IMMO-NRFK2022: 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-NRFK2022
Largest movements
- Tangible fixed assets -€30,422
down €30,422 (-2.7%), from €1.1m to €1.1m
of which Assets under construction and advance payments: -€931,987
- Cash +€20,627
up €20,627 (+235%), from €8,765 to €29,392
mainly Depreciation (+€38,057) and Net result for the year (+€36,868)
- Debts after one year -€45,111
down €45,111 (-4.5%), from €992,959 to €947,848
of which Financial debts: -€56,111
- Reserves +€36,868
up €36,868 (+119%), from €30,950 to €67,818
- Gross operating margin +€45,551
up €45,551 (+85.9%), from €53,040 to €98,591
- Depreciation +€37,584
up €37,584 (+7,941%), from €473 to €38,057
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 | €1,137,699 | €1,122,894 | -€14,805 | -1.3% |
| Formation expenses | 20 | €1,128 | €655 | -€473 | -42.0% |
| Fixed assets | 21/28 | €1,120,955 | €1,090,533 | -€30,422 | -2.7% |
| Tangible fixed assets | 22/27 | €1,120,455 | €1,090,033 | -€30,422 | -2.7% |
| Land and buildings | 22 | €188,468 | €1,090,033 | +€901,565 | +478% |
| Assets under construction and advance payments | 27 | €931,987 | €0 | -€931,987 | -100% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €15,616 | €31,706 | +€16,090 | +103% |
| Amounts receivable within one year | 40/41 | €6,050 | €0 | -€6,050 | -100% |
| Trade receivables | 40 | €6,050 | €0 | -€6,050 | -100% |
| Cash at bank and in hand | 54/58 | €8,765 | €29,392 | +€20,627 | +235% |
| Deferred charges and accrued income | 490/1 | €801 | €2,314 | +€1,514 | +189% |
| Total equity and liabilities | 10/49 | €1,137,699 | €1,122,894 | -€14,805 | -1.3% |
| Equity | 10/15 | €70,950 | €107,818 | +€36,868 | +52.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €30,950 | €67,818 | +€36,868 | +119% |
| Distributable reserves | 133 | €30,950 | €67,818 | +€36,868 | +119% |
| Amounts payable | 17/49 | €1,066,749 | €1,015,076 | -€51,673 | -4.8% |
| Amounts payable after more than one year | 17 | €992,959 | €947,848 | -€45,111 | -4.5% |
| Financial debts | 170/4 | €926,944 | €870,833 | -€56,111 | -6.1% |
| Other amounts payable | 178/9 | €66,015 | €77,015 | +€11,000 | +16.7% |
| Amounts payable within one year | 42/48 | €73,363 | €66,924 | -€6,439 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €53,056 | €57,639 | +€4,583 | +8.6% |
| Trade debts | 44 | €14,369 | €3,746 | -€10,623 | -73.9% |
| Suppliers | 440/4 | €14,369 | €3,746 | -€10,623 | -73.9% |
| Taxes, remuneration and social security | 45 | €5,938 | €5,539 | -€399 | -6.7% |
| Taxes | 450/3 | €5,938 | €5,539 | -€399 | -6.7% |
| Accrued charges and deferred income | 492/3 | €427 | €304 | -€123 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473 | €38,057 | +€37,584 | +7,941% |
| Other operating charges | 640/8 | €458 | €522 | +€64 | +14.0% |
| Gross operating margin | 9900 | €53,040 | €98,591 | +€45,551 | +85.9% |
| Operating profit (loss) | 9901 | €52,109 | €60,012 | +€7,903 | +15.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €19,290 | €19,457 | +€167 | +0.9% |
| Recurring financial charges | 65 | €19,290 | €19,457 | +€167 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €32,819 | €40,555 | +€7,736 | +23.6% |
| Income taxes | 67/77 | €2,984 | €3,687 | +€703 | +23.6% |
| Profit (loss) for the period | 9904 | €29,835 | €36,868 | +€7,032 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,835 | €36,868 | +€7,032 | +23.6% |
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 21 October 2026 via checked.be.