Immo Palmaers: 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 Palmaers
NACE 64.910, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,004
2024 · €46,927+€7,077
Equity
-€353,661
2024 · -€407,665+€54,004
Cash
€13,632
2024 · €5,238+€8,394
Balance sheet total
€14.4m
2024 · €13.9m+€514,984
Largest movements
Assets
- Tangible fixed assets +€467,432
up €467,432 (+4.2%), from €11.2m to €11.6m
of which Assets under construction and advance payments: +€681,739
Equity and liabilities
- Short-term financial debts +€865,000
up €865,000 (+86.5%), from €1.0m to €1.9m
- Debts after one year -€751,115
down €751,115 (-6.9%), from €10.9m to €10.1m
- Trade debts +€253,852
up €253,852 (+80.5%), from €315,179 to €569,031
Income statement
- Gross operating margin +€84,097
up €84,097 (+8.0%), from €1.1m to €1.1m
- Financial charges +€60,885
up €60,885 (+14.2%), from €429,131 to €490,016
- Depreciation +€21,932
up €21,932 (+3.9%), from €562,548 to €584,480
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
€46,927
Gross operating margin
+€84,097
Depreciation
-€21,932
Other operating charges
+€6,423
Financial income
-€625
Financial charges
-€60,885
Result 2025
€54,004
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
+€935,304
Investment
-€1.1m
Financing
+€125,002
Cash 2024
€5,238
From operations (derived)
+€935,304
Net result for the year
+€54,004
Depreciation
+€584,480
Receivables within one year
-€38,854
Smaller working-capital items
+€68
Trade debts
+€253,852
Other debts
+€74,179
Accrued charges and deferred income
+€7,575
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€125,002
Debts after one year
-€751,115
Current portion of long-term debt
+€11,117
Short-term financial debts
+€865,000
Cash 2025
€13,632
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,855,490 | €14,370,474 | +€514,984 | +3.7% |
| Fixed assets | 21/28 | €13,779,015 | €14,246,447 | +€467,432 | +3.4% |
| Tangible fixed assets | 22/27 | €11,179,015 | €11,646,447 | +€467,432 | +4.2% |
| Land and buildings | 22 | €6,196,916 | €5,989,506 | -€207,410 | -3.3% |
| Plant, machinery and equipment | 23 | €7,979 | €5,621 | -€2,358 | -29.6% |
| Other tangible fixed assets | 26 | €29,309 | €24,770 | -€4,539 | -15.5% |
| Assets under construction and advance payments | 27 | €4,944,811 | €5,626,550 | +€681,739 | +13.8% |
| Financial fixed assets | 28 | €2,600,000 | €2,600,000 | = | 0.0% |
| Current assets | 29/58 | €76,476 | €124,027 | +€47,552 | +62.2% |
| Amounts receivable within one year | 40/41 | €60,733 | €99,587 | +€38,854 | +64.0% |
| Trade receivables | 40 | €1,098 | €98,468 | +€97,370 | +8,866% |
| Other amounts receivable | 41 | €59,635 | €1,119 | -€58,516 | -98.1% |
| Cash at bank and in hand | 54/58 | €5,238 | €13,632 | +€8,394 | +160% |
| Deferred charges and accrued income | 490/1 | €10,504 | €10,808 | +€304 | +2.9% |
| Total equity and liabilities | 10/49 | €13,855,490 | €14,370,474 | +€514,984 | +3.7% |
| Equity | 10/15 | -€407,665 | -€353,661 | +€54,004 | +13.2% |
| Contributions | 10/11 | €368,618 | €368,618 | = | 0.0% |
| Capital | 10 | €368,618 | €368,618 | = | 0.0% |
| Issued capital | 100 | €368,618 | €368,618 | = | 0.0% |
| Reserves | 13 | €3,469 | €3,469 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,469 | €3,469 | = | 0.0% |
| Legal reserve | 130 | €3,469 | €3,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€779,752 | -€725,748 | +€54,004 | +6.9% |
| Amounts payable | 17/49 | €14,263,156 | €14,724,135 | +€460,980 | +3.2% |
| Amounts payable after more than one year | 17 | €10,860,927 | €10,109,812 | -€751,115 | -6.9% |
| Financial debts | 170/4 | €10,860,927 | €10,109,812 | -€751,115 | -6.9% |
| Amounts payable within one year | 42/48 | €3,402,144 | €4,606,664 | +€1.2m | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €727,609 | €738,726 | +€11,117 | +1.5% |
| Financial debts | 43 | €1,000,000 | €1,865,000 | +€865,000 | +86.5% |
| Credit institutions | 430/8 | €1,000,000 | €1,865,000 | +€865,000 | +86.5% |
| Trade debts | 44 | €315,179 | €569,031 | +€253,852 | +80.5% |
| Suppliers | 440/4 | €315,179 | €569,031 | +€253,852 | +80.5% |
| Advances received on contracts in progress | 46 | €12,090 | €12,462 | +€372 | +3.1% |
| Other amounts payable | 47/48 | €1,347,267 | €1,421,445 | +€74,179 | +5.5% |
| Accrued charges and deferred income | 492/3 | €85 | €7,660 | +€7,575 | +8,911% |
| Non-recurring operating income | 76A | €114,140 | €47,261 | -€66,879 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €562,548 | €584,480 | +€21,932 | +3.9% |
| Other operating charges | 640/8 | €15,049 | €8,626 | -€6,423 | -42.7% |
| Gross operating margin | 9900 | €1,052,995 | €1,137,092 | +€84,097 | +8.0% |
| Operating profit (loss) | 9901 | €475,398 | €543,986 | +€68,588 | +14.4% |
| Financial income | 75/76B | €660 | €35 | -€625 | -94.7% |
| Recurring financial income | 75 | €660 | €35 | -€625 | -94.7% |
| Financial charges | 65/66B | €429,131 | €490,016 | +€60,885 | +14.2% |
| Recurring financial charges | 65 | €429,131 | €490,016 | +€60,885 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €46,927 | €54,004 | +€7,077 | +15.1% |
| Profit (loss) for the period | 9904 | €46,927 | €54,004 | +€7,077 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,927 | €54,004 | +€7,077 | +15.1% |
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 18 October 2026 via checked.be.