IMMO CORE: 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 CORE
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-88.1%), from €1.7m to €204,872
of which Land and buildings: -€1.5m
- Cash +€269,579
up €269,579 (+261%), from €103,175 to €372,754
mainly Investment in fixed assets (net) (+€1.5m) and Contributions, distributions and other (+€6,150)
- Receivables within one year +€63,695
up €63,695 (+53.1%), from €119,916 to €183,611
of which Other amounts receivable: +€72,127
- Short-term financial debts -€586,953
down €586,953 (-99.2%), from €591,416 to €4,462
- Debts after one year -€270,198
down €270,198 (-86.8%), from €311,346 to €41,148
- Trade debts -€132,788
down €132,788 (-95.7%), from €138,745 to €5,956
- Other debts -€101,538
down €101,538 (-90.6%), from €112,084 to €10,546
- Tax, wage and social debts -€46,309
down €46,309 (-48.5%), from €95,550 to €49,242
of which Taxes: -€48,759
- Gross operating margin -€25,255
down €25,255 (-31.0%), from €81,444 to €56,189
- Taxes -€14,040
down €14,040 (-98.1%), from €14,318 to €278
- Financial charges -€10,169
down €10,169 (-71.8%), from €14,154 to €3,985
- Other operating charges -€6,576
down €6,576 (-76.1%), from €8,640 to €2,063
- Financial income +€2,298
up €2,298 (+117%), from €1,965 to €4,262
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 | €1,951,288 | €771,373 | -€1.2m | -60.5% |
| Fixed assets | 21/28 | €1,727,721 | €204,872 | -€1.5m | -88.1% |
| Tangible fixed assets | 22/27 | €1,727,721 | €204,872 | -€1.5m | -88.1% |
| Land and buildings | 22 | €1,726,497 | €204,754 | -€1.5m | -88.1% |
| Plant, machinery and equipment | 23 | €210 | €3 | -€206 | -98.4% |
| Furniture and vehicles | 24 | €1,014 | €115 | -€899 | -88.7% |
| Current assets | 29/58 | €223,566 | €566,500 | +€342,934 | +153% |
| Stocks and contracts in progress | 3 | €0 | €8,779 | +€8,779 | |
| Stocks | 30/36 | €0 | €8,779 | +€8,779 | |
| Amounts receivable within one year | 40/41 | €119,916 | €183,611 | +€63,695 | +53.1% |
| Trade receivables | 40 | €8,567 | €135 | -€8,432 | -98.4% |
| Other amounts receivable | 41 | €111,349 | €183,476 | +€72,127 | +64.8% |
| Cash at bank and in hand | 54/58 | €103,175 | €372,754 | +€269,579 | +261% |
| Deferred charges and accrued income | 490/1 | €475 | €1,356 | +€881 | +185% |
| Total equity and liabilities | 10/49 | €1,951,288 | €771,373 | -€1.2m | -60.5% |
| Equity | 10/15 | €665,152 | €641,441 | -€23,711 | -3.6% |
| Contributions | 10/11 | €12,400 | €18,550 | +€6,150 | +49.6% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €650,897 | €621,036 | -€29,861 | -4.6% |
| Amounts payable | 17/49 | €1,286,136 | €129,931 | -€1.2m | -89.9% |
| Amounts payable after more than one year | 17 | €311,346 | €41,148 | -€270,198 | -86.8% |
| Financial debts | 170/4 | €311,346 | €41,148 | -€270,198 | -86.8% |
| Amounts payable within one year | 42/48 | €974,790 | €88,784 | -€886,006 | -90.9% |
| Current portion of amounts payable after more than one year | 42 | €36,995 | €18,578 | -€18,418 | -49.8% |
| Financial debts | 43 | €591,416 | €4,462 | -€586,953 | -99.2% |
| Credit institutions | 430/8 | €591,416 | €4,462 | -€586,953 | -99.2% |
| Trade debts | 44 | €138,745 | €5,956 | -€132,788 | -95.7% |
| Suppliers | 440/4 | €138,745 | €5,956 | -€132,788 | -95.7% |
| Taxes, remuneration and social security | 45 | €95,550 | €49,242 | -€46,309 | -48.5% |
| Taxes | 450/3 | €95,550 | €46,792 | -€48,759 | -51.0% |
| Remuneration and social security | 454/9 | - | €2,450 | +€2,450 | |
| Other amounts payable | 47/48 | €112,084 | €10,546 | -€101,538 | -90.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €1,483 | +€1,483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €866 | €673 | -€193 | -22.3% |
| Other operating charges | 640/8 | €8,640 | €2,063 | -€6,576 | -76.1% |
| Non-recurring operating charges | 66A | - | €83,313 | +€83,313 | |
| Gross operating margin | 9900 | €81,444 | €56,189 | -€25,255 | -31.0% |
| Operating profit (loss) | 9901 | €71,939 | -€29,860 | -€101,799 | |
| Financial income | 75/76B | €1,965 | €4,262 | +€2,298 | +117% |
| Recurring financial income | 75 | €1,965 | €4,262 | +€2,298 | +117% |
| Financial charges | 65/66B | €14,154 | €3,985 | -€10,169 | -71.8% |
| Recurring financial charges | 65 | €14,154 | €3,985 | -€10,169 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €59,750 | -€29,583 | -€89,333 | |
| Income taxes | 67/77 | €14,318 | €278 | -€14,040 | -98.1% |
| Profit (loss) for the period | 9904 | €45,432 | -€29,861 | -€75,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,432 | -€29,861 | -€75,293 |
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 14 October 2026 via checked.be.