IMMO DECLERCQ: 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.
What changed
IMMO DECLERCQ
NACE 68.204, Real estate activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€5,796
2024 · -€109,900+€104,104
Equity
€6.2m
2024 · €6.2m-€5,796
Cash
€24,429
2024 · €32,028-€7,599
Balance sheet total
€9.5m
2024 · €8.3m+€1.2m
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+27.7%), from €4.4m to €5.6m
of which Other amounts receivable: +€1.2m
Equity and liabilities
- Other debts +€1.0m
up €1.0m (+109.7%), from €932,336 to €2.0m
- Short-term financial debts +€344,501
up €344,501 (+50.6%), from €680,499 to €1.0m
of which Credit institutions: +€350,000
- Debts after one year -€124,201
down €124,201 (-35.1%), from €353,664 to €229,463
Income statement
- Depreciation -€21,638
down €21,638 (-21.6%), from €100,303 to €78,665
- Financial income -€4,707
down €4,707 (-4.4%), from €107,777 to €103,070
- Gross operating margin -€1,617
down €1,617 (-3.3%), from €49,548 to €47,931
- Financial charges -€897
down €897 (-1.4%), from €63,764 to €62,867
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.
Result 2024
-€109,900
Gross operating margin
-€1,617
Depreciation
+€21,638
Other operating charges
+€391
Other operating items
+€87,502
Financial income
-€4,707
Financial charges
+€897
Result 2025
-€5,796
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.
From operations
-€171,753
Investment
-€58,943
Financing
+€223,097
Cash 2024
€32,028
From operations (derived)
-€171,753
Net result for the year
-€5,796
Depreciation
+€78,665
Receivables within one year
-€1.2m
Smaller working-capital items
-€1,005
Trade debts
-€40,557
Other debts
+€1.0m
Investment (derived)
-€58,943
Investment in fixed assets (net)
-€58,943
Financing
+€223,097
Debts after one year
-€124,201
Current portion of long-term debt
+€2,797
Short-term financial debts
+€344,501
Cash 2025
€24,429
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,324,024 | €9,522,375 | +€1.2m | +14.4% |
| Fixed assets | 21/28 | €3,386,891 | €3,367,170 | -€19,721 | -0.6% |
| Tangible fixed assets | 22/27 | €2,808,656 | €2,778,176 | -€30,480 | -1.1% |
| Land and buildings | 22 | €2,808,656 | €2,778,176 | -€30,480 | -1.1% |
| Financial fixed assets | 28 | €578,235 | €588,994 | +€10,758 | +1.9% |
| Current assets | 29/58 | €4,937,133 | €6,155,206 | +€1.2m | +24.7% |
| Stocks and contracts in progress | 3 | €484,313 | €484,313 | = | 0.0% |
| Stocks | 30/36 | €484,313 | €484,313 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,419,705 | €5,645,163 | +€1.2m | +27.7% |
| Trade receivables | 40 | €54,255 | €56,434 | +€2,180 | +4.0% |
| Other amounts receivable | 41 | €4,365,450 | €5,588,728 | +€1.2m | +28.0% |
| Cash at bank and in hand | 54/58 | €32,028 | €24,429 | -€7,599 | -23.7% |
| Deferred charges and accrued income | 490/1 | €1,088 | €1,301 | +€214 | +19.6% |
| Total equity and liabilities | 10/49 | €8,324,024 | €9,522,375 | +€1.2m | +14.4% |
| Equity | 10/15 | €6,169,828 | €6,164,032 | -€5,796 | -0.1% |
| Contributions | 10/11 | €1,085,515 | €1,085,515 | = | 0.0% |
| Capital | 10 | €1,085,515 | €1,085,515 | = | 0.0% |
| Issued capital | 100 | €1,085,515 | €1,085,515 | = | 0.0% |
| Reserves | 13 | €5,084,313 | €5,078,517 | -€5,796 | -0.1% |
| Non-distributable reserves | 130/1 | €108,552 | €108,552 | = | 0.0% |
| Legal reserve | 130 | €108,552 | €108,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,407 | €23,871 | -€1,536 | -6.0% |
| Distributable reserves | 133 | €4,950,354 | €4,946,094 | -€4,260 | -0.1% |
| Provisions and deferred taxes | 16 | €15,089 | €14,298 | -€791 | -5.2% |
| Deferred taxes | 168 | €15,089 | €14,298 | -€791 | -5.2% |
| Amounts payable | 17/49 | €2,139,107 | €3,344,045 | +€1.2m | +56.3% |
| Amounts payable after more than one year | 17 | €353,664 | €229,463 | -€124,201 | -35.1% |
| Financial debts | 170/4 | €353,664 | €229,463 | -€124,201 | -35.1% |
| Amounts payable within one year | 42/48 | €1,785,443 | €3,114,582 | +€1.3m | +74.4% |
| Current portion of amounts payable after more than one year | 42 | €121,404 | €124,201 | +€2,797 | +2.3% |
| Financial debts | 43 | €680,499 | €1,025,000 | +€344,501 | +50.6% |
| Credit institutions | 430/8 | €675,000 | €1,025,000 | +€350,000 | +51.9% |
| Other loans | 439 | €5,499 | €0 | -€5,499 | -100.0% |
| Trade debts | 44 | €51,204 | €10,647 | -€40,557 | -79.2% |
| Suppliers | 440/4 | €51,204 | €10,647 | -€40,557 | -79.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €932,336 | €1,954,734 | +€1.0m | +109.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,303 | €78,665 | -€21,638 | -21.6% |
| Other operating charges | 640/8 | €16,447 | €16,056 | -€391 | -2.4% |
| Non-recurring operating charges | 66A | €87,502 | €0 | -€87,502 | -100.0% |
| Gross operating margin | 9900 | €49,548 | €47,931 | -€1,617 | -3.3% |
| Operating profit (loss) | 9901 | -€154,704 | -€46,790 | +€107,914 | +69.8% |
| Financial income | 75/76B | €107,777 | €103,070 | -€4,707 | -4.4% |
| Recurring financial income | 75 | €107,777 | €103,070 | -€4,707 | -4.4% |
| Financial charges | 65/66B | €63,764 | €62,867 | -€897 | -1.4% |
| Recurring financial charges | 65 | €63,764 | €62,867 | -€897 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€110,691 | -€6,587 | +€104,104 | +94.0% |
| Transfer from deferred taxes | 780 | €791 | €791 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€109,900 | -€5,796 | +€104,104 | +94.7% |
| Transfer from tax-exempt reserves | 789 | €1,536 | €1,536 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€108,364 | -€4,260 | +€104,104 | +96.1% |
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.