Immo Beguin: what changed
Two fiscal 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.
What changed
Immo Beguin
NACE 68.110, Buying and selling of own real estate
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€36,761
31-12-2024 · €4,852+€31,909
Equity
€293,455
31-12-2024 · €256,694+€36,761
Cash
€6,257
31-12-2024 · -+€6,257
Balance sheet total
€3.3m
31-12-2024 · €3.1m+€219,334
Largest movements
Assets
- Intangible fixed assets +€78,219
new in 2025: €78,219
- Tangible fixed assets +€76,316
up €76,316 (+2.8%), from €2.7m to €2.8m
of which Land and buildings: +€45,207
- Receivables within one year +€38,566
up €38,566 (+11.8%), from €327,666 to €366,232
of which Other amounts receivable: +€33,360
Equity and liabilities
- Current portion of long-term debt +€189,777
up €189,777 (+130.8%), from €145,096 to €334,874
- Debts after one year -€112,352
down €112,352 (-5.0%), from €2.2m to €2.1m
- Trade debts +€108,029
up €108,029 (+108.2%), from €99,873 to €207,902
- Short-term financial debts -€58,097
down €58,097 (-45.2%), from €128,570 to €70,474
- Reserves +€50,878
up €50,878 (+22.7%), from €223,977 to €274,855
of which Distributable reserves: +€52,627
Income statement
- Gross operating margin +€336,673
up €336,673 (+25.5%), from €1.3m to €1.7m
- Staff costs +€264,984
up €264,984 (+29.4%), from €900,701 to €1.2m
- Depreciation +€19,763
up €19,763 (+7.1%), from €279,492 to €299,255
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€4,852
Gross operating margin
+€336,673
Staff costs
-€264,984
Depreciation
-€19,763
Other operating charges
-€4,867
Other operating items
-€7,125
Financial income
-€1,109
Financial charges
-€14,376
Taxes
+€7,459
Result 31-12-2025
€36,761
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€440,719
Investment
-€453,790
Financing
+€19,328
Cash 31-12-2024
€0
From operations (derived)
+€440,719
Net result for the year
+€36,761
Depreciation
+€299,255
Receivables within one year
-€38,566
Deferred charges and accrued income
-€19,976
Provisions
-€901
Trade debts
+€108,029
Tax, wage and social debts
+€11,981
Advances received
-€7,257
Other debts
+€1,530
Accrued charges and deferred income
+€49,863
Investment (derived)
-€453,790
Investment in fixed assets (net)
-€453,790
Financing
+€19,328
Debts after one year
-€112,352
Current portion of long-term debt
+€189,777
Short-term financial debts
-€58,097
Cash 31-12-2025
€6,257
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,121,418 | €3,340,752 | +€219,334 | +7.0% |
| Fixed assets | 21/28 | €2,757,178 | €2,911,714 | +€154,535 | +5.6% |
| Intangible fixed assets | 21 | - | €78,219 | +€78,219 | |
| Tangible fixed assets | 22/27 | €2,740,397 | €2,816,713 | +€76,316 | +2.8% |
| Land and buildings | 22 | €2,491,230 | €2,536,437 | +€45,207 | +1.8% |
| Plant, machinery and equipment | 23 | €2,664 | €1,768 | -€896 | -33.6% |
| Furniture and vehicles | 24 | €246,502 | €278,508 | +€32,006 | +13.0% |
| Financial fixed assets | 28 | €16,782 | €16,782 | = | 0.0% |
| Current assets | 29/58 | €364,240 | €429,039 | +€64,799 | +17.8% |
| Amounts receivable within one year | 40/41 | €327,666 | €366,232 | +€38,566 | +11.8% |
| Trade receivables | 40 | €292,845 | €298,051 | +€5,206 | +1.8% |
| Other amounts receivable | 41 | €34,820 | €68,180 | +€33,360 | +95.8% |
