Immo Belgium: 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 Belgium
Largest movements
- Cash +€382,503
up €382,503 (+61.1%), from €626,029 to €1.0m
mainly Net result for the year (+€363,798) and Other debts (+€222,123)
- Receivables within one year +€66,529
up €66,529 (+13.6%), from €489,813 to €556,342
of which Trade receivables: +€98,202
- Tangible fixed assets +€27,402
up €27,402 (+5.0%), from €550,467 to €577,869
of which Plant, machinery and equipment: +€42,952
- Other debts +€222,123
up €222,123 (+27.1%), from €818,490 to €1.0m
- Reserves +€163,798
up €163,798 (+21.3%), from €770,044 to €933,842
of which Distributable reserves: +€163,798
- Tax, wage and social debts +€100,466
up €100,466 (+85.5%), from €117,495 to €217,961
of which Taxes: +€111,658
- Gross operating margin +€224,520
up €224,520 (+24.7%), from €908,175 to €1.1m
- Taxes +€75,011
up €75,011 (+98.6%), from €76,066 to €151,077
- Staff costs -€34,719
down €34,719 (-6.2%), from €560,588 to €525,869
- Financial charges +€25,095
up €25,095, from -€19,316 to €5,779
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 | €2,020,660 | €2,485,150 | +€464,490 | +23.0% |
| Fixed assets | 21/28 | €587,744 | €599,014 | +€11,270 | +1.9% |
| Intangible fixed assets | 21 | €31,900 | €20,845 | -€11,055 | -34.7% |
| Tangible fixed assets | 22/27 | €550,467 | €577,869 | +€27,402 | +5.0% |
| Land and buildings | 22 | €297,406 | €296,054 | -€1,353 | -0.5% |
| Plant, machinery and equipment | 23 | €152,646 | €195,598 | +€42,952 | +28.1% |
| Furniture and vehicles | 24 | €100,415 | €86,217 | -€14,198 | -14.1% |
| Financial fixed assets | 28 | €5,376 | €300 | -€5,076 | -94.4% |
| Current assets | 29/58 | €1,432,916 | €1,886,136 | +€453,220 | +31.6% |
| Amounts receivable within one year | 40/41 | €489,813 | €556,342 | +€66,529 | +13.6% |
| Trade receivables | 40 | €444,269 | €542,472 | +€98,202 | +22.1% |
| Other amounts receivable | 41 | €45,544 | €13,871 | -€31,673 | -69.5% |
| Current investments | 50/53 | €298,471 | €298,295 | -€176 | -0.1% |
| Cash at bank and in hand | 54/58 | €626,029 | €1,008,532 | +€382,503 | +61.1% |
| Deferred charges and accrued income | 490/1 | €18,602 | €22,967 | +€4,364 | +23.5% |
| Total equity and liabilities | 10/49 | €2,020,660 | €2,485,150 | +€464,490 | +23.0% |
| Equity | 10/15 | €870,044 | €1,033,842 | +€163,798 | +18.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €770,044 | €933,842 | +€163,798 | +21.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €760,044 | €923,842 | +€163,798 | +21.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,150,616 | €1,451,308 | +€300,692 | +26.1% |
| Amounts payable after more than one year | 17 | €155,918 | €133,864 | -€22,055 | -14.1% |
| Financial debts | 170/4 | €153,293 | €131,239 | -€22,055 | -14.4% |
| Other amounts payable | 178/9 | €2,625 | €2,625 | = | 0.0% |
| Amounts payable within one year | 42/48 | €992,717 | €1,315,621 | +€322,903 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €21,674 | €22,055 | +€381 | +1.8% |
| Trade debts | 44 | €35,059 | €34,992 | -€67 | -0.2% |
| Suppliers | 440/4 | €35,059 | €34,992 | -€67 | -0.2% |
| Taxes, remuneration and social security | 45 | €117,495 | €217,961 | +€100,466 | +85.5% |
| Taxes | 450/3 | €34,452 | €146,110 | +€111,658 | +324% |
| Remuneration and social security | 454/9 | €83,043 | €71,851 | -€11,192 | -13.5% |
| Other amounts payable | 47/48 | €818,490 | €1,040,613 | +€222,123 | +27.1% |
| Accrued charges and deferred income | 492/3 | €1,980 | €1,823 | -€157 | -7.9% |
| Non-recurring operating income | 76A | €594 | €2,373 | +€1,779 | +300% |
| Remuneration, social security and pensions | 62 | €560,588 | €525,869 | -€34,719 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,647 | €65,864 | +€217 | +0.3% |
| Other operating charges | 640/8 | €21,891 | €19,631 | -€2,260 | -10.3% |
| Non-recurring operating charges | 66A | - | €3,572 | +€3,572 | |
| Gross operating margin | 9900 | €908,175 | €1,132,695 | +€224,520 | +24.7% |
| Operating profit (loss) | 9901 | €260,049 | €517,760 | +€257,711 | +99.1% |
| Financial income | 75/76B | €1,964 | €2,894 | +€930 | +47.3% |
| Recurring financial income | 75 | €1,964 | €2,894 | +€930 | +47.3% |
| Financial charges | 65/66B | -€19,316 | €5,779 | +€25,095 | |
| Recurring financial charges | 65 | -€19,316 | €5,779 | +€25,095 | |
| Profit (loss) for the period before taxes | 9903 | €281,329 | €514,875 | +€233,546 | +83.0% |
| Income taxes | 67/77 | €76,066 | €151,077 | +€75,011 | +98.6% |
| Profit (loss) for the period | 9904 | €205,263 | €363,798 | +€158,535 | +77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €205,263 | €363,798 | +€158,535 | +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 18 October 2026 via checked.be.