Immo Cieters: what changed
Two fiscal 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 Cieters
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+76.7%), from €3.1m to €5.5m
- Cash -€238,217
down €238,217 (-90.0%), from €264,771 to €26,554
mainly Investment in fixed assets (net) (-€2.9m) and Net result for the year (-€237,189)
- Other debts +€2.2m
up €2.2m (+124.5%), from €1.8m to €3.9m
- Profit (loss) carried forward -€220,128
down €220,128 (-796.3%), from -€27,645 to -€247,773
- Trade debts +€123,660
up €123,660 (+4568.2%), from €2,707 to €126,367
- Depreciation +€361,211
up €361,211 (+212.7%), from €169,786 to €530,997
- Gross operating margin +€115,299
up €115,299 (+50.1%), from €229,984 to €345,283
- Taxes -€6,999
down €6,999 (-100.0%), from €6,999 to €0
- Other operating charges +€3,775
up €3,775 (+9.1%), from €41,520 to €45,295
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 | €3,458,063 | €5,578,083 | +€2.1m | +61.3% |
| Fixed assets | 21/28 | €3,101,155 | €5,480,789 | +€2.4m | +76.7% |
| Tangible fixed assets | 22/27 | €3,101,155 | €5,480,789 | +€2.4m | +76.7% |
| Land and buildings | 22 | €3,101,155 | €5,480,789 | +€2.4m | +76.7% |
| Current assets | 29/58 | €356,908 | €97,295 | -€259,613 | -72.7% |
| Amounts receivable within one year | 40/41 | €78,963 | €59,901 | -€19,062 | -24.1% |
| Trade receivables | 40 | €55,826 | €1,192 | -€54,634 | -97.9% |
| Other amounts receivable | 41 | €23,138 | €58,710 | +€35,572 | +153.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €264,771 | €26,554 | -€238,217 | -90.0% |
| Deferred charges and accrued income | 490/1 | €13,174 | €10,840 | -€2,334 | -17.7% |
| Total equity and liabilities | 10/49 | €3,458,063 | €5,578,083 | +€2.1m | +61.3% |
| Equity | 10/15 | €1,474,438 | €1,237,249 | -€237,189 | -16.1% |
| Contributions | 10/11 | €447,000 | €447,000 | = | 0.0% |
| Capital | 10 | €447,000 | €447,000 | = | 0.0% |
| Issued capital | 100 | €447,000 | €447,000 | = | 0.0% |
| Reserves | 13 | €1,055,083 | €1,038,022 | -€17,061 | -1.6% |
| Non-distributable reserves | 130/1 | €59,500 | €59,500 | = | 0.0% |
| Legal reserve | 130 | €59,500 | €59,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €100,388 | €83,327 | -€17,061 | -17.0% |
| Distributable reserves | 133 | €895,195 | €895,195 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€27,645 | -€247,773 | -€220,128 | -796.3% |
| Provisions and deferred taxes | 16 | €33,463 | €27,776 | -€5,687 | -17.0% |
| Deferred taxes | 168 | €33,463 | €27,776 | -€5,687 | -17.0% |
| Amounts payable | 17/49 | €1,950,162 | €4,313,058 | +€2.4m | +121.2% |
| Amounts payable after more than one year | 17 | €184,771 | €184,771 | +€0 | 0.0% |
| Financial debts | 170/4 | €184,771 | €184,771 | +€0 | 0.0% |
| Amounts payable within one year | 42/48 | €1,763,502 | €4,123,729 | +€2.4m | +133.8% |
| Trade debts | 44 | €2,707 | €126,367 | +€123,660 | +4568.2% |
| Suppliers | 440/4 | €2,707 | €126,367 | +€123,660 | +4568.2% |
| Taxes, remuneration and social security | 45 | €3,597 | €51,621 | +€48,024 | +1335.1% |
| Taxes | 450/3 | €3,597 | €51,621 | +€48,024 | +1335.1% |
| Other amounts payable | 47/48 | €1,757,198 | €3,945,740 | +€2.2m | +124.5% |
| Accrued charges and deferred income | 492/3 | €1,889 | €4,558 | +€2,669 | +141.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,786 | €530,997 | +€361,211 | +212.7% |
| Other operating charges | 640/8 | €41,520 | €45,295 | +€3,775 | +9.1% |
| Non-recurring operating charges | 66A | - | €11,765 | +€11,765 | |
| Gross operating margin | 9900 | €229,984 | €345,283 | +€115,299 | +50.1% |
| Operating profit (loss) | 9901 | €18,678 | -€242,774 | -€261,452 | |
| Financial income | 75/76B | €475 | €0 | -€475 | -100.0% |
| Recurring financial income | 75 | €475 | €0 | -€475 | -100.0% |
| Financial charges | 65/66B | €227 | €101 | -€126 | -55.3% |
| Recurring financial charges | 65 | €227 | €101 | -€126 | -55.3% |
| Profit (loss) for the period before taxes | 9903 | €18,927 | -€242,876 | -€261,803 | |
| Transfer from deferred taxes | 780 | €5,687 | €5,687 | -€0 | 0.0% |
| Income taxes | 67/77 | €6,999 | €0 | -€6,999 | -100.0% |
| Profit (loss) for the period | 9904 | €17,615 | -€237,189 | -€254,804 | |
| Transfer from tax-exempt reserves | 789 | €17,061 | €17,061 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,675 | -€220,128 | -€254,803 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.