Immo Chen: 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 Chen
Largest movements
- Tangible fixed assets +€385,418
up €385,418 (+76.0%), from €506,942 to €892,360
of which Land and buildings: +€370,552
- Receivables within one year -€35,524
down €35,524 (-56.6%), from €62,713 to €27,189
of which Trade receivables: -€59,115
- Debts after one year +€301,499
up €301,499 (+217%), from €138,794 to €440,294
- Other debts -€73,404
down €73,404 (-61.1%), from €120,058 to €46,653
- Reserves +€62,407
up €62,407 (+21.5%), from €290,000 to €352,407
of which Tax-exempt reserves: +€46,407
- Current portion of long-term debt +€33,626
up €33,626 (+106%), from €31,678 to €65,304
- Provisions +€15,469
new in 2025: €15,469
- Gross operating margin -€56,897
down €56,897 (-35.3%), from €161,368 to €104,471
- Depreciation +€25,414
up €25,414 (+67.9%), from €37,411 to €62,825
- Taxes -€24,552
down €24,552 (-70.2%), from €34,951 to €10,399
- Financial charges +€10,668
up €10,668 (+373%), from €2,860 to €13,528
- Other operating charges -€2,997
down €2,997 (-37.8%), from €7,919 to €4,922
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 | €653,011 | €1,001,281 | +€348,271 | +53.3% |
| Fixed assets | 21/28 | €506,942 | €892,360 | +€385,418 | +76.0% |
| Tangible fixed assets | 22/27 | €506,942 | €892,360 | +€385,418 | +76.0% |
| Land and buildings | 22 | €506,942 | €877,494 | +€370,552 | +73.1% |
| Furniture and vehicles | 24 | - | €14,866 | +€14,866 | |
| Current assets | 29/58 | €146,069 | €108,921 | -€37,148 | -25.4% |
| Amounts receivable within one year | 40/41 | €62,713 | €27,189 | -€35,524 | -56.6% |
| Trade receivables | 40 | €62,612 | €3,497 | -€59,115 | -94.4% |
| Other amounts receivable | 41 | €101 | €23,692 | +€23,591 | +23,307% |
| Cash at bank and in hand | 54/58 | €82,965 | €81,137 | -€1,829 | -2.2% |
| Deferred charges and accrued income | 490/1 | €390 | €595 | +€205 | +52.6% |
| Total equity and liabilities | 10/49 | €653,011 | €1,001,281 | +€348,271 | +53.3% |
| Equity | 10/15 | €339,822 | €402,449 | +€62,627 | +18.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €290,000 | €352,407 | +€62,407 | +21.5% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €46,407 | +€46,407 | |
| Distributable reserves | 133 | €280,000 | €296,000 | +€16,000 | +5.7% |
| Profit (loss) carried forward | 14 | €29,822 | €30,042 | +€220 | +0.7% |
| Provisions and deferred taxes | 16 | - | €15,469 | +€15,469 | |
| Deferred taxes | 168 | - | €15,469 | +€15,469 | |
| Amounts payable | 17/49 | €313,189 | €583,363 | +€270,174 | +86.3% |
| Amounts payable after more than one year | 17 | €138,794 | €440,294 | +€301,499 | +217% |
| Financial debts | 170/4 | €138,794 | €440,294 | +€301,499 | +217% |
| Amounts payable within one year | 42/48 | €174,394 | €143,069 | -€31,325 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €31,678 | €65,304 | +€33,626 | +106% |
| Trade debts | 44 | - | €2,407 | +€2,407 | |
| Suppliers | 440/4 | - | €2,407 | +€2,407 | |
| Taxes, remuneration and social security | 45 | €22,659 | €28,705 | +€6,046 | +26.7% |
| Taxes | 450/3 | €17,659 | €21,205 | +€3,546 | +20.1% |
| Remuneration and social security | 454/9 | €5,000 | €7,500 | +€2,500 | +50.0% |
| Other amounts payable | 47/48 | €120,058 | €46,653 | -€73,404 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,411 | €62,825 | +€25,414 | +67.9% |
| Other operating charges | 640/8 | €7,919 | €4,922 | -€2,997 | -37.8% |
| Gross operating margin | 9900 | €161,368 | €104,471 | -€56,897 | -35.3% |
| Operating profit (loss) | 9901 | €116,038 | €36,724 | -€79,314 | -68.4% |
| Financial income | 75/76B | €137 | - | -€137 | |
| Recurring financial income | 75 | €137 | - | -€137 | |
| Financial charges | 65/66B | €2,860 | €13,528 | +€10,668 | +373% |
| Recurring financial charges | 65 | €2,860 | €13,528 | +€10,668 | +373% |
| Profit (loss) for the period before taxes | 9903 | €113,316 | €23,196 | -€90,119 | -79.5% |
| Transfer from deferred taxes | 780 | - | €856 | +€856 | |
| Income taxes | 67/77 | €34,951 | €10,399 | -€24,552 | -70.2% |
| Profit (loss) for the period | 9904 | €78,364 | €13,653 | -€64,711 | -82.6% |
| Transfer from tax-exempt reserves | 789 | - | €2,567 | +€2,567 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,364 | €16,220 | -€62,144 | -79.3% |
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.