IMMO KERFS: 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 KERFS
Largest movements
- Tangible fixed assets +€435,140
up €435,140 (+21.4%), from €2.0m to €2.5m
of which Land and buildings: +€416,796
- Receivables after one year -€233,931
no longer reported in 2025 (was €233,931)
- Financial fixed assets -€159,865
down €159,865 (-99.9%), from €160,000 to €135
- Receivables within one year +€136,805
up €136,805 (+58.8%), from €232,765 to €369,570
of which Trade receivables: +€131,995
- Revaluation surpluses +€974,350
new in 2025: €974,350
- Contributions -€439,750
down €439,750 (-38.4%), from €1.1m to €705,250
- Reserves -€415,453
down €415,453 (-55.4%), from €750,462 to €335,009
of which Distributable reserves: -€371,478
- Other debts +€44,861
up €44,861 (+9.2%), from €486,160 to €531,021
- Gross operating margin -€259,933
down €259,933 (-68.9%), from €377,463 to €117,530
- Taxes -€68,289
down €68,289 (-98.3%), from €69,464 to €1,175
- Financial charges -€14,466
down €14,466 (-98.7%), from €14,663 to €197
- Financial income -€6,081
down €6,081 (-89.3%), from €6,814 to €732
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 | €2,711,021 | €2,887,215 | +€176,194 | +6.5% |
| Fixed assets | 21/28 | €2,198,459 | €2,473,233 | +€274,775 | +12.5% |
| Intangible fixed assets | 21 | €638 | €138 | -€500 | -78.3% |
| Tangible fixed assets | 22/27 | €2,037,820 | €2,472,960 | +€435,140 | +21.4% |
| Land and buildings | 22 | €1,931,027 | €2,347,822 | +€416,796 | +21.6% |
| Plant, machinery and equipment | 23 | €11,811 | €25,065 | +€13,254 | +112.2% |
| Furniture and vehicles | 24 | €94,983 | €100,073 | +€5,090 | +5.4% |
| Financial fixed assets | 28 | €160,000 | €135 | -€159,865 | -99.9% |
| Current assets | 29/58 | €512,562 | €413,982 | -€98,581 | -19.2% |
| Amounts receivable after more than one year | 29 | €233,931 | - | -€233,931 | |
| Other amounts receivable | 291 | €233,931 | - | -€233,931 | |
| Amounts receivable within one year | 40/41 | €232,765 | €369,570 | +€136,805 | +58.8% |
| Trade receivables | 40 | €117,465 | €249,460 | +€131,995 | +112.4% |
| Other amounts receivable | 41 | €115,301 | €120,111 | +€4,810 | +4.2% |
| Cash at bank and in hand | 54/58 | €28,000 | €31,253 | +€3,253 | +11.6% |
| Deferred charges and accrued income | 490/1 | €17,866 | €13,158 | -€4,708 | -26.4% |
| Total equity and liabilities | 10/49 | €2,711,021 | €2,887,215 | +€176,194 | +6.5% |
| Equity | 10/15 | €1,895,462 | €2,014,609 | +€119,147 | +6.3% |
| Contributions | 10/11 | €1,145,000 | €705,250 | -€439,750 | -38.4% |
| Capital | 10 | €1,145,000 | €705,250 | -€439,750 | -38.4% |
| Issued capital | 100 | €1,145,000 | €705,250 | -€439,750 | -38.4% |
| Revaluation surpluses | 12 | - | €974,350 | +€974,350 | |
| Reserves | 13 | €750,462 | €335,009 | -€415,453 | -55.4% |
| Non-distributable reserves | 130/1 | €114,500 | €70,525 | -€43,975 | -38.4% |
| Legal reserve | 130 | €114,500 | €70,525 | -€43,975 | -38.4% |
| Distributable reserves | 133 | €635,962 | €264,484 | -€371,478 | -58.4% |
| Amounts payable | 17/49 | €815,559 | €872,606 | +€57,047 | +7.0% |
| Amounts payable within one year | 42/48 | €812,436 | €867,305 | +€54,868 | +6.8% |
| Trade debts | 44 | €256,812 | €265,645 | +€8,832 | +3.4% |
| Suppliers | 440/4 | €256,812 | €265,645 | +€8,832 | +3.4% |
| Taxes, remuneration and social security | 45 | €69,464 | €70,640 | +€1,175 | +1.7% |
| Taxes | 450/3 | €69,464 | €70,640 | +€1,175 | +1.7% |
| Other amounts payable | 47/48 | €486,160 | €531,021 | +€44,861 | +9.2% |
| Accrued charges and deferred income | 492/3 | €3,122 | €5,301 | +€2,179 | +69.8% |
| Non-recurring operating income | 76A | €219,223 | - | -€219,223 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,571 | €118,532 | +€961 | +0.8% |
| Other operating charges | 640/8 | €7,454 | €9,320 | +€1,866 | +25.0% |
| Gross operating margin | 9900 | €377,463 | €117,530 | -€259,933 | -68.9% |
| Operating profit (loss) | 9901 | €252,438 | -€10,322 | -€262,760 | |
| Financial income | 75/76B | €6,814 | €732 | -€6,081 | -89.3% |
| Recurring financial income | 75 | €6,814 | €732 | -€6,081 | -89.3% |
| Financial charges | 65/66B | €14,663 | €197 | -€14,466 | -98.7% |
| Recurring financial charges | 65 | €14,663 | €197 | -€14,466 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | €244,588 | -€9,787 | -€254,375 | |
| Income taxes | 67/77 | €69,464 | €1,175 | -€68,289 | -98.3% |
| Profit (loss) for the period | 9904 | €175,124 | -€10,962 | -€186,086 | |
| Profit (loss) for the period to be appropriated | 9905 | €175,124 | -€10,962 | -€186,086 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.