IMMO DESAN: 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 DESAN
Largest movements
- Stocks and contracts -€2.1m
down €2.1m (-60.3%), from €3.4m to €1.4m
- Cash +€846,654
up €846,654 (+1312.1%), from €64,525 to €911,179
mainly Stocks and contracts (+€2.1m) and Debts after one year (+€227,509)
- Tangible fixed assets +€296,251
up €296,251 (+22.4%), from €1.3m to €1.6m
of which Leasing and similar rights: +€296,251
- Other debts -€1.1m
down €1.1m (-28.4%), from €3.8m to €2.7m
- Debts after one year +€227,509
up €227,509 (+93.5%), from €243,330 to €470,839
- Trade debts -€67,060
down €67,060 (-73.8%), from €90,870 to €23,811
- Tax, wage and social debts +€54,312
up €54,312 (+1500.6%), from €3,619 to €57,932
- Gross operating margin +€47,360
up €47,360 (+90.3%), from €52,436 to €99,796
- Depreciation +€16,949
up €16,949 (+301.3%), from €5,625 to €22,574
- Financial charges +€8,608
up €8,608 (+7.1%), from €121,408 to €130,016
- Financial income -€4,630
down €4,630 (-30.3%), from €15,258 to €10,628
- Other operating charges +€4,184
up €4,184 (+153.7%), from €2,722 to €6,906
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 | €5,076,110 | €4,176,825 | -€899,285 | -17.7% |
| Fixed assets | 21/28 | €1,320,181 | €1,616,431 | +€296,251 | +22.4% |
| Tangible fixed assets | 22/27 | €1,320,181 | €1,616,431 | +€296,251 | +22.4% |
| Land and buildings | 22 | €1,320,181 | €1,320,181 | = | 0.0% |
| Leasing and similar rights | 25 | - | €296,251 | +€296,251 | |
| Current assets | 29/58 | €3,755,929 | €2,560,394 | -€1.2m | -31.8% |
| Stocks and contracts in progress | 3 | €3,434,332 | €1,364,999 | -€2.1m | -60.3% |
| Stocks | 30/36 | €3,434,332 | €1,364,999 | -€2.1m | -60.3% |
| Amounts receivable within one year | 40/41 | €241,150 | €272,949 | +€31,798 | +13.2% |
| Trade receivables | 40 | €243 | €16,918 | +€16,675 | +6867.0% |
| Other amounts receivable | 41 | €240,908 | €256,031 | +€15,123 | +6.3% |
| Cash at bank and in hand | 54/58 | €64,525 | €911,179 | +€846,654 | +1312.1% |
| Deferred charges and accrued income | 490/1 | €15,922 | €11,268 | -€4,654 | -29.2% |
| Total equity and liabilities | 10/49 | €5,076,110 | €4,176,825 | -€899,285 | -17.7% |
| Equity | 10/15 | €778,667 | €729,564 | -€49,104 | -6.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €528,667 | €479,564 | -€49,104 | -9.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €503,667 | €454,564 | -€49,104 | -9.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €4,297,443 | €3,447,261 | -€850,181 | -19.8% |
| Amounts payable after more than one year | 17 | €243,330 | €470,839 | +€227,509 | +93.5% |
| Financial debts | 170/4 | €243,330 | €470,839 | +€227,509 | +93.5% |
| Amounts payable within one year | 42/48 | €3,933,103 | €2,857,529 | -€1.1m | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €56,670 | €68,742 | +€12,071 | +21.3% |
| Trade debts | 44 | €90,870 | €23,811 | -€67,060 | -73.8% |
| Suppliers | 440/4 | €90,870 | €23,811 | -€67,060 | -73.8% |
| Taxes, remuneration and social security | 45 | €3,619 | €57,932 | +€54,312 | +1500.6% |
| Taxes | 450/3 | €3,619 | €57,932 | +€54,312 | +1500.6% |
| Other amounts payable | 47/48 | €3,781,943 | €2,707,045 | -€1.1m | -28.4% |
| Accrued charges and deferred income | 492/3 | €121,010 | €118,894 | -€2,116 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,625 | €22,574 | +€16,949 | +301.3% |
| Other operating charges | 640/8 | €2,722 | €6,906 | +€4,184 | +153.7% |
| Gross operating margin | 9900 | €52,436 | €99,796 | +€47,360 | +90.3% |
| Operating profit (loss) | 9901 | €44,089 | €70,315 | +€26,226 | +59.5% |
| Financial income | 75/76B | €15,258 | €10,628 | -€4,630 | -30.3% |
| Recurring financial income | 75 | €15,258 | €10,628 | -€4,630 | -30.3% |
| Financial charges | 65/66B | €121,408 | €130,016 | +€8,608 | +7.1% |
| Recurring financial charges | 65 | €121,408 | €130,016 | +€8,608 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | -€62,061 | -€49,073 | +€12,988 | +20.9% |
| Income taxes | 67/77 | €31 | €31 | -€1 | -1.9% |
| Profit (loss) for the period | 9904 | -€62,092 | -€49,104 | +€12,989 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,092 | -€49,104 | +€12,989 | +20.9% |
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 6 October 2026 via checked.be.