IMMO BELKIN: 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 BELKIN
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+73.7%), from €2.9m to €5.0m
- Debts after one year +€1.5m
up €1.5m (+63.2%), from €2.4m to €3.9m
of which Financial debts: +€1.5m
- Other debts +€704,975
up €704,975 (+95.5%), from €738,559 to €1.4m
- Profit (loss) carried forward -€265,448
down €265,448 (-99.0%), from -€268,051 to -€533,499
- Current portion of long-term debt +€106,163
up €106,163 (+75.2%), from €141,162 to €247,324
- Gross operating margin +€150,268
up €150,268 (+140.0%), from €107,336 to €257,605
- Financial charges +€89,598
up €89,598 (+236.5%), from €37,887 to €127,485
- Depreciation -€80,466
down €80,466 (-45.3%), from €177,473 to €97,007
- Other operating charges +€10,487
up €10,487 (+82.0%), from €12,788 to €23,275
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.
Cash bridge derived
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 | €3,030,891 | €5,091,542 | +€2.1m | +68.0% |
| Fixed assets | 21/28 | €2,854,387 | €4,957,380 | +€2.1m | +73.7% |
| Tangible fixed assets | 22/27 | €2,854,387 | €4,957,380 | +€2.1m | +73.7% |
| Land and buildings | 22 | €2,854,387 | €4,957,380 | +€2.1m | +73.7% |
| Current assets | 29/58 | €176,504 | €134,162 | -€42,342 | -24.0% |
| Amounts receivable within one year | 40/41 | €7,858 | €1,177 | -€6,682 | -85.0% |
| Trade receivables | 40 | €7,858 | €1,177 | -€6,682 | -85.0% |
| Cash at bank and in hand | 54/58 | €168,645 | €132,985 | -€35,660 | -21.1% |
| Total equity and liabilities | 10/49 | €3,030,891 | €5,091,542 | +€2.1m | +68.0% |
| Equity | 10/15 | -€248,051 | -€513,499 | -€265,448 | -107.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,051 | -€533,499 | -€265,448 | -99.0% |
| Amounts payable | 17/49 | €3,278,942 | €5,605,041 | +€2.3m | +70.9% |
| Amounts payable after more than one year | 17 | €2,398,494 | €3,914,183 | +€1.5m | +63.2% |
| Financial debts | 170/4 | €2,382,594 | €3,898,283 | +€1.5m | +63.6% |
| Other amounts payable | 178/9 | €15,900 | €15,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €880,425 | €1,690,858 | +€810,433 | +92.1% |
| Current portion of amounts payable after more than one year | 42 | €141,162 | €247,324 | +€106,163 | +75.2% |
| Trade debts | 44 | €704 | - | -€704 | |
| Suppliers | 440/4 | €704 | - | -€704 | |
| Other amounts payable | 47/48 | €738,559 | €1,443,533 | +€704,975 | +95.5% |
| Accrued charges and deferred income | 492/3 | €23 | - | -€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,473 | €97,007 | -€80,466 | -45.3% |
| Other operating charges | 640/8 | €12,788 | €23,275 | +€10,487 | +82.0% |
| Non-recurring operating charges | 66A | €88,800 | €275,285 | +€186,485 | +210.0% |
| Gross operating margin | 9900 | €107,336 | €257,605 | +€150,268 | +140.0% |
| Operating profit (loss) | 9901 | -€171,724 | -€137,962 | +€33,762 | +19.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €37,887 | €127,485 | +€89,598 | +236.5% |
| Recurring financial charges | 65 | €37,887 | €127,485 | +€89,598 | +236.5% |
| Profit (loss) for the period before taxes | 9903 | -€209,612 | -€265,448 | -€55,836 | -26.6% |
| Profit (loss) for the period | 9904 | -€209,612 | -€265,448 | -€55,836 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€209,612 | -€265,448 | -€55,836 | -26.6% |
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 10 October 2026 via checked.be.