| Cash at bank and in hand | 54/58 | - | €6,257 | +€6,257 | |
| Deferred charges and accrued income | 490/1 | €36,574 | €56,549 | +€19,976 | +54.6% |
| Total equity and liabilities | 10/49 | €3,121,418 | €3,340,752 | +€219,334 | +7.0% |
| Equity | 10/15 | €256,694 | €293,455 | +€36,761 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,977 | €274,855 | +€50,878 | +22.7% |
| Tax-exempt reserves | 132 | €37,117 | €35,368 | -€1,749 | -4.7% |
| Distributable reserves | 133 | €186,860 | €239,487 | +€52,627 | +28.2% |
| Profit (loss) carried forward | 14 | €14,117 | €0 | -€14,117 | -100.0% |
| Provisions and deferred taxes | 16 | €9,458 | €8,557 | -€901 | -9.5% |
| Deferred taxes | 168 | €9,458 | €8,557 | -€901 | -9.5% |
| Amounts payable | 17/49 | €2,855,266 | €3,038,740 | +€183,474 | +6.4% |
| Amounts payable after more than one year | 17 | €2,226,306 | €2,113,953 | -€112,352 | -5.0% |
| Financial debts | 170/4 | €2,226,306 | €2,113,953 | -€112,352 | -5.0% |
| Amounts payable within one year | 42/48 | €579,425 | €825,389 | +€245,963 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €145,096 | €334,874 | +€189,777 | +130.8% |
| Financial debts | 43 | €128,570 | €70,474 | -€58,097 | -45.2% |
| Credit institutions | 430/8 | €128,570 | €70,474 | -€58,097 | -45.2% |
| Trade debts | 44 | €99,873 | €207,902 | +€108,029 | +108.2% |
| Suppliers | 440/4 | €99,873 | €207,902 | +€108,029 | +108.2% |
| Advances received on contracts in progress | 46 | €96,616 | €89,358 | -€7,257 | -7.5% |
| Taxes, remuneration and social security | 45 | €105,535 | €117,516 | +€11,981 | +11.4% |
| Taxes | 450/3 | €794 | €44,832 | +€44,038 | +5545.1% |
| Remuneration and social security | 454/9 | €104,741 | €72,684 | -€32,057 | -30.6% |
| Other amounts payable | 47/48 | €3,735 | €5,265 | +€1,530 | +41.0% |
| Accrued charges and deferred income | 492/3 | €49,536 | €99,398 | +€49,863 | +100.7% |
| Non-recurring operating income | 76A | - | €7,600 | +€7,600 | |
| Remuneration, social security and pensions | 62 | €900,701 | €1,165,685 | +€264,984 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,492 | €299,255 | +€19,763 | +7.1% |
| Other operating charges | 640/8 | €26,717 | €31,585 | +€4,867 | +18.2% |
| Non-recurring operating charges | 66A | €10,317 | €17,442 | +€7,125 | +69.1% |
| Gross operating margin | 9900 | €1,318,470 | €1,655,143 | +€336,673 | +25.5% |
| Operating profit (loss) | 9901 | €101,242 | €141,176 | +€39,934 | +39.4% |
| Financial income | 75/76B | €2,368 | €1,259 | -€1,109 | -46.8% |
| Recurring financial income | 75 | €2,368 | €1,259 | -€1,109 | -46.8% |
| Financial charges | 65/66B | €49,268 | €63,644 | +€14,376 | +29.2% |
| Recurring financial charges | 65 | €49,268 | €63,644 | +€14,376 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €54,342 | €78,791 | +€24,449 | +45.0% |
| Transfer from deferred taxes | 780 | €901 | €901 | +€0 | 0.0% |
| Income taxes | 67/77 | €50,390 | €42,931 | -€7,459 | -14.8% |
| Profit (loss) for the period | 9904 | €4,852 | €36,761 | +€31,909 | +657.6% |
| Transfer from tax-exempt reserves | 789 | €1,749 | €1,749 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,602 | €38,511 | +€31,909 | +483.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.