IMMO MAKRAN: 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 MAKRAN
Largest movements
- Cash +€677,814
up €677,814 (+526.4%), from €128,754 to €806,568
mainly Debts after one year (+€593,567) and Net result for the year (+€231,259)
- Stocks and contracts +€325,201
new in 2025: €325,201
- Receivables within one year -€176,266
down €176,266 (-65.6%), from €268,824 to €92,558
of which Trade receivables: -€193,476
- Tangible fixed assets -€117,218
down €117,218 (-6.4%), from €1.8m to €1.7m
of which Land and buildings: -€115,623
- Debts after one year +€593,567
up €593,567 (+59.7%), from €993,812 to €1.6m
- Profit (loss) carried forward +€131,259
up €131,259 (+56.5%), from €232,510 to €363,769
- Reserves +€100,000
up €100,000 (+19.7%), from €506,503 to €606,503
- Current portion of long-term debt -€58,258
down €58,258 (-23.0%), from €253,826 to €195,568
- Provisions -€48,000
no longer reported in 2025 (was €48,000)
- Provisions -€48,000
new in 2025: -€48,000
- Gross operating margin +€23,669
up €23,669 (+5.3%), from €449,307 to €472,976
- Financial charges -€10,128
down €10,128 (-16.1%), from €62,906 to €52,778
- Taxes +€9,444
up €9,444 (+14.8%), from €63,777 to €73,221
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 | €2,235,288 | €2,947,081 | +€711,793 | +31.8% |
| Fixed assets | 21/28 | €1,828,162 | €1,710,943 | -€117,218 | -6.4% |
| Tangible fixed assets | 22/27 | €1,828,137 | €1,710,918 | -€117,218 | -6.4% |
| Land and buildings | 22 | €1,814,973 | €1,699,351 | -€115,623 | -6.4% |
| Furniture and vehicles | 24 | €13,163 | €11,568 | -€1,595 | -12.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €407,126 | €1,236,138 | +€829,011 | +203.6% |
| Stocks and contracts in progress | 3 | - | €325,201 | +€325,201 | |
| Stocks | 30/36 | - | €325,201 | +€325,201 | |
| Amounts receivable within one year | 40/41 | €268,824 | €92,558 | -€176,266 | -65.6% |
| Trade receivables | 40 | €264,500 | €71,024 | -€193,476 | -73.1% |
| Other amounts receivable | 41 | €4,325 | €21,534 | +€17,209 | +397.9% |
| Cash at bank and in hand | 54/58 | €128,754 | €806,568 | +€677,814 | +526.4% |
| Deferred charges and accrued income | 490/1 | €9,548 | €11,810 | +€2,262 | +23.7% |
| Total equity and liabilities | 10/49 | €2,235,288 | €2,947,081 | +€711,793 | +31.8% |
| Equity | 10/15 | €864,014 | €1,095,272 | +€231,259 | +26.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €506,503 | €606,503 | +€100,000 | +19.7% |
| Distributable reserves | 133 | €506,503 | €606,503 | +€100,000 | +19.7% |
| Profit (loss) carried forward | 14 | €232,510 | €363,769 | +€131,259 | +56.5% |
| Provisions and deferred taxes | 16 | €48,000 | - | -€48,000 | |
| Provisions for liabilities and charges | 160/5 | €48,000 | - | -€48,000 | |
| Major repairs and maintenance | 162 | €48,000 | - | -€48,000 | |
| Amounts payable | 17/49 | €1,323,274 | €1,851,809 | +€528,534 | +39.9% |
| Amounts payable after more than one year | 17 | €993,812 | €1,587,379 | +€593,567 | +59.7% |
| Financial debts | 170/4 | €993,812 | €1,587,379 | +€593,567 | +59.7% |
| Amounts payable within one year | 42/48 | €329,462 | €264,430 | -€65,032 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €253,826 | €195,568 | -€58,258 | -23.0% |
| Trade debts | 44 | €48,134 | €55,514 | +€7,380 | +15.3% |
| Suppliers | 440/4 | €48,134 | €55,514 | +€7,380 | +15.3% |
| Taxes, remuneration and social security | 45 | €16,257 | €11,838 | -€4,419 | -27.2% |
| Taxes | 450/3 | €13,512 | €11,838 | -€1,673 | -12.4% |
| Remuneration and social security | 454/9 | €2,746 | - | -€2,746 | |
| Other amounts payable | 47/48 | €11,244 | €1,509 | -€9,735 | -86.6% |
| Remuneration, social security and pensions | 62 | -€185 | - | +€185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,966 | €121,595 | +€629 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€48,000 | -€48,000 | |
| Other operating charges | 640/8 | €42,842 | €42,126 | -€716 | -1.7% |
| Gross operating margin | 9900 | €449,307 | €472,976 | +€23,669 | +5.3% |
| Operating profit (loss) | 9901 | €285,685 | €357,256 | +€71,571 | +25.1% |
| Financial income | 75/76B | €9 | €3 | -€7 | -71.3% |
| Recurring financial income | 75 | €9 | €3 | -€7 | -71.3% |
| Financial charges | 65/66B | €62,906 | €52,778 | -€10,128 | -16.1% |
| Recurring financial charges | 65 | €62,906 | €52,778 | -€10,128 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €222,787 | €304,480 | +€81,693 | +36.7% |
| Income taxes | 67/77 | €63,777 | €73,221 | +€9,444 | +14.8% |
| Profit (loss) for the period | 9904 | €159,010 | €231,259 | +€72,249 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €159,010 | €231,259 | +€72,249 | +45.4% |
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 11 October 2026 via checked.be.