IMMO - HOET: 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.
What changed
IMMO - HOET
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€161,893
2024 · €646,795-€808,688
Equity
€11.3m
2024 · €11.4m-€161,893
Cash
€38,532
2024 · €42,589-€4,057
Balance sheet total
€15.5m
2024 · €15.1m+€359,785
Largest movements
Assets
- Tangible fixed assets +€501,347
up €501,347 (+8.3%), from €6.1m to €6.6m
of which Land and buildings: +€485,833
Equity and liabilities
- Trade debts +€191,407
up €191,407 (+99.0%), from €193,270 to €384,677
- Short-term financial debts +€165,000
new in 2025: €165,000
Income statement
- Financial income +€70,153
up €70,153 (+26.6%), from €263,240 to €333,393
- Services and other goods -€48,796
down €48,796 (-14.0%), from €347,409 to €298,613
- Turnover -€44,376
down €44,376 (-12.8%), from €347,990 to €303,615
- Depreciation +€36,265
up €36,265 (+14.7%), from €246,158 to €282,423
- Other operating income +€17,013
up €17,013 (+153%), from €11,114 to €28,127
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.
Result 2024
€646,795
Turnover
-€44,376
Other operating income
+€17,013
Services and other goods
+€48,796
Depreciation
-€36,265
Other operating charges
-€11,322
Other operating items
-€854,437
Financial income
+€70,153
Financial charges
-€9,425
Taxes
+€11,175
Result 2025
-€161,893
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€457,275
Investment
-€783,769
Financing
+€322,438
Cash 2024
€42,589
From operations (derived)
+€457,275
Net result for the year
-€161,893
Depreciation
+€282,423
Receivables within one year
+€137,505
Provisions
-€6,559
Trade debts
+€191,407
Tax, wage and social debts
+€18,142
Other debts
-€3,750
Investment (derived)
-€783,769
Investment in fixed assets (net)
-€783,769
Financing
+€322,438
Debts after one year
+€128,590
Current portion of long-term debt
+€28,849
Short-term financial debts
+€165,000
Cash 2025
€38,532
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,111,121 | €15,470,906 | +€359,785 | +2.4% |
| Fixed assets | 21/28 | €6,240,488 | €6,741,835 | +€501,347 | +8.0% |
| Tangible fixed assets | 22/27 | €6,073,718 | €6,575,064 | +€501,347 | +8.3% |
| Land and buildings | 22 | €5,993,763 | €6,479,597 | +€485,833 | +8.1% |
| Furniture and vehicles | 24 | €2,424 | €18,358 | +€15,934 | +657% |
| Other tangible fixed assets | 26 | €77,531 | €77,110 | -€421 | -0.5% |
| Financial fixed assets | 28 | €166,770 | €166,770 | = | 0.0% |
| Affiliated companies | 280/1 | €166,770 | €166,770 | = | 0.0% |
| Participating interests | 280 | €166,770 | €166,770 | = | 0.0% |
| Current assets | 29/58 | €8,870,633 | €8,729,071 | -€141,562 | -1.6% |
| Amounts receivable within one year | 40/41 | €8,828,044 | €8,690,539 | -€137,505 | -1.6% |
| Trade receivables | 40 | €68,760 | €39,715 | -€29,045 | -42.2% |
| Other amounts receivable | 41 | €8,759,284 | €8,650,824 | -€108,460 | -1.2% |
| Cash at bank and in hand | 54/58 | €42,589 | €38,532 | -€4,057 | -9.5% |
| Total equity and liabilities | 10/49 | €15,111,121 | €15,470,906 | +€359,785 | +2.4% |
| Equity | 10/15 | €11,443,325 | €11,281,432 | -€161,893 | -1.4% |
| Contributions | 10/11 | €3,179,949 | €3,179,949 | = | 0.0% |
| Capital | 10 | €3,038,650 | €3,038,650 | = | 0.0% |
| Issued capital | 100 | €3,038,650 | €3,038,650 | = | 0.0% |
| Contributions outside capital | 11 | €141,299 | €141,299 | = | 0.0% |
| Share premium | 1100/10 | €141,299 | €141,299 | = | 0.0% |
