IMMO H-ZUID: 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 H-ZUID
Largest movements
- Tangible fixed assets +€443,749
up €443,749 (+21.1%), from €2.1m to €2.5m
of which Land and buildings: +€459,917
- Deferred charges and accrued income +€90,345
up €90,345 (+2,325%), from €3,885 to €94,230
- Receivables within one year -€85,577
down €85,577 (-23.6%), from €361,901 to €276,324
of which Other amounts receivable: -€126,201
- Cash -€56,202
down €56,202 (-28.2%), from €199,114 to €142,912
mainly Investment in fixed assets (net) (-€631,442) and Debts after one year (-€191,057)
- Revaluation surpluses +€556,502
up €556,502 (+94.9%), from €586,350 to €1.1m
- Debts after one year -€191,057
down €191,057 (-11.4%), from €1.7m to €1.5m
- Current portion of long-term debt +€40,444
up €40,444 (+26.8%), from €150,867 to €191,311
- Short-term financial debts -€36,000
no longer reported in 2025 (was €36,000)
- Gross operating margin +€88,971
up €88,971 (+24.7%), from €359,482 to €448,453
- Depreciation +€25,324
up €25,324 (+15.6%), from €162,370 to €187,694
- Other operating charges +€17,058
up €17,058 (+51.3%), from €33,245 to €50,303
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 | €2,664,677 | €3,056,992 | +€392,314 | +14.7% |
| Fixed assets | 21/28 | €2,099,776 | €2,543,525 | +€443,749 | +21.1% |
| Tangible fixed assets | 22/27 | €2,099,776 | €2,543,525 | +€443,749 | +21.1% |
| Land and buildings | 22 | €2,032,512 | €2,492,429 | +€459,917 | +22.6% |
| Plant, machinery and equipment | 23 | €2,726 | €2,055 | -€671 | -24.6% |
| Furniture and vehicles | 24 | €64,538 | €49,041 | -€15,498 | -24.0% |
| Current assets | 29/58 | €564,901 | €513,467 | -€51,434 | -9.1% |
| Amounts receivable within one year | 40/41 | €361,901 | €276,324 | -€85,577 | -23.6% |
| Trade receivables | 40 | €56,643 | €97,267 | +€40,624 | +71.7% |
| Other amounts receivable | 41 | €305,258 | €179,057 | -€126,201 | -41.3% |
| Cash at bank and in hand | 54/58 | €199,114 | €142,912 | -€56,202 | -28.2% |
| Deferred charges and accrued income | 490/1 | €3,885 | €94,230 | +€90,345 | +2,325% |
| Total equity and liabilities | 10/49 | €2,664,677 | €3,056,992 | +€392,314 | +14.7% |
| Equity | 10/15 | €609,014 | €1,193,960 | +€584,947 | +96.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €586,350 | €1,142,852 | +€556,502 | +94.9% |
| Reserves | 13 | €2,664 | €31,109 | +€28,445 | +1,068% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €664 | €29,109 | +€28,445 | +4,282% |
| Amounts payable | 17/49 | €2,055,663 | €1,863,031 | -€192,632 | -9.4% |
| Amounts payable after more than one year | 17 | €1,670,827 | €1,479,771 | -€191,057 | -11.4% |
| Financial debts | 170/4 | €1,670,827 | €1,479,771 | -€191,057 | -11.4% |
| Amounts payable within one year | 42/48 | €366,611 | €371,111 | +€4,500 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €150,867 | €191,311 | +€40,444 | +26.8% |
| Financial debts | 43 | €36,000 | - | -€36,000 | |
| Other loans | 439 | €36,000 | - | -€36,000 | |
| Trade debts | 44 | €89,266 | €90,008 | +€742 | +0.8% |
| Suppliers | 440/4 | €89,266 | €90,008 | +€742 | +0.8% |
| Taxes, remuneration and social security | 45 | €13,285 | €9,265 | -€4,021 | -30.3% |
| Taxes | 450/3 | €13,285 | €9,265 | -€4,021 | -30.3% |
| Other amounts payable | 47/48 | €77,193 | €80,527 | +€3,334 | +4.3% |
| Accrued charges and deferred income | 492/3 | €18,225 | €12,150 | -€6,075 | -33.3% |
| Non-recurring operating income | 76A | €2,250 | €6,075 | +€3,825 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,370 | €187,694 | +€25,324 | +15.6% |
| Other operating charges | 640/8 | €33,245 | €50,303 | +€17,058 | +51.3% |
| Non-recurring operating charges | 66A | - | €56,741 | +€56,741 | |
| Gross operating margin | 9900 | €359,482 | €448,453 | +€88,971 | +24.7% |
| Operating profit (loss) | 9901 | €163,867 | €153,715 | -€10,152 | -6.2% |
| Financial charges | 65/66B | €55,751 | €52,266 | -€3,485 | -6.3% |
| Recurring financial charges | 65 | €55,751 | €52,266 | -€3,485 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €108,116 | €101,449 | -€6,667 | -6.2% |
| Income taxes | 67/77 | €256 | €197 | -€59 | -23.1% |
| Profit (loss) for the period | 9904 | €107,860 | €101,252 | -€6,608 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €107,860 | €101,252 | -€6,608 | -6.1% |
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 24 October 2026 via checked.be.