IMMO BAERTS: 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 BAERTS
Largest movements
- Tangible fixed assets +€308,216
up €308,216 (+13.2%), from €2.3m to €2.6m
- Current investments -€69,211
down €69,211 (-3.3%), from €2.1m to €2.0m
- Reserves +€179,204
up €179,204 (+10.9%), from €1.7m to €1.8m
of which Distributable reserves: +€179,204
- Taxes -€16,712
down €16,712 (-18.1%), from €92,425 to €75,713
- Gross operating margin +€13,894
up €13,894 (+4.2%), from €334,736 to €348,630
- Depreciation +€5,406
up €5,406 (+4.2%), from €127,794 to €133,199
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 | €4,494,404 | €4,693,314 | +€198,910 | +4.4% |
| Fixed assets | 21/28 | €2,336,897 | €2,645,112 | +€308,216 | +13.2% |
| Tangible fixed assets | 22/27 | €2,336,897 | €2,645,112 | +€308,216 | +13.2% |
| Land and buildings | 22 | €2,336,897 | €2,645,112 | +€308,216 | +13.2% |
| Current assets | 29/58 | €2,157,507 | €2,048,202 | -€109,305 | -5.1% |
| Amounts receivable within one year | 40/41 | €21,667 | €6,611 | -€15,056 | -69.5% |
| Trade receivables | 40 | €1,152 | - | -€1,152 | |
| Other amounts receivable | 41 | €20,515 | €6,611 | -€13,904 | -67.8% |
| Current investments | 50/53 | €2,075,274 | €2,006,063 | -€69,211 | -3.3% |
| Cash at bank and in hand | 54/58 | €60,565 | €34,741 | -€25,824 | -42.6% |
| Deferred charges and accrued income | 490/1 | - | €786 | +€786 | |
| Total equity and liabilities | 10/49 | €4,494,404 | €4,693,314 | +€198,910 | +4.4% |
| Equity | 10/15 | €4,473,088 | €4,652,291 | +€179,204 | +4.0% |
| Contributions | 10/11 | €2,823,000 | €2,823,000 | = | 0.0% |
| Capital | 10 | €2,823,000 | €2,823,000 | = | 0.0% |
| Issued capital | 100 | €2,823,000 | €2,823,000 | = | 0.0% |
| Reserves | 13 | €1,650,088 | €1,829,291 | +€179,204 | +10.9% |
| Non-distributable reserves | 130/1 | €282,300 | €282,300 | = | 0.0% |
| Legal reserve | 130 | €282,300 | €282,300 | = | 0.0% |
| Distributable reserves | 133 | €1,367,788 | €1,546,991 | +€179,204 | +13.1% |
| Amounts payable | 17/49 | €21,316 | €41,023 | +€19,707 | +92.4% |
| Amounts payable within one year | 42/48 | €21,316 | €38,023 | +€16,707 | +78.4% |
| Trade debts | 44 | - | €16,829 | +€16,829 | |
| Suppliers | 440/4 | - | €16,829 | +€16,829 | |
| Taxes, remuneration and social security | 45 | €21,120 | €21,128 | +€8 | 0.0% |
| Taxes | 450/3 | €14,620 | €14,628 | +€8 | +0.1% |
| Remuneration and social security | 454/9 | €6,500 | €6,500 | = | 0.0% |
| Other amounts payable | 47/48 | €196 | €65 | -€131 | -66.7% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,794 | €133,199 | +€5,406 | +4.2% |
| Other operating charges | 640/8 | €2,505 | €1,858 | -€647 | -25.8% |
| Gross operating margin | 9900 | €334,736 | €348,630 | +€13,894 | +4.2% |
| Operating profit (loss) | 9901 | €204,436 | €213,572 | +€9,136 | +4.5% |
| Financial income | 75/76B | €40,025 | €41,602 | +€1,577 | +3.9% |
| Recurring financial income | 75 | €40,025 | €41,602 | +€1,577 | +3.9% |
| Financial charges | 65/66B | €230 | €258 | +€27 | +11.9% |
| Recurring financial charges | 65 | €230 | €258 | +€27 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €244,231 | €254,916 | +€10,685 | +4.4% |
| Income taxes | 67/77 | €92,425 | €75,713 | -€16,712 | -18.1% |
| Profit (loss) for the period | 9904 | €151,806 | €179,204 | +€27,398 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €151,806 | €179,204 | +€27,398 | +18.0% |
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 9 October 2026 via checked.be.