IMMO BELUX: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Tangible fixed assets -€363,530
down €363,530 (-9.4%), from €3.9m to €3.5m
of which Land and buildings: -€328,503
- Cash +€245,995
up €245,995 (+136%), from €180,751 to €426,746
mainly Investment in fixed assets (net) (+€341,013) and Depreciation (+€162,410)
- Financial fixed assets -€139,893
down €139,893 (-99.9%), from €140,048 to €155
- Receivables within one year -€44,899
down €44,899 (-82.6%), from €54,348 to €9,449
of which Other amounts receivable: -€23,669
- Reserves -€217,019
down €217,019 (-10.7%), from €2.0m to €1.8m
of which Tax-exempt reserves: -€217,019
- Provisions -€192,553
down €192,553 (-29.9%), from €643,944 to €451,390
of which Provisions for liabilities and charges: -€120,214
- Other debts +€86,348
up €86,348 (+27.3%), from €316,204 to €402,552
- Provisions -€120,214
new in 2025: -€120,214
- Other operating charges -€9,715
down €9,715 (-15.7%), from €62,078 to €52,363
- Staff costs +€7,832
up €7,832 (+5.0%), from €157,078 to €164,910
- Gross operating margin +€6,778
up €6,778 (+3.7%), from €185,560 to €192,337
- Write-downs +€5,357
new in 2025: €5,357
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,236,568 | €3,934,162 | -€302,406 | -7.1% |
| Fixed assets | 21/28 | €3,999,704 | €3,496,281 | -€503,423 | -12.6% |
| Tangible fixed assets | 22/27 | €3,859,656 | €3,496,126 | -€363,530 | -9.4% |
| Land and buildings | 22 | €3,755,236 | €3,426,733 | -€328,503 | -8.7% |
| Plant, machinery and equipment | 23 | €41,288 | €24,869 | -€16,420 | -39.8% |
| Furniture and vehicles | 24 | €31,936 | €20,535 | -€11,401 | -35.7% |
| Leasing and similar rights | 25 | €31,196 | €23,989 | -€7,207 | -23.1% |
| Financial fixed assets | 28 | €140,048 | €155 | -€139,893 | -99.9% |
| Current assets | 29/58 | €236,863 | €437,881 | +€201,017 | +84.9% |
| Amounts receivable within one year | 40/41 | €54,348 | €9,449 | -€44,899 | -82.6% |
| Trade receivables | 40 | €28,657 | €7,427 | -€21,230 | -74.1% |
| Other amounts receivable | 41 | €25,691 | €2,022 | -€23,669 | -92.1% |
| Cash at bank and in hand | 54/58 | €180,751 | €426,746 | +€245,995 | +136% |
| Deferred charges and accrued income | 490/1 | €1,765 | €1,686 | -€78 | -4.4% |
| Total equity and liabilities | 10/49 | €4,236,568 | €3,934,162 | -€302,406 | -7.1% |
| Equity | 10/15 | €3,173,755 | €2,997,359 | -€176,396 | -5.6% |
| Contributions | 10/11 | €1,372,888 | €1,372,888 | = | 0.0% |
| Capital | 10 | €1,335,000 | €1,335,000 | = | 0.0% |
| Issued capital | 100 | €1,335,000 | €1,335,000 | = | 0.0% |
| Contributions outside capital | 11 | €37,888 | €37,888 | = | 0.0% |
| Share premium | 1100/10 | €37,888 | €37,888 | = | 0.0% |
| Reserves | 13 | €2,034,634 | €1,817,615 | -€217,019 | -10.7% |
| Non-distributable reserves | 130/1 | €133,500 | €133,500 | = | 0.0% |
| Legal reserve | 130 | €133,500 | €133,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,516,955 | €1,299,937 | -€217,019 | -14.3% |
| Distributable reserves | 133 | €384,179 | €384,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€233,767 | -€193,144 | +€40,623 | +17.4% |
| Provisions and deferred taxes | 16 | €643,944 | €451,390 | -€192,553 | -29.9% |
| Provisions for liabilities and charges | 160/5 | €120,214 | - | -€120,214 | |
| Other liabilities and charges | 164/5 | €120,214 | - | -€120,214 | |
| Deferred taxes | 168 | €523,730 | €451,390 | -€72,340 | -13.8% |
| Amounts payable | 17/49 | €418,869 | €485,412 | +€66,544 | +15.9% |
| Amounts payable after more than one year | 17 | €20,869 | €11,791 | -€9,078 | -43.5% |
| Financial debts | 170/4 | €20,869 | €11,791 | -€9,078 | -43.5% |
| Amounts payable within one year | 42/48 | €391,999 | €473,621 | +€81,622 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €8,774 | €9,078 | +€304 | +3.5% |
| Trade debts | 44 | €34,917 | €15,114 | -€19,803 | -56.7% |
| Suppliers | 440/4 | €34,917 | €15,114 | -€19,803 | -56.7% |
| Taxes, remuneration and social security | 45 | €32,103 | €46,877 | +€14,774 | +46.0% |
| Taxes | 450/3 | €7,528 | €13,217 | +€5,689 | +75.6% |
| Remuneration and social security | 454/9 | €24,575 | €33,660 | +€9,085 | +37.0% |
| Other amounts payable | 47/48 | €316,204 | €402,552 | +€86,348 | +27.3% |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Non-recurring operating income | 76A | €2,994 | €12,753 | +€9,759 | +326% |
| Remuneration, social security and pensions | 62 | €157,078 | €164,910 | +€7,832 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,947 | €162,410 | -€2,536 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,357 | +€5,357 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€120,214 | -€120,214 | |
| Other operating charges | 640/8 | €62,078 | €52,363 | -€9,715 | -15.7% |
| Non-recurring operating charges | 66A | - | €153,469 | +€153,469 | |
| Gross operating margin | 9900 | €185,560 | €192,337 | +€6,778 | +3.7% |
| Operating profit (loss) | 9901 | -€198,543 | -€225,958 | -€27,414 | -13.8% |
| Financial income | 75/76B | €77 | €194 | +€117 | +153% |
| Recurring financial income | 75 | €77 | €194 | +€117 | +153% |
| Financial charges | 65/66B | €25,106 | €22,843 | -€2,262 | -9.0% |
| Recurring financial charges | 65 | €25,106 | €22,843 | -€2,262 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€223,572 | -€248,607 | -€25,035 | -11.2% |
| Transfer from deferred taxes | 780 | €22,023 | €72,340 | +€50,316 | +228% |
| Income taxes | 67/77 | €132 | €128 | -€4 | -2.7% |
| Profit (loss) for the period | 9904 | -€201,680 | -€176,396 | +€25,285 | +12.5% |
| Transfer from tax-exempt reserves | 789 | €66,069 | €217,019 | +€150,949 | +228% |
| Profit (loss) for the period to be appropriated | 9905 | -€135,611 | €40,623 | +€176,234 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €3.0m · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €2,997,359
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €3.0m
Capitalised earnings
- 2025
- -€176,396
- excluding non-recurring income and charges
- -€35,680
- 2024
- -€201,680
- excluding non-recurring income and charges
- -€204,674
- 2023
- -€231,271
- excluding non-recurring income and charges
- -€231,554
- 2022
- €318,207
- excluding non-recurring income and charges
- -€140,164
- 2021
- €177,871
- excluding non-recurring income and charges
- -€35,081
- Average result, excluding non-recurring income and charges
- -€157,303
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€63,547
- Net financial debt
- -€405,876
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 8 November 2026 via checked.be.