IMMO M.V.: 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 M.V.
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+2518.1%), from €47,541 to €1.2m
of which Land and buildings: +€1.2m
- Financial fixed assets +€420,533
up €420,533 (+239.9%), from €175,260 to €595,793
- Cash -€49,975
down €49,975 (-93.5%), from €53,459 to €3,484
mainly Investment in fixed assets (net) (-€1.6m) and Receivables within one year (-€48,128)
- Receivables within one year +€48,128
up €48,128 (+374.4%), from €12,854 to €60,982
of which Trade receivables: +€30,640
- Debts after one year +€789,930
up €789,930 (+450.6%), from €175,321 to €965,251
- Reserves +€555,765
up €555,765 (+986.2%), from €56,352 to €612,116
of which Tax-exempt reserves: +€555,765
- Other debts +€250,835
up €250,835, from €0 to €250,835
- Profit (loss) carried forward -€195,013
down €195,013, from €30,156 to -€164,858
- Provisions +€185,255
new in 2025: €185,255
- Gross operating margin +€642,829
up €642,829 (+782.8%), from €82,124 to €724,952
- Other operating charges +€156,779
up €156,779 (+7173.6%), from €2,186 to €158,965
- Taxes -€14,079
down €14,079 (-100.0%), from €14,079 to €0
- Depreciation -€11,364
down €11,364 (-68.1%), from €16,687 to €5,323
- Financial charges +€7,962
up €7,962 (+119.8%), from €6,646 to €14,608
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 | €290,472 | €1,906,719 | +€1.6m | +556.4% |
| Fixed assets | 21/28 | €222,801 | €1,840,470 | +€1.6m | +726.1% |
| Tangible fixed assets | 22/27 | €47,541 | €1,244,677 | +€1.2m | +2518.1% |
| Land and buildings | 22 | €45,457 | €1,244,677 | +€1.2m | +2638.1% |
| Plant, machinery and equipment | 23 | €1,200 | €0 | -€1,200 | -100.0% |
| Furniture and vehicles | 24 | €884 | €0 | -€884 | -100.0% |
| Financial fixed assets | 28 | €175,260 | €595,793 | +€420,533 | +239.9% |
| Current assets | 29/58 | €67,671 | €66,249 | -€1,422 | -2.1% |
| Amounts receivable within one year | 40/41 | €12,854 | €60,982 | +€48,128 | +374.4% |
| Trade receivables | 40 | €1,920 | €32,560 | +€30,640 | +1596.0% |
| Other amounts receivable | 41 | €10,934 | €28,422 | +€17,488 | +159.9% |
| Cash at bank and in hand | 54/58 | €53,459 | €3,484 | -€49,975 | -93.5% |
| Deferred charges and accrued income | 490/1 | €1,358 | €1,783 | +€425 | +31.3% |
| Total equity and liabilities | 10/49 | €290,472 | €1,906,719 | +€1.6m | +556.4% |
| Equity | 10/15 | €92,707 | €453,459 | +€360,752 | +389.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,352 | €612,116 | +€555,765 | +986.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €555,765 | +€555,765 | |
| Distributable reserves | 133 | €54,492 | €54,492 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,156 | -€164,858 | -€195,013 | |
| Provisions and deferred taxes | 16 | - | €185,255 | +€185,255 | |
| Deferred taxes | 168 | - | €185,255 | +€185,255 | |
| Amounts payable | 17/49 | €197,764 | €1,268,005 | +€1.1m | +541.2% |
| Amounts payable after more than one year | 17 | €175,321 | €965,251 | +€789,930 | +450.6% |
| Financial debts | 170/4 | €175,321 | €965,251 | +€789,930 | +450.6% |
| Amounts payable within one year | 42/48 | €22,444 | €302,754 | +€280,311 | +1249.0% |
| Current portion of amounts payable after more than one year | 42 | €15,377 | €32,134 | +€16,757 | +109.0% |
| Trade debts | 44 | €3,624 | €17,932 | +€14,308 | +394.8% |
| Suppliers | 440/4 | €3,624 | €17,932 | +€14,308 | +394.8% |
| Advances received on contracts in progress | 46 | €1,000 | €1,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,443 | €853 | -€1,589 | -65.1% |
| Taxes | 450/3 | €2,443 | €853 | -€1,589 | -65.1% |
| Other amounts payable | 47/48 | €0 | €250,835 | +€250,835 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,687 | €5,323 | -€11,364 | -68.1% |
| Other operating charges | 640/8 | €2,186 | €158,965 | +€156,779 | +7173.6% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €82,124 | €724,952 | +€642,829 | +782.8% |
| Operating profit (loss) | 9901 | €63,251 | €560,615 | +€497,364 | +786.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €6,646 | €14,608 | +€7,962 | +119.8% |
| Recurring financial charges | 65 | €6,646 | €14,608 | +€7,962 | +119.8% |
| Profit (loss) for the period before taxes | 9903 | €56,604 | €546,006 | +€489,402 | +864.6% |
| Transfer from deferred taxes | 780 | - | €881 | +€881 | |
| Transfer to deferred taxes | 680 | - | €186,136 | +€186,136 | |
| Income taxes | 67/77 | €14,079 | €0 | -€14,079 | -100.0% |
| Profit (loss) for the period | 9904 | €42,526 | €360,752 | +€318,226 | +748.3% |
| Transfer from tax-exempt reserves | 789 | - | €2,642 | +€2,642 | |
| Transfer to tax-exempt reserves | 689 | - | €558,407 | +€558,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,526 | -€195,013 | -€237,539 |
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 6 October 2026 via checked.be.