IMMO DELTA PROJECTS: 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 DELTA PROJECTS
Largest movements
- Stocks and contracts -€345,000
down €345,000 (-51.1%), from €675,000 to €330,000
of which Contracts in progress: -€290,000
- Cash +€154,746
up €154,746 (+140%), from €110,806 to €265,551
mainly Stocks and contracts (+€345,000) and Net result for the year (+€92,746)
- Deferred charges and accrued income -€38,018
down €38,018 (-46.6%), from €81,519 to €43,500
- Receivables within one year +€34,115
up €34,115 (+17.0%), from €201,193 to €235,308
of which Other amounts receivable: +€90,134
- Tangible fixed assets +€32,464
up €32,464 (+19.6%), from €165,395 to €197,859
of which Furniture and vehicles: +€65,884
- Trade debts -€148,585
down €148,585 (-48.3%), from €307,346 to €158,761
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Reserves +€92,746
up €92,746 (+14.5%), from €638,224 to €730,970
of which Distributable reserves: +€63,262
- Tax, wage and social debts -€77,159
down €77,159 (-78.7%), from €98,017 to €20,858
of which Taxes: -€65,570
- Debts after one year +€65,871
up €65,871 (+144%), from €45,661 to €111,532
- Gross operating margin +€51,971
up €51,971 (+7.0%), from €737,324 to €789,294
- Staff costs -€32,887
down €32,887 (-5.6%), from €585,368 to €552,482
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 | €1,266,039 | €1,091,298 | -€174,741 | -13.8% |
| Fixed assets | 21/28 | €197,521 | €216,938 | +€19,417 | +9.8% |
| Tangible fixed assets | 22/27 | €165,395 | €197,859 | +€32,464 | +19.6% |
| Plant, machinery and equipment | 23 | €82,053 | €48,633 | -€33,420 | -40.7% |
| Furniture and vehicles | 24 | €83,342 | €149,226 | +€65,884 | +79.1% |
| Financial fixed assets | 28 | €32,127 | €19,079 | -€13,048 | -40.6% |
| Current assets | 29/58 | €1,068,518 | €874,360 | -€194,158 | -18.2% |
| Stocks and contracts in progress | 3 | €675,000 | €330,000 | -€345,000 | -51.1% |
| Stocks | 30/36 | €55,000 | - | -€55,000 | |
| Contracts in progress | 37 | €620,000 | €330,000 | -€290,000 | -46.8% |
| Amounts receivable within one year | 40/41 | €201,193 | €235,308 | +€34,115 | +17.0% |
| Trade receivables | 40 | €158,575 | €102,556 | -€56,019 | -35.3% |
| Other amounts receivable | 41 | €42,618 | €132,752 | +€90,134 | +211% |
| Cash at bank and in hand | 54/58 | €110,806 | €265,551 | +€154,746 | +140% |
| Deferred charges and accrued income | 490/1 | €81,519 | €43,500 | -€38,018 | -46.6% |
| Total equity and liabilities | 10/49 | €1,266,039 | €1,091,298 | -€174,741 | -13.8% |
| Equity | 10/15 | €644,424 | €737,170 | +€92,746 | +14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €638,224 | €730,970 | +€92,746 | +14.5% |
| Tax-exempt reserves | 132 | €21,944 | €51,427 | +€29,483 | +134% |
| Distributable reserves | 133 | €616,280 | €679,542 | +€63,262 | +10.3% |
| Provisions and deferred taxes | 16 | €7,315 | €17,142 | +€9,828 | +134% |
| Deferred taxes | 168 | €7,315 | €17,142 | +€9,828 | +134% |
| Amounts payable | 17/49 | €614,301 | €336,986 | -€277,314 | -45.1% |
| Amounts payable after more than one year | 17 | €45,661 | €111,532 | +€65,871 | +144% |
| Financial debts | 170/4 | €45,661 | €111,532 | +€65,871 | +144% |
| Amounts payable within one year | 42/48 | €543,679 | €225,454 | -€318,225 | -58.5% |
| Current portion of amounts payable after more than one year | 42 | €38,316 | €45,835 | +€7,520 | +19.6% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €307,346 | €158,761 | -€148,585 | -48.3% |
| Suppliers | 440/4 | €307,346 | €158,761 | -€148,585 | -48.3% |
| Taxes, remuneration and social security | 45 | €98,017 | €20,858 | -€77,159 | -78.7% |
| Taxes | 450/3 | €81,615 | €16,046 | -€65,570 | -80.3% |
| Remuneration and social security | 454/9 | €16,402 | €4,812 | -€11,590 | -70.7% |
| Accrued charges and deferred income | 492/3 | €24,961 | - | -€24,961 | |
| Non-recurring operating income | 76A | - | €55,910 | +€55,910 | |
| Remuneration, social security and pensions | 62 | €585,368 | €552,482 | -€32,887 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,936 | €92,341 | +€7,405 | +8.7% |
| Other operating charges | 640/8 | €3,723 | €3,888 | +€165 | +4.4% |
| Gross operating margin | 9900 | €737,324 | €789,294 | +€51,971 | +7.0% |
| Operating profit (loss) | 9901 | €63,296 | €140,584 | +€77,288 | +122% |
| Financial income | 75/76B | €4,656 | €4,190 | -€466 | -10.0% |
| Recurring financial income | 75 | €4,656 | €4,190 | -€466 | -10.0% |
| Financial charges | 65/66B | €18,878 | €12,436 | -€6,442 | -34.1% |
| Recurring financial charges | 65 | €18,878 | €12,436 | -€6,442 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €49,074 | €132,338 | +€83,264 | +170% |
| Transfer from deferred taxes | 780 | €7,126 | €4,150 | -€2,976 | -41.8% |
| Transfer to deferred taxes | 680 | - | €13,978 | +€13,978 | |
| Income taxes | 67/77 | €27,773 | €29,764 | +€1,992 | +7.2% |
| Profit (loss) for the period | 9904 | €28,427 | €92,746 | +€64,319 | +226% |
| Transfer from tax-exempt reserves | 789 | €21,377 | €12,449 | -€8,927 | -41.8% |
| Transfer to tax-exempt reserves | 689 | - | €41,933 | +€41,933 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,803 | €63,262 | +€13,459 | +27.0% |
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 13 October 2026 via checked.be.