IMMO N2E: 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.
IMMO N2E
Largest movements
- Tangible fixed assets +€699,847
up €699,847 (+110.2%), from €635,142 to €1.3m
of which Land and buildings: +€352,924
- Stocks and contracts +€144,750
new in 2025: €144,750
- Debts after one year +€645,632
up €645,632 (+112.9%), from €571,826 to €1.2m
- Trade debts +€191,897
up €191,897 (+3918.0%), from €4,898 to €196,795
- Profit (loss) carried forward +€70,866
up €70,866 (+38.7%), from €183,168 to €254,034
- Other debts -€43,766
down €43,766 (-3.0%), from €1.5m to €1.4m
- Gross operating margin +€147,079
up €147,079 (+144.2%), from €101,990 to €249,069
- Depreciation +€57,011
up €57,011 (+111.3%), from €51,227 to €108,238
- Financial charges +€18,888
up €18,888 (+161.7%), from €11,679 to €30,567
- Taxes +€18,781
up €18,781 (+225.1%), from €8,344 to €27,125
- Other operating charges +€3,155
up €3,155 (+34.6%), from €9,120 to €12,274
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,556,731 | €3,398,202 | +€841,471 | +32.9% |
| Fixed assets | 21/28 | €2,458,070 | €3,157,917 | +€699,847 | +28.5% |
| Tangible fixed assets | 22/27 | €635,142 | €1,334,989 | +€699,847 | +110.2% |
| Land and buildings | 22 | €597,353 | €950,276 | +€352,924 | +59.1% |
| Furniture and vehicles | 24 | €4,949 | €153 | -€4,796 | -96.9% |
| Other tangible fixed assets | 26 | €32,841 | €384,561 | +€351,720 | +1071.0% |
| Financial fixed assets | 28 | €1,822,928 | €1,822,928 | = | 0.0% |
| Current assets | 29/58 | €98,661 | €240,285 | +€141,624 | +143.5% |
| Stocks and contracts in progress | 3 | - | €144,750 | +€144,750 | |
| Stocks | 30/36 | - | €144,750 | +€144,750 | |
| Amounts receivable within one year | 40/41 | €32,122 | €61,504 | +€29,382 | +91.5% |
| Trade receivables | 40 | €4,238 | €3,672 | -€566 | -13.4% |
| Other amounts receivable | 41 | €27,884 | €57,832 | +€29,948 | +107.4% |
| Cash at bank and in hand | 54/58 | €4,189 | €1,490 | -€2,699 | -64.4% |
| Deferred charges and accrued income | 490/1 | €62,350 | €32,541 | -€29,810 | -47.8% |
| Total equity and liabilities | 10/49 | €2,556,731 | €3,398,202 | +€841,471 | +32.9% |
| Equity | 10/15 | €243,168 | €314,034 | +€70,866 | +29.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €183,168 | €254,034 | +€70,866 | +38.7% |
| Amounts payable | 17/49 | €2,313,563 | €3,084,168 | +€770,605 | +33.3% |
| Amounts payable after more than one year | 17 | €571,826 | €1,217,458 | +€645,632 | +112.9% |
| Financial debts | 170/4 | €571,826 | €1,217,458 | +€645,632 | +112.9% |
| Amounts payable within one year | 42/48 | €1,741,737 | €1,866,710 | +€124,973 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €220,369 | €196,684 | -€23,684 | -10.7% |
| Trade debts | 44 | €4,898 | €196,795 | +€191,897 | +3918.0% |
| Suppliers | 440/4 | €4,898 | €196,795 | +€191,897 | +3918.0% |
| Taxes, remuneration and social security | 45 | €37,119 | €37,645 | +€526 | +1.4% |
| Taxes | 450/3 | €37,119 | €37,645 | +€526 | +1.4% |
| Other amounts payable | 47/48 | €1,479,352 | €1,435,586 | -€43,766 | -3.0% |
| Non-recurring operating income | 76A | - | €250,129 | +€250,129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,227 | €108,238 | +€57,011 | +111.3% |
| Other operating charges | 640/8 | €9,120 | €12,274 | +€3,155 | +34.6% |
| Gross operating margin | 9900 | €101,990 | €249,069 | +€147,079 | +144.2% |
| Operating profit (loss) | 9901 | €41,644 | €128,557 | +€86,913 | +208.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €11,679 | €30,567 | +€18,888 | +161.7% |
| Recurring financial charges | 65 | €11,679 | €30,567 | +€18,888 | +161.7% |
| Profit (loss) for the period before taxes | 9903 | €29,965 | €97,991 | +€68,025 | +227.0% |
| Income taxes | 67/77 | €8,344 | €27,125 | +€18,781 | +225.1% |
| Profit (loss) for the period | 9904 | €21,621 | €70,866 | +€49,245 | +227.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,621 | €70,866 | +€49,245 | +227.8% |
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 4 October 2026 via checked.be.