IMMO - AZ: 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 - AZ
Largest movements
- Current investments +€223,731
new in 2025: €223,731
- Cash -€148,228
down €148,228 (-72.3%), from €205,099 to €56,870
mainly Current investments (-€223,731) and Trade debts (-€20,062)
- Tangible fixed assets -€81,266
down €81,266 (-4.0%), from €2.0m to €1.9m
of which Land and buildings: -€81,791
- Reserves +€25,560
up €25,560 (+1.6%), from €1.6m to €1.6m
of which Distributable reserves: +€46,922
- Gross operating margin +€17,002
up €17,002 (+12.3%), from €137,828 to €154,830
- Depreciation +€7,074
up €7,074 (+9.5%), from €74,811 to €81,885
- Financial charges +€3,002
up €3,002 (+1676.8%), from €179 to €3,181
- Taxes +€1,953
up €1,953 (+9.7%), from €20,194 to €22,147
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 | €2,236,960 | €2,231,197 | -€5,763 | -0.3% |
| Fixed assets | 21/28 | €2,031,862 | €1,950,596 | -€81,266 | -4.0% |
| Tangible fixed assets | 22/27 | €2,030,888 | €1,949,622 | -€81,266 | -4.0% |
| Land and buildings | 22 | €2,030,888 | €1,949,097 | -€81,791 | -4.0% |
| Furniture and vehicles | 24 | - | €525 | +€525 | |
| Financial fixed assets | 28 | €973 | €973 | = | 0.0% |
| Current assets | 29/58 | €205,099 | €280,601 | +€75,503 | +36.8% |
| Current investments | 50/53 | - | €223,731 | +€223,731 | |
| Cash at bank and in hand | 54/58 | €205,099 | €56,870 | -€148,228 | -72.3% |
| Total equity and liabilities | 10/49 | €2,236,960 | €2,231,197 | -€5,763 | -0.3% |
| Equity | 10/15 | €2,015,768 | €2,041,328 | +€25,560 | +1.3% |
| Contributions | 10/11 | €412,125 | €412,125 | = | 0.0% |
| Capital | 10 | €412,125 | €412,125 | = | 0.0% |
| Issued capital | 100 | €412,125 | €412,125 | = | 0.0% |
| Reserves | 13 | €1,603,643 | €1,629,203 | +€25,560 | +1.6% |
| Non-distributable reserves | 130/1 | €41,213 | €41,213 | = | 0.0% |
| Legal reserve | 130 | €41,213 | €41,213 | = | 0.0% |
| Tax-exempt reserves | 132 | €578,575 | €557,213 | -€21,362 | -3.7% |
| Distributable reserves | 133 | €983,855 | €1,030,778 | +€46,922 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €192,863 | €185,742 | -€7,121 | -3.7% |
| Deferred taxes | 168 | €192,863 | €185,742 | -€7,121 | -3.7% |
| Amounts payable | 17/49 | €28,329 | €4,127 | -€24,202 | -85.4% |
| Amounts payable within one year | 42/48 | €27,236 | €4,127 | -€23,109 | -84.8% |
| Trade debts | 44 | €22,042 | €1,980 | -€20,062 | -91.0% |
| Suppliers | 440/4 | €22,042 | €1,980 | -€20,062 | -91.0% |
| Taxes, remuneration and social security | 45 | €5,194 | €2,147 | -€3,047 | -58.7% |
| Taxes | 450/3 | €5,194 | €2,147 | -€3,047 | -58.7% |
| Accrued charges and deferred income | 492/3 | €1,094 | €0 | -€1,094 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,811 | €81,885 | +€7,074 | +9.5% |
| Other operating charges | 640/8 | €29,630 | €29,179 | -€452 | -1.5% |
| Gross operating margin | 9900 | €137,828 | €154,830 | +€17,002 | +12.3% |
| Operating profit (loss) | 9901 | €33,387 | €43,767 | +€10,380 | +31.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €179 | €3,181 | +€3,002 | +1676.8% |
| Recurring financial charges | 65 | €179 | €3,181 | +€3,002 | +1676.8% |
| Profit (loss) for the period before taxes | 9903 | €33,209 | €40,586 | +€7,378 | +22.2% |
| Transfer from deferred taxes | 780 | €7,561 | €7,121 | -€440 | -5.8% |
| Income taxes | 67/77 | €20,194 | €22,147 | +€1,953 | +9.7% |
| Profit (loss) for the period | 9904 | €20,575 | €25,560 | +€4,984 | +24.2% |
| Transfer from tax-exempt reserves | 789 | €22,698 | €21,362 | -€1,336 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,273 | €46,922 | +€3,649 | +8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.