IMMO BACKES: 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.
What changed
IMMO BACKES
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56
2024 · -€162,519+€162,576
Equity
€22.3m
2024 · €6.2m+€16.1m
Cash
€365,133
2024 · €110,961+€254,172
Balance sheet total
€28.8m
2024 · €11.8m+€17.0m
Largest movements
Assets
- Tangible fixed assets +€17.1m
up €17.1m (+152%), from €11.2m to €28.3m
of which Land and buildings: +€16.8m
Equity and liabilities
- Revaluation surpluses +€16.1m
new in 2025: €16.1m
- Other debts +€497,695
up €497,695 (+22.3%), from €2.2m to €2.7m
- Debts after one year +€324,491
up €324,491 (+10.1%), from €3.2m to €3.5m
Income statement
- Depreciation -€284,940
down €284,940 (-42.2%), from €675,341 to €390,401
- Financial charges +€129,407
up €129,407 (+492%), from €26,295 to €155,702
- Gross operating margin +€15,978
up €15,978 (+2.6%), from €616,941 to €632,919
- Other operating charges +€6,658
up €6,658 (+8.2%), from €80,832 to €87,490
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.
Result 2024
-€162,519
Gross operating margin
+€15,978
Depreciation
+€284,940
Other operating charges
-€6,658
Financial income
+€2,429
Financial charges
-€129,407
Taxes
-€4,708
Result 2025
€56
raises the resultlowers the result
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.
From operations
+€999,275
Investment
-€17.3m
Financing
+€16.5m
Cash 2024
€110,961
From operations (derived)
+€999,275
Net result for the year
+€56
Depreciation
+€390,401
Receivables within one year
+€106,635
Smaller working-capital items
+€4,488
Other debts
+€497,695
Investment (derived)
-€17.3m
Investment in fixed assets (net)
-€17.5m
Current investments
+€200,000
Financing
+€16.5m
Debts after one year
+€324,491
Current portion of long-term debt
+€47,995
Contributions, distributions and other
+€16.1m
Cash 2025
€365,133
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,752,115 | €28,773,674 | +€17.0m | +145% |
| Fixed assets | 21/28 | €11,243,053 | €28,312,926 | +€17.1m | +152% |
| Tangible fixed assets | 22/27 | €11,243,053 | €28,312,926 | +€17.1m | +152% |
| Land and buildings | 22 | €11,237,475 | €28,002,071 | +€16.8m | +149% |
| Furniture and vehicles | 24 | €5,578 | €6,282 | +€704 | +12.6% |
| Assets under construction and advance payments | 27 | - | €304,573 | +€304,573 | |
| Current assets | 29/58 | €509,061 | €460,748 | -€48,314 | -9.5% |
| Amounts receivable within one year | 40/41 | €184,535 | €77,900 | -€106,635 | -57.8% |
| Trade receivables | 40 | €28,688 | €32,063 | +€3,375 | +11.8% |
| Other amounts receivable | 41 | €155,847 | €45,837 | -€110,010 | -70.6% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €110,961 | €365,133 | +€254,172 | +229% |
| Deferred charges and accrued income | 490/1 | €13,565 | €17,715 | +€4,150 | +30.6% |
| Total equity and liabilities | 10/49 | €11,752,115 | €28,773,674 | +€17.0m | +145% |
| Equity | 10/15 | €6,150,118 | €22,292,858 | +€16.1m | +262% |
| Contributions | 10/11 | €3,500,000 | €3,500,000 | = | 0.0% |
| Capital | 10 | €3,500,000 | €3,500,000 | = | 0.0% |
| Issued capital | 100 | €3,500,000 | €3,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €16,142,684 | +€16.1m | |
| Reserves | 13 | €2,650,118 | €2,650,174 | +€56 | 0.0% |
| Non-distributable reserves | 130/1 | €350,000 | €350,000 | = | 0.0% |
| Legal reserve | 130 | €350,000 | €350,000 | = | 0.0% |
| Distributable reserves | 133 | €2,300,118 | €2,300,174 | +€56 | 0.0% |
| Amounts payable | 17/49 | €5,601,997 | €6,480,816 | +€878,819 | +15.7% |
| Amounts payable after more than one year | 17 | €3,200,756 | €3,525,247 | +€324,491 | +10.1% |
| Financial debts | 170/4 | €3,200,756 | €3,525,247 | +€324,491 | +10.1% |
| Amounts payable within one year | 42/48 | €2,370,336 | €2,955,569 | +€585,233 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €127,514 | €175,509 | +€47,995 | +37.6% |
| Trade debts | 44 | €14,239 | €23,699 | +€9,460 | +66.4% |
| Suppliers | 440/4 | €14,239 | €23,699 | +€9,460 | +66.4% |
| Taxes, remuneration and social security | 45 | - | €30,083 | +€30,083 | |
| Taxes | 450/3 | - | €30,083 | +€30,083 | |
| Other amounts payable | 47/48 | €2,228,584 | €2,726,279 | +€497,695 | +22.3% |
| Accrued charges and deferred income | 492/3 | €30,905 | €0 | -€30,905 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €675,341 | €390,401 | -€284,940 | -42.2% |
| Other operating charges | 640/8 | €80,832 | €87,490 | +€6,658 | +8.2% |
| Gross operating margin | 9900 | €616,941 | €632,919 | +€15,978 | +2.6% |
| Operating profit (loss) | 9901 | -€139,232 | €155,029 | +€294,260 | |
| Financial income | 75/76B | €3,008 | €5,438 | +€2,429 | +80.8% |
| Recurring financial income | 75 | €3,008 | €5,438 | +€2,429 | +80.8% |
| Financial charges | 65/66B | €26,295 | €155,702 | +€129,407 | +492% |
| Recurring financial charges | 65 | €26,295 | €155,702 | +€129,407 | +492% |
| Profit (loss) for the period before taxes | 9903 | -€162,519 | €4,764 | +€167,283 | |
| Income taxes | 67/77 | €0 | €4,708 | +€4,708 | |
| Profit (loss) for the period | 9904 | -€162,519 | €56 | +€162,576 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,519 | €56 | +€162,576 |
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 15 October 2026 via checked.be.