| Revaluation surpluses | 12 | €311,292 | €311,292 | = | 0.0% |
| Reserves | 13 | €7,108,864 | €7,089,187 | -€19,677 | -0.3% |
| Non-distributable reserves | 130/1 | €303,865 | €303,865 | = | 0.0% |
| Legal reserve | 130 | €303,865 | €303,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €307,658 | €287,980 | -€19,677 | -6.4% |
| Distributable reserves | 133 | €6,497,342 | €6,497,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | €843,219 | €701,003 | -€142,216 | -16.9% |
| Provisions and deferred taxes | 16 | €102,553 | €95,993 | -€6,559 | -6.4% |
| Deferred taxes | 168 | €102,553 | €95,993 | -€6,559 | -6.4% |
| Amounts payable | 17/49 | €3,565,243 | €4,093,480 | +€528,237 | +14.8% |
| Amounts payable after more than one year | 17 | €3,064,495 | €3,193,084 | +€128,590 | +4.2% |
| Financial debts | 170/4 | €2,247,081 | €2,377,158 | +€130,077 | +5.8% |
| Credit institutions | 173 | €2,247,081 | €2,377,158 | +€130,077 | +5.8% |
| Other amounts payable | 178/9 | €817,413 | €815,926 | -€1,487 | -0.2% |
| Amounts payable within one year | 42/48 | €500,749 | €900,396 | +€399,647 | +79.8% |
| Current portion of amounts payable after more than one year | 42 | €199,555 | €228,403 | +€28,849 | +14.5% |
| Financial debts | 43 | - | €165,000 | +€165,000 | |
| Credit institutions | 430/8 | - | €165,000 | +€165,000 | |
| Trade debts | 44 | €193,270 | €384,677 | +€191,407 | +99.0% |
| Suppliers | 440/4 | €193,270 | €384,677 | +€191,407 | +99.0% |
| Taxes, remuneration and social security | 45 | €88,753 | €106,895 | +€18,142 | +20.4% |
| Taxes | 450/3 | €88,753 | €106,895 | +€18,142 | +20.4% |
| Other amounts payable | 47/48 | €19,171 | €15,421 | -€3,750 | -19.6% |
| Operating income | 70/76A | €1,213,541 | €331,742 | -€881,800 | -72.7% |
| Turnover | 70 | €347,990 | €303,615 | -€44,376 | -12.8% |
| Other operating income | 74 | €11,114 | €28,127 | +€17,013 | +153% |
| Non-recurring operating income | 76A | €854,437 | - | -€854,437 | |
| Operating charges | 60/66A | €677,399 | €676,190 | -€1,209 | -0.2% |
| Services and other goods | 61 | €347,409 | €298,613 | -€48,796 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,158 | €282,423 | +€36,265 | +14.7% |
| Other operating charges | 640/8 | €83,832 | €95,154 | +€11,322 | +13.5% |
| Operating profit (loss) | 9901 | €536,143 | -€344,448 | -€880,591 | |
| Financial income | 75/76B | €263,240 | €333,393 | +€70,153 | +26.6% |
| Recurring financial income | 75 | €263,240 | €333,393 | +€70,153 | +26.6% |
| Income from financial fixed assets | 750 | €262,269 | €332,101 | +€69,832 | +26.6% |
| Other financial income | 752/9 | €971 | €1,292 | +€320 | +33.0% |
| Financial charges | 65/66B | €147,973 | €157,397 | +€9,425 | +6.4% |
| Recurring financial charges | 65 | €147,973 | €157,397 | +€9,425 | +6.4% |
| Debt charges | 650 | €135,753 | €143,562 | +€7,809 | +5.8% |
| Other financial charges | 652/9 | €12,220 | €13,836 | +€1,615 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €651,410 | -€168,452 | -€819,863 | |
| Transfer from deferred taxes | 780 | €6,559 | €6,559 | = | 0.0% |
| Income taxes | 67/77 | €11,175 | - | -€11,175 | |
| Taxes | 670/3 | €11,175 | - | -€11,175 | |
| Profit (loss) for the period | 9904 | €646,795 | -€161,893 | -€808,688 | |
| Transfer from tax-exempt reserves | 789 | €19,677 | €19,677 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €666,472 | -€142,216 | -€808,688 |
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 22 October 2026 via checked.be.