IMMO-EXPANSION: 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-EXPANSION
Largest movements
- Cash +€166,761
up €166,761 (+50.4%), from €330,660 to €497,421
mainly Depreciation (+€129,287) and Deferred charges and accrued income (+€17,273)
- Tangible fixed assets -€109,478
down €109,478 (-4.1%), from €2.7m to €2.6m
of which Land and buildings: -€109,274
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€39,804
down €39,804 (-23.5%), from €169,091 to €129,287
- Financial income +€11,343
up €11,343 (+75.4%), from €15,040 to €26,383
- Gross operating margin -€1,455
down €1,455 (-1.1%), from €133,524 to €132,069
- Financial charges -€1,356
down €1,356 (-97.2%), from €1,395 to €38
of which Non-recurring financial charges: -€1,356
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 | €6,003,277 | €6,026,338 | +€23,061 | +0.4% |
| Fixed assets | 21/28 | €2,697,550 | €2,588,073 | -€109,478 | -4.1% |
| Tangible fixed assets | 22/27 | €2,697,500 | €2,588,023 | -€109,478 | -4.1% |
| Land and buildings | 22 | €2,696,567 | €2,587,293 | -€109,274 | -4.1% |
| Furniture and vehicles | 24 | €933 | €730 | -€204 | -21.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €3,305,727 | €3,438,265 | +€132,539 | +4.0% |
| Amounts receivable within one year | 40/41 | €25,339 | €10,150 | -€15,189 | -59.9% |
| Trade receivables | 40 | €25,300 | €10,150 | -€15,150 | -59.9% |
| Other amounts receivable | 41 | €39 | - | -€39 | |
| Current investments | 50/53 | €2,931,477 | €2,929,717 | -€1,760 | -0.1% |
| Cash at bank and in hand | 54/58 | €330,660 | €497,421 | +€166,761 | +50.4% |
| Deferred charges and accrued income | 490/1 | €18,250 | €977 | -€17,273 | -94.6% |
| Total equity and liabilities | 10/49 | €6,003,277 | €6,026,338 | +€23,061 | +0.4% |
| Equity | 10/15 | €2,369,063 | €2,383,002 | +€13,939 | +0.6% |
| Contributions | 10/11 | €2,171,403 | €2,171,403 | = | 0.0% |
| Capital | 10 | €2,171,403 | €2,171,403 | = | 0.0% |
| Issued capital | 100 | €2,171,403 | €2,171,403 | = | 0.0% |
| Reserves | 13 | €8,558 | €8,558 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €8,558 | €8,558 | -€0 | 0.0% |
| Legal reserve | 130 | €8,558 | €8,558 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €189,102 | €203,042 | +€13,939 | +7.4% |
| Amounts payable | 17/49 | €3,634,214 | €3,643,336 | +€9,122 | +0.3% |
| Amounts payable within one year | 42/48 | €3,634,214 | €3,643,336 | +€9,122 | +0.3% |
| Trade debts | 44 | €7,649 | €13,168 | +€5,519 | +72.1% |
| Suppliers | 440/4 | €7,649 | €13,168 | +€5,519 | +72.1% |
| Other amounts payable | 47/48 | €3,626,565 | €3,630,168 | +€3,603 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,091 | €129,287 | -€39,804 | -23.5% |
| Other operating charges | 640/8 | €14,579 | €13,944 | -€635 | -4.4% |
| Gross operating margin | 9900 | €133,524 | €132,069 | -€1,455 | -1.1% |
| Operating profit (loss) | 9901 | -€50,146 | -€11,162 | +€38,984 | +77.7% |
| Financial income | 75/76B | €15,040 | €26,383 | +€11,343 | +75.4% |
| Recurring financial income | 75 | €15,040 | €26,383 | +€11,343 | +75.4% |
| Financial charges | 65/66B | €1,395 | €38 | -€1,356 | -97.2% |
| Recurring financial charges | 65 | €38 | €38 | = | 0.0% |
| Non-recurring financial charges | 66B | €1,356 | - | -€1,356 | |
| Profit (loss) for the period before taxes | 9903 | -€36,501 | €15,182 | +€51,683 | |
| Profit (loss) for the period | 9904 | -€36,501 | €15,182 | +€51,683 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,501 | €15,182 | +€51,683 |
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 8 October 2026 via checked.be.