IMMO MOERMAN: 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 MOERMAN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2,750
2024 · €7,719-€10,469
Equity
€383,901
2024 · €386,650-€2,750
Cash
€35,622
2024 · €39,573-€3,951
Balance sheet total
€554,095
2024 · €452,941+€101,155
Largest movements
Assets
- Tangible fixed assets +€100,112
up €100,112 (+24.4%), from €410,339 to €510,451
of which Land and buildings: +€105,153
Equity and liabilities
- Debts after one year +€88,182
new in 2025: €88,182
- Current portion of long-term debt +€20,018
up €20,018 (+1112.3%), from €1,800 to €21,818
- Other debts -€9,571
down €9,571 (-64.3%), from €14,885 to €5,314
Income statement
- Gross operating margin -€12,266
down €12,266 (-21.5%), from €56,957 to €44,692
- Taxes -€4,763
down €4,763 (-54.7%), from €8,708 to €3,945
- Depreciation +€2,642
up €2,642 (+8.3%), from €31,920 to €34,563
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
€7,719
Gross operating margin
-€12,266
Depreciation
-€2,642
Other operating charges
-€266
Financial income
-€9
Financial charges
-€48
Taxes
+€4,763
Result 2025
-€2,750
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
+€22,523
Investment
-€134,674
Financing
+€108,200
Cash 2024
€39,573
From operations (derived)
+€22,523
Net result for the year
-€2,750
Depreciation
+€34,563
Receivables within one year
-€3,882
Deferred charges and accrued income
-€1,113
Provisions
-€2,801
Trade debts
+€2,886
Tax, wage and social debts
+€1,262
Other debts
-€9,571
Accrued charges and deferred income
+€3,928
Investment (derived)
-€134,674
Investment in fixed assets (net)
-€134,674
Financing
+€108,200
Debts after one year
+€88,182
Current portion of long-term debt
+€20,018
Cash 2025
€35,622
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €452,941 | €554,095 | +€101,155 | +22.3% |
| Fixed assets | 21/28 | €410,339 | €510,451 | +€100,112 | +24.4% |
| Tangible fixed assets | 22/27 | €410,339 | €510,451 | +€100,112 | +24.4% |
| Land and buildings | 22 | €399,580 | €504,732 | +€105,153 | +26.3% |
| Furniture and vehicles | 24 | €10,759 | €5,718 | -€5,041 | -46.9% |
| Current assets | 29/58 | €42,602 | €43,645 | +€1,043 | +2.4% |
| Amounts receivable within one year | 40/41 | €2,388 | €6,270 | +€3,882 | +162.5% |
| Trade receivables | 40 | €1,450 | €2,948 | +€1,498 | +103.3% |
| Other amounts receivable | 41 | €938 | €3,321 | +€2,384 | +254.2% |
| Cash at bank and in hand | 54/58 | €39,573 | €35,622 | -€3,951 | -10.0% |
| Deferred charges and accrued income | 490/1 | €640 | €1,753 | +€1,113 | +173.8% |
| Total equity and liabilities | 10/49 | €452,941 | €554,095 | +€101,155 | +22.3% |
| Equity | 10/15 | €386,650 | €383,901 | -€2,750 | -0.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €283,738 | €280,983 | -€2,756 | -1.0% |
| Tax-exempt reserves | 132 | €185,636 | €174,430 | -€11,206 | -6.0% |
| Distributable reserves | 133 | €98,103 | €106,553 | +€8,450 | +8.6% |
| Profit (loss) carried forward | 14 | €2,912 | €2,918 | +€6 | +0.2% |
| Provisions and deferred taxes | 16 | €46,409 | €43,608 | -€2,801 | -6.0% |
| Deferred taxes | 168 | €46,409 | €43,608 | -€2,801 | -6.0% |
| Amounts payable | 17/49 | €19,881 | €126,587 | +€106,706 | +536.7% |
| Amounts payable after more than one year | 17 | - | €88,182 | +€88,182 | |
| Financial debts | 170/4 | - | €88,182 | +€88,182 | |
| Amounts payable within one year | 42/48 | €19,764 | €34,360 | +€14,596 | +73.8% |
| Current portion of amounts payable after more than one year | 42 | €1,800 | €21,818 | +€20,018 | +1112.3% |
| Trade debts | 44 | €1,309 | €4,196 | +€2,886 | +220.4% |
| Suppliers | 440/4 | €1,309 | €4,196 | +€2,886 | +220.4% |
| Taxes, remuneration and social security | 45 | €1,770 | €3,033 | +€1,262 | +71.3% |
| Taxes | 450/3 | €1,770 | €3,033 | +€1,262 | +71.3% |
| Other amounts payable | 47/48 | €14,885 | €5,314 | -€9,571 | -64.3% |
| Accrued charges and deferred income | 492/3 | €117 | €4,045 | +€3,928 | +3351.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,920 | €34,563 | +€2,642 | +8.3% |
| Other operating charges | 640/8 | €11,290 | €11,556 | +€266 | +2.4% |
| Gross operating margin | 9900 | €56,957 | €44,692 | -€12,266 | -21.5% |
| Operating profit (loss) | 9901 | €13,747 | -€1,427 | -€15,174 | |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €130 | €178 | +€48 | +37.0% |
| Recurring financial charges | 65 | €130 | €178 | +€48 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €13,626 | -€1,606 | -€15,232 | |
| Transfer from deferred taxes | 780 | €2,801 | €2,801 | = | 0.0% |
| Income taxes | 67/77 | €8,708 | €3,945 | -€4,763 | -54.7% |
| Profit (loss) for the period | 9904 | €7,719 | -€2,750 | -€10,469 | |
| Transfer from tax-exempt reserves | 789 | €11,206 | €11,206 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,925 | €8,456 | -€10,469 | -55.3% |
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 28 September 2026 via checked.be.