Immo Hulsen: 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 Hulsen
Largest movements
- Cash +€51,431
up €51,431 (+8.7%), from €593,119 to €644,550
mainly Net result for the year (+€240,997) and Other debts (+€114,211)
- Tangible fixed assets -€35,443
down €35,443 (-3.4%), from €1.0m to €995,615
- Other debts +€114,211
up €114,211 (+1,431%), from €7,979 to €122,190
- Reserves -€59,003
down €59,003 (-3.9%), from €1.5m to €1.5m
- Tax, wage and social debts -€43,607
down €43,607 (-51.9%), from €84,095 to €40,488
- Other operating charges -€30,008
down €30,008 (-98.4%), from €30,500 to €492
- Taxes +€8,370
up €8,370 (+8.0%), from €104,095 to €112,465
- Gross operating margin +€6,454
up €6,454 (+1.6%), from €413,013 to €419,468
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 | €1,628,565 | €1,640,165 | +€11,600 | +0.7% |
| Fixed assets | 21/28 | €1,031,058 | €995,615 | -€35,443 | -3.4% |
| Tangible fixed assets | 22/27 | €1,031,058 | €995,615 | -€35,443 | -3.4% |
| Land and buildings | 22 | €1,031,058 | €995,615 | -€35,443 | -3.4% |
| Current assets | 29/58 | €597,507 | €644,550 | +€47,044 | +7.9% |
| Amounts receivable within one year | 40/41 | €4,388 | - | -€4,388 | |
| Trade receivables | 40 | €4,388 | - | -€4,388 | |
| Cash at bank and in hand | 54/58 | €593,119 | €644,550 | +€51,431 | +8.7% |
| Total equity and liabilities | 10/49 | €1,628,565 | €1,640,165 | +€11,600 | +0.7% |
| Equity | 10/15 | €1,536,490 | €1,477,488 | -€59,003 | -3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,517,890 | €1,458,888 | -€59,003 | -3.9% |
| Distributable reserves | 133 | €1,517,890 | €1,458,888 | -€59,003 | -3.9% |
| Amounts payable | 17/49 | €92,074 | €162,678 | +€70,603 | +76.7% |
| Amounts payable within one year | 42/48 | €92,074 | €162,678 | +€70,603 | +76.7% |
| Taxes, remuneration and social security | 45 | €84,095 | €40,488 | -€43,607 | -51.9% |
| Taxes | 450/3 | €84,095 | €40,488 | -€43,607 | -51.9% |
| Other amounts payable | 47/48 | €7,979 | €122,190 | +€114,211 | +1,431% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,443 | €65,443 | = | 0.0% |
| Other operating charges | 640/8 | €30,500 | €492 | -€30,008 | -98.4% |
| Gross operating margin | 9900 | €413,013 | €419,468 | +€6,454 | +1.6% |
| Operating profit (loss) | 9901 | €317,070 | €353,533 | +€36,462 | +11.5% |
| Financial charges | 65/66B | €71 | €70 | -€1 | -1.4% |
| Recurring financial charges | 65 | €71 | €70 | -€1 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €316,999 | €353,463 | +€36,463 | +11.5% |
| Income taxes | 67/77 | €104,095 | €112,465 | +€8,370 | +8.0% |
| Profit (loss) for the period | 9904 | €212,904 | €240,997 | +€28,093 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €212,904 | €240,997 | +€28,093 | +13.2% |
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 13 October 2026 via checked.be.