Immo Belmed: 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.
What changed
Immo Belmed
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,833
2024 · €33,025-€192
Equity
€242,995
2024 · €210,162+€32,833
Cash
€7,618
2024 · €24,608-€16,990
Balance sheet total
€1.8m
2024 · €1.9m-€98,691
Largest movements
Assets
- Tangible fixed assets -€82,267
down €82,267 (-4.5%), from €1.8m to €1.8m
Equity and liabilities
- Debts after one year -€138,214
down €138,214 (-14.0%), from €987,326 to €849,112
- Reserves +€32,833
up €32,833 (+28.2%), from €116,562 to €149,395
- Other debts +€22,442
up €22,442 (+4.4%), from €504,385 to €526,827
Income statement
- Write-downs +€24,000
new in 2025: €24,000
- Gross operating margin +€18,545
up €18,545 (+8.9%), from €207,832 to €226,377
- Taxes -€4,473
down €4,473 (-30.2%), from €14,803 to €10,330
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.
Result 2024
€33,025
Gross operating margin
+€18,545
Depreciation
+€0
Write-downs
-€24,000
Other operating charges
+€494
Financial income
-€10
Financial charges
+€305
Taxes
+€4,473
Result 2025
€32,833
raises the resultlowers the result
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.
From operations
+€127,969
Investment
€0
Financing
-€144,960
Cash 2024
€24,608
From operations (derived)
+€127,969
Net result for the year
+€32,833
Depreciation
+€82,267
Receivables within one year
-€26
Deferred charges and accrued income
-€540
Trade debts
+€476
Tax, wage and social debts
-€3,300
Advances received
-€6,856
Other debts
+€22,442
Accrued charges and deferred income
+€674
Financing
-€144,960
Debts after one year
-€138,214
Current portion of long-term debt
-€5,102
Short-term financial debts
-€1,644
Cash 2025
€7,618
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,868,678 | €1,769,987 | -€98,691 | -5.3% |
| Fixed assets | 21/28 | €1,834,554 | €1,752,287 | -€82,267 | -4.5% |
| Tangible fixed assets | 22/27 | €1,834,554 | €1,752,287 | -€82,267 | -4.5% |
| Land and buildings | 22 | €1,834,554 | €1,752,287 | -€82,267 | -4.5% |
| Current assets | 29/58 | €34,123 | €17,699 | -€16,424 | -48.1% |
| Amounts receivable within one year | 40/41 | €9,515 | €9,542 | +€26 | +0.3% |
| Trade receivables | 40 | €1,015 | €0 | -€1,015 | -100% |
| Other amounts receivable | 41 | €8,500 | €9,542 | +€1,042 | +12.3% |
| Cash at bank and in hand | 54/58 | €24,608 | €7,618 | -€16,990 | -69.0% |
| Deferred charges and accrued income | 490/1 | €0 | €540 | +€540 | |
| Total equity and liabilities | 10/49 | €1,868,678 | €1,769,987 | -€98,691 | -5.3% |
| Equity | 10/15 | €210,162 | €242,995 | +€32,833 | +15.6% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Reserves | 13 | €116,562 | €149,395 | +€32,833 | +28.2% |
| Distributable reserves | 133 | €116,562 | €149,395 | +€32,833 | +28.2% |
| Amounts payable | 17/49 | €1,658,516 | €1,526,992 | -€131,524 | -7.9% |
| Amounts payable after more than one year | 17 | €987,326 | €849,112 | -€138,214 | -14.0% |
| Financial debts | 170/4 | €987,326 | €849,112 | -€138,214 | -14.0% |
| Amounts payable within one year | 42/48 | €671,190 | €677,206 | +€6,016 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €143,315 | €138,214 | -€5,102 | -3.6% |
| Financial debts | 43 | €11,690 | €10,046 | -€1,644 | -14.1% |
| Credit institutions | 430/8 | €11,690 | €10,046 | -€1,644 | -14.1% |
| Trade debts | 44 | €1,644 | €2,120 | +€476 | +28.9% |
| Suppliers | 440/4 | €1,644 | €2,120 | +€476 | +28.9% |
| Advances received on contracts in progress | 46 | €6,856 | €0 | -€6,856 | -100% |
| Taxes, remuneration and social security | 45 | €3,300 | €0 | -€3,300 | -100% |
| Taxes | 450/3 | €3,300 | €0 | -€3,300 | -100% |
| Other amounts payable | 47/48 | €504,385 | €526,827 | +€22,442 | +4.4% |
| Accrued charges and deferred income | 492/3 | - | €674 | +€674 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,267 | €82,267 | -€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,000 | +€24,000 | |
| Other operating charges | 640/8 | €17,773 | €17,279 | -€494 | -2.8% |
| Gross operating margin | 9900 | €207,832 | €226,377 | +€18,545 | +8.9% |
| Operating profit (loss) | 9901 | €107,793 | €102,832 | -€4,961 | -4.6% |
| Financial income | 75/76B | €10 | €1 | -€10 | -93.1% |
| Recurring financial income | 75 | €10 | €1 | -€10 | -93.1% |
| Financial charges | 65/66B | €59,975 | €59,670 | -€305 | -0.5% |
| Recurring financial charges | 65 | €59,975 | €59,670 | -€305 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €47,828 | €43,163 | -€4,665 | -9.8% |
| Income taxes | 67/77 | €14,803 | €10,330 | -€4,473 | -30.2% |
| Profit (loss) for the period | 9904 | €33,025 | €32,833 | -€192 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,025 | €32,833 | -€192 | -0.6% |
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 15 October 2026 via checked.be.