IMMO INCUBO: 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.
IMMO INCUBO
Largest movements
- Current investments +€500,000
up €500,000, from €0 to €500,000
- Tangible fixed assets -€86,289
down €86,289 (-20.0%), from €431,577 to €345,288
of which Land and buildings: -€74,874
- Current portion of long-term debt +€851,781
up €851,781, from €0 to €851,781
- Debts after one year -€649,958
down €649,958 (-14.3%), from €4.6m to €3.9m
- Other debts +€244,437
up €244,437 (+289.2%), from €84,529 to €328,966
- Financial income -€142,968
down €142,968 (-97.4%), from €146,826 to €3,857
- Financial charges +€70,061
up €70,061 (+75.6%), from €92,705 to €162,766
- Taxes -€39,652
down €39,652 (-99.5%), from €39,865 to €213
- Other operating charges +€5,409
up €5,409 (+28.6%), from €18,917 to €24,326
- Gross operating margin +€4,614
up €4,614 (+2.2%), from €206,316 to €210,930
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,225,371 | €6,554,034 | +€328,663 | +5.3% |
| Fixed assets | 21/28 | €6,081,763 | €5,995,473 | -€86,289 | -1.4% |
| Tangible fixed assets | 22/27 | €431,577 | €345,288 | -€86,289 | -20.0% |
| Land and buildings | 22 | €391,827 | €316,953 | -€74,874 | -19.1% |
| Furniture and vehicles | 24 | €39,750 | €28,335 | -€11,415 | -28.7% |
| Financial fixed assets | 28 | €5,650,185 | €5,650,185 | = | 0.0% |
| Current assets | 29/58 | €143,609 | €558,560 | +€414,952 | +288.9% |
| Amounts receivable within one year | 40/41 | €40,592 | €18,863 | -€21,729 | -53.5% |
| Trade receivables | 40 | €11,627 | €16,664 | +€5,036 | +43.3% |
| Other amounts receivable | 41 | €28,965 | €2,199 | -€26,766 | -92.4% |
| Current investments | 50/53 | €0 | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €101,353 | €37,677 | -€63,677 | -62.8% |
| Deferred charges and accrued income | 490/1 | €1,663 | €2,021 | +€358 | +21.5% |
| Total equity and liabilities | 10/49 | €6,225,371 | €6,554,034 | +€328,663 | +5.3% |
| Equity | 10/15 | €1,448,277 | €1,389,471 | -€58,807 | -4.1% |
| Contributions | 10/11 | €950,000 | €950,000 | = | 0.0% |
| Capital | 10 | €950,000 | €950,000 | = | 0.0% |
| Issued capital | 100 | €950,000 | €950,000 | = | 0.0% |
| Reserves | 13 | €610,912 | €610,912 | = | 0.0% |
| Non-distributable reserves | 130/1 | €56,458 | €56,458 | = | 0.0% |
| Legal reserve | 130 | €56,458 | €56,458 | = | 0.0% |
| Distributable reserves | 133 | €554,454 | €554,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,634 | -€171,441 | -€58,807 | -52.2% |
| Amounts payable | 17/49 | €4,777,094 | €5,164,563 | +€387,469 | +8.1% |
| Amounts payable after more than one year | 17 | €4,557,082 | €3,907,124 | -€649,958 | -14.3% |
| Financial debts | 170/4 | €4,557,082 | €3,907,124 | -€649,958 | -14.3% |
| Amounts payable within one year | 42/48 | €113,231 | €1,187,368 | +€1.1m | +948.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | €851,781 | +€851,781 | |
| Trade debts | 44 | €27,547 | €5,824 | -€21,723 | -78.9% |
| Suppliers | 440/4 | €27,547 | €5,824 | -€21,723 | -78.9% |
| Taxes, remuneration and social security | 45 | €1,155 | €797 | -€358 | -31.0% |
| Taxes | 450/3 | €1,155 | €797 | -€358 | -31.0% |
| Other amounts payable | 47/48 | €84,529 | €328,966 | +€244,437 | +289.2% |
| Accrued charges and deferred income | 492/3 | €106,781 | €70,071 | -€36,710 | -34.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,784 | €86,289 | -€494 | -0.6% |
| Other operating charges | 640/8 | €18,917 | €24,326 | +€5,409 | +28.6% |
| Gross operating margin | 9900 | €206,316 | €210,930 | +€4,614 | +2.2% |
| Operating profit (loss) | 9901 | €100,615 | €100,315 | -€300 | -0.3% |
| Financial income | 75/76B | €146,826 | €3,857 | -€142,968 | -97.4% |
| Recurring financial income | 75 | €146,826 | €3,857 | -€142,968 | -97.4% |
| Financial charges | 65/66B | €92,705 | €162,766 | +€70,061 | +75.6% |
| Recurring financial charges | 65 | €92,705 | €162,766 | +€70,061 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €154,736 | -€58,594 | -€213,330 | |
| Income taxes | 67/77 | €39,865 | €213 | -€39,652 | -99.5% |
| Profit (loss) for the period | 9904 | €114,871 | -€58,807 | -€173,678 | |
| Profit (loss) for the period to be appropriated | 9905 | €114,871 | -€58,807 | -€173,678 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.