IMMO - MARVIN: 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 - MARVIN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€32,832
2024 · -€216,980+€184,147
Equity
€2.4m
2024 · €2.4m-€32,832
Cash
€105,485
2024 · €109,712-€4,226
Balance sheet total
€4.4m
2024 · €4.9m-€447,274
Largest movements
Assets
- Tangible fixed assets -€462,606
down €462,606 (-10.4%), from €4.5m to €4.0m
of which Land and buildings: -€465,650
Equity and liabilities
- Other debts -€245,328
down €245,328 (-58.4%), from €420,162 to €174,834
- Debts after one year -€158,439
down €158,439 (-9.1%), from €1.7m to €1.6m
of which Financial debts: -€119,364
- Profit (loss) carried forward +€90,903
up €90,903 (+4.1%), from -€2.2m to -€2.1m
- Revaluation surpluses -€79,099
down €79,099 (-4.9%), from €1.6m to €1.5m
Income statement
- Gross operating margin +€157,185
up €157,185 (+83.3%), from €188,646 to €345,831
- Write-downs +€56,232
new in 2025: €56,232
- Depreciation -€56,031
down €56,031 (-16.7%), from €335,234 to €279,203
- Financial charges -€4,367
down €4,367 (-7.0%), from €62,669 to €58,302
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
-€216,980
Gross operating margin
+€157,185
Depreciation
+€56,031
Write-downs
-€56,232
Other operating charges
-€3,301
Other operating items
-€475
Financial income
+€1,767
Financial charges
+€4,367
Taxes
-€278
Deferred taxes and other
+€25,083
Result 2025
-€32,832
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.
From operations
-€30,055
Investment
+€183,403
Financing
-€157,574
Cash 2024
€109,712
From operations (derived)
-€30,055
Net result for the year
-€32,832
Depreciation
+€279,203
Receivables after one year
+€2,538
Receivables within one year
-€21,176
Deferred charges and accrued income
-€921
Provisions
-€41,245
Trade debts
+€29,931
Smaller working-capital items
-€227
Other debts
-€245,328
Investment (derived)
+€183,403
Investment in fixed assets (net)
+€183,403
Financing
-€157,574
Debts after one year
-€158,439
Current portion of long-term debt
+€3,139
Short-term financial debts
-€2,274
Cash 2025
€105,485
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,893,092 | €4,445,818 | -€447,274 | -9.1% |
| Fixed assets | 21/28 | €4,570,714 | €4,108,107 | -€462,606 | -10.1% |
| Tangible fixed assets | 22/27 | €4,460,717 | €3,998,110 | -€462,606 | -10.4% |
| Land and buildings | 22 | €4,444,132 | €3,978,482 | -€465,650 | -10.5% |
| Plant, machinery and equipment | 23 | €16,109 | €13,759 | -€2,350 | -14.6% |
| Furniture and vehicles | 24 | €475 | €5,869 | +€5,394 | +1134.5% |
| Financial fixed assets | 28 | €109,997 | €109,997 | = | 0.0% |
| Current assets | 29/58 | €322,379 | €337,711 | +€15,332 | +4.8% |
| Amounts receivable after more than one year | 29 | €2,538 | €0 | -€2,538 | -100.0% |
| Trade receivables | 290 | €2,538 | €0 | -€2,538 | -100.0% |
| Amounts receivable within one year | 40/41 | €205,464 | €226,639 | +€21,176 | +10.3% |
| Trade receivables | 40 | €65,443 | €34,711 | -€30,731 | -47.0% |
| Other amounts receivable | 41 | €140,021 | €191,928 | +€51,907 | +37.1% |
| Cash at bank and in hand | 54/58 | €109,712 | €105,485 | -€4,226 | -3.9% |
| Deferred charges and accrued income | 490/1 | €4,666 | €5,586 | +€921 | +19.7% |
| Total equity and liabilities | 10/49 | €4,893,092 | €4,445,818 | -€447,274 | -9.1% |
