IMMO BALTUS: 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 BALTUS
Largest movements
- Receivables within one year +€14,673
up €14,673 (+89.8%), from €16,337 to €31,010
of which Trade receivables: +€9,391
- Cash -€12,460
down €12,460 (-91.0%), from €13,688 to €1,228
mainly Investment in fixed assets (net) (-€47,673) and Trade debts (-€30,195)
- Tangible fixed assets +€8,687
up €8,687 (+9.7%), from €89,846 to €98,532
of which Other tangible fixed assets: +€9,904
- Stocks and contracts +€7,699
up €7,699 (+8.5%), from €90,381 to €98,080
- Intangible fixed assets +€4,349
new in 2025: €4,349
- Short-term financial debts +€35,864
new in 2025: €35,864
- Trade debts -€30,195
down €30,195 (-67.7%), from €44,618 to €14,423
- Tax, wage and social debts +€23,726
up €23,726 (+38.3%), from €61,955 to €85,681
of which Remuneration and social security: +€22,842
- Profit (loss) carried forward -€4,490
down €4,490 (-17,650%), from -€25 to -€4,516
- Current portion of long-term debt -€4,470
down €4,470 (-29.7%), from €15,057 to €10,587
- Staff costs +€84,581
up €84,581 (+24.4%), from €347,247 to €431,828
- Gross operating margin +€56,954
up €56,954 (+13.8%), from €414,190 to €471,144
- Depreciation +€7,788
up €7,788 (+29.0%), from €26,849 to €34,637
- Taxes -€7,258
down €7,258 (-94.0%), from €7,719 to €461
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 | €211,412 | €234,359 | +€22,947 | +10.9% |
| Fixed assets | 21/28 | €91,006 | €104,042 | +€13,036 | +14.3% |
| Intangible fixed assets | 21 | - | €4,349 | +€4,349 | |
| Tangible fixed assets | 22/27 | €89,846 | €98,532 | +€8,687 | +9.7% |
| Plant, machinery and equipment | 23 | €9,063 | €6,602 | -€2,461 | -27.2% |
| Furniture and vehicles | 24 | €27,041 | €28,285 | +€1,244 | +4.6% |
| Other tangible fixed assets | 26 | €53,741 | €63,646 | +€9,904 | +18.4% |
| Financial fixed assets | 28 | €1,160 | €1,160 | = | 0.0% |
| Current assets | 29/58 | €120,406 | €130,317 | +€9,911 | +8.2% |
| Stocks and contracts in progress | 3 | €90,381 | €98,080 | +€7,699 | +8.5% |
| Stocks | 30/36 | €90,381 | €98,080 | +€7,699 | +8.5% |
| Amounts receivable within one year | 40/41 | €16,337 | €31,010 | +€14,673 | +89.8% |
| Trade receivables | 40 | €16,337 | €25,728 | +€9,391 | +57.5% |
| Other amounts receivable | 41 | - | €5,282 | +€5,282 | |
| Cash at bank and in hand | 54/58 | €13,688 | €1,228 | -€12,460 | -91.0% |
| Total equity and liabilities | 10/49 | €211,412 | €234,359 | +€22,947 | +10.9% |
| Equity | 10/15 | €75,626 | €71,136 | -€4,490 | -5.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €57,059 | €57,059 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €55,200 | €55,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25 | -€4,516 | -€4,490 | -17,650% |
| Amounts payable | 17/49 | €135,786 | €163,223 | +€27,437 | +20.2% |
| Amounts payable after more than one year | 17 | €5,187 | €9,568 | +€4,381 | +84.5% |
| Financial debts | 170/4 | €5,187 | €9,568 | +€4,381 | +84.5% |
| Amounts payable within one year | 42/48 | €123,599 | €146,555 | +€22,956 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €15,057 | €10,587 | -€4,470 | -29.7% |
| Financial debts | 43 | - | €35,864 | +€35,864 | |
| Credit institutions | 430/8 | - | €35,864 | +€35,864 | |
| Trade debts | 44 | €44,618 | €14,423 | -€30,195 | -67.7% |
| Suppliers | 440/4 | €44,618 | €14,423 | -€30,195 | -67.7% |
| Taxes, remuneration and social security | 45 | €61,955 | €85,681 | +€23,726 | +38.3% |
| Taxes | 450/3 | €24,596 | €25,480 | +€884 | +3.6% |
| Remuneration and social security | 454/9 | €37,359 | €60,201 | +€22,842 | +61.1% |
| Other amounts payable | 47/48 | €1,969 | - | -€1,969 | |
| Accrued charges and deferred income | 492/3 | €7,000 | €7,100 | +€100 | +1.4% |
| Remuneration, social security and pensions | 62 | €347,247 | €431,828 | +€84,581 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,849 | €34,637 | +€7,788 | +29.0% |
| Other operating charges | 640/8 | €1,900 | €1,745 | -€156 | -8.2% |
| Gross operating margin | 9900 | €414,190 | €471,144 | +€56,954 | +13.8% |
| Operating profit (loss) | 9901 | €38,194 | €2,935 | -€35,259 | -92.3% |
| Financial income | 75/76B | €180 | €77 | -€103 | -57.5% |
| Recurring financial income | 75 | €180 | €77 | -€103 | -57.5% |
| Financial charges | 65/66B | €8,087 | €7,040 | -€1,047 | -12.9% |
| Recurring financial charges | 65 | €8,087 | €7,040 | -€1,047 | -12.9% |
| Non-recurring financial charges | 66B | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €30,287 | -€4,029 | -€34,316 | |
| Income taxes | 67/77 | €7,719 | €461 | -€7,258 | -94.0% |
| Profit (loss) for the period | 9904 | €22,567 | -€4,490 | -€27,057 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,567 | -€4,490 | -€27,057 |
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 18 October 2026 via checked.be.