IMMO - MAR: 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 - MAR
Largest movements
- Tangible fixed assets -€36,339
down €36,339 (-4.4%), from €817,207 to €780,867
of which Land and buildings: -€41,078
- Cash +€10,388
up €10,388 (+341.5%), from €3,042 to €13,430
mainly Depreciation (+€56,123) and Other debts (+€17,180)
- Reserves -€23,132
down €23,132 (-7.7%), from €301,453 to €278,322
- Debts after one year -€22,073
down €22,073 (-10.9%), from €202,280 to €180,208
of which Financial debts: -€22,073
- Other debts +€17,180
up €17,180 (+13.4%), from €127,988 to €145,168
- Profit (loss) carried forward +€15,348
up €15,348 (+24.2%), from -€63,396 to -€48,048
- Provisions -€12,163
down €12,163 (-7.6%), from €160,662 to €148,500
- Financial charges -€9,568
down €9,568 (-39.5%), from €24,251 to €14,683
- Gross operating margin +€8,577
up €8,577 (+17.4%), from €49,176 to €57,753
- Depreciation +€2,227
up €2,227 (+4.1%), from €53,896 to €56,123
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 | €820,617 | €799,913 | -€20,704 | -2.5% |
| Fixed assets | 21/28 | €817,283 | €780,944 | -€36,339 | -4.4% |
| Tangible fixed assets | 22/27 | €817,207 | €780,867 | -€36,339 | -4.4% |
| Land and buildings | 22 | €816,856 | €775,778 | -€41,078 | -5.0% |
| Furniture and vehicles | 24 | €351 | €5,089 | +€4,738 | +1350.3% |
| Financial fixed assets | 28 | €77 | €77 | = | 0.0% |
| Current assets | 29/58 | €3,334 | €18,969 | +€15,635 | +469.0% |
| Amounts receivable within one year | 40/41 | €292 | €5,539 | +€5,247 | +1797.5% |
| Trade receivables | 40 | - | €5,302 | +€5,302 | |
| Other amounts receivable | 41 | €292 | €236 | -€56 | -19.1% |
| Cash at bank and in hand | 54/58 | €3,042 | €13,430 | +€10,388 | +341.5% |
| Total equity and liabilities | 10/49 | €820,617 | €799,913 | -€20,704 | -2.5% |
| Equity | 10/15 | €300,057 | €292,274 | -€7,784 | -2.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €301,453 | €278,322 | -€23,132 | -7.7% |
| Tax-exempt reserves | 132 | €301,453 | €278,322 | -€23,132 | -7.7% |
| Profit (loss) carried forward | 14 | -€63,396 | -€48,048 | +€15,348 | +24.2% |
| Provisions and deferred taxes | 16 | €160,662 | €148,500 | -€12,163 | -7.6% |
| Deferred taxes | 168 | €160,662 | €148,500 | -€12,163 | -7.6% |
| Amounts payable | 17/49 | €359,897 | €359,140 | -€758 | -0.2% |
| Amounts payable after more than one year | 17 | €202,280 | €180,208 | -€22,073 | -10.9% |
| Financial debts | 170/4 | €52,780 | €30,708 | -€22,073 | -41.8% |
| Other amounts payable | 178/9 | €149,500 | €149,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,617 | €171,751 | +€14,134 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €22,490 | €22,073 | -€417 | -1.9% |
| Trade debts | 44 | €1,000 | €1,000 | = | 0.0% |
| Suppliers | 440/4 | €1,000 | €1,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,139 | €3,510 | -€2,629 | -42.8% |
| Taxes | 450/3 | €6,139 | €3,510 | -€2,629 | -42.8% |
| Other amounts payable | 47/48 | €127,988 | €145,168 | +€17,180 | +13.4% |
| Accrued charges and deferred income | 492/3 | - | €7,181 | +€7,181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,896 | €56,123 | +€2,227 | +4.1% |
| Other operating charges | 640/8 | €7,309 | €6,893 | -€416 | -5.7% |
| Gross operating margin | 9900 | €49,176 | €57,753 | +€8,577 | +17.4% |
| Operating profit (loss) | 9901 | -€12,029 | -€5,264 | +€6,765 | +56.2% |
| Financial charges | 65/66B | €24,251 | €14,683 | -€9,568 | -39.5% |
| Recurring financial charges | 65 | €24,251 | €14,683 | -€9,568 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | -€36,280 | -€19,946 | +€16,333 | +45.0% |
| Transfer from deferred taxes | 780 | €12,163 | €12,163 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€24,117 | -€7,784 | +€16,333 | +67.7% |
| Transfer from tax-exempt reserves | 789 | €23,132 | €23,132 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€986 | €15,348 | +€16,333 |
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 3 October 2026 via checked.be.