IMMO DSD: 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 DSD
Largest movements
- Tangible fixed assets +€117,630
up €117,630 (+21.8%), from €539,939 to €657,569
of which Plant, machinery and equipment: +€136,530
- Cash -€57,681
down €57,681 (-6.6%), from €870,771 to €813,090
mainly Investment in fixed assets (net) (-€181,320) and Tax, wage and social debts (-€114,216)
- Receivables after one year +€50,000
new in 2025: €50,000
- Intangible fixed assets -€44,310
down €44,310 (-11.1%), from €398,790 to €354,480
- Receivables within one year -€27,973
down €27,973 (-9.1%), from €309,008 to €281,035
of which Trade receivables: -€17,540
- Profit (loss) carried forward +€135,923
up €135,923 (+15.1%), from €901,969 to €1.0m
- Tax, wage and social debts -€114,216
down €114,216 (-72.3%), from €157,967 to €43,751
of which Taxes: -€131,645
- Gross operating margin -€200,496
down €200,496 (-26.7%), from €751,774 to €551,278
- Taxes -€100,934
down €100,934 (-64.5%), from €156,393 to €55,459
- Depreciation +€11,941
up €11,941 (+12.4%), from €96,059 to €108,000
- Staff costs -€8,054
down €8,054 (-3.5%), from €229,737 to €221,683
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 | €2,118,508 | €2,156,174 | +€37,666 | +1.8% |
| Fixed assets | 21/28 | €938,729 | €1,012,049 | +€73,320 | +7.8% |
| Intangible fixed assets | 21 | €398,790 | €354,480 | -€44,310 | -11.1% |
| Tangible fixed assets | 22/27 | €539,939 | €657,569 | +€117,630 | +21.8% |
| Land and buildings | 22 | €396,725 | €373,248 | -€23,477 | -5.9% |
| Plant, machinery and equipment | 23 | €59,942 | €196,472 | +€136,530 | +227.8% |
| Furniture and vehicles | 24 | €23,195 | €16,929 | -€6,266 | -27.0% |
| Other tangible fixed assets | 26 | €60,077 | €53,161 | -€6,916 | -11.5% |
| Assets under construction and advance payments | 27 | - | €17,759 | +€17,759 | |
| Current assets | 29/58 | €1,179,779 | €1,144,125 | -€35,654 | -3.0% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €309,008 | €281,035 | -€27,973 | -9.1% |
| Trade receivables | 40 | €289,502 | €271,962 | -€17,540 | -6.1% |
| Other amounts receivable | 41 | €19,506 | €9,073 | -€10,433 | -53.5% |
| Cash at bank and in hand | 54/58 | €870,771 | €813,090 | -€57,681 | -6.6% |
| Total equity and liabilities | 10/49 | €2,118,508 | €2,156,174 | +€37,666 | +1.8% |
| Equity | 10/15 | €1,942,259 | €2,078,182 | +€135,923 | +7.0% |
| Contributions | 10/11 | €10,863 | €10,863 | = | 0.0% |
| Capital | 10 | €10,863 | €10,863 | = | 0.0% |
| Issued capital | 100 | €10,863 | €10,863 | = | 0.0% |
| Revaluation surpluses | 12 | €183,804 | €178,772 | -€5,032 | -2.7% |
| Reserves | 13 | €845,623 | €850,655 | +€5,032 | +0.6% |
| Non-distributable reserves | 130/1 | €1,086 | €1,086 | = | 0.0% |
| Legal reserve | 130 | €1,086 | €1,086 | = | 0.0% |
| Tax-exempt reserves | 132 | €418,841 | €374,531 | -€44,310 | -10.6% |
| Distributable reserves | 133 | €425,696 | €475,038 | +€49,342 | +11.6% |
| Profit (loss) carried forward | 14 | €901,969 | €1,037,892 | +€135,923 | +15.1% |
| Amounts payable | 17/49 | €176,249 | €77,992 | -€98,257 | -55.7% |
| Amounts payable within one year | 42/48 | €176,249 | €77,992 | -€98,257 | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €6,789 | €6,743 | -€46 | -0.7% |
| Trade debts | 44 | €11,493 | €27,498 | +€16,005 | +139.3% |
| Suppliers | 440/4 | €11,493 | €27,498 | +€16,005 | +139.3% |
| Taxes, remuneration and social security | 45 | €157,967 | €43,751 | -€114,216 | -72.3% |
| Taxes | 450/3 | €135,327 | €3,682 | -€131,645 | -97.3% |
| Remuneration and social security | 454/9 | €22,640 | €40,069 | +€17,429 | +77.0% |
| Remuneration, social security and pensions | 62 | €229,737 | €221,683 | -€8,054 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,059 | €108,000 | +€11,941 | +12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,058 | +€4,058 | |
| Other operating charges | 640/8 | €23,093 | €24,225 | +€1,132 | +4.9% |
| Non-recurring operating charges | 66A | €28,275 | - | -€28,275 | |
| Gross operating margin | 9900 | €751,774 | €551,278 | -€200,496 | -26.7% |
| Operating profit (loss) | 9901 | €374,610 | €193,312 | -€181,298 | -48.4% |
| Financial income | 75/76B | - | €1,201 | +€1,201 | |
| Recurring financial income | 75 | - | €1,201 | +€1,201 | |
| Financial charges | 65/66B | €5,025 | €3,131 | -€1,894 | -37.7% |
| Recurring financial charges | 65 | €5,025 | €3,131 | -€1,894 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €369,585 | €191,382 | -€178,203 | -48.2% |
| Transfer to deferred taxes | 680 | €443,100 | - | -€443,100 | |
| Income taxes | 67/77 | €156,393 | €55,459 | -€100,934 | -64.5% |
| Profit (loss) for the period | 9904 | -€229,908 | €135,923 | +€365,831 | |
| Profit (loss) for the period to be appropriated | 9905 | -€229,908 | €135,923 | +€365,831 |
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 3 October 2026 via checked.be.