IMMO MORRAN: 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 MORRAN
NACE 96.230, Day spas, saunas and steam baths
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €1.4m+€168,715
Equity
€8.7m
2024 · €7.2m+€1.5m
Cash
€156,022
2024 · €364,866-€208,845
Balance sheet total
€16.7m
2024 · €16.4m+€296,952
Largest movements
Assets
- Receivables within one year +€1.3m
up €1.3m (+65.6%), from €1.9m to €3.2m
of which Other amounts receivable: +€1.3m
- Tangible fixed assets -€770,886
down €770,886 (-5.7%), from €13.6m to €12.8m
of which Land and buildings: -€765,336
- Cash -€208,845
down €208,845 (-57.2%), from €364,866 to €156,022
mainly Receivables within one year (-€1.3m) and Debts after one year (-€1.1m)
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+69.8%), from €2.3m to €3.9m
of which Distributable reserves: +€1.6m
- Debts after one year -€1.1m
down €1.1m (-22.9%), from €5.0m to €3.9m
Income statement
- Turnover -€160,555
down €160,555 (-8.1%), from €2.0m to €1.8m
- Financial income +€159,737
up €159,737 (+15.7%), from €1.0m to €1.2m
- Staff costs -€112,057
down €112,057 (-43.0%), from €260,426 to €148,370
- Depreciation -€104,817
down €104,817 (-10.9%), from €963,575 to €858,758
- Taxes +€28,128
up €28,128 (+16334.4%), from €172 to €28,300
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
€1.4m
Turnover
-€160,555
Other operating income
-€8,066
Services and other goods
+€4,261
Staff costs
+€112,057
Depreciation
+€104,817
Other operating charges
-€1,179
Financial income
+€159,737
Financial charges
-€14,229
Taxes
-€28,128
Result 2025
€1.6m
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
+€1.0m
Investment
-€87,872
Financing
-€1.2m
Cash 2024
€364,866
From operations (derived)
+€1.0m
Net result for the year
+€1.6m
Depreciation
+€858,758
Receivables within one year
-€1.3m
Smaller working-capital items
-€2,384
Provisions
-€23,278
Tax, wage and social debts
-€16,276
Other debts
-€117,121
Investment (derived)
-€87,872
Investment in fixed assets (net)
-€87,872
Financing
-€1.2m
Debts after one year
-€1.1m
Current portion of long-term debt
+€107,839
Contributions, distributions and other
-€116,460
Cash 2025
€156,022
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,446,511 | €16,743,463 | +€296,952 | +1.8% |
| Fixed assets | 21/28 | €14,131,851 | €13,360,964 | -€770,886 | -5.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €13,586,850 | €12,815,963 | -€770,886 | -5.7% |
| Land and buildings | 22 | €13,000,529 | €12,235,193 | -€765,336 | -5.9% |
| Plant, machinery and equipment | 23 | €468,058 | €421,705 | -€46,353 | -9.9% |
| Furniture and vehicles | 24 | €28,512 | €16,589 | -€11,923 | -41.8% |
| Assets under construction and advance payments | 27 | €89,751 | €142,476 | +€52,725 | +58.7% |
| Financial fixed assets | 28 | €545,001 | €545,001 | = | 0.0% |
| Affiliated companies | 280/1 | €545,001 | €545,001 | = | 0.0% |
| Participating interests | 280 | €545,001 | €545,001 | = | 0.0% |
| Current assets | 29/58 | €2,314,661 | €3,382,499 | +€1.1m | +46.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,945,379 | €3,222,395 | +€1.3m | +65.6% |
| Trade receivables | 40 | €76,978 | €23,126 | -€53,852 | -70.0% |
| Other amounts receivable | 41 | €1,868,400 | €3,199,269 | +€1.3m | +71.2% |
| Cash at bank and in hand | 54/58 | €364,866 | €156,022 | -€208,845 | -57.2% |
| Deferred charges and accrued income | 490/1 | €4,416 | €4,082 | -€334 | -7.6% |
| Total equity and liabilities | 10/49 | €16,446,511 | €16,743,463 | +€296,952 | +1.8% |
| Equity | 10/15 | €7,231,662 | €8,723,551 | +€1.5m | +20.6% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,250,195 | €1,250,195 | = | 0.0% |
