IMMO MAX: 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.
IMMO MAX
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-92.9%), from €1.2m to €83,029
- Receivables within one year +€33,460
up €33,460 (+8,578%), from €390 to €33,850
- Other debts -€552,000
no longer reported in 2025 (was €552,000)
- Contributions -€338,500
down €338,500 (-84.6%), from €400,000 to €61,500
- Trade debts -€190,702
down €190,702 (-66.4%), from €287,079 to €96,377
- Write-downs -€482,826
down €482,826 (-191%), from -€253,286 to -€736,112
- Gross operating margin -€144,891
down €144,891, from €109,280 to -€35,611
- Taxes +€111,001
up €111,001 (+176%), from €63,195 to €174,196
- Financial charges -€26,486
down €26,486 (-92.8%), from €28,530 to €2,043
- Financial income +€3,248
up €3,248 (+149%), from €2,186 to €5,435
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,294,981 | €224,933 | -€1.1m | -82.6% |
| Current assets | 29/58 | €1,294,981 | €224,933 | -€1.1m | -82.6% |
| Stocks and contracts in progress | 3 | €1,161,829 | €83,029 | -€1.1m | -92.9% |
| Stocks | 30/36 | €1,161,829 | €83,029 | -€1.1m | -92.9% |
| Amounts receivable within one year | 40/41 | €390 | €33,850 | +€33,460 | +8,578% |
| Other amounts receivable | 41 | €390 | €33,850 | +€33,460 | +8,578% |
| Cash at bank and in hand | 54/58 | €120,782 | €108,054 | -€12,728 | -10.5% |
| Deferred charges and accrued income | 490/1 | €11,980 | - | -€11,980 | |
| Total equity and liabilities | 10/49 | €1,294,981 | €224,933 | -€1.1m | -82.6% |
| Equity | 10/15 | €442,708 | €110,795 | -€331,913 | -75.0% |
| Contributions | 10/11 | €400,000 | €61,500 | -€338,500 | -84.6% |
| Capital | 10 | €400,000 | €61,500 | -€338,500 | -84.6% |
| Issued capital | 100 | €400,000 | €61,500 | -€338,500 | -84.6% |
| Reserves | 13 | €42,708 | €49,295 | +€6,587 | +15.4% |
| Non-distributable reserves | 130/1 | €40,000 | €6,150 | -€33,850 | -84.6% |
| Legal reserve | 130 | €40,000 | €6,150 | -€33,850 | -84.6% |
| Distributable reserves | 133 | €2,708 | €43,145 | +€40,437 | +1,493% |
| Amounts payable | 17/49 | €852,273 | €114,138 | -€738,135 | -86.6% |
| Amounts payable within one year | 42/48 | €852,273 | €114,138 | -€738,135 | -86.6% |
| Trade debts | 44 | €287,079 | €96,377 | -€190,702 | -66.4% |
| Suppliers | 440/4 | €287,079 | €96,377 | -€190,702 | -66.4% |
| Taxes, remuneration and social security | 45 | €13,195 | €17,761 | +€4,566 | +34.6% |
| Taxes | 450/3 | €13,195 | €17,761 | +€4,566 | +34.6% |
| Other amounts payable | 47/48 | €552,000 | - | -€552,000 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€253,286 | -€736,112 | -€482,826 | -191% |
| Other operating charges | 640/8 | €5,631 | €3,110 | -€2,521 | -44.8% |
| Gross operating margin | 9900 | €109,280 | -€35,611 | -€144,891 | |
| Operating profit (loss) | 9901 | €356,935 | €697,392 | +€340,457 | +95.4% |
| Financial income | 75/76B | €2,186 | €5,435 | +€3,248 | +149% |
| Recurring financial income | 75 | €2,186 | €5,435 | +€3,248 | +149% |
| Financial charges | 65/66B | €28,530 | €2,043 | -€26,486 | -92.8% |
| Recurring financial charges | 65 | €28,530 | €2,043 | -€26,486 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €330,592 | €700,783 | +€370,192 | +112% |
| Income taxes | 67/77 | €63,195 | €174,196 | +€111,001 | +176% |
| Profit (loss) for the period | 9904 | €267,397 | €526,587 | +€259,191 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €267,397 | €526,587 | +€259,191 | +96.9% |
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 15 October 2026 via checked.be.