IMMO BAERT: 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 BAERT
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€12,408
2024 · -€8,646-€3,761
Equity
€382,931
2024 · €395,339-€12,408
Cash
€6,368
2024 · €5,088+€1,280
Balance sheet total
€1.4m
2024 · €1.5m-€52,931
Largest movements
Assets
- Tangible fixed assets -€53,627
down €53,627 (-3.7%), from €1.4m to €1.4m
Equity and liabilities
- Debts after one year -€51,526
down €51,526 (-6.5%), from €791,944 to €740,418
- Other debts +€15,371
up €15,371 (+7.7%), from €200,638 to €216,009
Income statement
- Financial income -€8,758
down €8,758 (-99.6%), from €8,790 to €31
of which Non-recurring financial income: -€8,698
- Gross operating margin +€4,457
up €4,457 (+7.1%), from €63,150 to €67,607
- Financial charges -€939
down €939 (-7.2%), from €13,114 to €12,175
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
-€8,646
Gross operating margin
+€4,457
Depreciation
-€70
Other operating charges
-€241
Financial income
-€8,758
Financial charges
+€939
Taxes
-€89
Result 2025
-€12,408
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
+€52,181
Investment
€0
Financing
-€50,902
Cash 2024
€5,088
From operations (derived)
+€52,181
Net result for the year
-€12,408
Depreciation
+€53,627
Receivables within one year
+€847
Deferred charges and accrued income
-€263
Trade debts
-€9,650
Tax, wage and social debts
+€618
Other debts
+€15,371
Accrued charges and deferred income
+€4,040
Financing
-€50,902
Debts after one year
-€51,526
Current portion of long-term debt
+€624
Cash 2025
€6,368
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,452,313 | €1,399,382 | -€52,931 | -3.6% |
| Fixed assets | 21/28 | €1,440,898 | €1,387,271 | -€53,627 | -3.7% |
| Tangible fixed assets | 22/27 | €1,440,898 | €1,387,271 | -€53,627 | -3.7% |
| Land and buildings | 22 | €1,440,898 | €1,387,271 | -€53,627 | -3.7% |
| Current assets | 29/58 | €11,415 | €12,111 | +€696 | +6.1% |
| Amounts receivable within one year | 40/41 | €4,941 | €4,094 | -€847 | -17.1% |
| Trade receivables | 40 | €4,897 | €4,094 | -€802 | -16.4% |
| Other amounts receivable | 41 | €44 | - | -€44 | |
| Cash at bank and in hand | 54/58 | €5,088 | €6,368 | +€1,280 | +25.1% |
| Deferred charges and accrued income | 490/1 | €1,386 | €1,648 | +€263 | +19.0% |
| Total equity and liabilities | 10/49 | €1,452,313 | €1,399,382 | -€52,931 | -3.6% |
| Equity | 10/15 | €395,339 | €382,931 | -€12,408 | -3.1% |
| Contributions | 10/11 | €455,920 | €455,920 | = | 0.0% |
| Capital | 10 | €455,920 | €455,920 | = | 0.0% |
| Issued capital | 100 | €455,920 | €455,920 | = | 0.0% |
| Reserves | 13 | €18,592 | €18,592 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,173 | -€91,581 | -€12,408 | -15.7% |
| Amounts payable | 17/49 | €1,056,974 | €1,016,451 | -€40,523 | -3.8% |
| Amounts payable after more than one year | 17 | €791,944 | €740,418 | -€51,526 | -6.5% |
| Financial debts | 170/4 | €791,944 | €740,418 | -€51,526 | -6.5% |
| Amounts payable within one year | 42/48 | €261,871 | €268,833 | +€6,963 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €50,902 | €51,526 | +€624 | +1.2% |
| Trade debts | 44 | €9,840 | €190 | -€9,650 | -98.1% |
| Suppliers | 440/4 | €9,840 | €190 | -€9,650 | -98.1% |
| Taxes, remuneration and social security | 45 | €491 | €1,108 | +€618 | +126.0% |
| Taxes | 450/3 | €491 | €1,108 | +€618 | +126.0% |
| Other amounts payable | 47/48 | €200,638 | €216,009 | +€15,371 | +7.7% |
| Accrued charges and deferred income | 492/3 | €3,159 | €7,199 | +€4,040 | +127.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,556 | €53,627 | +€70 | +0.1% |
| Other operating charges | 640/8 | €13,237 | €13,478 | +€241 | +1.8% |
| Gross operating margin | 9900 | €63,150 | €67,607 | +€4,457 | +7.1% |
| Operating profit (loss) | 9901 | -€3,644 | €503 | +€4,146 | |
| Financial income | 75/76B | €8,790 | €31 | -€8,758 | -99.6% |
| Recurring financial income | 75 | €91 | €31 | -€60 | -65.6% |
| Non-recurring financial income | 76B | €8,698 | - | -€8,698 | |
| Financial charges | 65/66B | €13,114 | €12,175 | -€939 | -7.2% |
| Recurring financial charges | 65 | €13,114 | €12,175 | -€939 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,968 | -€11,641 | -€3,672 | -46.1% |
| Income taxes | 67/77 | €678 | €767 | +€89 | +13.1% |
| Profit (loss) for the period | 9904 | -€8,646 | -€12,408 | -€3,761 | -43.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,646 | -€12,408 | -€3,761 | -43.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.