IMMO MARE: 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.
What changed
IMMO MARE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€241,922
2024 · €63,577+€178,345
Equity
€2.7m
2024 · €2.4m+€241,922
Cash
€199,152
2024 · €205,364-€6,212
Balance sheet total
€8.8m
2024 · €8.5m+€226,874
Largest movements
Assets
- Receivables within one year +€165,048
up €165,048 (+534%), from €30,879 to €195,927
of which Other amounts receivable: +€162,093
- Intangible fixed assets -€133,262
down €133,262 (-20.0%), from €666,310 to €533,048
- Tangible fixed assets +€129,607
up €129,607 (+1.7%), from €7.4m to €7.5m
of which Land and buildings: +€110,647
Equity and liabilities
- Reserves +€241,922
up €241,922 (+10.6%), from €2.3m to €2.5m
of which Tax-exempt reserves: +€218,049
- Other debts -€149,927
down €149,927 (-100%), from €149,927 to €0
Income statement
- Gross operating margin +€314,270
up €314,270 (+43.4%), from €724,481 to €1.0m
- Taxes +€24,194
up €24,194 (+126%), from €19,184 to €43,379
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.
Result 2024
€63,577
Gross operating margin
+€314,270
Depreciation
+€1,501
Other operating charges
+€1,036
Other operating items
-€16,022
Financial income
-€3,019
Financial charges
-€5,383
Taxes
-€24,194
Deferred taxes and other
-€89,843
Result 2025
€241,922
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€437,726
Investment
-€456,491
Financing
+€12,553
Cash 2024
€205,364
From operations (derived)
+€437,726
Net result for the year
+€241,922
Depreciation
+€461,143
Receivables within one year
-€165,048
Deferred charges and accrued income
-€72,690
Provisions
+€72,683
Trade debts
+€3,106
Tax, wage and social debts
-€4,288
Advances received
+€26,574
Other debts
-€149,927
Accrued charges and deferred income
+€24,252
Investment (derived)
-€456,491
Investment in fixed assets (net)
-€457,487
Current investments
+€996
Financing
+€12,553
Debts after one year
-€563
Current portion of long-term debt
+€13,116
Cash 2025
€199,152
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,544,904 | €8,771,778 | +€226,874 | +2.7% |
| Fixed assets | 21/28 | €8,084,076 | €8,080,420 | -€3,655 | 0.0% |
| Intangible fixed assets | 21 | €666,310 | €533,048 | -€133,262 | -20.0% |
| Tangible fixed assets | 22/27 | €7,410,015 | €7,539,622 | +€129,607 | +1.7% |
| Land and buildings | 22 | €7,398,228 | €7,508,875 | +€110,647 | +1.5% |
| Plant, machinery and equipment | 23 | €5,031 | €8,146 | +€3,115 | +61.9% |
| Furniture and vehicles | 24 | €6,756 | €22,601 | +€15,844 | +235% |
| Financial fixed assets | 28 | €7,750 | €7,750 | = | 0.0% |
| Current assets | 29/58 | €460,828 | €691,358 | +€230,529 | +50.0% |
| Amounts receivable within one year | 40/41 | €30,879 | €195,927 | +€165,048 | +534% |
| Trade receivables | 40 | €15,702 | €18,656 | +€2,954 | +18.8% |
| Other amounts receivable | 41 | €15,177 | €177,270 | +€162,093 | +1,068% |
| Current investments | 50/53 | €200,000 | €199,004 | -€996 | -0.5% |
| Cash at bank and in hand | 54/58 | €205,364 | €199,152 | -€6,212 | -3.0% |
| Deferred charges and accrued income | 490/1 | €24,585 | €97,275 | +€72,690 | +296% |
| Total equity and liabilities | 10/49 | €8,544,904 | €8,771,778 | +€226,874 | +2.7% |
| Equity | 10/15 | €2,433,367 | €2,675,289 | +€241,922 | +9.9% |
| Contributions | 10/11 | €153,700 | €153,700 | = | 0.0% |
| Capital | 10 | €153,700 | €153,700 | = | 0.0% |
| Issued capital | 100 | €153,700 | €153,700 | = | 0.0% |
| Reserves | 13 | €2,279,667 | €2,521,589 | +€241,922 | +10.6% |
| Non-distributable reserves | 130/1 | €15,370 | €15,370 | = | 0.0% |
| Legal reserve | 130 | €15,370 | €15,370 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,049,190 | €1,267,239 | +€218,049 | +20.8% |
| Distributable reserves | 133 | €1,215,107 | €1,238,980 | +€23,873 | +2.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €349,730 | €422,413 | +€72,683 | +20.8% |
| Deferred taxes | 168 | €349,730 | €422,413 | +€72,683 | +20.8% |
| Amounts payable | 17/49 | €5,761,807 | €5,674,075 | -€87,731 | -1.5% |
| Amounts payable after more than one year | 17 | €5,100,862 | €5,100,300 | -€563 | 0.0% |
| Financial debts | 170/4 | €4,834,074 | €4,806,992 | -€27,083 | -0.6% |
| Other amounts payable | 178/9 | €266,788 | €293,308 | +€26,520 | +9.9% |
| Amounts payable within one year | 42/48 | €660,944 | €549,524 | -€111,420 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €445,247 | €458,363 | +€13,116 | +2.9% |
| Trade debts | 44 | €30,074 | €33,179 | +€3,106 | +10.3% |
| Suppliers | 440/4 | €30,074 | €33,179 | +€3,106 | +10.3% |
| Advances received on contracts in progress | 46 | - | €26,574 | +€26,574 | |
| Taxes, remuneration and social security | 45 | €35,696 | €31,408 | -€4,288 | -12.0% |
| Taxes | 450/3 | €35,696 | €31,408 | -€4,288 | -12.0% |
| Other amounts payable | 47/48 | €149,927 | €0 | -€149,927 | -100% |
| Accrued charges and deferred income | 492/3 | - | €24,252 | +€24,252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,644 | €461,143 | -€1,501 | -0.3% |
| Other operating charges | 640/8 | €43,567 | €42,531 | -€1,036 | -2.4% |
| Non-recurring operating charges | 66A | - | €16,022 | +€16,022 | |
| Gross operating margin | 9900 | €724,481 | €1,038,750 | +€314,270 | +43.4% |
| Operating profit (loss) | 9901 | €218,270 | €519,054 | +€300,784 | +138% |
| Financial income | 75/76B | €7,734 | €4,715 | -€3,019 | -39.0% |
| Recurring financial income | 75 | €7,734 | €4,715 | -€3,019 | -39.0% |
| Financial charges | 65/66B | €160,402 | €165,785 | +€5,383 | +3.4% |
| Recurring financial charges | 65 | €160,402 | €165,785 | +€5,383 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €65,602 | €357,984 | +€292,382 | +446% |
| Transfer from deferred taxes | 780 | €17,160 | €17,558 | +€398 | +2.3% |
| Transfer to deferred taxes | 680 | - | €90,241 | +€90,241 | |
| Income taxes | 67/77 | €19,184 | €43,379 | +€24,194 | +126% |
| Profit (loss) for the period | 9904 | €63,577 | €241,922 | +€178,345 | +281% |
| Transfer from tax-exempt reserves | 789 | €51,479 | €52,673 | +€1,194 | +2.3% |
| Transfer to tax-exempt reserves | 689 | - | €270,722 | +€270,722 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,056 | €23,873 | -€91,184 | -79.3% |
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 25 October 2026 via checked.be.