| Equity | 10/15 | €2,420,030 | €2,387,198 | -€32,832 | -1.4% |
| Contributions | 10/11 | €451,166 | €451,166 | = | 0.0% |
| Capital | 10 | €451,166 | €451,166 | = | 0.0% |
| Issued capital | 100 | €451,166 | €451,166 | = | 0.0% |
| Revaluation surpluses | 12 | €1,601,387 | €1,522,288 | -€79,099 | -4.9% |
| Reserves | 13 | €2,589,869 | €2,545,233 | -€44,636 | -1.7% |
| Non-distributable reserves | 130/1 | €45,117 | €45,117 | = | 0.0% |
| Legal reserve | 130 | €45,117 | €45,117 | = | 0.0% |
| Tax-exempt reserves | 132 | €512,800 | €389,065 | -€123,735 | -24.1% |
| Distributable reserves | 133 | €2,031,953 | €2,111,052 | +€79,099 | +3.9% |
| Profit (loss) carried forward | 14 | -€2,222,391 | -€2,131,489 | +€90,903 | +4.1% |
| Provisions and deferred taxes | 16 | €170,933 | €129,688 | -€41,245 | -24.1% |
| Deferred taxes | 168 | €170,933 | €129,688 | -€41,245 | -24.1% |
| Amounts payable | 17/49 | €2,302,129 | €1,928,932 | -€373,197 | -16.2% |
| Amounts payable after more than one year | 17 | €1,732,328 | €1,573,889 | -€158,439 | -9.1% |
| Financial debts | 170/4 | €1,669,526 | €1,550,162 | -€119,364 | -7.1% |
| Other amounts payable | 178/9 | €62,802 | €23,727 | -€39,075 | -62.2% |
| Amounts payable within one year | 42/48 | €569,801 | €355,043 | -€214,757 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €116,225 | €119,364 | +€3,139 | +2.7% |
| Financial debts | 43 | €2,274 | €0 | -€2,274 | -100.0% |
| Credit institutions | 430/8 | €2,274 | €0 | -€2,274 | -100.0% |
| Trade debts | 44 | €26,517 | €56,449 | +€29,931 | +112.9% |
| Suppliers | 440/4 | €26,517 | €56,449 | +€29,931 | +112.9% |
| Advances received on contracts in progress | 46 | €4,207 | €3,706 | -€501 | -11.9% |
| Taxes, remuneration and social security | 45 | €416 | €690 | +€274 | +65.9% |
| Taxes | 450/3 | €416 | €690 | +€274 | +65.9% |
| Other amounts payable | 47/48 | €420,162 | €174,834 | -€245,328 | -58.4% |
| Non-recurring operating income | 76A | - | €113,049 | +€113,049 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,234 | €279,203 | -€56,031 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €56,232 | +€56,232 | |
| Other operating charges | 640/8 | €23,607 | €26,908 | +€3,301 | +14.0% |
| Non-recurring operating charges | 66A | €0 | €475 | +€475 | |
| Gross operating margin | 9900 | €188,646 | €345,831 | +€157,185 | +83.3% |
| Operating profit (loss) | 9901 | -€170,195 | -€16,987 | +€153,208 | +90.0% |
| Financial income | 75/76B | €138 | €1,905 | +€1,767 | +1284.4% |
| Recurring financial income | 75 | €138 | €1,905 | +€1,767 | +1284.4% |
| Financial charges | 65/66B | €62,669 | €58,302 | -€4,367 | -7.0% |
| Recurring financial charges | 65 | €62,669 | €58,302 | -€4,367 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€232,726 | -€73,384 | +€159,342 | +68.5% |
| Transfer from deferred taxes | 780 | €16,162 | €41,245 | +€25,083 | +155.2% |
| Income taxes | 67/77 | €416 | €693 | +€278 | +66.8% |
| Profit (loss) for the period | 9904 | -€216,980 | -€32,832 | +€184,147 | +84.9% |
| Transfer from tax-exempt reserves | 789 | €48,486 | €123,735 | +€75,249 | +155.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€168,494 | €90,903 | +€259,396 |
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 12 October 2026 via checked.be.