IMMO DENYFRA: 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 DENYFRA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€78,297
2024 · -€48,258+€126,556
Equity
€5.2m
2024 · €5.1m+€78,297
Cash
€25,804
2024 · €13,499+€12,305
Balance sheet total
€13.9m
2024 · €13.5m+€415,280
Largest movements
Assets
- Financial fixed assets +€650,000
up €650,000 (+36.6%), from €1.8m to €2.4m
- Tangible fixed assets -€274,885
down €274,885 (-2.4%), from €11.7m to €11.4m
of which Land and buildings: -€274,885
Equity and liabilities
- Short-term financial debts +€435,000
up €435,000 (+77.0%), from €565,000 to €1.0m
- Debts after one year -€370,960
down €370,960 (-5.1%), from €7.2m to €6.8m
- Other debts +€149,182
up €149,182 (+153%), from €97,618 to €246,800
Income statement
- Gross operating margin +€173,436
up €173,436 (+29.5%), from €588,295 to €761,731
- Depreciation -€147,787
down €147,787 (-32.2%), from €458,424 to €310,637
- Financial charges +€106,590
up €106,590 (+41.1%), from €259,321 to €365,911
- Financial income -€78,090
down €78,090 (-46.1%), from €169,287 to €91,197
- Other operating charges +€9,987
up €9,987 (+10.7%), from €93,385 to €103,371
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
-€48,258
Gross operating margin
+€173,436
Depreciation
+€147,787
Other operating charges
-€9,987
Financial income
-€78,090
Financial charges
-€106,590
Result 2025
€78,297
raises the resultlowers the result
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
+€533,249
Investment
-€685,753
Financing
+€164,809
Cash 2024
€13,499
From operations (derived)
+€533,249
Net result for the year
+€78,297
Depreciation
+€310,637
Receivables within one year
+€17,695
Deferred charges and accrued income
-€45,555
Provisions
-€5,289
Trade debts
+€32,031
Other debts
+€149,182
Accrued charges and deferred income
-€3,749
Investment (derived)
-€685,753
Investment in fixed assets (net)
-€685,753
Financing
+€164,809
Debts after one year
-€370,960
Current portion of long-term debt
+€100,769
Short-term financial debts
+€435,000
Cash 2025
€25,804
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,507,776 | €13,923,056 | +€415,280 | +3.1% |
| Fixed assets | 21/28 | €13,434,784 | €13,809,899 | +€375,115 | +2.8% |
| Tangible fixed assets | 22/27 | €11,659,264 | €11,384,379 | -€274,885 | -2.4% |
| Land and buildings | 22 | €10,074,264 | €9,799,379 | -€274,885 | -2.7% |
| Other tangible fixed assets | 26 | €1,585,000 | €1,585,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,775,520 | €2,425,520 | +€650,000 | +36.6% |
| Current assets | 29/58 | €72,992 | €113,157 | +€40,165 | +55.0% |
| Amounts receivable after more than one year | 29 | €1,305 | €1,305 | = | 0.0% |
| Other amounts receivable | 291 | €1,305 | €1,305 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,710 | €10,015 | -€17,695 | -63.9% |
| Trade receivables | 40 | €9,710 | €10,015 | +€305 | +3.1% |
| Other amounts receivable | 41 | €18,000 | €0 | -€18,000 | -100% |
| Cash at bank and in hand | 54/58 | €13,499 | €25,804 | +€12,305 | +91.2% |
| Deferred charges and accrued income | 490/1 | €30,478 | €76,033 | +€45,555 | +149% |
| Total equity and liabilities | 10/49 | €13,507,776 | €13,923,056 | +€415,280 | +3.1% |
| Equity | 10/15 | €5,088,745 | €5,167,043 | +€78,297 | +1.5% |
| Contributions | 10/11 | €1,285,000 | €1,285,000 | = | 0.0% |
| Capital | 10 | €1,285,000 | €1,285,000 | = | 0.0% |
| Issued capital | 100 | €1,285,000 | €1,285,000 | = | 0.0% |
| Reserves | 13 | €3,803,370 | €3,881,502 | +€78,132 | +2.1% |
| Non-distributable reserves | 130/1 | €128,500 | €128,500 | = | 0.0% |
| Legal reserve | 130 | €128,500 | €128,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €260,450 | €244,582 | -€15,868 | -6.1% |
| Distributable reserves | 133 | €3,414,420 | €3,508,420 | +€94,000 | +2.8% |
| Profit (loss) carried forward | 14 | €376 | €541 | +€165 | +43.9% |
| Provisions and deferred taxes | 16 | €86,817 | €81,528 | -€5,289 | -6.1% |
| Deferred taxes | 168 | €86,817 | €81,528 | -€5,289 | -6.1% |
| Amounts payable | 17/49 | €8,332,213 | €8,674,486 | +€342,272 | +4.1% |
| Amounts payable after more than one year | 17 | €7,213,120 | €6,842,160 | -€370,960 | -5.1% |
| Financial debts | 170/4 | €7,213,120 | €6,842,160 | -€370,960 | -5.1% |
| Amounts payable within one year | 42/48 | €952,449 | €1,669,431 | +€716,982 | +75.3% |
| Current portion of amounts payable after more than one year | 42 | €270,191 | €370,960 | +€100,769 | +37.3% |
| Financial debts | 43 | €565,000 | €1,000,000 | +€435,000 | +77.0% |
| Credit institutions | 430/8 | €565,000 | €1,000,000 | +€435,000 | +77.0% |
| Trade debts | 44 | €19,640 | €51,671 | +€32,031 | +163% |
| Suppliers | 440/4 | €19,640 | €51,671 | +€32,031 | +163% |
| Other amounts payable | 47/48 | €97,618 | €246,800 | +€149,182 | +153% |
| Accrued charges and deferred income | 492/3 | €166,645 | €162,895 | -€3,749 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458,424 | €310,637 | -€147,787 | -32.2% |
| Other operating charges | 640/8 | €93,385 | €103,371 | +€9,987 | +10.7% |
| Gross operating margin | 9900 | €588,295 | €761,731 | +€173,436 | +29.5% |
| Operating profit (loss) | 9901 | €36,487 | €347,722 | +€311,236 | +853% |
| Financial income | 75/76B | €169,287 | €91,197 | -€78,090 | -46.1% |
| Recurring financial income | 75 | €169,287 | €91,197 | -€78,090 | -46.1% |
| Financial charges | 65/66B | €259,321 | €365,911 | +€106,590 | +41.1% |
| Recurring financial charges | 65 | €259,321 | €365,911 | +€106,590 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | -€53,548 | €73,008 | +€126,556 | |
| Transfer from deferred taxes | 780 | €5,289 | €5,289 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€48,258 | €78,297 | +€126,556 | |
| Transfer from tax-exempt reserves | 789 | €15,868 | €15,868 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,391 | €94,165 | +€126,556 |
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 18 October 2026 via checked.be.