IMMO GROSJEAN: 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 GROSJEAN
Largest movements
- Tangible fixed assets +€387,697
up €387,697 (+68.0%), from €569,770 to €957,467
of which Land and buildings: +€365,626
- Receivables within one year -€306,920
down €306,920 (-86.0%), from €356,920 to €50,000
of which Other amounts receivable: -€304,200
- Cash -€14,564
down €14,564 (-81.8%), from €17,816 to €3,251
mainly Investment in fixed assets (net) (-€418,636) and Debts after one year (-€120,104)
- Debts after one year -€120,104
down €120,104 (-17.2%), from €697,975 to €577,871
- Short-term financial debts +€120,000
new in 2025: €120,000
- Other debts +€66,751
up €66,751 (+39.6%), from €168,523 to €235,275
- Profit (loss) carried forward -€39,222
down €39,222 (-604%), from -€6,492 to -€45,714
- Trade debts +€35,774
up €35,774 (+581%), from €6,156 to €41,931
- Gross operating margin -€15,587
down €15,587 (-59.5%), from €26,212 to €10,625
- Depreciation +€8,669
up €8,669 (+38.3%), from €22,615 to €31,283
- Financial charges -€4,311
down €4,311 (-23.9%), from €18,003 to €13,691
- Taxes +€3,808
up €3,808, from €0 to €3,808
- Other operating charges +€333
up €333 (+45.5%), from €731 to €1,064
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.
Derived cash bridge
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 | €952,966 | €1,017,040 | +€64,074 | +6.7% |
| Formation expenses | 20 | €688 | €344 | -€344 | -50.0% |
| Fixed assets | 21/28 | €569,770 | €957,467 | +€387,697 | +68.0% |
| Tangible fixed assets | 22/27 | €569,770 | €957,467 | +€387,697 | +68.0% |
| Land and buildings | 22 | €555,250 | €920,876 | +€365,626 | +65.8% |
| Assets under construction and advance payments | 27 | €14,520 | €36,590 | +€22,070 | +152% |
| Current assets | 29/58 | €382,509 | €59,229 | -€323,279 | -84.5% |
| Amounts receivable within one year | 40/41 | €356,920 | €50,000 | -€306,920 | -86.0% |
| Trade receivables | 40 | €2,720 | €0 | -€2,720 | -100% |
| Other amounts receivable | 41 | €354,200 | €50,000 | -€304,200 | -85.9% |
| Cash at bank and in hand | 54/58 | €17,816 | €3,251 | -€14,564 | -81.8% |
| Deferred charges and accrued income | 490/1 | €7,773 | €5,978 | -€1,795 | -23.1% |
| Total equity and liabilities | 10/49 | €952,966 | €1,017,040 | +€64,074 | +6.7% |
| Equity | 10/15 | €43,508 | €4,286 | -€39,222 | -90.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,492 | -€45,714 | -€39,222 | -604% |
| Amounts payable | 17/49 | €909,458 | €1,012,754 | +€103,296 | +11.4% |
| Amounts payable after more than one year | 17 | €697,975 | €577,871 | -€120,104 | -17.2% |
| Financial debts | 170/4 | €697,975 | €577,871 | -€120,104 | -17.2% |
| Amounts payable within one year | 42/48 | €211,096 | €431,984 | +€220,888 | +105% |
| Current portion of amounts payable after more than one year | 42 | €34,181 | €34,779 | +€598 | +1.7% |
| Financial debts | 43 | - | €120,000 | +€120,000 | |
| Credit institutions | 430/8 | - | €120,000 | +€120,000 | |
| Trade debts | 44 | €6,156 | €41,931 | +€35,774 | +581% |
| Suppliers | 440/4 | €6,156 | €41,931 | +€35,774 | +581% |
| Taxes, remuneration and social security | 45 | €2,235 | €0 | -€2,235 | -100% |
| Taxes | 450/3 | €2,235 | €0 | -€2,235 | -100% |
| Other amounts payable | 47/48 | €168,523 | €235,275 | +€66,751 | +39.6% |
| Accrued charges and deferred income | 492/3 | €387 | €2,898 | +€2,511 | +648% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,615 | €31,283 | +€8,669 | +38.3% |
| Other operating charges | 640/8 | €731 | €1,064 | +€333 | +45.5% |
| Gross operating margin | 9900 | €26,212 | €10,625 | -€15,587 | -59.5% |
| Operating profit (loss) | 9901 | €2,866 | -€21,723 | -€24,589 | |
| Financial charges | 65/66B | €18,003 | €13,691 | -€4,311 | -23.9% |
| Recurring financial charges | 65 | €18,003 | €13,691 | -€4,311 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,136 | -€35,414 | -€20,278 | -134% |
| Income taxes | 67/77 | €0 | €3,808 | +€3,808 | |
| Profit (loss) for the period | 9904 | -€15,136 | -€39,222 | -€24,086 | -159% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,136 | -€39,222 | -€24,086 | -159% |
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 29 October 2026 via checked.be.