IMMO KEISER: 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 KEISER
Largest movements
- Tangible fixed assets -€46,615
down €46,615 (-5.8%), from €808,685 to €762,070
of which Plant, machinery and equipment: -€27,948
- Cash +€16,498
up €16,498 (+32996.0%), from €50 to €16,548
mainly Other debts (+€79,135) and Depreciation (+€46,615)
- Profit (loss) carried forward -€88,265
down €88,265 (-88.2%), from -€100,104 to -€188,369
- Other debts +€79,135
up €79,135 (+56.3%), from €140,541 to €219,676
- Debts after one year -€51,112
down €51,112 (-7.4%), from €690,992 to €639,880
- Trade debts +€18,336
new in 2025: €18,336
- Gross operating margin -€74,807
down €74,807, from €65,807 to -€9,000
- Depreciation +€2,778
up €2,778 (+6.3%), from €43,837 to €46,615
- Financial charges +€2,740
up €2,740 (+9.3%), from €29,410 to €32,150
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 | €808,972 | €778,630 | -€30,342 | -3.8% |
| Fixed assets | 21/28 | €808,685 | €762,070 | -€46,615 | -5.8% |
| Tangible fixed assets | 22/27 | €808,685 | €762,070 | -€46,615 | -5.8% |
| Land and buildings | 22 | €569,776 | €551,351 | -€18,425 | -3.2% |
| Plant, machinery and equipment | 23 | €238,039 | €210,091 | -€27,948 | -11.7% |
| Furniture and vehicles | 24 | €870 | €628 | -€242 | -27.8% |
| Current assets | 29/58 | €287 | €16,560 | +€16,273 | +5670.0% |
| Amounts receivable within one year | 40/41 | €237 | €12 | -€225 | -94.9% |
| Other amounts receivable | 41 | €237 | €12 | -€225 | -94.9% |
| Cash at bank and in hand | 54/58 | €50 | €16,548 | +€16,498 | +32996.0% |
| Total equity and liabilities | 10/49 | €808,972 | €778,630 | -€30,342 | -3.8% |
| Equity | 10/15 | -€75,104 | -€163,369 | -€88,265 | -117.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,104 | -€188,369 | -€88,265 | -88.2% |
| Amounts payable | 17/49 | €884,076 | €941,999 | +€57,923 | +6.6% |
| Amounts payable after more than one year | 17 | €690,992 | €639,880 | -€51,112 | -7.4% |
| Financial debts | 170/4 | €690,992 | €639,880 | -€51,112 | -7.4% |
| Amounts payable within one year | 42/48 | €192,755 | €297,860 | +€105,105 | +54.5% |
| Current portion of amounts payable after more than one year | 42 | €52,212 | €59,582 | +€7,370 | +14.1% |
| Trade debts | 44 | - | €18,336 | +€18,336 | |
| Suppliers | 440/4 | - | €18,336 | +€18,336 | |
| Taxes, remuneration and social security | 45 | €2 | €266 | +€264 | +13200.0% |
| Taxes | 450/3 | €2 | €266 | +€264 | +13200.0% |
| Other amounts payable | 47/48 | €140,541 | €219,676 | +€79,135 | +56.3% |
| Accrued charges and deferred income | 492/3 | €329 | €4,259 | +€3,930 | +1194.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,837 | €46,615 | +€2,778 | +6.3% |
| Other operating charges | 640/8 | €260 | €500 | +€240 | +92.3% |
| Non-recurring operating charges | 66A | €15,039 | - | -€15,039 | |
| Gross operating margin | 9900 | €65,807 | -€9,000 | -€74,807 | |
| Operating profit (loss) | 9901 | €6,671 | -€56,115 | -€62,786 | |
| Financial charges | 65/66B | €29,410 | €32,150 | +€2,740 | +9.3% |
| Recurring financial charges | 65 | €29,410 | €32,150 | +€2,740 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,739 | -€88,265 | -€65,526 | -288.2% |
| Profit (loss) for the period | 9904 | -€22,739 | -€88,265 | -€65,526 | -288.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,739 | -€88,265 | -€65,526 | -288.2% |
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.