IMMO DEL: 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 DEL
Largest movements
- Current investments -€49,586
down €49,586 (-27.6%), from €179,635 to €130,049
- Tangible fixed assets -€47,145
down €47,145 (-3.8%), from €1.2m to €1.2m
of which Land and buildings: -€31,024
- Receivables within one year +€41,846
up €41,846 (+12780.8%), from €327 to €42,173
of which Trade receivables: +€32,612
- Cash +€35,235
up €35,235 (+709.6%), from €4,966 to €40,201
mainly Depreciation (+€124,149) and Current investments (+€49,586)
- Reserves -€48,756
down €48,756 (-8.7%), from €557,997 to €509,241
of which Tax-exempt reserves: -€48,756
- Debts after one year +€40,644
new in 2025: €40,644
- Current portion of long-term debt +€18,649
up €18,649 (+2636.9%), from €707 to €19,356
- Provisions -€17,886
down €17,886 (-8.8%), from €202,891 to €185,005
- Profit (loss) carried forward -€15,995
down €15,995 (-3.2%), from €501,546 to €485,551
- Gross operating margin +€14,489
up €14,489 (+35.1%), from €41,238 to €55,727
- Taxes -€13,135
down €13,135 (-67.7%), from €19,393 to €6,257
- Depreciation -€8,315
down €8,315 (-6.3%), from €132,465 to €124,149
- Financial income +€723
up €723 (+19966.3%), from €4 to €726
- Financial charges -€642
down €642 (-53.6%), from €1,197 to €555
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 | €1,423,218 | €1,403,567 | -€19,651 | -1.4% |
| Fixed assets | 21/28 | €1,238,290 | €1,191,145 | -€47,145 | -3.8% |
| Tangible fixed assets | 22/27 | €1,236,265 | €1,189,120 | -€47,145 | -3.8% |
| Land and buildings | 22 | €1,188,101 | €1,157,077 | -€31,024 | -2.6% |
| Plant, machinery and equipment | 23 | €38,012 | €25,757 | -€12,255 | -32.2% |
| Furniture and vehicles | 24 | €10,152 | €6,285 | -€3,867 | -38.1% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €184,928 | €212,422 | +€27,494 | +14.9% |
| Amounts receivable within one year | 40/41 | €327 | €42,173 | +€41,846 | +12780.8% |
| Trade receivables | 40 | - | €32,612 | +€32,612 | |
| Other amounts receivable | 41 | €327 | €9,561 | +€9,234 | +2820.2% |
| Current investments | 50/53 | €179,635 | €130,049 | -€49,586 | -27.6% |
| Cash at bank and in hand | 54/58 | €4,966 | €40,201 | +€35,235 | +709.6% |
| Total equity and liabilities | 10/49 | €1,423,218 | €1,403,567 | -€19,651 | -1.4% |
| Equity | 10/15 | €1,141,943 | €1,077,192 | -€64,751 | -5.7% |
| Contributions | 10/11 | €82,400 | €82,400 | = | 0.0% |
| Capital | 10 | €82,400 | €82,400 | = | 0.0% |
| Issued capital | 100 | €88,600 | €88,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €557,997 | €509,241 | -€48,756 | -8.7% |
| Non-distributable reserves | 130/1 | €14,600 | €14,600 | = | 0.0% |
| Legal reserve | 130 | €14,600 | €14,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €537,677 | €488,922 | -€48,756 | -9.1% |
| Distributable reserves | 133 | €5,720 | €5,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | €501,546 | €485,551 | -€15,995 | -3.2% |
| Provisions and deferred taxes | 16 | €202,891 | €185,005 | -€17,886 | -8.8% |
| Deferred taxes | 168 | €202,891 | €185,005 | -€17,886 | -8.8% |
| Amounts payable | 17/49 | €78,384 | €141,370 | +€62,986 | +80.4% |
| Amounts payable after more than one year | 17 | - | €40,644 | +€40,644 | |
| Financial debts | 170/4 | - | €40,644 | +€40,644 | |
| Amounts payable within one year | 42/48 | €78,384 | €100,727 | +€22,342 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €707 | €19,356 | +€18,649 | +2636.9% |
| Trade debts | 44 | €3,524 | €10,112 | +€6,587 | +186.9% |
| Suppliers | 440/4 | €3,524 | €10,112 | +€6,587 | +186.9% |
| Taxes, remuneration and social security | 45 | €19,272 | €6,257 | -€13,015 | -67.5% |
| Taxes | 450/3 | €19,272 | €6,257 | -€13,015 | -67.5% |
| Other amounts payable | 47/48 | €54,881 | €65,002 | +€10,121 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,465 | €124,149 | -€8,315 | -6.3% |
| Other operating charges | 640/8 | €7,797 | €8,129 | +€331 | +4.3% |
| Gross operating margin | 9900 | €41,238 | €55,727 | +€14,489 | +35.1% |
| Operating profit (loss) | 9901 | -€99,024 | -€76,551 | +€22,473 | +22.7% |
| Financial income | 75/76B | €4 | €726 | +€723 | +19966.3% |
| Recurring financial income | 75 | €4 | €726 | +€723 | +19966.3% |
| Financial charges | 65/66B | €1,197 | €555 | -€642 | -53.6% |
| Recurring financial charges | 65 | €1,197 | €555 | -€642 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | -€100,218 | -€76,380 | +€23,838 | +23.8% |
| Transfer from deferred taxes | 780 | €17,886 | €17,886 | = | 0.0% |
| Income taxes | 67/77 | €19,393 | €6,257 | -€13,135 | -67.7% |
| Profit (loss) for the period | 9904 | -€101,724 | -€64,751 | +€36,973 | +36.3% |
| Transfer from tax-exempt reserves | 789 | €48,756 | €48,756 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,969 | -€15,995 | +€36,973 | +69.8% |
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 3 October 2026 via checked.be.