IMMO BADE: 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.
What changed
IMMO BADE
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€175,024
2024 · -€325,665+€150,641
Equity
€10.7m
2024 · €10.9m-€175,024
Cash
€8,970
2024 · €19,862-€10,892
Balance sheet total
€18.2m
2024 · €18.3m-€24,417
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€246,426
up €246,426 (+36.2%), from €681,548 to €927,974
- Depreciation +€168,174
up €168,174 (+26.5%), from €633,665 to €801,839
- Write-downs -€107,291
down €107,291 (-94.7%), from €113,332 to €6,041
- Taxes +€29,253
new in 2025: €29,253
- Financial charges +€28,285
up €28,285 (+14.4%), from €196,968 to €225,253
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
-€325,665
Gross operating margin
+€246,426
Depreciation
-€168,174
Write-downs
+€107,291
Other operating charges
+€2,390
Other operating items
+€7,543
Financial income
+€12,702
Financial charges
-€28,285
Taxes
-€29,253
Result 2025
-€175,024
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.
From operations
+€749,453
Investment
-€761,365
Financing
+€1,021
Cash 2024
€19,862
From operations (derived)
+€749,453
Net result for the year
-€175,024
Depreciation
+€801,839
Receivables within one year
-€35,924
Deferred charges and accrued income
+€8,976
Trade debts
+€50,633
Other debts
+€130,741
Accrued charges and deferred income
-€31,788
Investment (derived)
-€761,365
Investment in fixed assets (net)
-€761,365
Financing
+€1,021
Debts after one year
-€37,455
Current portion of long-term debt
+€33,748
Short-term financial debts
+€4,728
Cash 2025
€8,970
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,266,704 | €18,242,287 | -€24,417 | -0.1% |
| Fixed assets | 21/28 | €18,058,707 | €18,018,233 | -€40,474 | -0.2% |
| Intangible fixed assets | 21 | €2,821 | €329 | -€2,492 | -88.4% |
| Tangible fixed assets | 22/27 | €18,045,886 | €18,007,905 | -€37,981 | -0.2% |
| Land and buildings | 22 | €16,961,906 | €16,639,503 | -€322,403 | -1.9% |
| Plant, machinery and equipment | 23 | €1,083,980 | €1,368,401 | +€284,422 | +26.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €207,998 | €224,054 | +€16,057 | +7.7% |
| Amounts receivable within one year | 40/41 | €166,434 | €202,359 | +€35,924 | +21.6% |
| Trade receivables | 40 | €156,569 | €199,799 | +€43,230 | +27.6% |
| Other amounts receivable | 41 | €9,866 | €2,560 | -€7,306 | -74.1% |
| Cash at bank and in hand | 54/58 | €19,862 | €8,970 | -€10,892 | -54.8% |
| Deferred charges and accrued income | 490/1 | €21,701 | €12,726 | -€8,976 | -41.4% |
| Total equity and liabilities | 10/49 | €18,266,704 | €18,242,287 | -€24,417 | -0.1% |
| Equity | 10/15 | €10,880,559 | €10,705,535 | -€175,024 | -1.6% |
| Contributions | 10/11 | €9,170,000 | €9,170,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,225,205 | €2,076,719 | -€148,486 | -6.7% |
| Reserves | 13 | €1,486,956 | €1,635,442 | +€148,486 | +10.0% |
| Distributable reserves | 133 | €1,486,956 | €1,635,442 | +€148,486 | +10.0% |
| Profit (loss) carried forward | 14 | -€2,001,602 | -€2,176,626 | -€175,024 | -8.7% |
| Amounts payable | 17/49 | €7,386,145 | €7,536,752 | +€150,607 | +2.0% |
| Amounts payable after more than one year | 17 | €5,718,424 | €5,680,969 | -€37,455 | -0.7% |
| Financial debts | 170/4 | €5,695,059 | €5,630,224 | -€64,835 | -1.1% |
| Other amounts payable | 178/9 | €23,365 | €50,745 | +€27,380 | +117.2% |
| Amounts payable within one year | 42/48 | €1,620,534 | €1,840,384 | +€219,849 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €439,018 | €472,765 | +€33,748 | +7.7% |
| Financial debts | 43 | €78,901 | €83,628 | +€4,728 | +6.0% |
| Credit institutions | 430/8 | €78,901 | €83,628 | +€4,728 | +6.0% |
| Trade debts | 44 | €242,724 | €293,357 | +€50,633 | +20.9% |
| Suppliers | 440/4 | €242,724 | €293,357 | +€50,633 | +20.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €859,892 | €990,633 | +€130,741 | +15.2% |
| Accrued charges and deferred income | 492/3 | €47,187 | €15,399 | -€31,788 | -67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €633,665 | €801,839 | +€168,174 | +26.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €113,332 | €6,041 | -€107,291 | -94.7% |
| Other operating charges | 640/8 | €57,865 | €55,475 | -€2,390 | -4.1% |
| Non-recurring operating charges | 66A | €7,543 | €0 | -€7,543 | -100.0% |
| Gross operating margin | 9900 | €681,548 | €927,974 | +€246,426 | +36.2% |
| Operating profit (loss) | 9901 | -€130,857 | €64,619 | +€195,476 | |
| Financial income | 75/76B | €2,160 | €14,862 | +€12,702 | +588.0% |
| Recurring financial income | 75 | €2,160 | €14,862 | +€12,702 | +588.0% |
| Financial charges | 65/66B | €196,968 | €225,253 | +€28,285 | +14.4% |
| Recurring financial charges | 65 | €196,968 | €225,253 | +€28,285 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | -€325,665 | -€145,771 | +€179,893 | +55.2% |
| Income taxes | 67/77 | - | €29,253 | +€29,253 | |
| Profit (loss) for the period | 9904 | -€325,665 | -€175,024 | +€150,641 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€325,665 | -€175,024 | +€150,641 | +46.3% |
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 4 October 2026 via checked.be.