IMMO KENZO: 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.
What changed
IMMO KENZO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€31,057
2024 · €43,818-€12,762
Equity
€709,051
2024 · €697,093+€11,959
Cash
€190,947
2024 · €179,955+€10,992
Balance sheet total
€2.6m
2024 · €2.8m-€111,501
Largest movements
Assets
- Tangible fixed assets -€129,835
down €129,835 (-5.1%), from €2.5m to €2.4m
of which Land and buildings: -€129,735
Equity and liabilities
- Debts after one year -€151,394
down €151,394 (-12.5%), from €1.2m to €1.1m
of which Financial debts: -€151,394
- Other debts +€35,031
up €35,031 (+5.6%), from €620,855 to €655,886
Income statement
- Gross operating margin -€22,674
down €22,674 (-6.8%), from €335,791 to €313,117
- Financial charges -€8,456
down €8,456 (-10.9%), from €77,611 to €69,155
- Taxes -€6,706
down €6,706 (-31.6%), from €21,199 to €14,493
- Staff costs +€5,742
up €5,742 (+15.8%), from €36,430 to €42,172
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
€43,818
Gross operating margin
-€22,674
Staff costs
-€5,742
Depreciation
+€1,271
Other operating charges
-€778
Financial income
+€0
Financial charges
+€8,456
Taxes
+€6,706
Result 2025
€31,057
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.
From operations
+€191,705
Investment
-€10,221
Financing
-€170,492
Cash 2024
€179,955
From operations (derived)
+€191,705
Net result for the year
+€31,057
Depreciation
+€140,057
Receivables within one year
-€17,348
Deferred charges and accrued income
+€10,006
Trade debts
+€8,383
Tax, wage and social debts
-€10,338
Other debts
+€35,031
Accrued charges and deferred income
-€5,141
Investment (derived)
-€10,221
Investment in fixed assets (net)
-€10,221
Financing
-€170,492
Debts after one year
-€151,394
Contributions, distributions and other
-€19,098
Cash 2025
€190,947
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,754,672 | €2,643,170 | -€111,501 | -4.0% |
| Fixed assets | 21/28 | €2,547,634 | €2,417,799 | -€129,835 | -5.1% |
| Tangible fixed assets | 22/27 | €2,547,509 | €2,417,674 | -€129,835 | -5.1% |
| Land and buildings | 22 | €2,547,071 | €2,417,336 | -€129,735 | -5.1% |
| Plant, machinery and equipment | 23 | €438 | €338 | -€100 | -22.8% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €207,037 | €225,371 | +€18,334 | +8.9% |
| Amounts receivable within one year | 40/41 | €16,492 | €33,840 | +€17,348 | +105.2% |
| Trade receivables | 40 | €11,400 | €28,242 | +€16,842 | +147.7% |
| Other amounts receivable | 41 | €5,092 | €5,599 | +€507 | +10.0% |
| Cash at bank and in hand | 54/58 | €179,955 | €190,947 | +€10,992 | +6.1% |
| Deferred charges and accrued income | 490/1 | €10,591 | €584 | -€10,006 | -94.5% |
| Total equity and liabilities | 10/49 | €2,754,672 | €2,643,170 | -€111,501 | -4.0% |
| Equity | 10/15 | €697,093 | €709,051 | +€11,959 | +1.7% |
| Contributions | 10/11 | €590,000 | €590,000 | = | 0.0% |
| Reserves | 13 | €89,042 | €101,000 | +€11,959 | +13.4% |
| Distributable reserves | 133 | €89,042 | €101,000 | +€11,959 | +13.4% |
| Profit (loss) carried forward | 14 | €18,051 | €18,051 | = | 0.0% |
| Amounts payable | 17/49 | €2,057,579 | €1,934,119 | -€123,460 | -6.0% |
| Amounts payable after more than one year | 17 | €1,211,950 | €1,060,556 | -€151,394 | -12.5% |
| Financial debts | 170/4 | €1,211,150 | €1,059,756 | -€151,394 | -12.5% |
| Other amounts payable | 178/9 | €800 | €800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €796,085 | €829,160 | +€33,075 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €151,394 | €151,394 | = | 0.0% |
| Trade debts | 44 | €5,109 | €13,491 | +€8,383 | +164.1% |
| Suppliers | 440/4 | €5,109 | €13,491 | +€8,383 | +164.1% |
| Taxes, remuneration and social security | 45 | €18,726 | €8,388 | -€10,338 | -55.2% |
| Taxes | 450/3 | €13,966 | €764 | -€13,202 | -94.5% |
| Remuneration and social security | 454/9 | €4,761 | €7,624 | +€2,864 | +60.2% |
| Other amounts payable | 47/48 | €620,855 | €655,886 | +€35,031 | +5.6% |
| Accrued charges and deferred income | 492/3 | €49,545 | €44,403 | -€5,141 | -10.4% |
| Remuneration, social security and pensions | 62 | €36,430 | €42,172 | +€5,742 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,328 | €140,057 | -€1,271 | -0.9% |
| Other operating charges | 640/8 | €15,405 | €16,183 | +€778 | +5.0% |
| Gross operating margin | 9900 | €335,791 | €313,117 | -€22,674 | -6.8% |
| Operating profit (loss) | 9901 | €142,628 | €114,705 | -€27,923 | -19.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €77,611 | €69,155 | -€8,456 | -10.9% |
| Recurring financial charges | 65 | €77,611 | €69,155 | -€8,456 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €65,018 | €45,550 | -€19,468 | -29.9% |
| Income taxes | 67/77 | €21,199 | €14,493 | -€6,706 | -31.6% |
| Profit (loss) for the period | 9904 | €43,818 | €31,057 | -€12,762 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,818 | €31,057 | -€12,762 | -29.1% |
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 5 October 2026 via checked.be.