IMMO MAHA: 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 MAHA
Largest movements
- Stocks and contracts +€719,524
up €719,524 (+844.2%), from €85,228 to €804,752
of which Contracts in progress: +€804,752
- Financial fixed assets +€355,150
up €355,150 (+73226.8%), from €485 to €355,635
- Cash -€49,588
down €49,588 (-43.9%), from €112,944 to €63,357
mainly Stocks and contracts (-€719,524) and Investment in fixed assets (net) (-€355,150)
- Debts after one year +€826,923
new in 2025: €826,923
- Trade debts +€305,614
new in 2025: €305,614
- Other debts -€190,300
down €190,300 (-92.0%), from €206,850 to €16,550
- Current portion of long-term debt +€79,077
new in 2025: €79,077
- Gross operating margin +€62,818
up €62,818, from -€19,644 to €43,174
- Other operating charges +€25,570
up €25,570 (+271.2%), from €9,430 to €35,000
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 | €202,192 | €1,231,022 | +€1.0m | +508.8% |
| Fixed assets | 21/28 | €2,710 | €357,310 | +€354,600 | +13085.9% |
| Intangible fixed assets | 21 | €2,225 | €1,675 | -€550 | -24.7% |
| Financial fixed assets | 28 | €485 | €355,635 | +€355,150 | +73226.8% |
| Current assets | 29/58 | €199,482 | €873,712 | +€674,230 | +338.0% |
| Stocks and contracts in progress | 3 | €85,228 | €804,752 | +€719,524 | +844.2% |
| Stocks | 30/36 | €85,228 | - | -€85,228 | |
| Contracts in progress | 37 | - | €804,752 | +€804,752 | |
| Amounts receivable within one year | 40/41 | €1,309 | €5,603 | +€4,294 | +328.0% |
| Other amounts receivable | 41 | €1,309 | €5,603 | +€4,294 | +328.0% |
| Cash at bank and in hand | 54/58 | €112,944 | €63,357 | -€49,588 | -43.9% |
| Total equity and liabilities | 10/49 | €202,192 | €1,231,022 | +€1.0m | +508.8% |
| Equity | 10/15 | -€4,658 | €2,858 | +€7,516 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,658 | -€22,142 | +€7,516 | +25.3% |
| Amounts payable | 17/49 | €206,850 | €1,228,164 | +€1.0m | +493.7% |
| Amounts payable after more than one year | 17 | - | €826,923 | +€826,923 | |
| Financial debts | 170/4 | - | €826,923 | +€826,923 | |
| Amounts payable within one year | 42/48 | €206,850 | €401,241 | +€194,391 | +94.0% |
| Current portion of amounts payable after more than one year | 42 | - | €79,077 | +€79,077 | |
| Trade debts | 44 | - | €305,614 | +€305,614 | |
| Suppliers | 440/4 | - | €305,614 | +€305,614 | |
| Other amounts payable | 47/48 | €206,850 | €16,550 | -€190,300 | -92.0% |
| Non-recurring operating income | 76A | €106,560 | - | -€106,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525 | €550 | +€25 | +4.7% |
| Other operating charges | 640/8 | €9,430 | €35,000 | +€25,570 | +271.2% |
| Gross operating margin | 9900 | -€19,644 | €43,174 | +€62,818 | |
| Operating profit (loss) | 9901 | -€29,599 | €7,624 | +€37,224 | |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €63 | €108 | +€45 | +71.2% |
| Recurring financial charges | 65 | €63 | €108 | +€45 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | -€29,658 | €7,516 | +€37,175 | |
| Profit (loss) for the period | 9904 | -€29,658 | €7,516 | +€37,175 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,658 | €7,516 | +€37,175 |
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 5 October 2026 via checked.be.