IMMO NORIAF: 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 NORIAF
Largest movements
- Tangible fixed assets -€32,132
down €32,132 (-5.9%), from €547,237 to €515,105
- Cash -€28,020
down €28,020 (-10.9%), from €257,024 to €229,004
mainly Contributions, distributions and other (-€285,866) and Current portion of long-term debt (-€33,657)
- Deferred charges and accrued income +€18,256
up €18,256 (+71,339%), from €26 to €18,281
- Reserves -€269,234
down €269,234 (-53.7%), from €501,427 to €232,193
of which Distributable reserves: -€262,141
- Other debts +€257,142
up €257,142 (+522%), from €49,222 to €306,364
- Current portion of long-term debt -€33,657
down €33,657 (-91.5%), from €36,798 to €3,141
- Gross operating margin +€18,096
up €18,096 (+29.2%), from €62,067 to €80,163
- Taxes +€6,210
up €6,210 (+117%), from €5,305 to €11,515
- Financial charges -€1,777
down €1,777 (-39.8%), from €4,461 to €2,683
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 | €804,286 | €762,390 | -€41,896 | -5.2% |
| Fixed assets | 21/28 | €547,237 | €515,105 | -€32,132 | -5.9% |
| Tangible fixed assets | 22/27 | €547,237 | €515,105 | -€32,132 | -5.9% |
| Land and buildings | 22 | €547,237 | €515,105 | -€32,132 | -5.9% |
| Current assets | 29/58 | €257,049 | €247,285 | -€9,764 | -3.8% |
| Cash at bank and in hand | 54/58 | €257,024 | €229,004 | -€28,020 | -10.9% |
| Deferred charges and accrued income | 490/1 | €26 | €18,281 | +€18,256 | +71,339% |
| Total equity and liabilities | 10/49 | €804,286 | €762,390 | -€41,896 | -5.2% |
| Equity | 10/15 | €674,033 | €404,798 | -€269,234 | -39.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €501,427 | €232,193 | -€269,234 | -53.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €97,774 | €90,681 | -€7,094 | -7.3% |
| Distributable reserves | 133 | €397,453 | €135,312 | -€262,141 | -66.0% |
| Profit (loss) carried forward | 14 | €110,606 | €110,606 | = | 0.0% |
| Provisions and deferred taxes | 16 | €32,591 | €30,227 | -€2,365 | -7.3% |
| Deferred taxes | 168 | €32,591 | €30,227 | -€2,365 | -7.3% |
| Amounts payable | 17/49 | €97,662 | €327,365 | +€229,703 | +235% |
| Amounts payable after more than one year | 17 | €3,141 | €0 | -€3,141 | -100% |
| Financial debts | 170/4 | €3,141 | €0 | -€3,141 | -100% |
| Amounts payable within one year | 42/48 | €88,946 | €320,338 | +€231,392 | +260% |
| Current portion of amounts payable after more than one year | 42 | €36,798 | €3,141 | -€33,657 | -91.5% |
| Trade debts | 44 | €121 | €13 | -€108 | -89.3% |
| Suppliers | 440/4 | €121 | €13 | -€108 | -89.3% |
| Taxes, remuneration and social security | 45 | €2,805 | €10,820 | +€8,015 | +286% |
| Taxes | 450/3 | €2,805 | €10,820 | +€8,015 | +286% |
| Other amounts payable | 47/48 | €49,222 | €306,364 | +€257,142 | +522% |
| Accrued charges and deferred income | 492/3 | €5,576 | €7,027 | +€1,451 | +26.0% |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,142 | €32,132 | -€10 | 0.0% |
| Other operating charges | 640/8 | €19,199 | €19,565 | +€367 | +1.9% |
| Gross operating margin | 9900 | €62,067 | €80,163 | +€18,096 | +29.2% |
| Operating profit (loss) | 9901 | €10,727 | €28,466 | +€17,739 | +165% |
| Financial charges | 65/66B | €4,461 | €2,683 | -€1,777 | -39.8% |
| Recurring financial charges | 65 | €4,461 | €2,683 | -€1,777 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €6,266 | €25,782 | +€19,516 | +311% |
| Transfer from deferred taxes | 780 | €2,365 | €2,365 | = | 0.0% |
| Income taxes | 67/77 | €5,305 | €11,515 | +€6,210 | +117% |
| Profit (loss) for the period | 9904 | €3,326 | €16,632 | +€13,306 | +400% |
| Transfer from tax-exempt reserves | 789 | €7,094 | €7,094 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,419 | €23,725 | +€13,306 | +128% |
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 19 October 2026 via checked.be.