Immo Heropal: 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 Heropal
Largest movements
- Cash -€60,805
down €60,805 (-77.5%), from €78,504 to €17,699
mainly Investment in fixed assets (net) (-€57,461) and Debts after one year (-€41,818)
- Tangible fixed assets -€34,986
down €34,986 (-3.7%), from €933,501 to €898,515
of which Land and buildings: -€43,622
- Debts after one year -€41,818
down €41,818 (-22.2%), from €188,272 to €146,454
- Other debts -€24,106
down €24,106 (-15.3%), from €157,726 to €133,620
- Reserves -€18,310
down €18,310 (-4.3%), from €424,709 to €406,399
of which Tax-exempt reserves: -€24,583
- Gross operating margin -€126,318
down €126,318 (-58.0%), from €217,652 to €91,334
- Depreciation +€3,575
up €3,575 (+4.0%), from €88,872 to €92,447
- Financial charges -€2,620
down €2,620 (-36.6%), from €7,157 to €4,537
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 | €1,084,850 | €985,399 | -€99,451 | -9.2% |
| Fixed assets | 21/28 | €933,501 | €898,515 | -€34,986 | -3.7% |
| Tangible fixed assets | 22/27 | €933,501 | €898,515 | -€34,986 | -3.7% |
| Land and buildings | 22 | €682,439 | €638,817 | -€43,622 | -6.4% |
| Plant, machinery and equipment | 23 | €245,603 | €221,944 | -€23,659 | -9.6% |
| Furniture and vehicles | 24 | €5,460 | €33,039 | +€27,579 | +505% |
| Other tangible fixed assets | 26 | - | €4,715 | +€4,715 | |
| Current assets | 29/58 | €151,348 | €86,884 | -€64,464 | -42.6% |
| Amounts receivable within one year | 40/41 | €8,913 | €9,384 | +€471 | +5.3% |
| Trade receivables | 40 | €529 | - | -€529 | |
| Other amounts receivable | 41 | €8,384 | €9,384 | +€1,000 | +11.9% |
| Current investments | 50/53 | €55,776 | €55,776 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €78,504 | €17,699 | -€60,805 | -77.5% |
| Deferred charges and accrued income | 490/1 | €8,156 | €4,025 | -€4,131 | -50.6% |
| Total equity and liabilities | 10/49 | €1,084,850 | €985,399 | -€99,451 | -9.2% |
| Equity | 10/15 | €514,709 | €496,399 | -€18,310 | -3.6% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €424,709 | €406,399 | -€18,310 | -4.3% |
| Tax-exempt reserves | 132 | €410,927 | €386,344 | -€24,583 | -6.0% |
| Distributable reserves | 133 | €13,783 | €20,055 | +€6,272 | +45.5% |
| Provisions and deferred taxes | 16 | €172,824 | €162,985 | -€9,840 | -5.7% |
| Deferred taxes | 168 | €172,824 | €162,985 | -€9,840 | -5.7% |
| Amounts payable | 17/49 | €397,316 | €326,015 | -€71,301 | -17.9% |
| Amounts payable after more than one year | 17 | €188,272 | €146,454 | -€41,818 | -22.2% |
| Financial debts | 170/4 | €188,272 | €146,454 | -€41,818 | -22.2% |
| Amounts payable within one year | 42/48 | €209,044 | €179,561 | -€29,483 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €41,066 | €41,818 | +€752 | +1.8% |
| Trade debts | 44 | €9,264 | €3,244 | -€6,020 | -65.0% |
| Suppliers | 440/4 | €9,264 | €3,244 | -€6,020 | -65.0% |
| Taxes, remuneration and social security | 45 | €989 | €880 | -€109 | -11.0% |
| Taxes | 450/3 | €989 | €880 | -€109 | -11.0% |
| Other amounts payable | 47/48 | €157,726 | €133,620 | -€24,106 | -15.3% |
| Non-recurring operating income | 76A | €160,013 | €2,840 | -€157,173 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,872 | €92,447 | +€3,575 | +4.0% |
| Other operating charges | 640/8 | €22,810 | €22,224 | -€586 | -2.6% |
| Gross operating margin | 9900 | €217,652 | €91,334 | -€126,318 | -58.0% |
| Operating profit (loss) | 9901 | €105,969 | -€23,337 | -€129,307 | |
| Financial income | 75/76B | €18 | €101 | +€83 | +451% |
| Recurring financial income | 75 | €18 | €101 | +€83 | +451% |
| Financial charges | 65/66B | €7,157 | €4,537 | -€2,620 | -36.6% |
| Recurring financial charges | 65 | €7,157 | €4,537 | -€2,620 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €98,831 | -€27,774 | -€126,604 | |
| Transfer from deferred taxes | 780 | €9,215 | €9,840 | +€624 | +6.8% |
| Transfer to deferred taxes | 680 | €40,003 | - | -€40,003 | |
| Income taxes | 67/77 | €503 | €376 | -€127 | -25.3% |
| Profit (loss) for the period | 9904 | €67,540 | -€18,310 | -€85,850 | |
| Transfer from tax-exempt reserves | 789 | €22,010 | €24,583 | +€2,573 | +11.7% |
| Transfer to tax-exempt reserves | 689 | €120,009 | - | -€120,009 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,460 | €6,272 | +€36,733 |
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.