IMMO CARTON: 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 CARTON
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
€524,630
2024 · €55,335+€469,295
Equity
€1.1m
2024 · €593,241+€524,629
Cash
€65,364
2024 · €122,998-€57,634
Balance sheet total
€10.0m
2024 · €9.3m+€698,431
Largest movements
Assets
- Tangible fixed assets +€335,828
up €335,828 (+4.3%), from €7.8m to €8.2m
of which Land and buildings: +€337,269
- Financial fixed assets +€290,954
up €290,954 (+21.6%), from €1.3m to €1.6m
- Receivables within one year +€123,942
up €123,942 (+1,125%), from €11,015 to €134,957
of which Other amounts receivable: +€78,719
Equity and liabilities
- Reserves +€1.0m
up €1.0m (+1,764%), from €58,463 to €1.1m
of which Distributable reserves: +€576,865
- Profit (loss) carried forward -€506,732
no longer reported in 2025 (was €506,732)
- Debts after one year -€152,503
down €152,503 (-1.9%), from €8.1m to €7.9m
of which Other amounts payable: -€512,992
- Provisions +€152,434
new in 2025: €152,434
- Current portion of long-term debt +€105,260
up €105,260 (+22.9%), from €458,757 to €564,017
Income statement
- Gross operating margin +€833,823
up €833,823 (+111%), from €747,992 to €1.6m
- Depreciation +€161,981
up €161,981 (+33.8%), from €478,530 to €640,511
- Other operating charges +€38,660
up €38,660 (+100%), from €38,600 to €77,260
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
€55,335
Gross operating margin
+€833,823
Staff costs
-€8,516
Depreciation
-€161,981
Other operating charges
-€38,660
Financial income
+€1,899
Financial charges
-€4,946
Taxes
+€109
Deferred taxes and other
-€152,434
Result 2025
€524,630
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.3m
Investment
-€1.3m
Financing
-€81,966
Cash 2024
€122,998
From operations (derived)
+€1.3m
Net result for the year
+€524,630
Depreciation
+€640,511
Receivables within one year
-€123,942
Deferred charges and accrued income
-€5,341
Provisions
+€152,434
Trade debts
+€57,271
Tax, wage and social debts
+€80,098
Other debts
-€50,737
Accrued charges and deferred income
+€16,701
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€81,966
Debts after one year
-€152,503
Current portion of long-term debt
+€105,260
Short-term financial debts
-€34,722
Contributions, distributions and other
-€1
Cash 2025
€65,364
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,322,103 | €10,020,534 | +€698,431 | +7.5% |
| Fixed assets | 21/28 | €9,185,065 | €9,811,847 | +€626,782 | +6.8% |
| Tangible fixed assets | 22/27 | €7,837,065 | €8,172,893 | +€335,828 | +4.3% |
| Land and buildings | 22 | €7,832,109 | €8,169,378 | +€337,269 | +4.3% |
| Furniture and vehicles | 24 | €4,956 | €3,515 | -€1,441 | -29.1% |
| Financial fixed assets | 28 | €1,348,000 | €1,638,954 | +€290,954 | +21.6% |
| Current assets | 29/58 | €137,038 | €208,687 | +€71,649 | +52.3% |
| Amounts receivable within one year | 40/41 | €11,015 | €134,957 | +€123,942 | +1,125% |
| Trade receivables | 40 | €11,015 | €56,238 | +€45,223 | +411% |
| Other amounts receivable | 41 | - | €78,719 | +€78,719 | |
| Cash at bank and in hand | 54/58 | €122,998 | €65,364 | -€57,634 | -46.9% |
| Deferred charges and accrued income | 490/1 | €3,025 | €8,366 | +€5,341 | +177% |
| Total equity and liabilities | 10/49 | €9,322,103 | €10,020,534 | +€698,431 | +7.5% |
| Equity | 10/15 | €593,241 | €1,117,870 | +€524,629 | +88.4% |
| Contributions | 10/11 | €28,046 | €28,046 | -€0 | 0.0% |
| Reserves | 13 | €58,463 | €1,089,825 | +€1.0m | +1,764% |
| Non-distributable reserves | 130/1 | €2,805 | - | -€2,805 | |
| Reserves not available under the articles | 1311 | €2,805 | - | -€2,805 | |
| Tax-exempt reserves | 132 | €55,658 | €512,959 | +€457,301 | +822% |
| Distributable reserves | 133 | - | €576,865 | +€576,865 | |
| Profit (loss) carried forward | 14 | €506,732 | - | -€506,732 | |
| Provisions and deferred taxes | 16 | - | €152,434 | +€152,434 | |
| Deferred taxes | 168 | - | €152,434 | +€152,434 | |
| Amounts payable | 17/49 | €8,728,862 | €8,750,230 | +€21,368 | +0.2% |
| Amounts payable after more than one year | 17 | €8,098,518 | €7,946,015 | -€152,503 | -1.9% |
| Financial debts | 170/4 | €6,559,026 | €6,919,515 | +€360,489 | +5.5% |
| Other amounts payable | 178/9 | €1,539,492 | €1,026,500 | -€512,992 | -33.3% |
| Amounts payable within one year | 42/48 | €629,727 | €786,897 | +€157,170 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €458,757 | €564,017 | +€105,260 | +22.9% |
| Financial debts | 43 | €34,722 | - | -€34,722 | |
| Credit institutions | 430/8 | €34,722 | - | -€34,722 | |
| Trade debts | 44 | €53,785 | €111,056 | +€57,271 | +106% |
| Suppliers | 440/4 | €53,785 | €111,056 | +€57,271 | +106% |
| Taxes, remuneration and social security | 45 | €553 | €80,651 | +€80,098 | +14,484% |
| Taxes | 450/3 | €553 | €74,734 | +€74,181 | +13,414% |
| Remuneration and social security | 454/9 | - | €5,917 | +€5,917 | |
| Other amounts payable | 47/48 | €81,910 | €31,173 | -€50,737 | -61.9% |
| Accrued charges and deferred income | 492/3 | €617 | €17,318 | +€16,701 | +2,707% |
| Remuneration, social security and pensions | 62 | - | €8,516 | +€8,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €478,530 | €640,511 | +€161,981 | +33.8% |
| Other operating charges | 640/8 | €38,600 | €77,260 | +€38,660 | +100% |
| Gross operating margin | 9900 | €747,992 | €1,581,815 | +€833,823 | +111% |
| Operating profit (loss) | 9901 | €230,862 | €855,528 | +€624,666 | +271% |
| Financial income | 75/76B | €1,339 | €3,238 | +€1,899 | +142% |
| Recurring financial income | 75 | €1,339 | €3,238 | +€1,899 | +142% |
| Financial charges | 65/66B | €176,757 | €181,703 | +€4,946 | +2.8% |
| Recurring financial charges | 65 | €176,757 | €181,703 | +€4,946 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €55,444 | €677,064 | +€621,620 | +1,121% |
| Transfer from deferred taxes | 780 | - | €21,776 | +€21,776 | |
| Transfer to deferred taxes | 680 | - | €174,210 | +€174,210 | |
| Income taxes | 67/77 | €109 | €0 | -€109 | -99.8% |
| Profit (loss) for the period | 9904 | €55,335 | €524,630 | +€469,295 | +848% |
| Transfer from tax-exempt reserves | 789 | - | €65,329 | +€65,329 | |
| Transfer to tax-exempt reserves | 689 | - | €522,630 | +€522,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,335 | €67,329 | +€11,994 | +21.7% |
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 17 October 2026 via checked.be.