IMMO ETAPE: what changed
Two financial 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 ETAPE
Largest movements
- Tangible fixed assets -€301,064
down €301,064 (-6.6%), from €4.6m to €4.3m
of which Plant, machinery and equipment: -€287,602
- Trade debts -€467,579
down €467,579 (-99.2%), from €471,470 to €3,891
- Current portion of long-term debt +€432,505
new in 2025: €432,505
- Debts after one year -€350,211
down €350,211 (-19.9%), from €1.8m to €1.4m
- Profit (loss) carried forward +€266,866
up €266,866 (+15.2%), from €1.8m to €2.0m
- Other debts -€159,600
down €159,600 (-53.5%), from €298,127 to €138,527
- Gross operating margin -€142,099
down €142,099 (-14.2%), from €1.0m to €860,009
- Other operating charges -€39,579
down €39,579 (-56.5%), from €70,008 to €30,429
- Depreciation +€15,854
up €15,854 (+4.2%), from €374,535 to €390,389
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 | €4,609,430 | €4,338,127 | -€271,303 | -5.9% |
| Fixed assets | 21/28 | €4,590,758 | €4,289,694 | -€301,064 | -6.6% |
| Tangible fixed assets | 22/27 | €4,590,758 | €4,289,694 | -€301,064 | -6.6% |
| Land and buildings | 22 | €1,835,279 | €1,795,144 | -€40,135 | -2.2% |
| Plant, machinery and equipment | 23 | €2,697,572 | €2,409,970 | -€287,602 | -10.7% |
| Furniture and vehicles | 24 | €57,907 | €84,580 | +€26,673 | +46.1% |
| Current assets | 29/58 | €18,672 | €48,433 | +€29,761 | +159.4% |
| Amounts receivable within one year | 40/41 | €3,578 | €12,536 | +€8,958 | +250.4% |
| Trade receivables | 40 | - | €11,132 | +€11,132 | |
| Other amounts receivable | 41 | €3,578 | €1,404 | -€2,174 | -60.8% |
| Cash at bank and in hand | 54/58 | €830 | €12,177 | +€11,347 | +1367.1% |
| Deferred charges and accrued income | 490/1 | €14,264 | €23,720 | +€9,456 | +66.3% |
| Total equity and liabilities | 10/49 | €4,609,430 | €4,338,127 | -€271,303 | -5.9% |
| Equity | 10/15 | €1,773,581 | €2,040,447 | +€266,866 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €1,759,321 | €2,026,187 | +€266,866 | +15.2% |
| Amounts payable | 17/49 | €2,835,849 | €2,297,680 | -€538,169 | -19.0% |
| Amounts payable after more than one year | 17 | €1,757,028 | €1,406,817 | -€350,211 | -19.9% |
| Financial debts | 170/4 | €1,757,028 | €1,406,817 | -€350,211 | -19.9% |
| Amounts payable within one year | 42/48 | €1,063,821 | €869,862 | -€193,959 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | - | €432,505 | +€432,505 | |
| Trade debts | 44 | €471,470 | €3,891 | -€467,579 | -99.2% |
| Suppliers | 440/4 | €471,470 | €3,891 | -€467,579 | -99.2% |
| Taxes, remuneration and social security | 45 | €294,224 | €294,940 | +€716 | +0.2% |
| Taxes | 450/3 | €294,224 | €294,940 | +€716 | +0.2% |
| Other amounts payable | 47/48 | €298,127 | €138,527 | -€159,600 | -53.5% |
| Accrued charges and deferred income | 492/3 | €15,000 | €21,000 | +€6,000 | +40.0% |
| Remuneration, social security and pensions | 62 | €163 | - | -€163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €374,535 | €390,389 | +€15,854 | +4.2% |
| Other operating charges | 640/8 | €70,008 | €30,429 | -€39,579 | -56.5% |
| Non-recurring operating charges | 66A | €70,116 | €87 | -€70,029 | -99.9% |
| Gross operating margin | 9900 | €1,002,108 | €860,009 | -€142,099 | -14.2% |
| Operating profit (loss) | 9901 | €487,286 | €439,104 | -€48,182 | -9.9% |
| Financial charges | 65/66B | €36,065 | €45,500 | +€9,435 | +26.2% |
| Recurring financial charges | 65 | €36,065 | €45,500 | +€9,435 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €451,221 | €393,604 | -€57,617 | -12.8% |
| Income taxes | 67/77 | €131,968 | €126,738 | -€5,230 | -4.0% |
| Profit (loss) for the period | 9904 | €319,253 | €266,866 | -€52,387 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €319,253 | €266,866 | -€52,387 | -16.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.