IMMO MASA: 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.
What changed
IMMO MASA
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€222,321
2024 · €324,012-€546,333
Equity
€679,298
2024 · €901,619-€222,321
Cash
€13,209
2024 · €288+€12,921
Balance sheet total
€4.9m
2024 · €5.0m-€123,292
Largest movements
Assets
- Receivables within one year -€489,425
down €489,425 (-33.5%), from €1.5m to €969,636
of which Trade receivables: -€478,264
- Stocks and contracts +€355,506
up €355,506 (+10.4%), from €3.4m to €3.8m
Equity and liabilities
- Reserves -€222,321
down €222,321 (-26.1%), from €851,619 to €629,298
of which Distributable reserves: -€222,321
- Trade debts +€222,060
up €222,060 (+18.3%), from €1.2m to €1.4m
- Other debts -€121,874
down €121,874 (-56.2%), from €217,042 to €95,168
Income statement
- Gross operating margin -€658,467
down €658,467 (-38.2%), from €1.7m to €1.1m
- Taxes -€130,313
down €130,313 (-99.1%), from €131,464 to €1,150
- Other operating charges +€26,681
up €26,681 (+118.0%), from €22,611 to €49,292
- Financial charges +€23,774
up €23,774 (+20.2%), from €117,878 to €141,652
- Staff costs -€23,166
down €23,166 (-2.1%), from €1.1m to €1.1m
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
€324,012
Gross operating margin
-€658,467
Staff costs
+€23,166
Depreciation
+€10,756
Other operating charges
-€26,681
Financial income
-€1,646
Financial charges
-€23,774
Taxes
+€130,313
Result 2025
-€222,321
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
+€38,374
Investment
-€26,990
Financing
+€1,537
Cash 2024
€288
From operations (derived)
+€38,374
Net result for the year
-€222,321
Depreciation
+€42,773
Stocks and contracts
-€355,506
Receivables within one year
+€489,425
Deferred charges and accrued income
-€13,489
Trade debts
+€222,060
Tax, wage and social debts
-€2,694
Other debts
-€121,874
Investment (derived)
-€26,990
Investment in fixed assets (net)
-€26,990
Financing
+€1,537
Debts after one year
+€14,491
Current portion of long-term debt
-€7,765
Short-term financial debts
-€5,188
Cash 2025
€13,209
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,004,709 | €4,881,417 | -€123,292 | -2.5% |
| Fixed assets | 21/28 | €136,650 | €120,867 | -€15,783 | -11.5% |
| Tangible fixed assets | 22/27 | €70,766 | €54,983 | -€15,783 | -22.3% |
| Plant, machinery and equipment | 23 | €502 | €324 | -€178 | -35.5% |
| Furniture and vehicles | 24 | €37,227 | €32,527 | -€4,700 | -12.6% |
| Other tangible fixed assets | 26 | €33,037 | €22,133 | -€10,905 | -33.0% |
| Financial fixed assets | 28 | €65,884 | €65,884 | = | 0.0% |
| Current assets | 29/58 | €4,868,060 | €4,760,550 | -€107,509 | -2.2% |
| Stocks and contracts in progress | 3 | €3,407,060 | €3,762,565 | +€355,506 | +10.4% |
| Stocks | 30/36 | €3,407,060 | €3,762,565 | +€355,506 | +10.4% |
| Amounts receivable within one year | 40/41 | €1,459,062 | €969,636 | -€489,425 | -33.5% |
| Trade receivables | 40 | €1,412,190 | €933,926 | -€478,264 | -33.9% |
| Other amounts receivable | 41 | €46,871 | €35,710 | -€11,161 | -23.8% |
| Cash at bank and in hand | 54/58 | €288 | €13,209 | +€12,921 | +4483.1% |
| Deferred charges and accrued income | 490/1 | €1,650 | €15,139 | +€13,489 | +817.5% |
| Total equity and liabilities | 10/49 | €5,004,709 | €4,881,417 | -€123,292 | -2.5% |
| Equity | 10/15 | €901,619 | €679,298 | -€222,321 | -24.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €851,619 | €629,298 | -€222,321 | -26.1% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €846,619 | €624,298 | -€222,321 | -26.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,103,091 | €4,202,120 | +€99,029 | +2.4% |
| Amounts payable after more than one year | 17 | €3,809 | €18,300 | +€14,491 | +380.4% |
| Financial debts | 170/4 | €3,809 | €18,300 | +€14,491 | +380.4% |
| Amounts payable within one year | 42/48 | €4,099,281 | €4,183,820 | +€84,538 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €19,875 | €12,109 | -€7,765 | -39.1% |
| Financial debts | 43 | €2,160,419 | €2,155,231 | -€5,188 | -0.2% |
| Credit institutions | 430/8 | €2,160,419 | €2,155,231 | -€5,188 | -0.2% |
| Trade debts | 44 | €1,214,787 | €1,436,847 | +€222,060 | +18.3% |
| Suppliers | 440/4 | €1,214,787 | €1,436,847 | +€222,060 | +18.3% |
| Advances received on contracts in progress | 46 | €11,452 | €11,452 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €475,706 | €473,013 | -€2,694 | -0.6% |
| Taxes | 450/3 | €261,895 | €194,800 | -€67,094 | -25.6% |
| Remuneration and social security | 454/9 | €213,812 | €278,212 | +€64,401 | +30.1% |
| Other amounts payable | 47/48 | €217,042 | €95,168 | -€121,874 | -56.2% |
| Remuneration, social security and pensions | 62 | €1,078,701 | €1,055,536 | -€23,166 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,529 | €42,773 | -€10,756 | -20.1% |
| Other operating charges | 640/8 | €22,611 | €49,292 | +€26,681 | +118.0% |
| Gross operating margin | 9900 | €1,724,169 | €1,065,701 | -€658,467 | -38.2% |
| Operating profit (loss) | 9901 | €569,328 | -€81,898 | -€651,226 | |
| Financial income | 75/76B | €4,026 | €2,380 | -€1,646 | -40.9% |
| Recurring financial income | 75 | €4,026 | €2,380 | -€1,646 | -40.9% |
| Financial charges | 65/66B | €117,878 | €141,652 | +€23,774 | +20.2% |
| Recurring financial charges | 65 | €117,878 | €141,652 | +€23,774 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €455,475 | -€221,171 | -€676,646 | |
| Income taxes | 67/77 | €131,464 | €1,150 | -€130,313 | -99.1% |
| Profit (loss) for the period | 9904 | €324,012 | -€222,321 | -€546,333 | |
| Profit (loss) for the period to be appropriated | 9905 | €324,012 | -€222,321 | -€546,333 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.