912
down €7,912 (-17.2%), from €46,065 to €38,153
- Tax, wage and social debts +€3,294
up €3,294 (+29.6%), from €11,121 to €14,415
- Short-term financial debts +€2,558
new in 2025: €2,558
- Gross operating margin -€1,676
down €1,676 (-11.6%), from €14,483 to €12,807
- Other operating charges +€466
up €466 (+32.3%), from €1,440 to €1,906
- Depreciation +€365
up €365 (+7.2%), from €5,038 to €5,403
- Financial charges +€234
up €234 (+18.4%), from €1,274 to €1,509
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 | €246,779 | €209,600 | -€37,179 | -15.1% |
| Fixed assets | 21/28 | €112,179 | €106,776 | -€5,403 | -4.8% |
| Tangible fixed assets | 22/27 | €112,179 | €106,776 | -€5,403 | -4.8% |
| Land and buildings | 22 | €102,081 | €76,360 | -€25,721 | -25.2% |
| Plant, machinery and equipment | 23 | - | €21,695 | +€21,695 | |
| Furniture and vehicles | 24 | €10,098 | €8,721 | -€1,377 | -13.6% |
| Current assets | 29/58 | €134,600 | €102,824 | -€31,776 | -23.6% |
| Amounts receivable within one year | 40/41 | €54,795 | €33,698 | -€21,098 | -38.5% |
| Trade receivables | 40 | €39,961 | €20,003 | -€19,958 | -49.9% |
| Other amounts receivable | 41 | €14,834 | €13,695 | -€1,139 | -7.7% |
| Cash at bank and in hand | 54/58 | €49,930 | €46,107 | -€3,823 | -7.7% |
| Deferred charges and accrued income | 490/1 | €29,874 | €23,019 | -€6,856 | -22.9% |
| Total equity and liabilities | 10/49 | €246,779 | €209,600 | -€37,179 | -15.1% |
| Equity | 10/15 | €65,761 | €67,004 | +€1,242 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,161 | €48,404 | +€1,242 | +2.6% |
| Distributable reserves | 133 | €47,161 | €48,404 | +€1,242 | +2.6% |
| Amounts payable | 17/49 | €181,017 | €142,596 | -€38,421 | -21.2% |
| Amounts payable after more than one year | 17 | €46,065 | €38,153 | -€7,912 | -17.2% |
| Financial debts | 170/4 | €46,065 | €38,153 | -€7,912 | -17.2% |
| Amounts payable within one year | 42/48 | €134,952 | €104,444 | -€30,509 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €10,265 | €7,912 | -€2,352 | -22.9% |
| Financial debts | 43 | - | €2,558 | +€2,558 | |
| Credit institutions | 430/8 | - | €2,558 | +€2,558 | |
| Trade debts | 44 | €39,817 | €7,614 | -€32,203 | -80.9% |
| Suppliers | 440/4 | €39,817 | €7,614 | -€32,203 | -80.9% |
| Advances received on contracts in progress | 46 | €2,263 | €0 | -€2,263 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,121 | €14,415 | +€3,294 | +29.6% |
| Taxes | 450/3 | €11,121 | €14,415 | +€3,294 | +29.6% |
| Other amounts payable | 47/48 | €71,487 | €71,944 | +€457 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,038 | €5,403 | +€365 | +7.2% |
| Other operating charges | 640/8 | €1,440 | €1,906 | +€466 | +32.3% |
| Non-recurring operating charges | 66A | €2,100 | €0 | -€2,100 | -100.0% |
| Gross operating margin | 9900 | €14,483 | €12,807 | -€1,676 | -11.6% |
| Operating profit (loss) | 9901 | €5,905 | €5,498 | -€406 | -6.9% |
| Financial income | 75/76B | €0 | €103 | +€103 | +23874.4% |
| Recurring financial income | 75 | €0 | €103 | +€103 | +23874.4% |
| Financial charges | 65/66B | €1,274 | €1,509 | +€234 | +18.4% |
| Recurring financial charges | 65 | €1,274 | €1,509 | +€234 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €4,631 | €4,093 | -€538 | -11.6% |
| Income taxes | 67/77 | €2,800 | €2,851 | +€51 | +1.8% |
| Profit (loss) for the period | 9904 | €1,831 | €1,242 | -€589 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,831 | €1,242 | -€589 | -32.2% |
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.