IMMO LETNER: 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 LETNER
Largest movements
- Tangible fixed assets -€20,048
down €20,048 (-4.8%), from €421,709 to €401,661
of which Other tangible fixed assets: -€19,964
- Cash +€11,180
up €11,180 (+10.1%), from €111,223 to €122,403
mainly Depreciation (+€20,048) and Net result for the year (+€15,469)
- Debts after one year -€25,514
down €25,514 (-8.6%), from €297,705 to €272,191
- Reserves +€9,890
new in 2025: €9,890
- Profit (loss) carried forward +€5,579
no longer reported in 2025 (was -€5,579)
- Taxes +€4,704
new in 2025: €4,704
- Gross operating margin -€477
down €477 (-1.0%), from €46,376 to €45,899
- Financial charges -€466
down €466 (-8.1%), from €5,745 to €5,279
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 | €532,932 | €524,064 | -€8,868 | -1.7% |
| Fixed assets | 21/28 | €421,709 | €401,661 | -€20,048 | -4.8% |
| Tangible fixed assets | 22/27 | €421,709 | €401,661 | -€20,048 | -4.8% |
| Land and buildings | 22 | €2,353 | €2,269 | -€84 | -3.6% |
| Other tangible fixed assets | 26 | €419,356 | €399,392 | -€19,964 | -4.8% |
| Current assets | 29/58 | €111,223 | €122,403 | +€11,180 | +10.1% |
| Cash at bank and in hand | 54/58 | €111,223 | €122,403 | +€11,180 | +10.1% |
| Total equity and liabilities | 10/49 | €532,932 | €524,064 | -€8,868 | -1.7% |
| Equity | 10/15 | -€1,579 | €13,890 | +€15,469 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €9,890 | +€9,890 | |
| Distributable reserves | 133 | - | €9,890 | +€9,890 | |
| Profit (loss) carried forward | 14 | -€5,579 | - | +€5,579 | |
| Amounts payable | 17/49 | €534,511 | €510,175 | -€24,336 | -4.6% |
| Amounts payable after more than one year | 17 | €297,705 | €272,191 | -€25,514 | -8.6% |
| Financial debts | 170/4 | €297,705 | €272,191 | -€25,514 | -8.6% |
| Amounts payable within one year | 42/48 | €236,806 | €237,983 | +€1,178 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €25,137 | €25,514 | +€377 | +1.5% |
| Trade debts | 44 | €139 | €236 | +€97 | +69.6% |
| Suppliers | 440/4 | €139 | €236 | +€97 | +69.6% |
| Taxes, remuneration and social security | 45 | - | €704 | +€704 | |
| Taxes | 450/3 | - | €704 | +€704 | |
| Other amounts payable | 47/48 | €211,530 | €211,530 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,048 | €20,048 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €46,376 | €45,899 | -€477 | -1.0% |
| Operating profit (loss) | 9901 | €25,941 | €25,451 | -€489 | -1.9% |
| Financial charges | 65/66B | €5,745 | €5,279 | -€466 | -8.1% |
| Recurring financial charges | 65 | €5,745 | €5,279 | -€466 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €20,196 | €20,172 | -€24 | -0.1% |
| Income taxes | 67/77 | - | €4,704 | +€4,704 | |
| Profit (loss) for the period | 9904 | €20,196 | €15,469 | -€4,727 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,196 | €15,469 | -€4,727 | -23.4% |
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 30 October 2026 via checked.be.