IMMO - MATT: 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 - MATT
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7,785
2024 · -€43,067+€35,283
Equity
€1.2m
2024 · €1.2m-€10,207
Cash
€1,796
2024 · €4,091-€2,295
Balance sheet total
€1.8m
2024 · €1.9m-€69,934
Largest movements
Assets
- Tangible fixed assets -€70,000
down €70,000 (-3.8%), from €1.9m to €1.8m
of which Land and buildings: -€69,899
Equity and liabilities
- Reserves -€45,778
down €45,778 (-5.8%), from €792,848 to €747,071
of which Distributable reserves: -€23,018
- Profit (loss) carried forward +€35,570
up €35,570, from -€35,570 to €0
- Other debts -€32,400
down €32,400 (-28.0%), from €115,664 to €83,264
Income statement
- Gross operating margin -€295,264
down €295,264 (-81.6%), from €361,868 to €66,603
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
-€43,067
Gross operating margin
-€295,264
Depreciation
-€1,362
Other operating charges
-€753
Financial income
-€58
Financial charges
-€2,512
Deferred taxes and other
+€335,231
Result 2025
-€7,785
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
+€20,248
Investment
-€3,250
Financing
-€19,293
Cash 2024
€4,091
From operations (derived)
+€20,248
Net result for the year
-€7,785
Depreciation
+€73,250
Receivables within one year
-€2,161
Deferred charges and accrued income
-€199
Provisions
-€10,530
Trade debts
-€1,462
Other debts
-€32,400
Accrued charges and deferred income
+€1,535
Investment (derived)
-€3,250
Investment in fixed assets (net)
-€3,250
Financing
-€19,293
Debts after one year
-€17,149
Current portion of long-term debt
+€279
Contributions, distributions and other
-€2,422
Cash 2025
€1,796
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,863,542 | €1,793,608 | -€69,934 | -3.8% |
| Fixed assets | 21/28 | €1,850,545 | €1,780,546 | -€70,000 | -3.8% |
| Tangible fixed assets | 22/27 | €1,850,545 | €1,780,546 | -€70,000 | -3.8% |
| Land and buildings | 22 | €1,843,479 | €1,773,579 | -€69,899 | -3.8% |
| Plant, machinery and equipment | 23 | €7,067 | €6,966 | -€100 | -1.4% |
| Current assets | 29/58 | €12,997 | €13,063 | +€66 | +0.5% |
| Amounts receivable within one year | 40/41 | €1,695 | €3,856 | +€2,161 | +127.5% |
| Trade receivables | 40 | €1,695 | €3,856 | +€2,161 | +127.5% |
| Current investments | 50/53 | €6,608 | €6,608 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,091 | €1,796 | -€2,295 | -56.1% |
| Deferred charges and accrued income | 490/1 | €603 | €802 | +€199 | +33.1% |
| Total equity and liabilities | 10/49 | €1,863,542 | €1,793,608 | -€69,934 | -3.8% |
| Equity | 10/15 | €1,229,878 | €1,219,671 | -€10,207 | -0.8% |
| Contributions | 10/11 | €306,200 | €306,200 | = | 0.0% |
| Capital | 10 | €306,200 | €306,200 | = | 0.0% |
| Issued capital | 100 | €306,200 | €306,200 | = | 0.0% |
| Revaluation surpluses | 12 | €166,400 | €166,400 | = | 0.0% |
| Reserves | 13 | €792,848 | €747,071 | -€45,778 | -5.8% |
| Non-distributable reserves | 130/1 | €30,620 | €30,620 | = | 0.0% |
| Legal reserve | 130 | €30,620 | €30,620 | = | 0.0% |
| Tax-exempt reserves | 132 | €321,841 | €299,081 | -€22,759 | -7.1% |
| Distributable reserves | 133 | €440,388 | €417,369 | -€23,018 | -5.2% |
| Profit (loss) carried forward | 14 | -€35,570 | €0 | +€35,570 | |
| Provisions and deferred taxes | 16 | €193,762 | €183,233 | -€10,530 | -5.4% |
| Deferred taxes | 168 | €193,762 | €183,233 | -€10,530 | -5.4% |
| Amounts payable | 17/49 | €439,902 | €390,705 | -€49,197 | -11.2% |
| Amounts payable after more than one year | 17 | €305,128 | €287,979 | -€17,149 | -5.6% |
| Financial debts | 170/4 | €305,128 | €287,979 | -€17,149 | -5.6% |
| Amounts payable within one year | 42/48 | €134,775 | €101,191 | -€33,583 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €16,870 | €17,149 | +€279 | +1.7% |
| Trade debts | 44 | €2,240 | €778 | -€1,462 | -65.3% |
| Suppliers | 440/4 | €2,240 | €778 | -€1,462 | -65.3% |
| Other amounts payable | 47/48 | €115,664 | €83,264 | -€32,400 | -28.0% |
| Accrued charges and deferred income | 492/3 | - | €1,535 | +€1,535 | |
| Non-recurring operating income | 76A | €335,231 | €0 | -€335,231 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,888 | €73,250 | +€1,362 | +1.9% |
| Other operating charges | 640/8 | €3,925 | €4,678 | +€753 | +19.2% |
| Gross operating margin | 9900 | €361,868 | €66,603 | -€295,264 | -81.6% |
| Operating profit (loss) | 9901 | €286,055 | -€11,324 | -€297,379 | |
| Financial income | 75/76B | €63 | €5 | -€58 | -91.6% |
| Recurring financial income | 75 | €63 | €5 | -€58 | -91.6% |
| Financial charges | 65/66B | €6,906 | €9,418 | +€2,512 | +36.4% |
| Recurring financial charges | 65 | €6,906 | €9,418 | +€2,512 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €279,212 | -€20,737 | -€299,949 | |
| Transfer from deferred taxes | 780 | €12,952 | €12,952 | = | 0.0% |
| Transfer to deferred taxes | 680 | €335,231 | €0 | -€335,231 | -100.0% |
| Profit (loss) for the period | 9904 | -€43,067 | -€7,785 | +€35,283 | +81.9% |
| Transfer from tax-exempt reserves | 789 | €27,956 | €27,956 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,112 | €20,171 | +€35,283 |
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 6 October 2026 via checked.be.