Immo North I: 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.
What changed
Immo North I
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€175,439
2024 · €273,716-€98,277
Equity
€4.4m
2024 · €4.4m-€74,561
Cash
€84,542
2024 · €207+€84,335
Balance sheet total
€16.0m
2024 · €11.4m+€4.6m
Largest movements
Assets
- Receivables within one year +€5.3m
up €5.3m (+87,957%), from €5,996 to €5.3m
of which Other amounts receivable: +€4.8m
- Deferred charges and accrued income -€653,644
no longer reported in 2025 (was €653,644)
Equity and liabilities
- Debts after one year +€10.7m
new in 2025: €10.7m
- Short-term financial debts -€5.1m
no longer reported in 2025 (was €5.1m)
- Other debts -€1.6m
no longer reported in 2025 (was €1.6m)
- Current portion of long-term debt +€619,319
new in 2025: €619,319
Income statement
- Financial charges +€213,304
up €213,304 (+305%), from €69,825 to €283,129
- Taxes +€157,930
new in 2025: €157,930
- Other operating charges -€124,827
down €124,827 (-56.7%), from €220,305 to €95,478
- Financial income +€118,410
up €118,410 (+17,417%), from €680 to €119,090
- Services and other goods -€32,742
down €32,742 (-84.0%), from €38,975 to €6,233
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
€273,716
Turnover
+€1
Goods and materials
-€3,024
Services and other goods
+€32,742
Other operating charges
+€124,827
Financial income
+€118,410
Financial charges
-€213,304
Taxes
-€157,930
Result 2025
€175,439
raises the resultlowers the result
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.
From operations
-€5.8m
Investment
€0
Financing
+€5.9m
Cash 2024
€207
From operations (derived)
-€5.8m
Net result for the year
+€175,439
Depreciation
+€137,357
Receivables within one year
-€5.3m
Deferred charges and accrued income
+€653,644
Trade debts
-€69,330
Tax, wage and social debts
+€157,930
Other debts
-€1.6m
Financing
+€5.9m
Debts after one year
+€10.7m
Current portion of long-term debt
+€619,319
Short-term financial debts
-€5.1m
Contributions, distributions and other
-€250,000
Cash 2025
€84,542
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,387,601 | €15,954,612 | +€4.6m | +40.1% |
| Fixed assets | 21/28 | €10,727,754 | €10,590,397 | -€137,357 | -1.3% |
| Tangible fixed assets | 22/27 | €10,727,754 | €10,590,397 | -€137,357 | -1.3% |
| Land and buildings | 22 | €10,727,754 | €10,590,397 | -€137,357 | -1.3% |
| Current assets | 29/58 | €659,847 | €5,364,215 | +€4.7m | +713% |
| Amounts receivable within one year | 40/41 | €5,996 | €5,279,673 | +€5.3m | +87,957% |
| Trade receivables | 40 | - | €430,238 | +€430,238 | |
| Other amounts receivable | 41 | €5,996 | €4,849,435 | +€4.8m | +80,781% |
| Cash at bank and in hand | 54/58 | €207 | €84,542 | +€84,335 | +40,732% |
| Deferred charges and accrued income | 490/1 | €653,644 | - | -€653,644 | |
| Total equity and liabilities | 10/49 | €11,387,601 | €15,954,612 | +€4.6m | +40.1% |
| Equity | 10/15 | €4,447,662 | €4,373,101 | -€74,561 | -1.7% |
| Contributions | 10/11 | €1,969,200 | €1,969,200 | = | 0.0% |
| Capital | 10 | €1,969,200 | €1,969,200 | = | 0.0% |
| Issued capital | 100 | €1,969,200 | €1,969,200 | = | 0.0% |
| Reserves | 13 | €196,920 | €196,920 | = | 0.0% |
| Non-distributable reserves | 130/1 | €196,920 | €196,920 | = | 0.0% |
| Legal reserve | 130 | €196,920 | €196,920 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,271,140 | €2,196,579 | -€74,561 | -3.3% |
| Investment grants | 15 | €10,402 | €10,402 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,166 | €13,166 | = | 0.0% |
| Deferred taxes | 168 | €13,166 | €13,166 | = | 0.0% |
| Amounts payable | 17/49 | €6,926,773 | €11,568,345 | +€4.6m | +67.0% |
| Amounts payable after more than one year | 17 | - | €10,681,685 | +€10.7m | |
| Financial debts | 170/4 | - | €10,681,685 | +€10.7m | |
| Credit institutions | 173 | - | €10,681,685 | +€10.7m | |
| Amounts payable within one year | 42/48 | €6,926,773 | €886,660 | -€6.0m | -87.2% |
| Current portion of amounts payable after more than one year | 42 | - | €619,319 | +€619,319 | |
| Financial debts | 43 | €5,120,000 | - | -€5.1m | |
| Credit institutions | 430/8 | €5,120,000 | - | -€5.1m | |
| Trade debts | 44 | €178,741 | €109,411 | -€69,330 | -38.8% |
| Suppliers | 440/4 | €178,741 | €109,411 | -€69,330 | -38.8% |
| Taxes, remuneration and social security | 45 | - | €157,930 | +€157,930 | |
| Taxes | 450/3 | - | €157,930 | +€157,930 | |
| Other amounts payable | 47/48 | €1,628,032 | - | -€1.6m | |
| Operating income | 70/76A | €739,499 | €739,500 | +€1 | 0.0% |
| Turnover | 70 | €739,499 | €739,500 | +€1 | 0.0% |
| Operating charges | 60/66A | €396,637 | €242,092 | -€154,545 | -39.0% |
| Goods for resale, raw materials and consumables | 60 | - | €3,024 | +€3,024 | |
| Purchases | 600/8 | - | €3,024 | +€3,024 | |
| Services and other goods | 61 | €38,975 | €6,233 | -€32,742 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,357 | €137,357 | = | 0.0% |
| Other operating charges | 640/8 | €220,305 | €95,478 | -€124,827 | -56.7% |
| Operating profit (loss) | 9901 | €342,862 | €497,408 | +€154,546 | +45.1% |
| Financial income | 75/76B | €680 | €119,090 | +€118,410 | +17,417% |
| Recurring financial income | 75 | €680 | €119,090 | +€118,410 | +17,417% |
| Income from current assets | 751 | - | €119,090 | +€119,090 | |
| Other financial income | 752/9 | €680 | - | -€680 | |
| Financial charges | 65/66B | €69,825 | €283,129 | +€213,304 | +305% |
| Recurring financial charges | 65 | €69,825 | €283,129 | +€213,304 | +305% |
| Debt charges | 650 | €69,532 | €282,654 | +€213,122 | +307% |
| Other financial charges | 652/9 | €293 | €475 | +€182 | +62.2% |
| Profit (loss) for the period before taxes | 9903 | €273,716 | €333,369 | +€59,653 | +21.8% |
| Income taxes | 67/77 | - | €157,930 | +€157,930 | |
| Taxes | 670/3 | - | €157,930 | +€157,930 | |
| Profit (loss) for the period | 9904 | €273,716 | €175,439 | -€98,277 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €273,716 | €175,439 | -€98,277 | -35.9% |
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 26 October 2026 via checked.be.