Immo Bourla: 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 Bourla
Largest movements
- Financial fixed assets -€900,000
down €900,000 (-100.0%), from €900,100 to €100
- Intangible fixed assets +€352,975
new in 2025: €352,975
- Cash -€58,051
down €58,051 (-99.3%), from €58,485 to €434
mainly Other debts (-€523,034) and Receivables within one year (-€52,838)
- Receivables within one year +€52,838
new in 2025: €52,838
of which Trade receivables: +€33,750
- Tangible fixed assets -€15,507
down €15,507 (-3.1%), from €507,735 to €492,228
of which Land and buildings: -€23,007
- Other debts -€523,034
down €523,034 (-58.6%), from €892,162 to €369,128
- Debts after one year -€37,501
down €37,501 (-18.5%), from €203,254 to €165,753
- Gross operating margin +€13,449
up €13,449 (+328.5%), from €4,095 to €17,544
- Depreciation -€4,954
down €4,954 (-17.7%), from €27,962 to €23,007
- Financial income -€3,421
no longer reported in 2025 (was €3,421)
- Taxes -€1,026
no longer reported in 2025 (was €1,026)
- Other operating charges +€227
up €227 (+4.4%), from €5,197 to €5,424
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.
Cash bridge derived
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 | €1,466,320 | €898,575 | -€567,745 | -38.7% |
| Fixed assets | 21/28 | €1,407,835 | €845,303 | -€562,532 | -40.0% |
| Intangible fixed assets | 21 | - | €352,975 | +€352,975 | |
| Tangible fixed assets | 22/27 | €507,735 | €492,228 | -€15,507 | -3.1% |
| Land and buildings | 22 | €507,735 | €484,728 | -€23,007 | -4.5% |
| Other tangible fixed assets | 26 | - | €7,500 | +€7,500 | |
| Financial fixed assets | 28 | €900,100 | €100 | -€900,000 | -100.0% |
| Current assets | 29/58 | €58,485 | €53,272 | -€5,213 | -8.9% |
| Amounts receivable within one year | 40/41 | - | €52,838 | +€52,838 | |
| Trade receivables | 40 | - | €33,750 | +€33,750 | |
| Other amounts receivable | 41 | - | €19,088 | +€19,088 | |
| Cash at bank and in hand | 54/58 | €58,485 | €434 | -€58,051 | -99.3% |
| Total equity and liabilities | 10/49 | €1,466,320 | €898,575 | -€567,745 | -38.7% |
| Equity | 10/15 | €282,280 | €266,502 | -€15,778 | -5.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €201,454 | €197,237 | -€4,217 | -2.1% |
| Tax-exempt reserves | 132 | €199,594 | €195,377 | -€4,217 | -2.1% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,626 | €63,064 | -€11,561 | -15.5% |
| Provisions and deferred taxes | 16 | €66,531 | €65,126 | -€1,406 | -2.1% |
| Deferred taxes | 168 | €66,531 | €65,126 | -€1,406 | -2.1% |
| Amounts payable | 17/49 | €1,117,509 | €566,947 | -€550,561 | -49.3% |
| Amounts payable after more than one year | 17 | €203,254 | €165,753 | -€37,501 | -18.5% |
| Financial debts | 170/4 | €203,254 | €165,753 | -€37,501 | -18.5% |
| Amounts payable within one year | 42/48 | €911,937 | €399,973 | -€511,964 | -56.1% |
| Current portion of amounts payable after more than one year | 42 | €19,035 | €28,063 | +€9,027 | +47.4% |
| Financial debts | 43 | - | €1,751 | +€1,751 | |
| Credit institutions | 430/8 | - | €1,751 | +€1,751 | |
| Trade debts | 44 | €739 | €1,031 | +€292 | +39.5% |
| Suppliers | 440/4 | €739 | €1,031 | +€292 | +39.5% |
| Other amounts payable | 47/48 | €892,162 | €369,128 | -€523,034 | -58.6% |
| Accrued charges and deferred income | 492/3 | €2,318 | €1,221 | -€1,096 | -47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,962 | €23,007 | -€4,954 | -17.7% |
| Other operating charges | 640/8 | €5,197 | €5,424 | +€227 | +4.4% |
| Gross operating margin | 9900 | €4,095 | €17,544 | +€13,449 | +328.5% |
| Operating profit (loss) | 9901 | -€29,064 | -€10,888 | +€18,176 | +62.5% |
| Financial income | 75/76B | €3,421 | - | -€3,421 | |
| Recurring financial income | 75 | €3,421 | - | -€3,421 | |
| Financial charges | 65/66B | €6,468 | €6,296 | -€171 | -2.7% |
| Recurring financial charges | 65 | €6,468 | €6,296 | -€171 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€32,110 | -€17,184 | +€14,926 | +46.5% |
| Transfer from deferred taxes | 780 | €2,258 | €1,406 | -€852 | -37.7% |
| Income taxes | 67/77 | €1,026 | - | -€1,026 | |
| Profit (loss) for the period | 9904 | -€30,879 | -€15,778 | +€15,101 | +48.9% |
| Transfer from tax-exempt reserves | 789 | €6,773 | €4,217 | -€2,556 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,106 | -€11,561 | +€12,545 | +52.0% |
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 11 October 2026 via checked.be.