IMMO-DM: 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.
What changed
IMMO-DM
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€75,488
2024 · €56,637+€18,851
Equity
€4.8m
2024 · €4.7m+€75,488
Cash
€457,360
2024 · €393,815+€63,545
Balance sheet total
€12.8m
2024 · €12.6m+€200,723
Largest movements
Assets
- Stocks and contracts +€2.5m
up €2.5m (+48.2%), from €5.1m to €7.6m
- Current investments -€1.8m
down €1.8m (-100.0%), from €1.8m to €0
- Receivables within one year -€485,017
down €485,017 (-90.4%), from €536,770 to €51,752
of which Other amounts receivable: -€484,965
Equity and liabilities
- Other debts +€429,448
up €429,448 (+12.5%), from €3.4m to €3.9m
- Trade debts -€229,105
down €229,105 (-84.9%), from €269,725 to €40,620
Income statement
- Gross operating margin +€48,240
up €48,240 (+8.0%), from €603,302 to €651,542
- Financial income -€12,800
down €12,800 (-17.4%), from €73,733 to €60,933
- Taxes +€7,640
up €7,640 (+34.9%), from €21,860 to €29,500
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
€56,637
Gross operating margin
+€48,240
Depreciation
-€5,388
Other operating charges
-€1,503
Financial income
-€12,800
Financial charges
-€2,059
Taxes
-€7,640
Result 2025
€75,488
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.
From operations
-€1.6m
Investment
+€1.8m
Financing
-€51,994
Cash 2024
€393,815
From operations (derived)
-€1.6m
Net result for the year
+€75,488
Depreciation
+€153,561
Stocks and contracts
-€2.5m
Receivables within one year
+€485,017
Deferred charges and accrued income
-€57,174
Smaller working-capital items
+€3,417
Trade debts
-€229,105
Tax, wage and social debts
-€42,907
Advances received
+€16,375
Other debts
+€429,448
Investment (derived)
+€1.8m
Investment in fixed assets (net)
-€48,821
Current investments
+€1.8m
Financing
-€51,994
Debts after one year
-€43,759
Current portion of long-term debt
-€8,235
Cash 2025
€457,360
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,637,056 | €12,837,779 | +€200,723 | +1.6% |
| Fixed assets | 21/28 | €4,155,823 | €4,051,082 | -€104,741 | -2.5% |
| Tangible fixed assets | 22/27 | €4,155,699 | €4,050,958 | -€104,741 | -2.5% |
| Land and buildings | 22 | €4,155,699 | €4,050,958 | -€104,741 | -2.5% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €8,481,233 | €8,786,697 | +€305,464 | +3.6% |
| Amounts receivable after more than one year | 29 | €475,000 | €475,000 | = | 0.0% |
| Other amounts receivable | 291 | €475,000 | €475,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,128,975 | €7,598,736 | +€2.5m | +48.2% |
| Stocks | 30/36 | €5,128,975 | €7,598,736 | +€2.5m | +48.2% |
| Amounts receivable within one year | 40/41 | €536,770 | €51,752 | -€485,017 | -90.4% |
| Trade receivables | 40 | €52 | €0 | -€52 | -100.0% |
| Other amounts receivable | 41 | €536,718 | €51,752 | -€484,965 | -90.4% |
| Current investments | 50/53 | €1,800,000 | €0 | -€1.8m | -100.0% |
| Cash at bank and in hand | 54/58 | €393,815 | €457,360 | +€63,545 | +16.1% |
| Deferred charges and accrued income | 490/1 | €146,674 | €203,848 | +€57,174 | +39.0% |
| Total equity and liabilities | 10/49 | €12,637,056 | €12,837,779 | +€200,723 | +1.6% |
| Equity | 10/15 | €4,675,439 | €4,750,927 | +€75,488 | +1.6% |
| Contributions | 10/11 | €323,947 | €323,947 | = | 0.0% |
| Capital | 10 | €323,947 | €323,947 | = | 0.0% |
| Issued capital | 100 | €323,947 | €323,947 | = | 0.0% |
| Reserves | 13 | €4,351,492 | €4,426,980 | +€75,488 | +1.7% |
| Non-distributable reserves | 130/1 | €32,395 | €32,395 | = | 0.0% |
| Legal reserve | 130 | €32,395 | €32,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,743 | €19,593 | -€3,150 | -13.9% |
| Distributable reserves | 133 | €4,296,354 | €4,374,992 | +€78,638 | +1.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €7,581 | €6,531 | -€1,050 | -13.9% |
| Deferred taxes | 168 | €7,581 | €6,531 | -€1,050 | -13.9% |
| Amounts payable | 17/49 | €7,954,036 | €8,080,321 | +€126,285 | +1.6% |
| Amounts payable after more than one year | 17 | €3,498,759 | €3,455,000 | -€43,759 | -1.3% |
| Financial debts | 170/4 | €3,498,759 | €3,455,000 | -€43,759 | -1.3% |
| Amounts payable within one year | 42/48 | €3,830,839 | €3,996,415 | +€165,577 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €51,994 | €43,759 | -€8,235 | -15.8% |
| Trade debts | 44 | €269,725 | €40,620 | -€229,105 | -84.9% |
| Suppliers | 440/4 | €269,725 | €40,620 | -€229,105 | -84.9% |
| Advances received on contracts in progress | 46 | - | €16,375 | +€16,375 | |
| Taxes, remuneration and social security | 45 | €67,541 | €24,634 | -€42,907 | -63.5% |
| Taxes | 450/3 | €67,541 | €24,634 | -€42,907 | -63.5% |
| Other amounts payable | 47/48 | €3,441,579 | €3,871,027 | +€429,448 | +12.5% |
| Accrued charges and deferred income | 492/3 | €624,438 | €628,906 | +€4,467 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,173 | €153,561 | +€5,388 | +3.6% |
| Other operating charges | 640/8 | €49,680 | €51,183 | +€1,503 | +3.0% |
| Gross operating margin | 9900 | €603,302 | €651,542 | +€48,240 | +8.0% |
| Operating profit (loss) | 9901 | €405,449 | €446,798 | +€41,349 | +10.2% |
| Financial income | 75/76B | €73,733 | €60,933 | -€12,800 | -17.4% |
| Recurring financial income | 75 | €73,733 | €60,933 | -€12,800 | -17.4% |
| Financial charges | 65/66B | €401,735 | €403,793 | +€2,059 | +0.5% |
| Recurring financial charges | 65 | €401,735 | €403,793 | +€2,059 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €77,447 | €103,938 | +€26,491 | +34.2% |
| Transfer from deferred taxes | 780 | €1,050 | €1,050 | = | 0.0% |
| Income taxes | 67/77 | €21,860 | €29,500 | +€7,640 | +34.9% |
| Profit (loss) for the period | 9904 | €56,637 | €75,488 | +€18,851 | +33.3% |
| Transfer from tax-exempt reserves | 789 | €3,150 | €3,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,787 | €78,638 | +€18,851 | +31.5% |
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 2 October 2026 via checked.be.