Immo M41: 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 M41
Largest movements
- Tangible fixed assets +€316,237
up €316,237 (+118%), from €267,763 to €584,000
- Revaluation surpluses +€501,844
new in 2025: €501,844
- Debts after one year -€176,977
down €176,977 (-100%), from €176,977 to €0
- Other debts +€53,376
new in 2025: €53,376
- Short-term financial debts -€26,544
down €26,544 (-100%), from €26,544 to €0
of which Other loans: -€24,113
- Profit (loss) carried forward -€15,043
down €15,043 (-23.7%), from -€63,421 to -€78,464
- Financial charges -€58,337
down €58,337 (-87.3%), from €66,844 to €8,507
of which Non-recurring financial charges: -€56,814
- Gross operating margin -€16,782
down €16,782, from €15,259 to -€1,523
- Depreciation -€7,148
down €7,148 (-60.7%), from €11,774 to €4,626
- Other operating charges +€325
up €325 (+525%), from €62 to €387
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 | €269,163 | €587,558 | +€318,395 | +118% |
| Fixed assets | 21/28 | €267,763 | €584,000 | +€316,237 | +118% |
| Tangible fixed assets | 22/27 | €267,763 | €584,000 | +€316,237 | +118% |
| Land and buildings | 22 | €267,763 | €584,000 | +€316,237 | +118% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,400 | €3,558 | +€2,158 | +154% |
| Cash at bank and in hand | 54/58 | - | €3,558 | +€3,558 | |
| Deferred charges and accrued income | 490/1 | €1,400 | €0 | -€1,400 | -100% |
| Total equity and liabilities | 10/49 | €269,163 | €587,558 | +€318,395 | +118% |
| Equity | 10/15 | €47,381 | €534,182 | +€486,801 | +1,027% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €501,844 | +€501,844 | |
| Reserves | 13 | €85,802 | €85,802 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €83,302 | €83,302 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€63,421 | -€78,464 | -€15,043 | -23.7% |
| Amounts payable | 17/49 | €221,782 | €53,376 | -€168,406 | -75.9% |
| Amounts payable after more than one year | 17 | €176,977 | €0 | -€176,977 | -100% |
| Financial debts | 170/4 | €176,977 | €0 | -€176,977 | -100% |
| Amounts payable within one year | 42/48 | €38,526 | €53,376 | +€14,850 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €11,982 | €0 | -€11,982 | -100% |
| Financial debts | 43 | €26,544 | €0 | -€26,544 | -100% |
| Credit institutions | 430/8 | €2,431 | €0 | -€2,431 | -100% |
| Other loans | 439 | €24,113 | €0 | -€24,113 | -100% |
| Other amounts payable | 47/48 | - | €53,376 | +€53,376 | |
| Accrued charges and deferred income | 492/3 | €6,279 | €0 | -€6,279 | -100% |
| Non-recurring operating income | 76A | - | €9,019 | +€9,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,774 | €4,626 | -€7,148 | -60.7% |
| Other operating charges | 640/8 | €62 | €387 | +€325 | +525% |
| Gross operating margin | 9900 | €15,259 | -€1,523 | -€16,782 | |
| Operating profit (loss) | 9901 | €3,423 | -€6,536 | -€9,959 | |
| Financial charges | 65/66B | €66,844 | €8,507 | -€58,337 | -87.3% |
| Recurring financial charges | 65 | €10,030 | €8,507 | -€1,523 | -15.2% |
| Non-recurring financial charges | 66B | €56,814 | €0 | -€56,814 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€63,421 | -€15,043 | +€48,378 | +76.3% |
| Profit (loss) for the period | 9904 | -€63,421 | -€15,043 | +€48,378 | +76.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,421 | -€15,043 | +€48,378 | +76.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.