Immo Macours-Verelst: 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 Macours-Verelst
Largest movements
- Tangible fixed assets +€217,209
up €217,209 (+201%), from €108,164 to €325,373
of which Assets under construction and advance payments: +€226,047
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Debts after one year +€215,000
new in 2025: €215,000
- Reserves -€23,136
down €23,136 (-29.6%), from €78,288 to €55,151
of which Distributable reserves: -€20,166
- Gross operating margin -€17,106
down €17,106, from €7,326 to -€9,780
- Financial charges +€3,038
up €3,038 (+1,124%), from €270 to €3,308
- Financial income -€1,162
down €1,162 (-82.8%), from €1,404 to €241
- Other operating charges -€604
down €604 (-16.8%), from €3,585 to €2,981
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 | €133,925 | €328,269 | +€194,344 | +145% |
| Fixed assets | 21/28 | €108,164 | €325,373 | +€217,209 | +201% |
| Tangible fixed assets | 22/27 | €108,164 | €325,373 | +€217,209 | +201% |
| Land and buildings | 22 | €108,164 | €99,326 | -€8,838 | -8.2% |
| Assets under construction and advance payments | 27 | - | €226,047 | +€226,047 | |
| Current assets | 29/58 | €25,761 | €2,896 | -€22,865 | -88.8% |
| Amounts receivable within one year | 40/41 | €421 | €497 | +€76 | +18.0% |
| Other amounts receivable | 41 | €421 | €497 | +€76 | +18.0% |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €3,804 | €1,430 | -€2,374 | -62.4% |
| Deferred charges and accrued income | 490/1 | €1,536 | €969 | -€567 | -36.9% |
| Total equity and liabilities | 10/49 | €133,925 | €328,269 | +€194,344 | +145% |
| Equity | 10/15 | €98,288 | €75,151 | -€23,136 | -23.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €78,288 | €55,151 | -€23,136 | -29.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,941 | €2,971 | -€2,971 | -50.0% |
| Distributable reserves | 133 | €70,346 | €50,181 | -€20,166 | -28.7% |
| Provisions and deferred taxes | 16 | €3,059 | €1,530 | -€1,530 | -50.0% |
| Deferred taxes | 168 | €3,059 | €1,530 | -€1,530 | -50.0% |
| Amounts payable | 17/49 | €32,577 | €251,588 | +€219,010 | +672% |
| Amounts payable after more than one year | 17 | - | €215,000 | +€215,000 | |
| Financial debts | 170/4 | - | €215,000 | +€215,000 | |
| Amounts payable within one year | 42/48 | €32,577 | €33,574 | +€997 | +3.1% |
| Trade debts | 44 | €3,374 | €2,372 | -€1,002 | -29.7% |
| Suppliers | 440/4 | €3,374 | €2,372 | -€1,002 | -29.7% |
| Other amounts payable | 47/48 | €29,203 | €31,202 | +€1,999 | +6.8% |
| Accrued charges and deferred income | 492/3 | - | €3,013 | +€3,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,905 | €8,838 | -€67 | -0.7% |
| Other operating charges | 640/8 | €3,585 | €2,981 | -€604 | -16.8% |
| Gross operating margin | 9900 | €7,326 | -€9,780 | -€17,106 | |
| Operating profit (loss) | 9901 | -€5,164 | -€21,599 | -€16,436 | -318% |
| Financial income | 75/76B | €1,404 | €241 | -€1,162 | -82.8% |
| Recurring financial income | 75 | €1,404 | €241 | -€1,162 | -82.8% |
| Financial charges | 65/66B | €270 | €3,308 | +€3,038 | +1,124% |
| Recurring financial charges | 65 | €270 | €3,308 | +€3,038 | +1,124% |
| Profit (loss) for the period before taxes | 9903 | -€4,030 | -€24,666 | -€20,636 | -512% |
| Transfer from deferred taxes | 780 | €1,912 | €1,530 | -€383 | -20.0% |
| Profit (loss) for the period | 9904 | -€2,118 | -€23,136 | -€21,018 | -992% |
| Transfer from tax-exempt reserves | 789 | €3,714 | €2,971 | -€743 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,596 | -€20,166 | -€21,762 |
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 15 October 2026 via checked.be.