IMMO MIKE: 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.
What changed
IMMO MIKE
NACE 43.230, Insulation installation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€180,260
2024 · €116,195+€64,065
Equity
€1.4m
2024 · €1.2m+€178,385
Cash
€622,910
2024 · €458,512+€164,398
Balance sheet total
€1.5m
2024 · €1.4m+€115,423
Largest movements
Assets
- Cash +€164,398
up €164,398 (+35.9%), from €458,512 to €622,910
mainly Net result for the year (+€180,260) and Depreciation (+€61,895)
- Tangible fixed assets -€61,895
down €61,895 (-10.1%), from €613,057 to €551,162
Equity and liabilities
- Profit (loss) carried forward +€180,260
up €180,260 (+15.9%), from €1.1m to €1.3m
- Debts after one year -€55,059
down €55,059 (-43.4%), from €126,852 to €71,793
Income statement
- Gross operating margin +€63,915
up €63,915 (+24.7%), from €258,477 to €322,392
- Taxes +€26,607
up €26,607 (+68.5%), from €38,852 to €65,459
- Depreciation -€4,432
down €4,432 (-6.7%), from €66,327 to €61,895
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
€116,195
Gross operating margin
+€63,915
Staff costs
+€34
Depreciation
+€4,432
Other operating charges
+€441
Other operating items
+€21,568
Financial income
-€1,072
Financial charges
+€1,354
Taxes
-€26,607
Result 2025
€180,260
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
+€221,305
Investment
-€1,054
Financing
-€55,853
Cash 2024
€458,512
From operations (derived)
+€221,305
Net result for the year
+€180,260
Depreciation
+€61,895
Receivables within one year
-€11,866
Trade debts
-€4,578
Tax, wage and social debts
-€5,690
Other debts
+€1,284
Investment (derived)
-€1,054
Current investments
-€1,054
Financing
-€55,853
Debts after one year
-€55,059
Current portion of long-term debt
+€1,081
Contributions, distributions and other
-€1,875
Cash 2025
€622,910
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,424,052 | €1,539,475 | +€115,423 | +8.1% |
| Fixed assets | 21/28 | €613,507 | €551,612 | -€61,895 | -10.1% |
| Tangible fixed assets | 22/27 | €613,057 | €551,162 | -€61,895 | -10.1% |
| Land and buildings | 22 | €526,417 | €497,554 | -€28,863 | -5.5% |
| Plant, machinery and equipment | 23 | €9,168 | €6,624 | -€2,544 | -27.7% |
| Furniture and vehicles | 24 | €66,750 | €39,836 | -€26,914 | -40.3% |
| Leasing and similar rights | 25 | €10,722 | €7,148 | -€3,574 | -33.3% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €810,545 | €987,863 | +€177,318 | +21.9% |
| Stocks and contracts in progress | 3 | €7,629 | €7,629 | = | 0.0% |
| Stocks | 30/36 | €7,629 | €7,629 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,410 | €54,276 | +€11,866 | +28.0% |
| Trade receivables | 40 | €23,045 | €53,859 | +€30,814 | +133.7% |
| Other amounts receivable | 41 | €19,365 | €417 | -€18,948 | -97.8% |
| Current investments | 50/53 | €301,994 | €303,048 | +€1,054 | +0.3% |
| Cash at bank and in hand | 54/58 | €458,512 | €622,910 | +€164,398 | +35.9% |
| Total equity and liabilities | 10/49 | €1,424,052 | €1,539,475 | +€115,423 | +8.1% |
| Equity | 10/15 | €1,223,660 | €1,402,045 | +€178,385 | +14.6% |
| Contributions | 10/11 | €30,400 | €30,400 | = | 0.0% |
| Reserves | 13 | €50,500 | €50,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,500 | €46,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,135,171 | €1,315,431 | +€180,260 | +15.9% |
| Investment grants | 15 | €7,589 | €5,714 | -€1,875 | -24.7% |
| Amounts payable | 17/49 | €200,392 | €137,430 | -€62,962 | -31.4% |
| Amounts payable after more than one year | 17 | €126,852 | €71,793 | -€55,059 | -43.4% |
| Financial debts | 170/4 | €126,852 | €71,793 | -€55,059 | -43.4% |
| Amounts payable within one year | 42/48 | €73,540 | €65,637 | -€7,903 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €53,978 | €55,059 | +€1,081 | +2.0% |
| Trade debts | 44 | €5,540 | €962 | -€4,578 | -82.6% |
| Suppliers | 440/4 | €5,540 | €962 | -€4,578 | -82.6% |
| Taxes, remuneration and social security | 45 | €13,642 | €7,952 | -€5,690 | -41.7% |
| Taxes | 450/3 | €13,642 | €7,952 | -€5,690 | -41.7% |
| Other amounts payable | 47/48 | €380 | €1,664 | +€1,284 | +337.9% |
| Remuneration, social security and pensions | 62 | €88 | €54 | -€34 | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,327 | €61,895 | -€4,432 | -6.7% |
| Other operating charges | 640/8 | €14,131 | €13,690 | -€441 | -3.1% |
| Non-recurring operating charges | 66A | €21,568 | - | -€21,568 | |
| Gross operating margin | 9900 | €258,477 | €322,392 | +€63,915 | +24.7% |
| Operating profit (loss) | 9901 | €156,363 | €246,753 | +€90,390 | +57.8% |
| Financial income | 75/76B | €4,479 | €3,407 | -€1,072 | -23.9% |
| Recurring financial income | 75 | €4,479 | €3,407 | -€1,072 | -23.9% |
| Financial charges | 65/66B | €5,795 | €4,441 | -€1,354 | -23.4% |
| Recurring financial charges | 65 | €5,795 | €4,441 | -€1,354 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €155,047 | €245,719 | +€90,672 | +58.5% |
| Income taxes | 67/77 | €38,852 | €65,459 | +€26,607 | +68.5% |
| Profit (loss) for the period | 9904 | €116,195 | €180,260 | +€64,065 | +55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €116,195 | €180,260 | +€64,065 | +55.1% |
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 11 October 2026 via checked.be.