IMMO CULEM: 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 CULEM
Largest movements
- Stocks and contracts -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets -€45,938
down €45,938 (-1.9%), from €2.5m to €2.4m
of which Land and buildings: -€43,526
- Receivables within one year +€30,941
up €30,941 (+46880.3%), from €66 to €31,007
of which Trade receivables: +€31,007
- Short-term financial debts -€326,000
down €326,000 (-93.1%), from €350,000 to €24,000
- Debts after one year -€175,978
down €175,978 (-7.9%), from €2.2m to €2.0m
of which Other amounts payable: -€93,633
- Tax, wage and social debts +€58,159
up €58,159 (+214.7%), from €27,094 to €85,253
- Reserves +€58,000
up €58,000 (+69.9%), from €83,000 to €141,000
- Advances received +€30,250
new in 2025: €30,250
- Gross operating margin +€32,792
up €32,792 (+12.5%), from €263,059 to €295,851
- Taxes +€12,310
up €12,310 (+117.7%), from €10,463 to €22,773
- Financial charges -€9,505
down €9,505 (-12.2%), from €78,117 to €68,612
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 | €2,857,734 | €2,505,195 | -€352,539 | -12.3% |
| Fixed assets | 21/28 | €2,472,948 | €2,427,010 | -€45,938 | -1.9% |
| Tangible fixed assets | 22/27 | €2,472,948 | €2,427,010 | -€45,938 | -1.9% |
| Land and buildings | 22 | €2,470,536 | €2,427,010 | -€43,526 | -1.8% |
| Furniture and vehicles | 24 | €2,412 | - | -€2,412 | |
| Current assets | 29/58 | €384,786 | €78,185 | -€306,601 | -79.7% |
| Stocks and contracts in progress | 3 | €350,000 | - | -€350,000 | |
| Stocks | 30/36 | €350,000 | - | -€350,000 | |
| Amounts receivable within one year | 40/41 | €66 | €31,007 | +€30,941 | +46880.3% |
| Trade receivables | 40 | - | €31,007 | +€31,007 | |
| Other amounts receivable | 41 | €66 | - | -€66 | |
| Cash at bank and in hand | 54/58 | €30,195 | €43,032 | +€12,837 | +42.5% |
| Deferred charges and accrued income | 490/1 | €4,525 | €4,146 | -€379 | -8.4% |
| Total equity and liabilities | 10/49 | €2,857,734 | €2,505,195 | -€352,539 | -12.3% |
| Equity | 10/15 | €93,615 | €152,033 | +€58,418 | +62.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €83,000 | €141,000 | +€58,000 | +69.9% |
| Distributable reserves | 133 | €83,000 | €141,000 | +€58,000 | +69.9% |
| Profit (loss) carried forward | 14 | €615 | €1,033 | +€418 | +68.0% |
| Amounts payable | 17/49 | €2,764,119 | €2,353,162 | -€410,957 | -14.9% |
| Amounts payable after more than one year | 17 | €2,217,172 | €2,041,194 | -€175,978 | -7.9% |
| Financial debts | 170/4 | €1,659,450 | €1,577,105 | -€82,345 | -5.0% |
| Other amounts payable | 178/9 | €557,722 | €464,089 | -€93,633 | -16.8% |
| Amounts payable within one year | 42/48 | €516,729 | €298,181 | -€218,548 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €131,550 | €145,524 | +€13,974 | +10.6% |
| Financial debts | 43 | €350,000 | €24,000 | -€326,000 | -93.1% |
| Credit institutions | 430/8 | €350,000 | €24,000 | -€326,000 | -93.1% |
| Trade debts | 44 | €8,085 | €13,154 | +€5,069 | +62.7% |
| Suppliers | 440/4 | €8,085 | €13,154 | +€5,069 | +62.7% |
| Advances received on contracts in progress | 46 | - | €30,250 | +€30,250 | |
| Taxes, remuneration and social security | 45 | €27,094 | €85,253 | +€58,159 | +214.7% |
| Taxes | 450/3 | €27,094 | €85,253 | +€58,159 | +214.7% |
| Accrued charges and deferred income | 492/3 | €30,218 | €13,787 | -€16,431 | -54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,028 | €132,524 | +€2,496 | +1.9% |
| Other operating charges | 640/8 | €13,111 | €13,524 | +€413 | +3.2% |
| Gross operating margin | 9900 | €263,059 | €295,851 | +€32,792 | +12.5% |
| Operating profit (loss) | 9901 | €119,920 | €149,803 | +€29,883 | +24.9% |
| Financial charges | 65/66B | €78,117 | €68,612 | -€9,505 | -12.2% |
| Recurring financial charges | 65 | €78,117 | €68,612 | -€9,505 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €41,803 | €81,191 | +€39,388 | +94.2% |
| Income taxes | 67/77 | €10,463 | €22,773 | +€12,310 | +117.7% |
| Profit (loss) for the period | 9904 | €31,340 | €58,418 | +€27,078 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,340 | €58,418 | +€27,078 | +86.4% |
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.