IMMO BARDOEL: 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 BARDOEL
Largest movements
- Cash -€82,703
down €82,703 (-27.7%), from €298,219 to €215,516
mainly Investment in fixed assets (net) (-€121,310) and Receivables within one year (-€26,405)
- Tangible fixed assets +€47,848
up €47,848 (+8.1%), from €592,111 to €639,959
of which Land and buildings: +€46,478
- Receivables within one year +€26,405
up €26,405 (+129%), from €20,447 to €46,851
of which Trade receivables: +€14,446
- Reserves +€34,520
up €34,520 (+5.1%), from €678,431 to €712,951
of which Distributable reserves: +€34,520
- Trade debts -€21,878
no longer reported in 2025 (was €21,878)
- Other debts -€18,450
no longer reported in 2025 (was €18,450)
- Gross operating margin +€46,013
up €46,013 (+44.9%), from €102,414 to €148,427
- Financial income -€7,739
down €7,739 (-100.0%), from €7,739 to €0
- Depreciation +€3,347
up €3,347 (+4.8%), from €70,115 to €73,462
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 | €913,948 | €905,658 | -€8,290 | -0.9% |
| Fixed assets | 21/28 | €592,111 | €639,959 | +€47,848 | +8.1% |
| Tangible fixed assets | 22/27 | €592,111 | €639,959 | +€47,848 | +8.1% |
| Land and buildings | 22 | €592,111 | €638,589 | +€46,478 | +7.8% |
| Furniture and vehicles | 24 | - | €1,370 | +€1,370 | |
| Current assets | 29/58 | €321,837 | €265,699 | -€56,138 | -17.4% |
| Amounts receivable within one year | 40/41 | €20,447 | €46,851 | +€26,405 | +129% |
| Trade receivables | 40 | €18,125 | €32,571 | +€14,446 | +79.7% |
| Other amounts receivable | 41 | €2,322 | €14,281 | +€11,959 | +515% |
| Cash at bank and in hand | 54/58 | €298,219 | €215,516 | -€82,703 | -27.7% |
| Deferred charges and accrued income | 490/1 | €3,172 | €3,332 | +€161 | +5.1% |
| Total equity and liabilities | 10/49 | €913,948 | €905,658 | -€8,290 | -0.9% |
| Equity | 10/15 | €863,861 | €898,381 | +€34,520 | +4.0% |
| Contributions | 10/11 | €185,430 | €185,430 | = | 0.0% |
| Reserves | 13 | €678,431 | €712,951 | +€34,520 | +5.1% |
| Tax-exempt reserves | 132 | €9,580 | €9,580 | = | 0.0% |
| Distributable reserves | 133 | €668,850 | €703,370 | +€34,520 | +5.2% |
| Amounts payable | 17/49 | €50,087 | €7,277 | -€42,810 | -85.5% |
| Amounts payable within one year | 42/48 | €42,900 | €7,277 | -€35,622 | -83.0% |
| Trade debts | 44 | €21,878 | - | -€21,878 | |
| Suppliers | 440/4 | €21,878 | - | -€21,878 | |
| Taxes, remuneration and social security | 45 | €2,572 | €7,277 | +€4,705 | +183% |
| Taxes | 450/3 | €2,572 | €7,277 | +€4,705 | +183% |
| Other amounts payable | 47/48 | €18,450 | - | -€18,450 | |
| Accrued charges and deferred income | 492/3 | €7,188 | - | -€7,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,115 | €73,462 | +€3,347 | +4.8% |
| Other operating charges | 640/8 | €39,157 | €40,401 | +€1,244 | +3.2% |
| Gross operating margin | 9900 | €102,414 | €148,427 | +€46,013 | +44.9% |
| Operating profit (loss) | 9901 | -€6,858 | €34,564 | +€41,422 | |
| Financial income | 75/76B | €7,739 | €0 | -€7,739 | -100.0% |
| Recurring financial income | 75 | €7,739 | €0 | -€7,739 | -100.0% |
| Financial charges | 65/66B | €726 | €44 | -€682 | -94.0% |
| Recurring financial charges | 65 | €726 | €44 | -€682 | -94.0% |
| Profit (loss) for the period before taxes | 9903 | €155 | €34,520 | +€34,366 | +22,240% |
| Profit (loss) for the period | 9904 | €155 | €34,520 | +€34,366 | +22,240% |
| Profit (loss) for the period to be appropriated | 9905 | €155 | €34,520 | +€34,366 | +22,240% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.