IMMO B.T.R.: what changed
Two financial 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 B.T.R.
Largest movements
- Stocks and contracts +€400,474
up €400,474 (+452%), from €88,662 to €489,136
- Tangible fixed assets -€14,275
down €14,275 (-7.7%), from €185,253 to €170,978
- Receivables within one year -€10,081
down €10,081 (-8.6%), from €117,780 to €107,700
of which Other amounts receivable: -€22,386
- Short-term financial debts +€290,321
new in 2025: €290,321
- Debts after one year +€73,959
up €73,959 (+46.4%), from €159,305 to €233,264
- Trade debts +€22,894
up €22,894, from €0 to €22,894
- Other debts -€11,626
down €11,626 (-4.8%), from €240,782 to €229,156
- Financial charges +€32,618
up €32,618, from -€27,200 to €5,418
- Gross operating margin -€13,492
down €13,492 (-45.8%), from €29,467 to €15,975
- Taxes -€8,014
down €8,014 (-100%), from €8,014 to €0
- Depreciation -€6,606
down €6,606 (-31.5%), from €20,954 to €14,348
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.
Derived cash bridge
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 | €617,042 | €997,855 | +€380,813 | +61.7% |
| Formation expenses | 20 | €294 | €220 | -€73 | -25.0% |
| Fixed assets | 21/28 | €185,283 | €171,008 | -€14,275 | -7.7% |
| Tangible fixed assets | 22/27 | €185,253 | €170,978 | -€14,275 | -7.7% |
| Land and buildings | 22 | €185,253 | €170,978 | -€14,275 | -7.7% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €431,465 | €826,626 | +€395,162 | +91.6% |
| Amounts receivable after more than one year | 29 | €116,721 | €116,721 | = | 0.0% |
| Other amounts receivable | 291 | €116,721 | €116,721 | = | 0.0% |
| Stocks and contracts in progress | 3 | €88,662 | €489,136 | +€400,474 | +452% |
| Stocks | 30/36 | €88,662 | €489,136 | +€400,474 | +452% |
| Amounts receivable within one year | 40/41 | €117,780 | €107,700 | -€10,081 | -8.6% |
| Trade receivables | 40 | €92,334 | €104,640 | +€12,306 | +13.3% |
| Other amounts receivable | 41 | €25,446 | €3,060 | -€22,386 | -88.0% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,394 | €537 | -€857 | -61.5% |
| Deferred charges and accrued income | 490/1 | €106,907 | €112,533 | +€5,626 | +5.3% |
| Total equity and liabilities | 10/49 | €617,042 | €997,855 | +€380,813 | +61.7% |
| Equity | 10/15 | €203,880 | €205,715 | +€1,835 | +0.9% |
| Contributions | 10/11 | €302,430 | €302,430 | = | 0.0% |
| Capital | 10 | €302,430 | €302,430 | = | 0.0% |
| Issued capital | 100 | €302,430 | €302,430 | = | 0.0% |
| Reserves | 13 | €2,307 | €2,307 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,307 | €2,307 | = | 0.0% |
| Legal reserve | 130 | €2,307 | €2,307 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,857 | -€99,022 | +€1,835 | +1.8% |
| Amounts payable | 17/49 | €413,162 | €792,140 | +€378,979 | +91.7% |
| Amounts payable after more than one year | 17 | €159,305 | €233,264 | +€73,959 | +46.4% |
| Financial debts | 170/4 | €159,305 | €233,264 | +€73,959 | +46.4% |
| Amounts payable within one year | 42/48 | €253,857 | €558,876 | +€305,019 | +120% |
| Current portion of amounts payable after more than one year | 42 | €12,955 | €13,266 | +€310 | +2.4% |
| Financial debts | 43 | - | €290,321 | +€290,321 | |
| Credit institutions | 430/8 | - | €290,321 | +€290,321 | |
| Trade debts | 44 | €0 | €22,894 | +€22,894 | |
| Suppliers | 440/4 | €0 | €22,894 | +€22,894 | |
| Advances received on contracts in progress | 46 | €120 | €3,239 | +€3,119 | +2,601% |
| Other amounts payable | 47/48 | €240,782 | €229,156 | -€11,626 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,954 | €14,348 | -€6,606 | -31.5% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €29,467 | €15,975 | -€13,492 | -45.8% |
| Operating profit (loss) | 9901 | €8,513 | €1,626 | -€6,886 | -80.9% |
| Financial income | 75/76B | €5,626 | €5,626 | = | 0.0% |
| Recurring financial income | 75 | €5,626 | €5,626 | = | 0.0% |
| Financial charges | 65/66B | -€27,200 | €5,418 | +€32,618 | |
| Recurring financial charges | 65 | -€27,200 | €5,418 | +€32,618 | |
| Profit (loss) for the period before taxes | 9903 | €41,339 | €1,835 | -€39,504 | -95.6% |
| Income taxes | 67/77 | €8,014 | €0 | -€8,014 | -100% |
| Profit (loss) for the period | 9904 | €33,325 | €1,835 | -€31,490 | -94.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,325 | €1,835 | -€31,490 | -94.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.