IMMO BELO: 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 BELO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7,106
2024 · €64,752-€57,646
Equity
€1.5m
2024 · €1.4m+€7,106
Cash
€24,368
2024 · €41,740-€17,372
Balance sheet total
€4.7m
2024 · €4.5m+€270,909
Largest movements
Assets
- Tangible fixed assets +€309,144
up €309,144 (+7.1%), from €4.4m to €4.7m
of which Land and buildings: +€280,825
Equity and liabilities
- Debts after one year +€353,132
up €353,132 (+26.6%), from €1.3m to €1.7m
of which Financial debts: +€353,132
Income statement
- Depreciation +€55,111
up €55,111 (+25.1%), from €219,968 to €275,079
- Taxes -€19,603
down €19,603 (-83.1%), from €23,600 to €3,997
- Financial charges +€14,715
up €14,715 (+87.4%), from €16,839 to €31,553
- Gross operating margin -€9,045
down €9,045 (-2.6%), from €353,891 to €344,846
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
€64,752
Gross operating margin
-€9,045
Depreciation
-€55,111
Other operating charges
+€2,493
Financial income
-€873
Financial charges
-€14,715
Taxes
+€19,603
Result 2025
€7,106
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
+€246,129
Investment
-€584,223
Financing
+€320,722
Cash 2024
€41,740
From operations (derived)
+€246,129
Net result for the year
+€7,106
Depreciation
+€275,079
Receivables within one year
+€24,259
Deferred charges and accrued income
-€3,397
Trade debts
-€13,824
Tax, wage and social debts
-€6,521
Other debts
-€37,587
Accrued charges and deferred income
+€1,013
Investment (derived)
-€584,223
Investment in fixed assets (net)
-€584,223
Financing
+€320,722
Debts after one year
+€353,132
Current portion of long-term debt
-€32,410
Cash 2025
€24,368
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,468,183 | €4,739,092 | +€270,909 | +6.1% |
| Fixed assets | 21/28 | €4,379,264 | €4,688,408 | +€309,144 | +7.1% |
| Tangible fixed assets | 22/27 | €4,379,264 | €4,688,408 | +€309,144 | +7.1% |
| Land and buildings | 22 | €4,309,725 | €4,590,550 | +€280,825 | +6.5% |
| Plant, machinery and equipment | 23 | €48,220 | €78,785 | +€30,565 | +63.4% |
| Furniture and vehicles | 24 | €708 | €438 | -€270 | -38.1% |
| Other tangible fixed assets | 26 | €20,611 | €18,635 | -€1,977 | -9.6% |
| Current assets | 29/58 | €88,919 | €50,685 | -€38,235 | -43.0% |
| Amounts receivable within one year | 40/41 | €40,110 | €15,851 | -€24,259 | -60.5% |
| Trade receivables | 40 | €40,060 | €1,798 | -€38,262 | -95.5% |
| Other amounts receivable | 41 | €50 | €14,053 | +€14,003 | +28,005% |
| Cash at bank and in hand | 54/58 | €41,740 | €24,368 | -€17,372 | -41.6% |
| Deferred charges and accrued income | 490/1 | €7,069 | €10,466 | +€3,397 | +48.1% |
| Total equity and liabilities | 10/49 | €4,468,183 | €4,739,092 | +€270,909 | +6.1% |
| Equity | 10/15 | €1,444,383 | €1,451,489 | +€7,106 | +0.5% |
| Contributions | 10/11 | €384,235 | €384,235 | = | 0.0% |
| Reserves | 13 | €657,174 | €657,174 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €638,424 | €638,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | €402,974 | €410,080 | +€7,106 | +1.8% |
| Amounts payable | 17/49 | €3,023,800 | €3,287,604 | +€263,803 | +8.7% |
| Amounts payable after more than one year | 17 | €1,326,464 | €1,679,596 | +€353,132 | +26.6% |
| Financial debts | 170/4 | €1,323,884 | €1,677,016 | +€353,132 | +26.7% |
| Other amounts payable | 178/9 | €2,580 | €2,580 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,694,102 | €1,603,760 | -€90,342 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €139,379 | €106,969 | -€32,410 | -23.3% |
| Trade debts | 44 | €66,722 | €52,897 | -€13,824 | -20.7% |
| Suppliers | 440/4 | €66,722 | €52,897 | -€13,824 | -20.7% |
| Taxes, remuneration and social security | 45 | €22,537 | €16,016 | -€6,521 | -28.9% |
| Taxes | 450/3 | €22,537 | €16,016 | -€6,521 | -28.9% |
| Other amounts payable | 47/48 | €1,465,465 | €1,427,878 | -€37,587 | -2.6% |
| Accrued charges and deferred income | 492/3 | €3,234 | €4,247 | +€1,013 | +31.3% |
| Non-recurring operating income | 76A | €6,416 | - | -€6,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,968 | €275,079 | +€55,111 | +25.1% |
| Other operating charges | 640/8 | €34,568 | €32,075 | -€2,493 | -7.2% |
| Gross operating margin | 9900 | €353,891 | €344,846 | -€9,045 | -2.6% |
| Operating profit (loss) | 9901 | €99,355 | €37,693 | -€61,662 | -62.1% |
| Financial income | 75/76B | €5,837 | €4,964 | -€873 | -15.0% |
| Recurring financial income | 75 | €5,837 | €4,964 | -€873 | -15.0% |
| Financial charges | 65/66B | €16,839 | €31,553 | +€14,715 | +87.4% |
| Recurring financial charges | 65 | €16,839 | €31,553 | +€14,715 | +87.4% |
| Profit (loss) for the period before taxes | 9903 | €88,353 | €11,103 | -€77,249 | -87.4% |
| Income taxes | 67/77 | €23,600 | €3,997 | -€19,603 | -83.1% |
| Profit (loss) for the period | 9904 | €64,752 | €7,106 | -€57,646 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,752 | €7,106 | -€57,646 | -89.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.