| Reserves | 13 | €2,303,121 | €3,911,470 | +€1.6m | +69.8% |
| Non-distributable reserves | 130/1 | €233,819 | €300,000 | +€66,181 | +28.3% |
| Legal reserve | 130 | €233,819 | €300,000 | +€66,181 | +28.3% |
| Tax-exempt reserves | 132 | €996,249 | €926,416 | -€69,833 | -7.0% |
| Distributable reserves | 133 | €1,073,054 | €2,685,054 | +€1.6m | +150.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €678,346 | €561,886 | -€116,460 | -17.2% |
| Provisions and deferred taxes | 16 | €332,093 | €308,815 | -€23,278 | -7.0% |
| Deferred taxes | 168 | €332,093 | €308,815 | -€23,278 | -7.0% |
| Amounts payable | 17/49 | €8,882,757 | €7,711,096 | -€1.2m | -13.2% |
| Amounts payable after more than one year | 17 | €4,996,730 | €3,853,346 | -€1.1m | -22.9% |
| Financial debts | 170/4 | €4,996,730 | €3,853,346 | -€1.1m | -22.9% |
| Credit institutions | 173 | €3,605,063 | €2,853,346 | -€751,717 | -20.9% |
| Other loans | 174 | €1,391,667 | €1,000,000 | -€391,667 | -28.1% |
| Amounts payable within one year | 42/48 | €3,886,027 | €3,857,751 | -€28,276 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €1,022,291 | €1,130,130 | +€107,839 | +10.5% |
| Trade debts | 44 | €14,525 | €11,807 | -€2,718 | -18.7% |
| Suppliers | 440/4 | €14,525 | €11,807 | -€2,718 | -18.7% |
| Taxes, remuneration and social security | 45 | €33,897 | €17,621 | -€16,276 | -48.0% |
| Taxes | 450/3 | €2,970 | €4,603 | +€1,633 | +55.0% |
| Remuneration and social security | 454/9 | €30,927 | €13,018 | -€17,910 | -57.9% |
| Other amounts payable | 47/48 | €2,815,313 | €2,698,192 | -€117,121 | -4.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €2,044,492 | €1,875,871 | -€168,621 | -8.2% |
| Turnover | 70 | €1,989,415 | €1,828,860 | -€160,555 | -8.1% |
| Other operating income | 74 | €55,077 | €47,011 | -€8,066 | -14.6% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -100.0% |
| Operating charges | 60/66A | €1,420,458 | €1,200,502 | -€219,956 | -15.5% |
| Services and other goods | 61 | €134,272 | €130,011 | -€4,261 | -3.2% |
| Remuneration, social security and pensions | 62 | €260,426 | €148,370 | -€112,057 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €963,575 | €858,758 | -€104,817 | -10.9% |
| Other operating charges | 640/8 | €62,184 | €63,363 | +€1,179 | +1.9% |
| Operating profit (loss) | 9901 | €624,034 | €675,369 | +€51,335 | +8.2% |
| Financial income | 75/76B | €1,019,472 | €1,179,208 | +€159,737 | +15.7% |
| Recurring financial income | 75 | €1,019,472 | €1,179,208 | +€159,737 | +15.7% |
| Income from financial fixed assets | 750 | €1,000,000 | €1,000,000 | = | 0.0% |
| Income from current assets | 751 | €19,468 | €62,749 | +€43,280 | +222.3% |
| Other financial income | 752/9 | €3 | €116,460 | +€116,456 | +3455679.2% |
| Financial charges | 65/66B | €226,977 | €241,206 | +€14,229 | +6.3% |
| Recurring financial charges | 65 | €226,977 | €241,206 | +€14,229 | +6.3% |
| Debt charges | 650 | €226,387 | €240,349 | +€13,962 | +6.2% |
| Other financial charges | 652/9 | €590 | €857 | +€267 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €1,416,529 | €1,613,372 | +€196,843 | +13.9% |
| Transfer from deferred taxes | 780 | €23,278 | €23,278 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €172 | €28,300 | +€28,128 | +16334.4% |
| Taxes | 670/3 | €172 | €28,300 | +€28,128 | +16334.4% |
| Profit (loss) for the period | 9904 | €1,439,634 | €1,608,349 | +€168,715 | +11.7% |
| Transfer from tax-exempt reserves | 789 | €69,833 | €69,833 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,509,467 | €1,678,182 | +€168,715 | +11.2% |
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 3 October 2026 via checked.be.