IMMO-CONSTRUCTION: 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-CONSTRUCTION
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-52.9%), from €2.2m to €1.0m
of which Land and buildings: -€1.1m
- Cash +€445,123
up €445,123 (+853.2%), from €52,169 to €497,292
mainly Investment in fixed assets (net) (+€988,615) and Depreciation (+€107,493)
- Financial fixed assets +€44,419
up €44,419 (+10.6%), from €417,079 to €461,498
- Debts after one year -€412,808
no longer reported in 2025 (was €412,808)
- Investment grants -€66,734
no longer reported in 2025 (was €66,734)
- Tax, wage and social debts -€54,908
down €54,908 (-72.2%), from €76,102 to €21,193
of which Remuneration and social security: -€40,739
- Other debts -€35,482
down €35,482 (-6.0%), from €594,738 to €559,255
- Current portion of long-term debt -€34,913
no longer reported in 2025 (was €34,913)
- Staff costs -€163,222
down €163,222 (-43.4%), from €375,828 to €212,606
- Depreciation -€71,809
down €71,809 (-40.0%), from €179,301 to €107,493
- Financial charges +€44,999
up €44,999 (+277.3%), from €16,227 to €61,226
of which Financial charges: +€24,949
- Financial income +€26,292
up €26,292 (+44.0%), from €59,686 to €85,977
- Gross operating margin +€14,736
up €14,736 (+5.0%), from €295,749 to €310,485
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 | €2,710,172 | €2,052,388 | -€657,784 | -24.3% |
| Fixed assets | 21/28 | €2,574,237 | €1,478,129 | -€1.1m | -42.6% |
| Tangible fixed assets | 22/27 | €2,157,158 | €1,016,631 | -€1.1m | -52.9% |
| Land and buildings | 22 | €2,055,690 | €971,200 | -€1.1m | -52.8% |
| Plant, machinery and equipment | 23 | €20,617 | €6,087 | -€14,530 | -70.5% |
| Furniture and vehicles | 24 | €80,851 | €39,343 | -€41,507 | -51.3% |
| Financial fixed assets | 28 | €417,079 | €461,498 | +€44,419 | +10.6% |
| Current assets | 29/58 | €135,935 | €574,259 | +€438,324 | +322.5% |
| Stocks and contracts in progress | 3 | €25,031 | €8,401 | -€16,630 | -66.4% |
| Stocks | 30/36 | €25,031 | €8,401 | -€16,630 | -66.4% |
| Amounts receivable within one year | 40/41 | €50,410 | €67,920 | +€17,510 | +34.7% |
| Trade receivables | 40 | €29,822 | €52,873 | +€23,051 | +77.3% |
| Other amounts receivable | 41 | €20,587 | €15,047 | -€5,541 | -26.9% |
| Cash at bank and in hand | 54/58 | €52,169 | €497,292 | +€445,123 | +853.2% |
| Deferred charges and accrued income | 490/1 | €8,324 | €645 | -€7,679 | -92.2% |
| Total equity and liabilities | 10/49 | €2,710,172 | €2,052,388 | -€657,784 | -24.3% |
| Equity | 10/15 | €1,479,878 | €1,413,651 | -€66,227 | -4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €283,638 | €283,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,196 | €1,196 | = | 0.0% |
| Own shares acquired | 1312 | €1,196 | €1,196 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €226,192 | €226,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,109,506 | €1,110,012 | +€507 | 0.0% |
| Investment grants | 15 | €66,734 | - | -€66,734 | |
| Amounts payable | 17/49 | €1,230,294 | €638,737 | -€591,557 | -48.1% |
| Amounts payable after more than one year | 17 | €412,808 | - | -€412,808 | |
| Financial debts | 170/4 | €412,808 | - | -€412,808 | |
| Amounts payable within one year | 42/48 | €811,354 | €638,737 | -€172,617 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €34,913 | - | -€34,913 | |
| Financial debts | 43 | €14,666 | - | -€14,666 | |
| Credit institutions | 430/8 | €14,666 | - | -€14,666 | |
| Trade debts | 44 | €90,885 | €58,288 | -€32,597 | -35.9% |
| Suppliers | 440/4 | €90,885 | €58,288 | -€32,597 | -35.9% |
| Advances received on contracts in progress | 46 | €50 | - | -€50 | |
| Taxes, remuneration and social security | 45 | €76,102 | €21,193 | -€54,908 | -72.2% |
| Taxes | 450/3 | €14,169 | - | -€14,169 | |
| Remuneration and social security | 454/9 | €61,932 | €21,193 | -€40,739 | -65.8% |
| Other amounts payable | 47/48 | €594,738 | €559,255 | -€35,482 | -6.0% |
| Accrued charges and deferred income | 492/3 | €6,132 | - | -€6,132 | |
| Remuneration, social security and pensions | 62 | €375,828 | €212,606 | -€163,222 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,301 | €107,493 | -€71,809 | -40.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,072 | - | -€3,072 | |
| Other operating charges | 640/8 | €14,340 | €12,131 | -€2,209 | -15.4% |
| Non-recurring operating charges | 66A | €10,800 | €2,500 | -€8,300 | -76.9% |
| Gross operating margin | 9900 | €295,749 | €310,485 | +€14,736 | +5.0% |
| Operating profit (loss) | 9901 | -€287,593 | -€24,245 | +€263,348 | +91.6% |
| Financial income | 75/76B | €59,686 | €85,977 | +€26,292 | +44.0% |
| Recurring financial income | 75 | €59,686 | €85,977 | +€26,292 | +44.0% |
| Financial charges | 65/66B | €16,227 | €61,226 | +€44,999 | +277.3% |
| Recurring financial charges | 65 | €16,227 | €41,176 | +€24,949 | +153.8% |
| Non-recurring financial charges | 66B | - | €20,049 | +€20,049 | |
| Profit (loss) for the period before taxes | 9903 | -€244,134 | €507 | +€244,640 | |
| Profit (loss) for the period | 9904 | -€244,134 | €507 | +€244,640 | |
| Profit (loss) for the period to be appropriated | 9905 | -€244,134 | €507 | +€244,640 |
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 7 October 2026 via checked.be.