IMMO DAVOS: 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 DAVOS
Largest movements
- Tangible fixed assets -€102,677
down €102,677 (-7.5%), from €1.4m to €1.3m
of which Land and buildings: -€79,834
- Cash +€68,215
up €68,215 (+97.3%), from €70,101 to €138,316
mainly Depreciation (+€102,677) and Net result for the year (+€30,568)
- Debts after one year -€53,729
down €53,729 (-5.9%), from €914,859 to €861,130
- Reserves +€18,052
up €18,052 (+4.8%), from €376,964 to €395,016
of which Distributable reserves: +€18,052
- Gross operating margin -€110,023
down €110,023 (-31.9%), from €344,464 to €234,441
- Taxes +€64,334
up €64,334, from -€19,804 to €44,531
- Financial charges -€31,941
down €31,941 (-46.7%), from €68,460 to €36,519
- Other operating charges -€8,306
down €8,306 (-29.2%), from €28,453 to €20,148
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 | €1,488,310 | €1,446,114 | -€42,196 | -2.8% |
| Fixed assets | 21/28 | €1,360,587 | €1,257,910 | -€102,677 | -7.5% |
| Tangible fixed assets | 22/27 | €1,360,587 | €1,257,910 | -€102,677 | -7.5% |
| Land and buildings | 22 | €1,266,664 | €1,186,830 | -€79,834 | -6.3% |
| Plant, machinery and equipment | 23 | €93,592 | €70,803 | -€22,789 | -24.3% |
| Furniture and vehicles | 24 | €331 | €277 | -€54 | -16.2% |
| Current assets | 29/58 | €127,724 | €188,204 | +€60,480 | +47.4% |
| Amounts receivable within one year | 40/41 | €57,622 | €49,887 | -€7,735 | -13.4% |
| Trade receivables | 40 | - | €21,000 | +€21,000 | |
| Other amounts receivable | 41 | €57,622 | €28,887 | -€28,735 | -49.9% |
| Cash at bank and in hand | 54/58 | €70,101 | €138,316 | +€68,215 | +97.3% |
| Total equity and liabilities | 10/49 | €1,488,310 | €1,446,114 | -€42,196 | -2.8% |
| Equity | 10/15 | €438,464 | €456,516 | +€18,052 | +4.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €376,964 | €395,016 | +€18,052 | +4.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,769 | €81,769 | = | 0.0% |
| Distributable reserves | 133 | €289,045 | €307,097 | +€18,052 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €27,256 | €27,256 | = | 0.0% |
| Deferred taxes | 168 | €27,256 | €27,256 | = | 0.0% |
| Amounts payable | 17/49 | €1,022,589 | €962,341 | -€60,248 | -5.9% |
| Amounts payable after more than one year | 17 | €914,859 | €861,130 | -€53,729 | -5.9% |
| Financial debts | 170/4 | €914,859 | €861,130 | -€53,729 | -5.9% |
| Amounts payable within one year | 42/48 | €100,331 | €93,818 | -€6,513 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €51,729 | €53,729 | +€2,000 | +3.9% |
| Trade debts | 44 | €34,727 | €21,770 | -€12,956 | -37.3% |
| Suppliers | 440/4 | €34,727 | €21,770 | -€12,956 | -37.3% |
| Taxes, remuneration and social security | 45 | €13,875 | €5,801 | -€8,074 | -58.2% |
| Taxes | 450/3 | €13,875 | €5,801 | -€8,074 | -58.2% |
| Other amounts payable | 47/48 | €0 | €12,516 | +€12,516 | |
| Accrued charges and deferred income | 492/3 | €7,400 | €7,394 | -€5 | -0.1% |
| Non-recurring operating income | 76A | €109,026 | €0 | -€109,026 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,557 | €102,677 | -€880 | -0.9% |
| Other operating charges | 640/8 | €28,453 | €20,148 | -€8,306 | -29.2% |
| Gross operating margin | 9900 | €344,464 | €234,441 | -€110,023 | -31.9% |
| Operating profit (loss) | 9901 | €212,454 | €111,616 | -€100,837 | -47.5% |
| Financial income | 75/76B | €604 | €2 | -€602 | -99.7% |
| Recurring financial income | 75 | €604 | €2 | -€602 | -99.7% |
| Financial charges | 65/66B | €68,460 | €36,519 | -€31,941 | -46.7% |
| Recurring financial charges | 65 | €68,460 | €36,519 | -€31,941 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €144,597 | €75,099 | -€69,499 | -48.1% |
| Transfer to deferred taxes | 680 | €27,256 | €0 | -€27,256 | -100% |
| Income taxes | 67/77 | -€19,804 | €44,531 | +€64,334 | |
| Profit (loss) for the period | 9904 | €137,144 | €30,568 | -€106,576 | -77.7% |
| Transfer to tax-exempt reserves | 689 | €81,769 | €0 | -€81,769 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €55,375 | €30,568 | -€24,807 | -44.8% |
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 24 October 2026 via checked.be.