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IMMO BELUX: what changed

BE 0449.016.562NACE 68.121, Development of residential building projectsOther company

Position among the sector peers

What moved between 2024 and 2025

Net result for the year
-€176,396
2024 · -€201,680+€25,285
Equity
€3.0m
2024 · €3.2m-€176,396
Cash
€426,746
2024 · €180,751+€245,995
Balance sheet total
€3.9m
2024 · €4.2m-€302,406

Largest movements

2024 to 2025
Assets
  • 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

Equity and liabilities
  • 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

Income statement
  • 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

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2024 -€201,680
Gross operating margin +€6,778
Staff costs -€7,832
Depreciation +€2,536
Write-downs -€5,357
Provisions +€120,214
Other operating charges +€9,715
Other operating items -€153,469
Financial income +€117
Financial charges +€2,262
Taxes +€4
Deferred taxes and other +€50,316
Result 2025 -€176,396
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2024 to 2025

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.

From operations -€86,244
Investment +€341,013
Financing -€8,774
Cash 2024 €180,751
Net result for the year -€176,396
Depreciation +€162,410
Receivables within one year +€44,899
Deferred charges and accrued income +€78
Provisions -€192,553
Trade debts -€19,803
Tax, wage and social debts +€14,774
Other debts +€86,348
Accrued charges and deferred income -€6,000
Investment in fixed assets (net) +€341,013
Debts after one year -€9,078
Current portion of long-term debt +€304
Cash 2025 €426,746
brings cash intakes cash out
Every line side by side 62 lines
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 advice

Indicative value of the equity

Indication, not a valuation or advice
€3.0m to €3.0m

Midpoint €3.0m · adjusted equity only

Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50%

Adjusted equity €3.0m
Indication €3.0m

Adjusted equity

balance sheet 31-12-2025
Equity (10/15)
€2,997,359
Revaluation of assets
€0
Deferred tax on the revaluation
€0
Other adjustment
€0
Adjusted equity
€3.0m

Capitalised earnings

net result for the year (9904)
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

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.

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.