IMMO BAT 21: 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 BAT 21
Largest movements
- Stocks and contracts +€893,443
up €893,443 (+22.1%), from €4.0m to €4.9m
- Receivables within one year -€87,088
down €87,088 (-12.3%), from €706,705 to €619,617
of which Trade receivables: -€436,126
- Current portion of long-term debt +€1.1m
up €1.1m (+38.1%), from €2.9m to €4.1m
- Debts after one year +€536,554
up €536,554 (+182%), from €294,081 to €830,635
- Trade debts -€371,927
down €371,927 (-46.2%), from €805,294 to €433,367
- Short-term financial debts -€278,307
down €278,307 (-74.4%), from €373,828 to €95,521
- Other debts -€120,945
down €120,945 (-41.9%), from €288,680 to €167,735
- Financial charges +€70,486
up €70,486 (+33.9%), from €207,873 to €278,359
- Taxes -€46,187
no longer reported in 2025 (was €46,187)
- Gross operating margin -€22,305
down €22,305 (-6.5%), from €341,690 to €319,385
- Financial income +€6,805
new in 2025: €6,805
- Depreciation -€5,475
down €5,475 (-28.5%), from €19,218 to €13,743
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,297,531 | €7,103,861 | +€806,330 | +12.8% |
| Fixed assets | 21/28 | €1,549,602 | €1,547,708 | -€1,894 | -0.1% |
| Tangible fixed assets | 22/27 | €39,602 | €37,708 | -€1,894 | -4.8% |
| Furniture and vehicles | 24 | €39,602 | €37,708 | -€1,894 | -4.8% |
| Financial fixed assets | 28 | €1,510,000 | €1,510,000 | = | 0.0% |
| Current assets | 29/58 | €4,747,929 | €5,556,153 | +€808,224 | +17.0% |
| Stocks and contracts in progress | 3 | €4,041,090 | €4,934,533 | +€893,443 | +22.1% |
| Stocks | 30/36 | €4,041,090 | €4,934,533 | +€893,443 | +22.1% |
| Amounts receivable within one year | 40/41 | €706,705 | €619,617 | -€87,088 | -12.3% |
| Trade receivables | 40 | €668,817 | €232,691 | -€436,126 | -65.2% |
| Other amounts receivable | 41 | €37,888 | €386,926 | +€349,038 | +921% |
| Deferred charges and accrued income | 490/1 | €133 | €2,002 | +€1,869 | +1,401% |
| Total equity and liabilities | 10/49 | €6,297,531 | €7,103,861 | +€806,330 | +12.8% |
| Equity | 10/15 | €1,293,984 | €1,304,729 | +€10,745 | +0.8% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €80,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €413,984 | €424,729 | +€10,745 | +2.6% |
| Amounts payable | 17/49 | €5,003,547 | €5,799,132 | +€795,584 | +15.9% |
| Amounts payable after more than one year | 17 | €294,081 | €830,635 | +€536,554 | +182% |
| Financial debts | 170/4 | €294,081 | €830,635 | +€536,554 | +182% |
| Amounts payable within one year | 42/48 | €4,709,466 | €4,967,047 | +€257,580 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €2,939,146 | €4,058,019 | +€1.1m | +38.1% |
| Financial debts | 43 | €373,828 | €95,521 | -€278,307 | -74.4% |
| Credit institutions | 430/8 | €373,828 | €95,521 | -€278,307 | -74.4% |
| Trade debts | 44 | €805,294 | €433,367 | -€371,927 | -46.2% |
| Suppliers | 440/4 | €805,294 | €433,367 | -€371,927 | -46.2% |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €292,518 | €202,404 | -€90,115 | -30.8% |
| Taxes | 450/3 | €292,518 | €202,404 | -€90,115 | -30.8% |
| Other amounts payable | 47/48 | €288,680 | €167,735 | -€120,945 | -41.9% |
| Accrued charges and deferred income | 492/3 | - | €1,450 | +€1,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,218 | €13,743 | -€5,475 | -28.5% |
| Other operating charges | 640/8 | €21,387 | €23,342 | +€1,955 | +9.1% |
| Gross operating margin | 9900 | €341,690 | €319,385 | -€22,305 | -6.5% |
| Operating profit (loss) | 9901 | €301,085 | €282,300 | -€18,785 | -6.2% |
| Financial income | 75/76B | - | €6,805 | +€6,805 | |
| Recurring financial income | 75 | - | €6,805 | +€6,805 | |
| Financial charges | 65/66B | €207,873 | €278,359 | +€70,486 | +33.9% |
| Recurring financial charges | 65 | €207,873 | €278,359 | +€70,486 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €93,212 | €10,745 | -€82,467 | -88.5% |
| Income taxes | 67/77 | €46,187 | - | -€46,187 | |
| Profit (loss) for the period | 9904 | €47,025 | €10,745 | -€36,280 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,025 | €10,745 | -€36,280 | -77.2% |
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 22 October 2026 via checked.be.