IMMO K-Z: 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 K-Z
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€78,705
2024 · -€85,967+€7,262
Equity
€839,512
2024 · -€10,052+€849,564
Cash
€8,856
2024 · €97,416-€88,560
Balance sheet total
€3.9m
2024 · €3.0m+€848,916
Largest movements
Assets
- Tangible fixed assets +€904,831
up €904,831 (+41.9%), from €2.2m to €3.1m
of which Land and buildings: +€910,730
- Cash -€88,560
down €88,560 (-90.9%), from €97,416 to €8,856
mainly Investment in fixed assets (net) (-€959,446) and Debts after one year (-€104,500)
- Receivables after one year +€40,121
up €40,121 (+6.2%), from €643,214 to €683,335
Equity and liabilities
- Revaluation surpluses +€928,269
new in 2025: €928,269
- Debts after one year -€104,500
down €104,500 (-4.1%), from €2.6m to €2.5m
of which Other amounts payable: -€590,911
- Short-term financial debts +€75,155
up €75,155 (+20.0%), from €374,845 to €450,000
- Profit (loss) carried forward -€72,670
down €72,670 (-28.0%), from -€259,820 to -€332,490
Income statement
- Financial charges -€31,280
down €31,280 (-22.4%), from €139,796 to €108,516
- Gross operating margin -€19,867
down €19,867 (-17.3%), from €114,691 to €94,824
- Other operating charges +€2,707
up €2,707 (+27.2%), from €9,936 to €12,643
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
-€85,967
Gross operating margin
-€19,867
Depreciation
-€1,043
Other operating charges
-€2,707
Financial income
-€258
Financial charges
+€31,280
Taxes
-€142
Result 2025
-€78,705
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
-€42,674
Investment
-€959,446
Financing
+€913,560
Cash 2024
€97,416
From operations (derived)
-€42,674
Net result for the year
-€78,705
Depreciation
+€54,614
Receivables after one year
-€40,121
Stocks and contracts
+€15,750
Receivables within one year
-€11,304
Deferred charges and accrued income
+€3,031
Provisions
-€2,535
Trade debts
+€19,018
Smaller working-capital items
-€2,421
Investment (derived)
-€959,446
Investment in fixed assets (net)
-€959,446
Financing
+€913,560
Debts after one year
-€104,500
Current portion of long-term debt
+€14,635
Short-term financial debts
+€75,155
Contributions, distributions and other
+€928,269
Cash 2025
€8,856
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,041,321 | €3,890,237 | +€848,916 | +27.9% |
| Fixed assets | 21/28 | €2,170,348 | €3,075,180 | +€904,831 | +41.7% |
| Tangible fixed assets | 22/27 | €2,160,348 | €3,065,180 | +€904,831 | +41.9% |
| Land and buildings | 22 | €2,123,281 | €3,034,011 | +€910,730 | +42.9% |
| Furniture and vehicles | 24 | €25,087 | €19,188 | -€5,899 | -23.5% |
| Other tangible fixed assets | 26 | €11,980 | €11,980 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €870,973 | €815,057 | -€55,916 | -6.4% |
| Amounts receivable after more than one year | 29 | €643,214 | €683,335 | +€40,121 | +6.2% |
| Other amounts receivable | 291 | €643,214 | €683,335 | +€40,121 | +6.2% |
| Stocks and contracts in progress | 3 | €105,525 | €89,775 | -€15,750 | -14.9% |
| Stocks | 30/36 | €105,525 | €89,775 | -€15,750 | -14.9% |
| Amounts receivable within one year | 40/41 | €20,987 | €32,292 | +€11,304 | +53.9% |
| Trade receivables | 40 | €20,413 | €32,292 | +€11,878 | +58.2% |
| Other amounts receivable | 41 | €574 | - | -€574 | |
| Cash at bank and in hand | 54/58 | €97,416 | €8,856 | -€88,560 | -90.9% |
| Deferred charges and accrued income | 490/1 | €3,831 | €800 | -€3,031 | -79.1% |
| Total equity and liabilities | 10/49 | €3,041,321 | €3,890,237 | +€848,916 | +27.9% |
| Equity | 10/15 | -€10,052 | €839,512 | +€849,564 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | - | €928,269 | +€928,269 | |
| Reserves | 13 | €231,177 | €225,142 | -€6,035 | -2.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €152,283 | €146,248 | -€6,035 | -4.0% |
| Distributable reserves | 133 | €77,034 | €77,034 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€259,820 | -€332,490 | -€72,670 | -28.0% |
| Provisions and deferred taxes | 16 | €63,967 | €61,432 | -€2,535 | -4.0% |
| Deferred taxes | 168 | €63,967 | €61,432 | -€2,535 | -4.0% |
| Amounts payable | 17/49 | €2,987,406 | €2,989,293 | +€1,887 | +0.1% |
| Amounts payable after more than one year | 17 | €2,564,517 | €2,460,018 | -€104,500 | -4.1% |
| Financial debts | 170/4 | €144,945 | €631,356 | +€486,411 | +336% |
| Other amounts payable | 178/9 | €2,419,572 | €1,828,661 | -€590,911 | -24.4% |
| Amounts payable within one year | 42/48 | €422,840 | €529,275 | +€106,435 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €30,086 | €44,722 | +€14,635 | +48.6% |
| Financial debts | 43 | €374,845 | €450,000 | +€75,155 | +20.0% |
| Credit institutions | 430/8 | €374,845 | €450,000 | +€75,155 | +20.0% |
| Trade debts | 44 | €10,512 | €29,529 | +€19,018 | +181% |
| Suppliers | 440/4 | €10,512 | €29,529 | +€19,018 | +181% |
| Taxes, remuneration and social security | 45 | €7,398 | €5,024 | -€2,373 | -32.1% |
| Taxes | 450/3 | €7,398 | €5,024 | -€2,373 | -32.1% |
| Accrued charges and deferred income | 492/3 | €48 | - | -€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,571 | €54,614 | +€1,043 | +1.9% |
| Other operating charges | 640/8 | €9,936 | €12,643 | +€2,707 | +27.2% |
| Gross operating margin | 9900 | €114,691 | €94,824 | -€19,867 | -17.3% |
| Operating profit (loss) | 9901 | €51,183 | €27,566 | -€23,617 | -46.1% |
| Financial income | 75/76B | €266 | €7 | -€258 | -97.3% |
| Recurring financial income | 75 | €266 | €7 | -€258 | -97.3% |
| Financial charges | 65/66B | €139,796 | €108,516 | -€31,280 | -22.4% |
| Recurring financial charges | 65 | €139,796 | €108,516 | -€31,280 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | -€88,347 | -€80,943 | +€7,404 | +8.4% |
| Transfer from deferred taxes | 780 | €2,535 | €2,535 | = | 0.0% |
| Income taxes | 67/77 | €155 | €297 | +€142 | +91.7% |
| Profit (loss) for the period | 9904 | -€85,967 | -€78,705 | +€7,262 | +8.4% |
| Transfer from tax-exempt reserves | 789 | €6,035 | €6,035 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€79,932 | -€72,670 | +€7,262 | +9.1% |
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 17 October 2026 via checked.be.