Immo Kevjernic: 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.
Immo Kevjernic
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+54.3%), from €3.0m to €4.7m
of which Land and buildings: +€1.7m
- Cash -€74,894
down €74,894 (-82.2%), from €91,151 to €16,257
mainly Investment in fixed assets (net) (-€1.8m) and Net result for the year (-€158,689)
- Revaluation surpluses +€1.2m
new in 2025: €1.2m
- Short-term financial debts +€443,431
up €443,431 (+125%), from €355,981 to €799,411
- Profit (loss) carried forward -€158,689
down €158,689 (-47.0%), from -€337,404 to -€496,093
- Trade debts +€117,318
up €117,318 (+1,269%), from €9,242 to €126,560
- Debts after one year -€109,716
down €109,716 (-12.7%), from €867,004 to €757,288
- Gross operating margin -€58,736
down €58,736 (-70.0%), from €83,911 to €25,175
- Financial charges +€17,988
up €17,988 (+71.0%), from €25,324 to €43,312
- Depreciation +€12,821
up €12,821 (+10.3%), from €123,969 to €136,789
- Financial income -€2,658
down €2,658 (-46.0%), from €5,784 to €3,126
- Other operating charges +€1,009
up €1,009 (+17.8%), from €5,683 to €6,692
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,183,962 | €4,747,605 | +€1.6m | +49.1% |
| Fixed assets | 21/28 | €3,038,384 | €4,683,542 | +€1.6m | +54.1% |
| Tangible fixed assets | 22/27 | €3,028,808 | €4,674,242 | +€1.6m | +54.3% |
| Land and buildings | 22 | €3,016,163 | €4,667,820 | +€1.7m | +54.8% |
| Furniture and vehicles | 24 | €12,645 | €6,422 | -€6,223 | -49.2% |
| Financial fixed assets | 28 | €9,576 | €9,300 | -€276 | -2.9% |
| Current assets | 29/58 | €145,579 | €64,063 | -€81,516 | -56.0% |
| Amounts receivable within one year | 40/41 | €50,568 | €44,117 | -€6,451 | -12.8% |
| Trade receivables | 40 | €6,451 | €0 | -€6,451 | -100% |
| Other amounts receivable | 41 | €44,117 | €44,117 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,151 | €16,257 | -€74,894 | -82.2% |
| Deferred charges and accrued income | 490/1 | €3,860 | €3,688 | -€171 | -4.4% |
| Total equity and liabilities | 10/49 | €3,183,962 | €4,747,605 | +€1.6m | +49.1% |
| Equity | 10/15 | €233,056 | €1,317,367 | +€1.1m | +465% |
| Contributions | 10/11 | €518,600 | €518,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,243,000 | +€1.2m | |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Distributable reserves | 133 | €51,860 | €51,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€337,404 | -€496,093 | -€158,689 | -47.0% |
| Amounts payable | 17/49 | €2,950,907 | €3,430,238 | +€479,332 | +16.2% |
| Amounts payable after more than one year | 17 | €867,004 | €757,288 | -€109,716 | -12.7% |
| Financial debts | 170/4 | €867,004 | €757,288 | -€109,716 | -12.7% |
| Amounts payable within one year | 42/48 | €2,083,903 | €2,672,951 | +€589,048 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €108,213 | €109,716 | +€1,504 | +1.4% |
| Financial debts | 43 | €355,981 | €799,411 | +€443,431 | +125% |
| Credit institutions | 430/8 | €355,981 | €799,411 | +€443,431 | +125% |
| Trade debts | 44 | €9,242 | €126,560 | +€117,318 | +1,269% |
| Suppliers | 440/4 | €9,242 | €126,560 | +€117,318 | +1,269% |
| Taxes, remuneration and social security | 45 | €10,597 | €4,779 | -€5,818 | -54.9% |
| Taxes | 450/3 | €10,597 | €4,779 | -€5,818 | -54.9% |
| Other amounts payable | 47/48 | €1,599,870 | €1,632,484 | +€32,614 | +2.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€5 | -€63 | -€57 | -1,052% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,969 | €136,789 | +€12,821 | +10.3% |
| Other operating charges | 640/8 | €5,683 | €6,692 | +€1,009 | +17.8% |
| Gross operating margin | 9900 | €83,911 | €25,175 | -€58,736 | -70.0% |
| Operating profit (loss) | 9901 | -€45,736 | -€118,244 | -€72,508 | -159% |
| Financial income | 75/76B | €5,784 | €3,126 | -€2,658 | -46.0% |
| Recurring financial income | 75 | €5,784 | €3,126 | -€2,658 | -46.0% |
| Financial charges | 65/66B | €25,324 | €43,312 | +€17,988 | +71.0% |
| Recurring financial charges | 65 | €25,324 | €43,312 | +€17,988 | +71.0% |
| Profit (loss) for the period before taxes | 9903 | -€65,275 | -€158,429 | -€93,154 | -143% |
| Income taxes | 67/77 | €331 | €260 | -€72 | -21.7% |
| Profit (loss) for the period | 9904 | -€65,606 | -€158,689 | -€93,082 | -142% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,606 | -€158,689 | -€93,082 | -142% |
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 20 October 2026 via checked.be.