IMMO BELRA: 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 BELRA
Largest movements
- Tangible fixed assets +€91,485
up €91,485 (+42.7%), from €214,022 to €305,507
of which Land and buildings: +€186,887
- Cash +€45,032
up €45,032 (+187%), from €24,088 to €69,120
mainly Debts after one year (+€186,879) and Receivables within one year (+€20,367)
- Receivables within one year -€20,367
no longer reported in 2025 (was €20,367)
of which Other amounts receivable: -€19,587
- Debts after one year +€186,879
up €186,879 (+490%), from €38,121 to €225,000
- Profit (loss) carried forward -€34,897
down €34,897 (-27.5%), from €127,075 to €92,178
- Tax, wage and social debts -€29,613
down €29,613 (-46.7%), from €63,350 to €33,737
- Current portion of long-term debt -€13,611
no longer reported in 2025 (was €13,611)
- Trade debts +€5,761
up €5,761 (+2,490%), from €231 to €5,993
- Gross operating margin +€119,472
up €119,472, from -€33,786 to €85,686
- Depreciation -€17,536
down €17,536 (-46.4%), from €37,759 to €20,223
- Write-downs +€12,241
new in 2025: €12,241
- Financial charges +€4,417
up €4,417 (+151%), from €2,920 to €7,337
- Taxes +€1,302
up €1,302 (+406%), from €321 to €1,623
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 | €264,150 | €382,667 | +€118,517 | +44.9% |
| Fixed assets | 21/28 | €214,022 | €305,507 | +€91,485 | +42.7% |
| Tangible fixed assets | 22/27 | €214,022 | €305,507 | +€91,485 | +42.7% |
| Land and buildings | 22 | €35,019 | €221,906 | +€186,887 | +534% |
| Plant, machinery and equipment | 23 | €6,992 | €5,680 | -€1,311 | -18.8% |
| Furniture and vehicles | 24 | €139,058 | €48,967 | -€90,090 | -64.8% |
| Other tangible fixed assets | 26 | €32,953 | €28,953 | -€4,000 | -12.1% |
| Current assets | 29/58 | €50,128 | €77,160 | +€27,032 | +53.9% |
| Amounts receivable within one year | 40/41 | €20,367 | - | -€20,367 | |
| Trade receivables | 40 | €780 | - | -€780 | |
| Other amounts receivable | 41 | €19,587 | - | -€19,587 | |
| Cash at bank and in hand | 54/58 | €24,088 | €69,120 | +€45,032 | +187% |
| Deferred charges and accrued income | 490/1 | €5,674 | €8,040 | +€2,367 | +41.7% |
| Total equity and liabilities | 10/49 | €264,150 | €382,667 | +€118,517 | +44.9% |
| Equity | 10/15 | €147,075 | €112,178 | -€34,897 | -23.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,075 | €92,178 | -€34,897 | -27.5% |
| Amounts payable | 17/49 | €117,075 | €270,489 | +€153,414 | +131% |
| Amounts payable after more than one year | 17 | €38,121 | €225,000 | +€186,879 | +490% |
| Financial debts | 170/4 | €38,121 | €225,000 | +€186,879 | +490% |
| Amounts payable within one year | 42/48 | €78,454 | €42,398 | -€36,056 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €13,611 | - | -€13,611 | |
| Trade debts | 44 | €231 | €5,993 | +€5,761 | +2,490% |
| Suppliers | 440/4 | €231 | €5,993 | +€5,761 | +2,490% |
| Taxes, remuneration and social security | 45 | €63,350 | €33,737 | -€29,613 | -46.7% |
| Taxes | 450/3 | €63,350 | €33,737 | -€29,613 | -46.7% |
| Other amounts payable | 47/48 | €1,261 | €2,668 | +€1,407 | +112% |
| Accrued charges and deferred income | 492/3 | €500 | €3,091 | +€2,591 | +518% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,759 | €20,223 | -€17,536 | -46.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,241 | +€12,241 | |
| Other operating charges | 640/8 | €757 | €655 | -€102 | -13.5% |
| Non-recurring operating charges | 66A | - | €78,504 | +€78,504 | |
| Gross operating margin | 9900 | -€33,786 | €85,686 | +€119,472 | |
| Operating profit (loss) | 9901 | -€72,301 | -€25,936 | +€46,365 | +64.1% |
| Financial income | 75/76B | €1,020 | - | -€1,020 | |
| Recurring financial income | 75 | €1,020 | - | -€1,020 | |
| Financial charges | 65/66B | €2,920 | €7,337 | +€4,417 | +151% |
| Recurring financial charges | 65 | €2,920 | €7,337 | +€4,417 | +151% |
| Profit (loss) for the period before taxes | 9903 | -€74,201 | -€33,274 | +€40,928 | +55.2% |
| Income taxes | 67/77 | €321 | €1,623 | +€1,302 | +406% |
| Profit (loss) for the period | 9904 | -€74,522 | -€34,897 | +€39,625 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,522 | -€34,897 | +€39,625 | +53.2% |
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 29 October 2026 via checked.be.