IMMO - HELRO: 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 - HELRO
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€147,771
down €147,771 (-27.4%), from €538,705 to €390,934
mainly Current investments (-€200,000) and Tax, wage and social debts (-€69,987)
- Tangible fixed assets -€48,293
down €48,293 (-2.7%), from €1.8m to €1.7m
of which Land and buildings: -€34,529
- Tax, wage and social debts -€69,987
down €69,987 (-95.5%), from €73,261 to €3,274
- Reserves +€58,900
up €58,900 (+4.9%), from €1.2m to €1.3m
of which Distributable reserves: +€58,900
- Depreciation -€2,517
down €2,517 (-3.6%), from €70,566 to €68,050
- Gross operating margin +€2,512
up €2,512 (+1.3%), from €188,592 to €191,105
- Financial income +€2,104
up €2,104 (+22122.5%), from €10 to €2,113
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 | €2,360,528 | €2,351,122 | -€9,407 | -0.4% |
| Fixed assets | 21/28 | €1,793,112 | €1,744,819 | -€48,293 | -2.7% |
| Tangible fixed assets | 22/27 | €1,793,112 | €1,744,819 | -€48,293 | -2.7% |
| Land and buildings | 22 | €1,701,967 | €1,667,439 | -€34,529 | -2.0% |
| Plant, machinery and equipment | 23 | €91,144 | €77,380 | -€13,764 | -15.1% |
| Current assets | 29/58 | €567,417 | €606,303 | +€38,886 | +6.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €538,705 | €390,934 | -€147,771 | -27.4% |
| Deferred charges and accrued income | 490/1 | €28,712 | €15,370 | -€13,342 | -46.5% |
| Total equity and liabilities | 10/49 | €2,360,528 | €2,351,122 | -€9,407 | -0.4% |
| Equity | 10/15 | €2,282,537 | €2,341,535 | +€58,998 | +2.6% |
| Contributions | 10/11 | €902,760 | €902,760 | = | 0.0% |
| Capital | 10 | €902,760 | €902,760 | = | 0.0% |
| Issued capital | 100 | €902,760 | €902,760 | = | 0.0% |
| Reserves | 13 | €1,207,276 | €1,266,176 | +€58,900 | +4.9% |
| Non-distributable reserves | 130/1 | €132,276 | €132,276 | = | 0.0% |
| Legal reserve | 130 | €132,276 | €132,276 | = | 0.0% |
| Distributable reserves | 133 | €1,075,000 | €1,133,900 | +€58,900 | +5.5% |
| Profit (loss) carried forward | 14 | €172,501 | €172,599 | +€98 | +0.1% |
| Amounts payable | 17/49 | €77,992 | €9,587 | -€68,404 | -87.7% |
| Amounts payable after more than one year | 17 | €2,003 | - | -€2,003 | |
| Financial debts | 170/4 | €2,003 | - | -€2,003 | |
| Amounts payable within one year | 42/48 | €75,989 | €8,927 | -€67,061 | -88.3% |
| Trade debts | 44 | €1,811 | €4,724 | +€2,913 | +160.8% |
| Suppliers | 440/4 | €1,811 | €4,724 | +€2,913 | +160.8% |
| Taxes, remuneration and social security | 45 | €73,261 | €3,274 | -€69,987 | -95.5% |
| Taxes | 450/3 | €73,261 | €3,274 | -€69,987 | -95.5% |
| Other amounts payable | 47/48 | €917 | €930 | +€13 | +1.4% |
| Accrued charges and deferred income | 492/3 | - | €660 | +€660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,566 | €68,050 | -€2,517 | -3.6% |
| Other operating charges | 640/8 | €36,895 | €38,216 | +€1,321 | +3.6% |
| Gross operating margin | 9900 | €188,592 | €191,105 | +€2,512 | +1.3% |
| Operating profit (loss) | 9901 | €81,131 | €84,839 | +€3,708 | +4.6% |
| Financial income | 75/76B | €10 | €2,113 | +€2,104 | +22122.5% |
| Recurring financial income | 75 | €10 | €2,113 | +€2,104 | +22122.5% |
| Financial charges | 65/66B | €216 | €435 | +€219 | +101.3% |
| Recurring financial charges | 65 | €216 | €435 | +€219 | +101.3% |
| Profit (loss) for the period before taxes | 9903 | €80,924 | €86,517 | +€5,593 | +6.9% |
| Income taxes | 67/77 | €25,755 | €27,519 | +€1,765 | +6.9% |
| Profit (loss) for the period | 9904 | €55,170 | €58,998 | +€3,828 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,170 | €58,998 | +€3,828 | +6.9% |
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.