IMMO BEL AIR: 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 BEL AIR
Largest movements
- Tangible fixed assets +€11.6m
up €11.6m (+2,598%), from €445,760 to €12.0m
of which Land and buildings: +€9.6m
- Other debts +€11.6m
up €11.6m (+481%), from €2.4m to €14.1m
- Profit (loss) carried forward -€237,875
down €237,875 (-10.1%), from -€2.4m to -€2.6m
- Accrued charges and deferred income +€208,565
up €208,565 (+380%), from €54,850 to €263,415
- Gross operating margin +€474,606
up €474,606, from -€68,725 to €405,881
- Depreciation +€309,001
new in 2025: €309,001
- Financial charges +€264,156
up €264,156 (+377%), from €69,992 to €334,148
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 | €469,042 | €12,113,576 | +€11.6m | +2,483% |
| Fixed assets | 21/28 | €445,760 | €12,027,298 | +€11.6m | +2,598% |
| Tangible fixed assets | 22/27 | €445,760 | €12,027,298 | +€11.6m | +2,598% |
| Land and buildings | 22 | €445,760 | €10,030,219 | +€9.6m | +2,150% |
| Assets under construction and advance payments | 27 | - | €1,997,080 | +€2.0m | |
| Current assets | 29/58 | €23,282 | €86,277 | +€62,995 | +271% |
| Amounts receivable within one year | 40/41 | €5,651 | €26,172 | +€20,521 | +363% |
| Trade receivables | 40 | - | €26,156 | +€26,156 | |
| Other amounts receivable | 41 | €5,651 | €15 | -€5,636 | -99.7% |
| Cash at bank and in hand | 54/58 | €207 | €60,106 | +€59,899 | +28,935% |
| Deferred charges and accrued income | 490/1 | €17,424 | - | -€17,424 | |
| Total equity and liabilities | 10/49 | €469,042 | €12,113,576 | +€11.6m | +2,483% |
| Equity | 10/15 | -€2,006,082 | -€2,243,957 | -€237,875 | -11.9% |
| Contributions | 10/11 | €195,000 | €195,000 | = | 0.0% |
| Capital | 10 | €195,000 | €195,000 | = | 0.0% |
| Issued capital | 100 | €195,000 | €195,000 | = | 0.0% |
| Reserves | 13 | €159,500 | €159,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,500 | €19,500 | = | 0.0% |
| Legal reserve | 130 | €19,500 | €19,500 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,360,582 | -€2,598,457 | -€237,875 | -10.1% |
| Amounts payable | 17/49 | €2,475,124 | €14,357,533 | +€11.9m | +480% |
| Amounts payable within one year | 42/48 | €2,420,274 | €14,094,118 | +€11.7m | +482% |
| Trade debts | 44 | €774 | €439 | -€335 | -43.3% |
| Suppliers | 440/4 | €774 | €439 | -€335 | -43.3% |
| Taxes, remuneration and social security | 45 | - | €34,179 | +€34,179 | |
| Taxes | 450/3 | - | €34,179 | +€34,179 | |
| Other amounts payable | 47/48 | €2,419,500 | €14,059,500 | +€11.6m | +481% |
| Accrued charges and deferred income | 492/3 | €54,850 | €263,415 | +€208,565 | +380% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €309,001 | +€309,001 | |
| Other operating charges | 640/8 | €1,278 | €657 | -€622 | -48.6% |
| Gross operating margin | 9900 | -€68,725 | €405,881 | +€474,606 | |
| Operating profit (loss) | 9901 | -€70,003 | €96,223 | +€166,227 | |
| Financial income | 75/76B | - | €50 | +€50 | |
| Recurring financial income | 75 | - | €50 | +€50 | |
| Financial charges | 65/66B | €69,992 | €334,148 | +€264,156 | +377% |
| Recurring financial charges | 65 | €69,992 | €334,148 | +€264,156 | +377% |
| Profit (loss) for the period before taxes | 9903 | -€139,995 | -€237,875 | -€97,880 | -69.9% |
| Profit (loss) for the period | 9904 | -€139,995 | -€237,875 | -€97,880 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,995 | -€237,875 | -€97,880 | -69.9% |
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 1 November 2026 via checked.be.