Immo E. Wouters: 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 E. Wouters
Largest movements
- Current investments -€600,174
down €600,174 (-80.6%), from €745,043 to €144,869
- Cash -€375,848
down €375,848 (-71.0%), from €529,360 to €153,512
mainly Other debts (-€1.0m) and Receivables within one year (-€11,607)
- Tangible fixed assets -€82,198
down €82,198 (-7.5%), from €1.1m to €1.0m
of which Land and buildings: -€81,078
- Other debts -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Reserves -€29,762
down €29,762 (-4.1%), from €718,566 to €688,803
of which Tax-exempt reserves: -€29,762
- Gross operating margin -€256,040
down €256,040 (-65.6%), from €390,270 to €134,230
- Financial income -€101,342
down €101,342 (-98.2%), from €103,232 to €1,890
- Taxes -€74,607
down €74,607 (-82.9%), from €89,952 to €15,346
- Depreciation -€43,459
down €43,459 (-34.6%), from €125,657 to €82,198
- Financial charges +€27,166
up €27,166 (+1307.0%), from €2,079 to €29,245
of which Financial charges: +€23,553
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 | €2,383,676 | €1,330,778 | -€1.1m | -44.2% |
| Fixed assets | 21/28 | €1,099,205 | €1,017,008 | -€82,198 | -7.5% |
| Tangible fixed assets | 22/27 | €1,099,205 | €1,017,008 | -€82,198 | -7.5% |
| Land and buildings | 22 | €1,098,086 | €1,017,008 | -€81,078 | -7.4% |
| Plant, machinery and equipment | 23 | €434 | €0 | -€434 | -100.0% |
| Furniture and vehicles | 24 | €685 | €0 | -€685 | -100.0% |
| Current assets | 29/58 | €1,284,471 | €313,770 | -€970,701 | -75.6% |
| Amounts receivable within one year | 40/41 | €2,984 | €14,591 | +€11,607 | +389.0% |
| Trade receivables | 40 | €2,984 | €2,184 | -€800 | -26.8% |
| Other amounts receivable | 41 | - | €12,407 | +€12,407 | |
| Current investments | 50/53 | €745,043 | €144,869 | -€600,174 | -80.6% |
| Cash at bank and in hand | 54/58 | €529,360 | €153,512 | -€375,848 | -71.0% |
| Deferred charges and accrued income | 490/1 | €7,084 | €798 | -€6,286 | -88.7% |
| Total equity and liabilities | 10/49 | €2,383,676 | €1,330,778 | -€1.1m | -44.2% |
| Equity | 10/15 | €1,207,846 | €1,196,910 | -€10,936 | -0.9% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Outside capital | 11 | - | €190,000 | +€190,000 | |
| Other | 1109/19 | - | €190,000 | +€190,000 | |
| Reserves | 13 | €718,566 | €688,803 | -€29,762 | -4.1% |
| Non-distributable reserves | 130/1 | €112,172 | €112,172 | = | 0.0% |
| Reserves not available under the articles | 1311 | €112,172 | €112,172 | = | 0.0% |
| Tax-exempt reserves | 132 | €137,302 | €107,540 | -€29,762 | -21.7% |
| Distributable reserves | 133 | €469,092 | €469,092 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,281 | €318,107 | +€18,826 | +6.3% |
| Provisions and deferred taxes | 16 | €67,627 | €57,706 | -€9,921 | -14.7% |
| Deferred taxes | 168 | €67,627 | €57,706 | -€9,921 | -14.7% |
| Amounts payable | 17/49 | €1,108,203 | €76,162 | -€1.0m | -93.1% |
| Amounts payable within one year | 42/48 | €1,106,558 | €76,162 | -€1.0m | -93.1% |
| Trade debts | 44 | €225 | €3,672 | +€3,447 | +1533.8% |
| Suppliers | 440/4 | €225 | €3,672 | +€3,447 | +1533.8% |
| Taxes, remuneration and social security | 45 | €72,519 | €72,490 | -€29 | 0.0% |
| Taxes | 450/3 | €72,519 | €72,490 | -€29 | 0.0% |
| Other amounts payable | 47/48 | €1,033,814 | €0 | -€1.0m | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,645 | €0 | -€1,645 | -100.0% |
| Non-recurring operating income | 76A | €212,785 | €724 | -€212,061 | -99.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,657 | €82,198 | -€43,459 | -34.6% |
| Other operating charges | 640/8 | €28,290 | €30,188 | +€1,898 | +6.7% |
| Gross operating margin | 9900 | €390,270 | €134,230 | -€256,040 | -65.6% |
| Operating profit (loss) | 9901 | €236,323 | €21,843 | -€214,480 | -90.8% |
| Financial income | 75/76B | €103,232 | €1,890 | -€101,342 | -98.2% |
| Recurring financial income | 75 | €103,232 | €1,890 | -€101,342 | -98.2% |
| Financial charges | 65/66B | €2,079 | €29,245 | +€27,166 | +1307.0% |
| Recurring financial charges | 65 | €2,079 | €25,631 | +€23,553 | +1133.1% |
| Non-recurring financial charges | 66B | - | €3,614 | +€3,614 | |
| Profit (loss) for the period before taxes | 9903 | €337,476 | -€5,512 | -€342,987 | |
| Transfer from deferred taxes | 780 | €24,259 | €9,921 | -€14,338 | -59.1% |
| Income taxes | 67/77 | €89,952 | €15,346 | -€74,607 | -82.9% |
| Profit (loss) for the period | 9904 | €271,783 | -€10,936 | -€282,719 | |
| Transfer from tax-exempt reserves | 789 | €49,253 | €29,762 | -€19,491 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €321,036 | €18,826 | -€302,210 | -94.1% |
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.