IMMO CATENBERG: 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 CATENBERG
Largest movements
- Tangible fixed assets -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Stocks and contracts +€1.6m
new in 2025: €1.6m
- Cash +€426,533
up €426,533 (+213%), from €200,511 to €627,044
mainly Investment in fixed assets (net) (+€1.9m) and Accrued charges and deferred income (+€611,533)
- Receivables within one year +€271,713
up €271,713 (+53,592%), from €507 to €272,220
of which Other amounts receivable: +€270,713
- Accrued charges and deferred income +€611,533
up €611,533 (+1,075%), from €56,895 to €668,428
- Profit (loss) carried forward -€93,011
down €93,011 (-11.9%), from -€778,630 to -€871,641
- Other debts -€69,533
down €69,533 (-18.1%), from €384,723 to €315,190
- Depreciation -€106,728
down €106,728 (-100%), from €106,728 to €0
- Gross operating margin -€73,669
down €73,669 (-65.2%), from €112,997 to €39,328
- Financial charges -€5,151
down €5,151 (-5.3%), from €97,981 to €92,830
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 | €2,067,123 | €2,513,944 | +€446,821 | +21.6% |
| Fixed assets | 21/28 | €1,866,105 | €1,000 | -€1.9m | -99.9% |
| Tangible fixed assets | 22/27 | €1,866,105 | €0 | -€1.9m | -100% |
| Land and buildings | 22 | €1,866,105 | €0 | -€1.9m | -100% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €201,018 | €2,512,944 | +€2.3m | +1,150% |
| Stocks and contracts in progress | 3 | - | €1,613,680 | +€1.6m | |
| Stocks | 30/36 | - | €1,613,680 | +€1.6m | |
| Amounts receivable within one year | 40/41 | €507 | €272,220 | +€271,713 | +53,592% |
| Trade receivables | 40 | - | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €507 | €271,220 | +€270,713 | +53,395% |
| Cash at bank and in hand | 54/58 | €200,511 | €627,044 | +€426,533 | +213% |
| Total equity and liabilities | 10/49 | €2,067,123 | €2,513,944 | +€446,821 | +21.6% |
| Equity | 10/15 | -€620,664 | -€713,675 | -€93,011 | -15.0% |
| Contributions | 10/11 | €156,102 | €156,103 | +€1 | 0.0% |
| Capital | 10 | €156,102 | €156,103 | +€1 | 0.0% |
| Issued capital | 100 | €156,102 | €156,103 | +€1 | 0.0% |
| Reserves | 13 | €1,864 | €1,864 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,864 | €1,864 | -€0 | 0.0% |
| Legal reserve | 130 | €1,864 | €1,864 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€778,630 | -€871,641 | -€93,011 | -11.9% |
| Amounts payable | 17/49 | €2,687,787 | €3,227,618 | +€539,831 | +20.1% |
| Amounts payable within one year | 42/48 | €2,630,892 | €2,559,190 | -€71,702 | -2.7% |
| Financial debts | 43 | €2,244,000 | €2,244,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,244,000 | €2,244,000 | = | 0.0% |
| Trade debts | 44 | €2,169 | €0 | -€2,169 | -100% |
| Suppliers | 440/4 | €2,169 | €0 | -€2,169 | -100% |
| Other amounts payable | 47/48 | €384,723 | €315,190 | -€69,533 | -18.1% |
| Accrued charges and deferred income | 492/3 | €56,895 | €668,428 | +€611,533 | +1,075% |
| Non-recurring operating income | 76A | €29,309 | €39,839 | +€10,530 | +35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,728 | €0 | -€106,728 | -100% |
| Other operating charges | 640/8 | €34,151 | €33,422 | -€729 | -2.1% |
| Non-recurring operating charges | 66A | - | €6,087 | +€6,087 | |
| Gross operating margin | 9900 | €112,997 | €39,328 | -€73,669 | -65.2% |
| Operating profit (loss) | 9901 | -€27,882 | -€181 | +€27,701 | +99.4% |
| Financial charges | 65/66B | €97,981 | €92,830 | -€5,151 | -5.3% |
| Recurring financial charges | 65 | €97,981 | €92,830 | -€5,151 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€125,863 | -€93,011 | +€32,852 | +26.1% |
| Profit (loss) for the period | 9904 | -€125,863 | -€93,011 | +€32,852 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,863 | -€93,011 | +€32,852 | +26.1% |
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 19 October 2026 via checked.be.