IMMO HORTA: 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 HORTA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,642
2024 · -€21,624+€36,266
Equity
€237,009
2024 · €222,367+€14,642
Cash
€257
2024 · €202+€55
Balance sheet total
€2.9m
2024 · €3.0m-€92,854
Largest movements
Assets
- Tangible fixed assets -€77,424
down €77,424 (-2.7%), from €2.9m to €2.8m
of which Land and buildings: -€63,081
Equity and liabilities
- Other debts -€44,366
down €44,366 (-24.8%), from €178,784 to €134,418
- Profit (loss) carried forward +€41,993
up €41,993 (+16.1%), from -€260,142 to -€218,149
- Debts after one year -€39,505
down €39,505 (-1.7%), from €2.3m to €2.2m
Income statement
- Gross operating margin +€21,574
up €21,574 (+7.5%), from €289,495 to €311,069
- Financial charges -€14,332
down €14,332 (-15.7%), from €91,493 to €77,162
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
-€21,624
Gross operating margin
+€21,574
Depreciation
-€1,808
Other operating charges
+€2,210
Financial income
-€30
Financial charges
+€14,332
Taxes
-€12
Result 2025
€14,642
raises the resultlowers the result
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
+€160,219
Investment
-€111,481
Financing
-€48,683
Cash 2024
€202
From operations (derived)
+€160,219
Net result for the year
+€14,642
Depreciation
+€188,906
Receivables within one year
+€12
Deferred charges and accrued income
+€15,473
Provisions
-€9,117
Trade debts
-€1,114
Other debts
-€44,366
Accrued charges and deferred income
-€4,217
Investment (derived)
-€111,481
Investment in fixed assets (net)
-€111,481
Financing
-€48,683
Debts after one year
-€39,505
Current portion of long-term debt
-€11,822
Short-term financial debts
+€2,644
Cash 2025
€257
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,975,124 | €2,882,270 | -€92,854 | -3.1% |
| Fixed assets | 21/28 | €2,879,800 | €2,802,375 | -€77,424 | -2.7% |
| Tangible fixed assets | 22/27 | €2,879,710 | €2,802,286 | -€77,424 | -2.7% |
| Land and buildings | 22 | €2,837,426 | €2,774,345 | -€63,081 | -2.2% |
| Furniture and vehicles | 24 | €42,284 | €27,941 | -€14,344 | -33.9% |
| Financial fixed assets | 28 | €89 | €89 | = | 0.0% |
| Current assets | 29/58 | €95,324 | €79,895 | -€15,430 | -16.2% |
| Amounts receivable within one year | 40/41 | €2,004 | €1,992 | -€12 | -0.6% |
| Other amounts receivable | 41 | €2,004 | €1,992 | -€12 | -0.6% |
| Cash at bank and in hand | 54/58 | €202 | €257 | +€55 | +27.2% |
| Deferred charges and accrued income | 490/1 | €93,119 | €77,646 | -€15,473 | -16.6% |
| Total equity and liabilities | 10/49 | €2,975,124 | €2,882,270 | -€92,854 | -3.1% |
| Equity | 10/15 | €222,367 | €237,009 | +€14,642 | +6.6% |
| Contributions | 10/11 | €156,173 | €156,173 | = | 0.0% |
| Capital | 10 | €156,173 | €156,173 | = | 0.0% |
| Issued capital | 100 | €156,173 | €156,173 | = | 0.0% |
| Reserves | 13 | €326,336 | €298,985 | -€27,351 | -8.4% |
| Tax-exempt reserves | 132 | €326,336 | €298,985 | -€27,351 | -8.4% |
| Profit (loss) carried forward | 14 | -€260,142 | -€218,149 | +€41,993 | +16.1% |
| Provisions and deferred taxes | 16 | €108,779 | €99,662 | -€9,117 | -8.4% |
| Deferred taxes | 168 | €108,779 | €99,662 | -€9,117 | -8.4% |
| Amounts payable | 17/49 | €2,643,978 | €2,545,599 | -€98,379 | -3.7% |
| Amounts payable after more than one year | 17 | €2,268,304 | €2,228,799 | -€39,505 | -1.7% |
| Financial debts | 170/4 | €2,268,304 | €2,228,799 | -€39,505 | -1.7% |
| Amounts payable within one year | 42/48 | €340,667 | €286,009 | -€54,657 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €150,663 | €138,841 | -€11,822 | -7.8% |
| Financial debts | 43 | €7,408 | €10,052 | +€2,644 | +35.7% |
| Credit institutions | 430/8 | €7,408 | €10,052 | +€2,644 | +35.7% |
| Trade debts | 44 | €3,812 | €2,699 | -€1,114 | -29.2% |
| Suppliers | 440/4 | €3,812 | €2,699 | -€1,114 | -29.2% |
| Other amounts payable | 47/48 | €178,784 | €134,418 | -€44,366 | -24.8% |
| Accrued charges and deferred income | 492/3 | €35,008 | €30,791 | -€4,217 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,097 | €188,906 | +€1,808 | +1.0% |
| Other operating charges | 640/8 | €41,694 | €39,483 | -€2,210 | -5.3% |
| Gross operating margin | 9900 | €289,495 | €311,069 | +€21,574 | +7.5% |
| Operating profit (loss) | 9901 | €60,704 | €82,680 | +€21,977 | +36.2% |
| Financial income | 75/76B | €48 | €18 | -€30 | -62.7% |
| Recurring financial income | 75 | €48 | €18 | -€30 | -62.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €91,493 | €77,162 | -€14,332 | -15.7% |
| Recurring financial charges | 65 | €91,493 | €77,162 | -€14,332 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | -€30,741 | €5,537 | +€36,278 | |
| Transfer from deferred taxes | 780 | €9,117 | €9,117 | = | 0.0% |
| Income taxes | 67/77 | €0 | €12 | +€12 | |
| Profit (loss) for the period | 9904 | -€21,624 | €14,642 | +€36,266 | |
| Transfer from tax-exempt reserves | 789 | €27,351 | €27,351 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,727 | €41,993 | +€36,266 | +633% |
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 14 October 2026 via checked.be.