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
- Tangible fixed assets -€50,891
down €50,891 (-22.1%), from €230,218 to €179,327
- Cash -€27,542
down €27,542 (-90.4%), from €30,472 to €2,930
mainly Debts after one year (-€78,376) and Receivables within one year (-€16,887)
- Receivables within one year +€16,887
up €16,887 (+11.4%), from €148,700 to €165,588
of which Trade receivables: +€9,586
- Debts after one year -€78,376
down €78,376 (-44.2%), from €177,405 to €99,029
- Trade debts +€16,616
up €16,616 (+64.3%), from €25,854 to €42,471
- Tax, wage and social debts -€14,702
down €14,702 (-32.6%), from €45,057 to €30,355
of which Taxes: -€18,928
- Reserves +€9,230
up €9,230 (+13.3%), from €69,334 to €78,564
of which Distributable reserves: +€9,230
- Current portion of long-term debt +€4,283
up €4,283 (+5.0%), from €85,257 to €89,540
- Gross operating margin -€28,875
down €28,875 (-11.0%), from €262,194 to €233,319
- Depreciation +€7,612
up €7,612 (+16.1%), from €47,397 to €55,009
- Staff costs +€6,784
up €6,784 (+5.0%), from €136,844 to €143,628
- Taxes -€6,631
down €6,631 (-36.0%), from €18,442 to €11,811
- Write-downs -€6,080
no longer reported in 2025 (was €6,080)
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 | €421,457 | €358,509 | -€62,949 | -14.9% |
| Fixed assets | 21/28 | €231,343 | €180,452 | -€50,891 | -22.0% |
| Tangible fixed assets | 22/27 | €230,218 | €179,327 | -€50,891 | -22.1% |
| Land and buildings | 22 | €119,122 | €95,899 | -€23,223 | -19.5% |
| Plant, machinery and equipment | 23 | €61,054 | €43,624 | -€17,430 | -28.5% |
| Furniture and vehicles | 24 | €50,042 | €39,804 | -€10,238 | -20.5% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €190,115 | €178,057 | -€12,058 | -6.3% |
| Amounts receivable within one year | 40/41 | €148,700 | €165,588 | +€16,887 | +11.4% |
| Trade receivables | 40 | €20,407 | €29,993 | +€9,586 | +47.0% |
| Other amounts receivable | 41 | €128,293 | €135,594 | +€7,301 | +5.7% |
| Cash at bank and in hand | 54/58 | €30,472 | €2,930 | -€27,542 | -90.4% |
| Deferred charges and accrued income | 490/1 | €10,942 | €9,539 | -€1,403 | -12.8% |
| Total equity and liabilities | 10/49 | €421,457 | €358,509 | -€62,949 | -14.9% |
| Equity | 10/15 | €87,884 | €97,114 | +€9,230 | +10.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €69,334 | €78,564 | +€9,230 | +13.3% |
| Non-distributable reserves | 130/1 | €2,633 | €2,633 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,633 | €2,633 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,066 | €14,066 | = | 0.0% |
| Distributable reserves | 133 | €52,636 | €61,866 | +€9,230 | +17.5% |
| Amounts payable | 17/49 | €333,574 | €261,395 | -€72,179 | -21.6% |
| Amounts payable after more than one year | 17 | €177,405 | €99,029 | -€78,376 | -44.2% |
| Financial debts | 170/4 | €177,405 | €99,029 | -€78,376 | -44.2% |
| Amounts payable within one year | 42/48 | €156,169 | €162,366 | +€6,197 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €85,257 | €89,540 | +€4,283 | +5.0% |
| Trade debts | 44 | €25,854 | €42,471 | +€16,616 | +64.3% |
| Suppliers | 440/4 | €25,854 | €42,471 | +€16,616 | +64.3% |
| Taxes, remuneration and social security | 45 | €45,057 | €30,355 | -€14,702 | -32.6% |
| Taxes | 450/3 | €22,541 | €3,613 | -€18,928 | -84.0% |
| Remuneration and social security | 454/9 | €22,516 | €26,742 | +€4,225 | +18.8% |
| Remuneration, social security and pensions | 62 | €136,844 | €143,628 | +€6,784 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,397 | €55,009 | +€7,612 | +16.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,080 | - | -€6,080 | |
| Other operating charges | 640/8 | €10,199 | €5,519 | -€4,680 | -45.9% |
| Gross operating margin | 9900 | €262,194 | €233,319 | -€28,875 | -11.0% |
| Operating profit (loss) | 9901 | €61,673 | €29,162 | -€32,511 | -52.7% |
| Financial income | 75/76B | €2,983 | €2,995 | +€13 | +0.4% |
| Recurring financial income | 75 | €2,983 | €2,995 | +€13 | +0.4% |
| Financial charges | 65/66B | €12,964 | €11,117 | -€1,848 | -14.3% |
| Recurring financial charges | 65 | €12,964 | €11,005 | -€1,959 | -15.1% |
| Non-recurring financial charges | 66B | - | €111 | +€111 | |
| Profit (loss) for the period before taxes | 9903 | €51,691 | €21,041 | -€30,650 | -59.3% |
| Income taxes | 67/77 | €18,442 | €11,811 | -€6,631 | -36.0% |
| Profit (loss) for the period | 9904 | €33,249 | €9,230 | -€24,019 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,249 | €9,230 | -€24,019 | -72.2% |
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 17 October 2026 via checked.be.