IMMO NADELIN: 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.
IMMO NADELIN
Largest movements
- Cash +€38,689
up €38,689 (+34.2%), from €113,220 to €151,908
mainly Net result for the year (+€55,383) and Depreciation (+€19,018)
- Tangible fixed assets -€16,030
down €16,030 (-5.3%), from €302,243 to €286,213
- Receivables within one year -€10,860
down €10,860 (-15.9%), from €68,393 to €57,534
- Reserves +€12,259
up €12,259 (+3.7%), from €333,151 to €345,409
of which Distributable reserves: +€12,259
- Gross operating margin -€2,662
down €2,662 (-2.4%), from €113,076 to €110,414
- Taxes -€1,609
down €1,609 (-5.9%), from €27,454 to €25,845
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.
Derived cash bridge
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 | €483,856 | €495,655 | +€11,799 | +2.4% |
| Fixed assets | 21/28 | €302,243 | €286,213 | -€16,030 | -5.3% |
| Tangible fixed assets | 22/27 | €302,243 | €286,213 | -€16,030 | -5.3% |
| Land and buildings | 22 | €302,243 | €286,213 | -€16,030 | -5.3% |
| Current assets | 29/58 | €181,613 | €209,442 | +€27,829 | +15.3% |
| Amounts receivable within one year | 40/41 | €68,393 | €57,534 | -€10,860 | -15.9% |
| Other amounts receivable | 41 | €68,393 | €57,534 | -€10,860 | -15.9% |
| Cash at bank and in hand | 54/58 | €113,220 | €151,908 | +€38,689 | +34.2% |
| Total equity and liabilities | 10/49 | €483,856 | €495,655 | +€11,799 | +2.4% |
| Equity | 10/15 | €394,654 | €406,912 | +€12,259 | +3.1% |
| Contributions | 10/11 | €61,503 | €61,503 | = | 0.0% |
| Capital | 10 | €61,503 | €61,503 | = | 0.0% |
| Issued capital | 100 | €61,503 | €61,503 | = | 0.0% |
| Reserves | 13 | €333,151 | €345,409 | +€12,259 | +3.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €327,001 | €339,259 | +€12,259 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €89,202 | €88,743 | -€460 | -0.5% |
| Amounts payable within one year | 42/48 | €89,202 | €88,299 | -€903 | -1.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €19,202 | €18,299 | -€903 | -4.7% |
| Taxes | 450/3 | €19,202 | €18,299 | -€903 | -4.7% |
| Other amounts payable | 47/48 | €70,000 | €70,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €443 | +€443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,501 | €19,018 | +€517 | +2.8% |
| Other operating charges | 640/8 | €11,029 | €11,374 | +€345 | +3.1% |
| Gross operating margin | 9900 | €113,076 | €110,414 | -€2,662 | -2.4% |
| Operating profit (loss) | 9901 | €83,546 | €80,022 | -€3,524 | -4.2% |
| Financial income | 75/76B | €2,998 | €1,870 | -€1,128 | -37.6% |
| Recurring financial income | 75 | €2,998 | €1,870 | -€1,128 | -37.6% |
| Financial charges | 65/66B | €640 | €664 | +€24 | +3.7% |
| Recurring financial charges | 65 | €640 | €664 | +€24 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €85,904 | €81,228 | -€4,676 | -5.4% |
| Income taxes | 67/77 | €27,454 | €25,845 | -€1,609 | -5.9% |
| Profit (loss) for the period | 9904 | €58,450 | €55,383 | -€3,067 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,450 | €55,383 | -€3,067 | -5.2% |
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 15 October 2026 via checked.be.