IMMO-MICHEL: 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-MICHEL
Largest movements
- Cash -€75,088
down €75,088 (-92.7%), from €80,979 to €5,891
mainly Other debts (-€77,636) and Deferred charges and accrued income (-€18,000)
- Deferred charges and accrued income +€18,000
up €18,000 (+300%), from €6,000 to €24,000
- Other debts -€77,636
down €77,636 (-64.2%), from €120,887 to €43,252
- Trade debts +€19,053
new in 2025: €19,053
- Profit (loss) carried forward +€7,025
up €7,025 (+1.5%), from -€484,373 to -€477,348
- Tax, wage and social debts -€3,859
down €3,859 (-56.1%), from €6,882 to €3,023
- Gross operating margin -€18,535
down €18,535 (-29.4%), from €63,082 to €44,547
- Taxes -€4,408
down €4,408 (-63.3%), from €6,965 to €2,557
- Financial charges -€2,602
down €2,602 (-26.6%), from €9,794 to €7,193
- Other operating charges +€1,476
up €1,476 (+5.7%), from €25,731 to €27,207
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 | €292,289 | €234,635 | -€57,653 | -19.7% |
| Fixed assets | 21/28 | €205,309 | €204,744 | -€565 | -0.3% |
| Tangible fixed assets | 22/27 | €205,309 | €204,744 | -€565 | -0.3% |
| Land and buildings | 22 | €205,309 | €204,744 | -€565 | -0.3% |
| Current assets | 29/58 | €86,979 | €29,891 | -€57,088 | -65.6% |
| Cash at bank and in hand | 54/58 | €80,979 | €5,891 | -€75,088 | -92.7% |
| Deferred charges and accrued income | 490/1 | €6,000 | €24,000 | +€18,000 | +300% |
| Total equity and liabilities | 10/49 | €292,289 | €234,635 | -€57,653 | -19.7% |
| Equity | 10/15 | €154,818 | €161,842 | +€7,025 | +4.5% |
| Contributions | 10/11 | €231,285 | €231,285 | = | 0.0% |
| Reserves | 13 | €407,906 | €407,906 | = | 0.0% |
| Non-distributable reserves | 130/1 | €32,340 | €32,340 | = | 0.0% |
| Reserves not available under the articles | 1311 | €32,340 | €32,340 | = | 0.0% |
| Distributable reserves | 133 | €375,566 | €375,566 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€484,373 | -€477,348 | +€7,025 | +1.5% |
| Amounts payable | 17/49 | €137,471 | €72,793 | -€64,678 | -47.0% |
| Amounts payable within one year | 42/48 | €127,769 | €65,327 | -€62,442 | -48.9% |
| Trade debts | 44 | - | €19,053 | +€19,053 | |
| Suppliers | 440/4 | - | €19,053 | +€19,053 | |
| Taxes, remuneration and social security | 45 | €6,882 | €3,023 | -€3,859 | -56.1% |
| Taxes | 450/3 | €6,882 | €3,023 | -€3,859 | -56.1% |
| Other amounts payable | 47/48 | €120,887 | €43,252 | -€77,636 | -64.2% |
| Accrued charges and deferred income | 492/3 | €9,702 | €7,466 | -€2,236 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €565 | €565 | = | 0.0% |
| Other operating charges | 640/8 | €25,731 | €27,207 | +€1,476 | +5.7% |
| Gross operating margin | 9900 | €63,082 | €44,547 | -€18,535 | -29.4% |
| Operating profit (loss) | 9901 | €36,786 | €16,775 | -€20,012 | -54.4% |
| Financial charges | 65/66B | €9,794 | €7,193 | -€2,602 | -26.6% |
| Recurring financial charges | 65 | €9,794 | €7,193 | -€2,602 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €26,992 | €9,582 | -€17,410 | -64.5% |
| Income taxes | 67/77 | €6,965 | €2,557 | -€4,408 | -63.3% |
| Profit (loss) for the period | 9904 | €20,027 | €7,025 | -€13,002 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,027 | €7,025 | -€13,002 | -64.9% |
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 13 October 2026 via checked.be.