Immo Dewaele: 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 Dewaele
Largest movements
- Current investments -€1.5m
down €1.5m (-43.0%), from €3.5m to €2.0m
- Cash +€547,168
up €547,168 (+211.2%), from €259,056 to €806,224
mainly Current investments (+€1.5m) and Receivables within one year (+€363,125)
- Tangible fixed assets +€417,175
up €417,175 (+15.1%), from €2.8m to €3.2m
- Receivables within one year -€363,125
down €363,125 (-75.2%), from €483,025 to €119,901
of which Other amounts receivable: -€368,413
- Other debts -€1.3m
down €1.3m (-79.4%), from €1.6m to €329,643
- Profit (loss) carried forward +€334,637
up €334,637 (+8.9%), from €3.8m to €4.1m
- Gross operating margin +€69,264
up €69,264 (+12.6%), from €551,390 to €620,654
- Financial income -€58,411
down €58,411 (-50.9%), from €114,842 to €56,431
- Depreciation +€51,200
up €51,200 (+40.3%), from €126,915 to €178,115
- Financial charges -€48,116
down €48,116 (-64.1%), from €75,033 to €26,917
- Taxes -€31,936
down €31,936 (-36.9%), from €86,546 to €54,611
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 | €7,038,724 | €6,118,944 | -€919,780 | -13.1% |
| Fixed assets | 21/28 | €2,767,655 | €3,184,830 | +€417,175 | +15.1% |
| Tangible fixed assets | 22/27 | €2,767,655 | €3,184,830 | +€417,175 | +15.1% |
| Land and buildings | 22 | €2,767,655 | €3,184,830 | +€417,175 | +15.1% |
| Current assets | 29/58 | €4,271,069 | €2,934,114 | -€1.3m | -31.3% |
| Amounts receivable within one year | 40/41 | €483,025 | €119,901 | -€363,125 | -75.2% |
| Trade receivables | 40 | €30,295 | €35,583 | +€5,288 | +17.5% |
| Other amounts receivable | 41 | €452,730 | €84,318 | -€368,413 | -81.4% |
| Current investments | 50/53 | €3,511,657 | €2,000,000 | -€1.5m | -43.0% |
| Cash at bank and in hand | 54/58 | €259,056 | €806,224 | +€547,168 | +211.2% |
| Deferred charges and accrued income | 490/1 | €17,330 | €7,989 | -€9,341 | -53.9% |
| Total equity and liabilities | 10/49 | €7,038,724 | €6,118,944 | -€919,780 | -13.1% |
| Equity | 10/15 | €5,426,918 | €5,759,332 | +€332,415 | +6.1% |
| Contributions | 10/11 | €471,000 | €471,000 | = | 0.0% |
| Capital | 10 | €471,000 | €471,000 | = | 0.0% |
| Issued capital | 100 | €471,000 | €471,000 | = | 0.0% |
| Reserves | 13 | €1,198,527 | €1,196,305 | -€2,222 | -0.2% |
| Non-distributable reserves | 130/1 | €47,100 | €47,100 | = | 0.0% |
| Legal reserve | 130 | €47,100 | €47,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,082 | €19,860 | -€2,222 | -10.1% |
| Distributable reserves | 133 | €1,129,345 | €1,129,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,757,391 | €4,092,028 | +€334,637 | +8.9% |
| Provisions and deferred taxes | 16 | €7,361 | €6,620 | -€741 | -10.1% |
| Deferred taxes | 168 | €7,361 | €6,620 | -€741 | -10.1% |
| Amounts payable | 17/49 | €1,604,446 | €352,992 | -€1.3m | -78.0% |
| Amounts payable within one year | 42/48 | €1,604,446 | €352,992 | -€1.3m | -78.0% |
| Trade debts | 44 | €257 | €20,813 | +€20,556 | +7996.4% |
| Suppliers | 440/4 | €257 | €20,813 | +€20,556 | +7996.4% |
| Taxes, remuneration and social security | 45 | €374 | €2,535 | +€2,162 | +578.7% |
| Taxes | 450/3 | €374 | €2,535 | +€2,162 | +578.7% |
| Other amounts payable | 47/48 | €1,603,816 | €329,643 | -€1.3m | -79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,915 | €178,115 | +€51,200 | +40.3% |
| Other operating charges | 640/8 | €80,001 | €85,768 | +€5,768 | +7.2% |
| Gross operating margin | 9900 | €551,390 | €620,654 | +€69,264 | +12.6% |
| Operating profit (loss) | 9901 | €344,474 | €356,771 | +€12,296 | +3.6% |
| Financial income | 75/76B | €114,842 | €56,431 | -€58,411 | -50.9% |
| Recurring financial income | 75 | €114,842 | €56,431 | -€58,411 | -50.9% |
| Financial charges | 65/66B | €75,033 | €26,917 | -€48,116 | -64.1% |
| Recurring financial charges | 65 | €75,033 | €26,917 | -€48,116 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €384,284 | €386,285 | +€2,001 | +0.5% |
| Transfer from deferred taxes | 780 | €741 | €741 | = | 0.0% |
| Income taxes | 67/77 | €86,546 | €54,611 | -€31,936 | -36.9% |
| Profit (loss) for the period | 9904 | €298,478 | €332,415 | +€33,937 | +11.4% |
| Transfer from tax-exempt reserves | 789 | €128,522 | €2,222 | -€126,300 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €427,000 | €334,637 | -€92,363 | -21.6% |
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 5 October 2026 via checked.be.