Immo Hollevoet: 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.
What changed
Immo Hollevoet
NACE 68.204, Real estate activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€22,906
2024 · -€27,413+€4,507
Equity
€2.1m
2024 · €2.1m-€22,906
Cash
€12,837
2024 · €16,398-€3,561
Balance sheet total
€3.3m
2024 · €3.4m-€88,696
Largest movements
Assets
- Tangible fixed assets -€107,983
down €107,983 (-4.0%), from €2.7m to €2.6m
of which Land and buildings: -€87,433
Equity and liabilities
- Debts after one year -€120,364
down €120,364 (-14.6%), from €823,166 to €702,802
of which Financial debts: -€120,364
- Other debts +€61,404
up €61,404 (+253.0%), from €24,271 to €85,676
Income statement
- Gross operating margin +€27,687
up €27,687 (+13.1%), from €210,604 to €238,291
- Financial charges +€12,464
up €12,464 (+32.4%), from €38,504 to €50,969
- Other operating charges +€9,012
up €9,012 (+18.1%), from €49,841 to €58,853
- Write-downs +€4,731
up €4,731 (+59.4%), from €7,970 to €12,701
- Depreciation -€2,966
down €2,966 (-1.9%), from €157,055 to €154,090
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
-€27,413
Gross operating margin
+€27,687
Depreciation
+€2,966
Write-downs
-€4,731
Other operating charges
-€9,012
Financial income
+€740
Financial charges
-€12,464
Taxes
-€678
Result 2025
-€22,906
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.
From operations
+€193,113
Investment
-€46,107
Financing
-€150,567
Cash 2024
€16,398
From operations (derived)
+€193,113
Net result for the year
-€22,906
Depreciation
+€154,090
Receivables within one year
-€21,672
Deferred charges and accrued income
-€1,175
Provisions
-€13,156
Trade debts
+€4,917
Tax, wage and social debts
+€61
Other debts
+€61,404
Accrued charges and deferred income
+€31,551
Investment (derived)
-€46,107
Investment in fixed assets (net)
-€46,107
Financing
-€150,567
Debts after one year
-€120,364
Current portion of long-term debt
+€1,201
Short-term financial debts
-€31,405
Cash 2025
€12,837
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,410,228 | €3,321,532 | -€88,696 | -2.6% |
| Fixed assets | 21/28 | €2,677,537 | €2,569,554 | -€107,983 | -4.0% |
| Tangible fixed assets | 22/27 | €2,677,537 | €2,569,554 | -€107,983 | -4.0% |
| Land and buildings | 22 | €2,622,414 | €2,534,980 | -€87,433 | -3.3% |
| Plant, machinery and equipment | 23 | €6,983 | €1,125 | -€5,858 | -83.9% |
| Furniture and vehicles | 24 | €48,141 | €33,449 | -€14,692 | -30.5% |
| Current assets | 29/58 | €732,691 | €751,978 | +€19,287 | +2.6% |
| Amounts receivable after more than one year | 29 | €550,000 | €550,000 | = | 0.0% |
| Other amounts receivable | 291 | €550,000 | €550,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €164,777 | €186,449 | +€21,672 | +13.2% |
| Trade receivables | 40 | €44,948 | €57,339 | +€12,390 | +27.6% |
| Other amounts receivable | 41 | €119,828 | €129,110 | +€9,282 | +7.7% |
| Cash at bank and in hand | 54/58 | €16,398 | €12,837 | -€3,561 | -21.7% |
| Deferred charges and accrued income | 490/1 | €1,517 | €2,692 | +€1,175 | +77.5% |
| Total equity and liabilities | 10/49 | €3,410,228 | €3,321,532 | -€88,696 | -2.6% |
| Equity | 10/15 | €2,147,090 | €2,124,184 | -€22,906 | -1.1% |
| Contributions | 10/11 | €752,000 | €752,000 | = | 0.0% |
| Capital | 10 | €752,000 | €752,000 | = | 0.0% |
| Issued capital | 100 | €752,000 | €752,000 | = | 0.0% |
| Reserves | 13 | €1,395,090 | €1,372,184 | -€22,906 | -1.6% |
| Non-distributable reserves | 130/1 | €75,200 | €75,200 | = | 0.0% |
| Legal reserve | 130 | €75,200 | €75,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €435,466 | €382,841 | -€52,625 | -12.1% |
| Distributable reserves | 133 | €884,424 | €914,143 | +€29,720 | +3.4% |
| Provisions and deferred taxes | 16 | €108,867 | €95,710 | -€13,156 | -12.1% |
| Deferred taxes | 168 | €108,867 | €95,710 | -€13,156 | -12.1% |
| Amounts payable | 17/49 | €1,154,272 | €1,101,638 | -€52,634 | -4.6% |
| Amounts payable after more than one year | 17 | €823,166 | €702,802 | -€120,364 | -14.6% |
| Financial debts | 170/4 | €423,166 | €302,802 | -€120,364 | -28.4% |
| Other amounts payable | 178/9 | €400,000 | €400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €299,458 | €335,637 | +€36,179 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €119,163 | €120,364 | +€1,201 | +1.0% |
| Financial debts | 43 | €31,405 | €0 | -€31,405 | -100.0% |
| Credit institutions | 430/8 | €31,405 | €0 | -€31,405 | -100.0% |
| Trade debts | 44 | €111,569 | €116,486 | +€4,917 | +4.4% |
| Suppliers | 440/4 | €111,569 | €116,486 | +€4,917 | +4.4% |
| Taxes, remuneration and social security | 45 | €13,050 | €13,111 | +€61 | +0.5% |
| Taxes | 450/3 | €12,534 | €9,803 | -€2,731 | -21.8% |
| Remuneration and social security | 454/9 | €516 | €3,308 | +€2,792 | +540.8% |
| Other amounts payable | 47/48 | €24,271 | €85,676 | +€61,404 | +253.0% |
| Accrued charges and deferred income | 492/3 | €31,647 | €63,198 | +€31,551 | +99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,055 | €154,090 | -€2,966 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,970 | €12,701 | +€4,731 | +59.4% |
| Other operating charges | 640/8 | €49,841 | €58,853 | +€9,012 | +18.1% |
| Gross operating margin | 9900 | €210,604 | €238,291 | +€27,687 | +13.1% |
| Operating profit (loss) | 9901 | -€4,263 | €12,647 | +€16,910 | |
| Financial income | 75/76B | €8,786 | €9,525 | +€740 | +8.4% |
| Recurring financial income | 75 | €8,786 | €9,525 | +€740 | +8.4% |
| Financial charges | 65/66B | €38,504 | €50,969 | +€12,464 | +32.4% |
| Recurring financial charges | 65 | €38,504 | €50,969 | +€12,464 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | -€33,982 | -€28,796 | +€5,185 | +15.3% |
| Transfer from deferred taxes | 780 | €13,156 | €13,156 | = | 0.0% |
| Income taxes | 67/77 | €6,588 | €7,265 | +€678 | +10.3% |
| Profit (loss) for the period | 9904 | -€27,413 | -€22,906 | +€4,507 | +16.4% |
| Transfer from tax-exempt reserves | 789 | €52,625 | €52,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,212 | €29,720 | +€4,507 | +17.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.