IMMO MORRAZ: 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 MORRAZ
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€6,959
2023 · €11,913-€4,955
Equity
€275,620
2023 · €268,661+€6,959
Cash
€1,754
2023 · €434+€1,320
Balance sheet total
€943,527
2023 · €964,183-€20,656
Largest movements
Assets
- Tangible fixed assets -€26,070
down €26,070 (-2.9%), from €901,905 to €875,834
of which Other tangible fixed assets: -€26,845
Equity and liabilities
- Short-term financial debts -€15,447
down €15,447 (-97.5%), from €15,842 to €395
- Debts after one year -€13,357
down €13,357 (-2.3%), from €592,081 to €578,724
Income statement
- Financial charges +€3,475
up €3,475 (+21.4%), from €16,264 to €19,739
of which Financial charges: +€1,997
- Other operating charges +€2,623
up €2,623 (+40.7%), from €6,449 to €9,072
- Taxes -€1,783
down €1,783 (-42.6%), from €4,183 to €2,400
From the 2023 result to the 2024 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 2023
€11,913
Gross operating margin
-€496
Depreciation
-€157
Other operating charges
-€2,623
Financial income
+€14
Financial charges
-€3,475
Taxes
+€1,783
Result 2024
€6,959
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€31,346
Investment
-€6,619
Financing
-€23,407
Cash 2023
€434
From operations (derived)
+€31,346
Net result for the year
+€6,959
Depreciation
+€26,928
Receivables within one year
+€1,695
Smaller working-capital items
-€55
Trade debts
-€4,028
Tax, wage and social debts
-€153
Investment (derived)
-€6,619
Investment in fixed assets (net)
-€858
Current investments
-€5,761
Financing
-€23,407
Debts after one year
-€13,357
Current portion of long-term debt
+€5,397
Short-term financial debts
-€15,447
Cash 2024
€1,754
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €964,183 | €943,527 | -€20,656 | -2.1% |
| Fixed assets | 21/28 | €901,905 | €875,834 | -€26,070 | -2.9% |
| Tangible fixed assets | 22/27 | €901,905 | €875,834 | -€26,070 | -2.9% |
| Land and buildings | 22 | €215,336 | €215,336 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €774 | +€774 | |
| Other tangible fixed assets | 26 | €686,569 | €659,724 | -€26,845 | -3.9% |
| Current assets | 29/58 | €62,278 | €67,693 | +€5,415 | +8.7% |
| Amounts receivable within one year | 40/41 | €47,875 | €46,180 | -€1,695 | -3.5% |
| Trade receivables | 40 | €7,397 | €7,180 | -€217 | -2.9% |
| Other amounts receivable | 41 | €40,478 | €39,000 | -€1,478 | -3.7% |
| Current investments | 50/53 | €13,737 | €19,498 | +€5,761 | +41.9% |
| Cash at bank and in hand | 54/58 | €434 | €1,754 | +€1,320 | +303.8% |
| Deferred charges and accrued income | 490/1 | €232 | €260 | +€29 | +12.5% |
| Total equity and liabilities | 10/49 | €964,183 | €943,527 | -€20,656 | -2.1% |
| Equity | 10/15 | €268,661 | €275,620 | +€6,959 | +2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €260,601 | €267,560 | +€6,959 | +2.7% |
| Amounts payable | 17/49 | €695,522 | €667,908 | -€27,614 | -4.0% |
| Amounts payable after more than one year | 17 | €592,081 | €578,724 | -€13,357 | -2.3% |
| Financial debts | 170/4 | €592,081 | €578,724 | -€13,357 | -2.3% |
| Amounts payable within one year | 42/48 | €101,240 | €86,985 | -€14,256 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €63,933 | €69,330 | +€5,397 | +8.4% |
| Financial debts | 43 | €15,842 | €395 | -€15,447 | -97.5% |
| Credit institutions | 430/8 | €15,842 | €395 | -€15,447 | -97.5% |
| Trade debts | 44 | €4,856 | €828 | -€4,028 | -83.0% |
| Suppliers | 440/4 | €4,856 | €828 | -€4,028 | -83.0% |
| Taxes, remuneration and social security | 45 | €8,841 | €8,687 | -€153 | -1.7% |
| Taxes | 450/3 | €3,237 | €3,084 | -€153 | -4.7% |
| Remuneration and social security | 454/9 | €5,604 | €5,604 | = | 0.0% |
| Other amounts payable | 47/48 | €7,770 | €7,745 | -€25 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,201 | €2,199 | -€1 | -0.1% |
| Non-recurring operating income | 76A | €3,219 | - | -€3,219 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,771 | €26,928 | +€157 | +0.6% |
| Other operating charges | 640/8 | €6,449 | €9,072 | +€2,623 | +40.7% |
| Gross operating margin | 9900 | €65,557 | €65,061 | -€496 | -0.8% |
| Operating profit (loss) | 9901 | €32,336 | €29,060 | -€3,276 | -10.1% |
| Financial income | 75/76B | €24 | €38 | +€14 | +56.5% |
| Recurring financial income | 75 | €24 | €38 | +€14 | +56.5% |
| Financial charges | 65/66B | €16,264 | €19,739 | +€3,475 | +21.4% |
| Recurring financial charges | 65 | €16,264 | €18,261 | +€1,997 | +12.3% |
| Non-recurring financial charges | 66B | - | €1,478 | +€1,478 | |
| Profit (loss) for the period before taxes | 9903 | €16,097 | €9,359 | -€6,738 | -41.9% |
| Income taxes | 67/77 | €4,183 | €2,400 | -€1,783 | -42.6% |
| Profit (loss) for the period | 9904 | €11,913 | €6,959 | -€4,955 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,913 | €6,959 | -€4,955 | -41.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.