Immo Deneyer: 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.
What changed
Immo Deneyer
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,788
2024 · €1,087+€31,700
Equity
€1.2m
2024 · €1.2m-€9,212
Cash
€54,627
2024 · €163,539-€108,912
Balance sheet total
€2.0m
2024 · €1.6m+€416,417
Largest movements
Assets
- Tangible fixed assets +€540,013
up €540,013 (+47.2%), from €1.1m to €1.7m
of which Land and buildings: +€547,120
- Cash -€108,912
down €108,912 (-66.6%), from €163,539 to €54,627
mainly Investment in fixed assets (net) (-€612,274) and Contributions, distributions and other (-€42,000)
Equity and liabilities
- Debts after one year +€421,076
up €421,076 (+842%), from €49,996 to €471,072
- Current portion of long-term debt +€23,203
up €23,203 (+453%), from €5,124 to €28,327
- Other debts -€21,411
down €21,411 (-30.0%), from €71,449 to €50,038
Income statement
- Depreciation +€30,926
up €30,926 (+74.8%), from €41,336 to €72,261
- Gross operating margin +€27,386
up €27,386 (+27.2%), from €100,501 to €127,888
- Taxes +€11,635
up €11,635 (+129%), from €9,032 to €20,667
- Financial charges +€6,086
up €6,086 (+474%), from €1,285 to €7,370
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
€1,087
Gross operating margin
+€27,386
Depreciation
-€30,926
Other operating charges
-€395
Other operating items
+€53,317
Financial income
-€673
Financial charges
-€6,086
Taxes
-€11,635
Deferred taxes and other
+€711
Result 2025
€32,788
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€101,083
Investment
-€612,274
Financing
+€402,279
Cash 2024
€163,539
From operations (derived)
+€101,083
Net result for the year
+€32,788
Depreciation
+€72,261
Smaller working-capital items
+€878
Deferred charges and accrued income
+€14,881
Provisions
-€8,663
Tax, wage and social debts
+€10,349
Other debts
-€21,411
Investment (derived)
-€612,274
Investment in fixed assets (net)
-€612,274
Financing
+€402,279
Debts after one year
+€421,076
Current portion of long-term debt
+€23,203
Contributions, distributions and other
-€42,000
Cash 2025
€54,627
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,570,874 | €1,987,291 | +€416,417 | +26.5% |
| Fixed assets | 21/28 | €1,143,322 | €1,683,335 | +€540,013 | +47.2% |
| Tangible fixed assets | 22/27 | €1,143,297 | €1,683,310 | +€540,013 | +47.2% |
| Land and buildings | 22 | €1,119,051 | €1,666,171 | +€547,120 | +48.9% |
| Furniture and vehicles | 24 | €24,246 | €17,139 | -€7,107 | -29.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €427,552 | €303,956 | -€123,596 | -28.9% |
| Amounts receivable after more than one year | 29 | €214,000 | €214,000 | = | 0.0% |
| Other amounts receivable | 291 | €214,000 | €214,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,983 | €28,180 | +€197 | +0.7% |
| Trade receivables | 40 | €26,714 | €26,911 | +€197 | +0.7% |
| Other amounts receivable | 41 | €1,269 | €1,269 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €163,539 | €54,627 | -€108,912 | -66.6% |
| Deferred charges and accrued income | 490/1 | €22,030 | €7,149 | -€14,881 | -67.5% |
| Total equity and liabilities | 10/49 | €1,570,874 | €1,987,291 | +€416,417 | +26.5% |
| Equity | 10/15 | €1,171,279 | €1,162,067 | -€9,212 | -0.8% |
| Contributions | 10/11 | €193,972 | €193,972 | = | 0.0% |
| Capital | 10 | €193,972 | €193,972 | = | 0.0% |
| Issued capital | 100 | €193,972 | €193,972 | = | 0.0% |
| Reserves | 13 | €977,307 | €968,095 | -€9,212 | -0.9% |
| Non-distributable reserves | 130/1 | €19,397 | €19,397 | = | 0.0% |
| Legal reserve | 130 | €19,397 | €19,397 | = | 0.0% |
| Tax-exempt reserves | 132 | €744,926 | €718,936 | -€25,990 | -3.5% |
| Distributable reserves | 133 | €212,985 | €229,762 | +€16,778 | +7.9% |
| Provisions and deferred taxes | 16 | €248,309 | €239,645 | -€8,663 | -3.5% |
| Deferred taxes | 168 | €248,309 | €239,645 | -€8,663 | -3.5% |
| Amounts payable | 17/49 | €151,286 | €585,578 | +€434,293 | +287% |
| Amounts payable after more than one year | 17 | €49,996 | €471,072 | +€421,076 | +842% |
| Financial debts | 170/4 | €49,996 | €471,072 | +€421,076 | +842% |
| Amounts payable within one year | 42/48 | €89,189 | €102,035 | +€12,847 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €5,124 | €28,327 | +€23,203 | +453% |
| Trade debts | 44 | €2,284 | €2,989 | +€705 | +30.9% |
| Suppliers | 440/4 | €2,284 | €2,989 | +€705 | +30.9% |
| Taxes, remuneration and social security | 45 | €10,332 | €20,681 | +€10,349 | +100% |
| Taxes | 450/3 | €10,332 | €20,681 | +€10,349 | +100% |
| Other amounts payable | 47/48 | €71,449 | €50,038 | -€21,411 | -30.0% |
| Accrued charges and deferred income | 492/3 | €12,101 | €12,471 | +€370 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,336 | €72,261 | +€30,926 | +74.8% |
| Other operating charges | 640/8 | €16,961 | €17,356 | +€395 | +2.3% |
| Non-recurring operating charges | 66A | €53,317 | - | -€53,317 | |
| Gross operating margin | 9900 | €100,501 | €127,888 | +€27,386 | +27.2% |
| Operating profit (loss) | 9901 | -€11,113 | €38,270 | +€49,383 | |
| Financial income | 75/76B | €14,564 | €13,891 | -€673 | -4.6% |
| Recurring financial income | 75 | €14,564 | €13,891 | -€673 | -4.6% |
| Financial charges | 65/66B | €1,285 | €7,370 | +€6,086 | +474% |
| Recurring financial charges | 65 | €1,285 | €7,370 | +€6,086 | +474% |
| Profit (loss) for the period before taxes | 9903 | €2,167 | €44,791 | +€42,624 | +1,967% |
| Transfer from deferred taxes | 780 | €7,953 | €8,663 | +€711 | +8.9% |
| Income taxes | 67/77 | €9,032 | €20,667 | +€11,635 | +129% |
| Profit (loss) for the period | 9904 | €1,087 | €32,788 | +€31,700 | +2,916% |
| Transfer from tax-exempt reserves | 789 | €23,858 | €25,990 | +€2,132 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,945 | €58,778 | +€33,832 | +136% |
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 19 October 2026 via checked.be.