IMMO HEYSEL: 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 HEYSEL
Largest movements
- Receivables within one year -€34,899
down €34,899 (-35.4%), from €98,608 to €63,708
of which Trade receivables: -€77,757
- Cash -€14,089
down €14,089 (-67.2%), from €20,959 to €6,870
mainly Trade debts (-€32,905) and Tax, wage and social debts (-€24,486)
- Tangible fixed assets -€9,081
down €9,081 (-2.7%), from €338,162 to €329,081
of which Leasing and similar rights: -€6,922
- Deferred charges and accrued income -€8,081
no longer reported in 2025 (was €8,081)
- Profit (loss) carried forward -€45,143
down €45,143 (-26.7%), from €168,980 to €123,837
- Trade debts -€32,905
down €32,905 (-66.0%), from €49,847 to €16,941
- Reserves +€28,900
up €28,900 (+55.7%), from €51,875 to €80,775
of which Tax-exempt reserves: +€28,900
- Tax, wage and social debts -€24,486
down €24,486 (-63.2%), from €38,758 to €14,272
of which Taxes: -€15,723
- Current portion of long-term debt +€6,514
up €6,514 (+19.1%), from €34,074 to €40,588
- Financial income -€139,944
down €139,944 (-99.9%), from €140,062 to €118
- Gross operating margin -€109,118
down €109,118 (-81.2%), from €134,348 to €25,229
- Staff costs -€56,825
down €56,825 (-82.0%), from €69,285 to €12,460
- Taxes -€12,179
down €12,179 (-98.4%), from €12,373 to €194
- Other operating charges -€8,660
down €8,660 (-51.1%), from €16,932 to €8,272
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 | €472,051 | €405,151 | -€66,900 | -14.2% |
| Formation expenses | 20 | €3,507 | €2,758 | -€749 | -21.4% |
| Fixed assets | 21/28 | €340,896 | €331,815 | -€9,081 | -2.7% |
| Tangible fixed assets | 22/27 | €338,162 | €329,081 | -€9,081 | -2.7% |
| Land and buildings | 22 | €315,842 | €312,639 | -€3,203 | -1.0% |
| Furniture and vehicles | 24 | - | €1,044 | +€1,044 | |
| Leasing and similar rights | 25 | €22,320 | €15,398 | -€6,922 | -31.0% |
| Financial fixed assets | 28 | €2,734 | €2,734 | = | 0.0% |
| Current assets | 29/58 | €127,648 | €70,579 | -€57,069 | -44.7% |
| Amounts receivable within one year | 40/41 | €98,608 | €63,708 | -€34,899 | -35.4% |
| Trade receivables | 40 | €77,930 | €172 | -€77,757 | -99.8% |
| Other amounts receivable | 41 | €20,678 | €63,536 | +€42,858 | +207% |
| Cash at bank and in hand | 54/58 | €20,959 | €6,870 | -€14,089 | -67.2% |
| Deferred charges and accrued income | 490/1 | €8,081 | - | -€8,081 | |
| Total equity and liabilities | 10/49 | €472,051 | €405,151 | -€66,900 | -14.2% |
| Equity | 10/15 | €239,605 | €223,362 | -€16,243 | -6.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €51,875 | €80,775 | +€28,900 | +55.7% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €28,900 | +€28,900 | |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,980 | €123,837 | -€45,143 | -26.7% |
| Amounts payable | 17/49 | €232,446 | €181,789 | -€50,657 | -21.8% |
| Amounts payable after more than one year | 17 | €108,525 | €107,450 | -€1,076 | -1.0% |
| Financial debts | 170/4 | €108,525 | €107,450 | -€1,076 | -1.0% |
| Amounts payable within one year | 42/48 | €123,568 | €74,339 | -€49,229 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €34,074 | €40,588 | +€6,514 | +19.1% |
| Trade debts | 44 | €49,847 | €16,941 | -€32,905 | -66.0% |
| Suppliers | 440/4 | €49,847 | €16,941 | -€32,905 | -66.0% |
| Taxes, remuneration and social security | 45 | €38,758 | €14,272 | -€24,486 | -63.2% |
| Taxes | 450/3 | €29,995 | €14,272 | -€15,723 | -52.4% |
| Remuneration and social security | 454/9 | €8,763 | - | -€8,763 | |
| Other amounts payable | 47/48 | €890 | €2,539 | +€1,649 | +185% |
| Accrued charges and deferred income | 492/3 | €353 | - | -€353 | |
| Remuneration, social security and pensions | 62 | €69,285 | €12,460 | -€56,825 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,594 | €13,119 | +€1,526 | +13.2% |
| Other operating charges | 640/8 | €16,932 | €8,272 | -€8,660 | -51.1% |
| Non-recurring operating charges | 66A | €53 | €266 | +€213 | +402% |
| Gross operating margin | 9900 | €134,348 | €25,229 | -€109,118 | -81.2% |
| Operating profit (loss) | 9901 | €36,484 | -€8,888 | -€45,372 | |
| Financial income | 75/76B | €140,062 | €118 | -€139,944 | -99.9% |
| Recurring financial income | 75 | €140,062 | €118 | -€139,944 | -99.9% |
| Financial charges | 65/66B | €6,759 | €7,279 | +€520 | +7.7% |
| Recurring financial charges | 65 | €6,759 | €7,279 | +€520 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €169,787 | -€16,049 | -€185,836 | |
| Income taxes | 67/77 | €12,373 | €194 | -€12,179 | -98.4% |
| Profit (loss) for the period | 9904 | €157,414 | -€16,243 | -€173,657 | |
| Profit (loss) for the period to be appropriated | 9905 | €157,414 | -€16,243 | -€173,657 |
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 20 October 2026 via checked.be.