Immo Baeten: 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 Baeten
Largest movements
- Cash -€37,654
down €37,654 (-26.5%), from €142,013 to €104,359
mainly Debts after one year (-€37,040) and Other debts (-€18,644)
- Tangible fixed assets -€18,037
down €18,037 (-5.0%), from €359,937 to €341,900
of which Land and buildings: -€16,820
- Deferred charges and accrued income +€9,318
up €9,318 (+17.1%), from €54,475 to €63,793
- Debts after one year -€37,040
down €37,040 (-47.6%), from €77,881 to €40,840
- Other debts -€18,644
down €18,644 (-68.0%), from €27,404 to €8,760
- Reserves +€14,050
up €14,050 (+6.9%), from €205,101 to €219,151
of which Distributable reserves: +€14,050
- Gross operating margin +€4,310
up €4,310 (+7.9%), from €54,507 to €58,818
- Taxes -€2,540
down €2,540 (-54.6%), from €4,653 to €2,113
- Depreciation -€696
down €696 (-2.3%), from €29,871 to €29,175
- Financial charges -€613
down €613 (-25.2%), from €2,436 to €1,822
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 | €556,970 | €510,427 | -€46,543 | -8.4% |
| Fixed assets | 21/28 | €359,937 | €341,900 | -€18,037 | -5.0% |
| Tangible fixed assets | 22/27 | €359,937 | €341,900 | -€18,037 | -5.0% |
| Land and buildings | 22 | €355,874 | €339,054 | -€16,820 | -4.7% |
| Plant, machinery and equipment | 23 | €585 | €0 | -€585 | -100% |
| Furniture and vehicles | 24 | €3,478 | €2,846 | -€632 | -18.2% |
| Current assets | 29/58 | €197,032 | €168,527 | -€28,505 | -14.5% |
| Amounts receivable within one year | 40/41 | €545 | €375 | -€169 | -31.1% |
| Trade receivables | 40 | €545 | €0 | -€545 | -100% |
| Other amounts receivable | 41 | - | €375 | +€375 | |
| Cash at bank and in hand | 54/58 | €142,013 | €104,359 | -€37,654 | -26.5% |
| Deferred charges and accrued income | 490/1 | €54,475 | €63,793 | +€9,318 | +17.1% |
| Total equity and liabilities | 10/49 | €556,970 | €510,427 | -€46,543 | -8.4% |
| Equity | 10/15 | €408,604 | €422,653 | +€14,050 | +3.4% |
| Contributions | 10/11 | €203,502 | €203,502 | = | 0.0% |
| Capital | 10 | €203,502 | €203,502 | = | 0.0% |
| Issued capital | 100 | €203,502 | €203,502 | = | 0.0% |
| Reserves | 13 | €205,101 | €219,151 | +€14,050 | +6.9% |
| Non-distributable reserves | 130/1 | €20,350 | €20,350 | = | 0.0% |
| Legal reserve | 130 | €20,350 | €20,350 | = | 0.0% |
| Distributable reserves | 133 | €184,751 | €198,801 | +€14,050 | +7.6% |
| Amounts payable | 17/49 | €148,366 | €87,774 | -€60,592 | -40.8% |
| Amounts payable after more than one year | 17 | €77,881 | €40,840 | -€37,040 | -47.6% |
| Financial debts | 170/4 | €77,881 | €40,840 | -€37,040 | -47.6% |
| Amounts payable within one year | 42/48 | €70,486 | €46,933 | -€23,552 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €36,419 | €37,040 | +€621 | +1.7% |
| Trade debts | 44 | €3,054 | €1,093 | -€1,961 | -64.2% |
| Suppliers | 440/4 | €3,054 | €1,093 | -€1,961 | -64.2% |
| Taxes, remuneration and social security | 45 | €3,609 | €41 | -€3,568 | -98.9% |
| Taxes | 450/3 | €3,609 | €41 | -€3,568 | -98.9% |
| Other amounts payable | 47/48 | €27,404 | €8,760 | -€18,644 | -68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,871 | €29,175 | -€696 | -2.3% |
| Other operating charges | 640/8 | €11,301 | €11,658 | +€356 | +3.2% |
| Gross operating margin | 9900 | €54,507 | €58,818 | +€4,310 | +7.9% |
| Operating profit (loss) | 9901 | €13,335 | €17,985 | +€4,650 | +34.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,436 | €1,822 | -€613 | -25.2% |
| Recurring financial charges | 65 | €2,436 | €1,822 | -€613 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €10,899 | €16,163 | +€5,264 | +48.3% |
| Income taxes | 67/77 | €4,653 | €2,113 | -€2,540 | -54.6% |
| Profit (loss) for the period | 9904 | €6,247 | €14,050 | +€7,803 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €6,247 | €14,050 | +€7,803 | +125% |
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 16 October 2026 via checked.be.