IMMO & MANAGEMENT BEULS: 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 & MANAGEMENT BEULS
Largest movements
- Receivables within one year +€139,456
up €139,456 (+12.2%), from €1.1m to €1.3m
- Tangible fixed assets -€35,086
down €35,086 (-8.8%), from €396,542 to €361,457
of which Land and buildings: -€37,637
- Reserves +€117,371
up €117,371 (+6.8%), from €1.7m to €1.8m
of which Distributable reserves: +€117,371
- Current portion of long-term debt -€30,225
down €30,225 (-7.4%), from €406,355 to €376,130
- Depreciation -€11,573
down €11,573 (-22.2%), from €52,212 to €40,638
- Taxes +€7,824
up €7,824 (+17.6%), from €44,355 to €52,179
- Gross operating margin +€6,508
up €6,508 (+2.7%), from €239,352 to €245,859
- Financial charges -€4,269
down €4,269 (-21.4%), from €19,921 to €15,652
- Financial income +€3,072
up €3,072 (+348%), from €882 to €3,954
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 | €2,492,366 | €2,605,543 | +€113,178 | +4.5% |
| Fixed assets | 21/28 | €1,326,143 | €1,291,057 | -€35,086 | -2.6% |
| Tangible fixed assets | 22/27 | €396,542 | €361,457 | -€35,086 | -8.8% |
| Land and buildings | 22 | €380,424 | €342,786 | -€37,637 | -9.9% |
| Plant, machinery and equipment | 23 | €15,005 | €17,872 | +€2,867 | +19.1% |
| Furniture and vehicles | 24 | €1,114 | €798 | -€316 | -28.4% |
| Financial fixed assets | 28 | €929,601 | €929,601 | = | 0.0% |
| Current assets | 29/58 | €1,166,222 | €1,314,486 | +€148,264 | +12.7% |
| Amounts receivable within one year | 40/41 | €1,138,856 | €1,278,312 | +€139,456 | +12.2% |
| Other amounts receivable | 41 | €1,138,856 | €1,278,312 | +€139,456 | +12.2% |
| Cash at bank and in hand | 54/58 | €23,321 | €15,263 | -€8,058 | -34.6% |
| Deferred charges and accrued income | 490/1 | €4,045 | €20,911 | +€16,866 | +417% |
| Total equity and liabilities | 10/49 | €2,492,366 | €2,605,543 | +€113,178 | +4.5% |
| Equity | 10/15 | €2,044,043 | €2,161,414 | +€117,371 | +5.7% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Capital | 10 | €312,000 | €312,000 | = | 0.0% |
| Issued capital | 100 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €1,732,043 | €1,849,414 | +€117,371 | +6.8% |
| Non-distributable reserves | 130/1 | €31,200 | €31,200 | = | 0.0% |
| Legal reserve | 130 | €31,200 | €31,200 | = | 0.0% |
| Distributable reserves | 133 | €1,700,843 | €1,818,214 | +€117,371 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €448,322 | €444,129 | -€4,193 | -0.9% |
| Amounts payable within one year | 42/48 | €448,322 | €444,129 | -€4,193 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €406,355 | €376,130 | -€30,225 | -7.4% |
| Trade debts | 44 | €7,955 | €9,096 | +€1,141 | +14.3% |
| Suppliers | 440/4 | €7,955 | €9,096 | +€1,141 | +14.3% |
| Taxes, remuneration and social security | 45 | €24,012 | €46,903 | +€22,891 | +95.3% |
| Taxes | 450/3 | €24,012 | €46,903 | +€22,891 | +95.3% |
| Other amounts payable | 47/48 | €10,000 | €12,000 | +€2,000 | +20.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,212 | €40,638 | -€11,573 | -22.2% |
| Other operating charges | 640/8 | €11,136 | €11,973 | +€837 | +7.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €239,352 | €245,859 | +€6,508 | +2.7% |
| Operating profit (loss) | 9901 | €176,004 | €193,248 | +€17,244 | +9.8% |
| Financial income | 75/76B | €882 | €3,954 | +€3,072 | +348% |
| Recurring financial income | 75 | €882 | €3,954 | +€3,072 | +348% |
| Financial charges | 65/66B | €19,921 | €15,652 | -€4,269 | -21.4% |
| Recurring financial charges | 65 | €19,921 | €15,652 | -€4,269 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €156,965 | €181,550 | +€24,585 | +15.7% |
| Income taxes | 67/77 | €44,355 | €52,179 | +€7,824 | +17.6% |
| Profit (loss) for the period | 9904 | €112,610 | €129,371 | +€16,761 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €112,610 | €129,371 | +€16,761 | +14.9% |
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.