IMMO-PHIL: what changed
Two fiscal 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-PHIL
Largest movements
- Tangible fixed assets -€30,698
down €30,698 (-10.3%), from €297,362 to €266,664
of which Land and buildings: -€16,875
- Cash -€10,281
down €10,281 (-79.0%), from €13,006 to €2,725
mainly Debts after one year (-€63,896) and Tax, wage and social debts (-€11,116)
- Debts after one year -€63,896
down €63,896 (-37.7%), from €169,671 to €105,775
- Reserves +€33,629
up €33,629 (+111.2%), from €30,231 to €63,860
- Tax, wage and social debts -€11,116
down €11,116 (-67.4%), from €16,484 to €5,369
- Other debts +€5,920
up €5,920 (+94.3%), from €6,277 to €12,197
- Trade debts -€3,180
no longer reported in 2025 (was €3,180)
- Financial charges -€1,635
down €1,635 (-20.5%), from €7,987 to €6,352
- Depreciation -€1,596
down €1,596 (-4.9%), from €32,295 to €30,698
- Gross operating margin +€1,125
up €1,125 (+1.3%), from €89,621 to €90,746
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.
Cash bridge derived
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 | €311,759 | €270,799 | -€40,961 | -13.1% |
| Fixed assets | 21/28 | €297,362 | €266,664 | -€30,698 | -10.3% |
| Tangible fixed assets | 22/27 | €297,362 | €266,664 | -€30,698 | -10.3% |
| Land and buildings | 22 | €186,700 | €169,825 | -€16,875 | -9.0% |
| Other tangible fixed assets | 26 | €110,661 | €96,838 | -€13,823 | -12.5% |
| Current assets | 29/58 | €14,398 | €4,135 | -€10,263 | -71.3% |
| Cash at bank and in hand | 54/58 | €13,006 | €2,725 | -€10,281 | -79.0% |
| Deferred charges and accrued income | 490/1 | €1,392 | €1,410 | +€18 | +1.3% |
| Total equity and liabilities | 10/49 | €311,759 | €270,799 | -€40,961 | -13.1% |
| Equity | 10/15 | €50,933 | €84,562 | +€33,629 | +66.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,231 | €63,860 | +€33,629 | +111.2% |
| Distributable reserves | 133 | €30,231 | €63,860 | +€33,629 | +111.2% |
| Profit (loss) carried forward | 14 | €2,102 | €2,102 | = | 0.0% |
| Amounts payable | 17/49 | €260,827 | €186,237 | -€74,590 | -28.6% |
| Amounts payable after more than one year | 17 | €169,671 | €105,775 | -€63,896 | -37.7% |
| Financial debts | 170/4 | €169,671 | €105,775 | -€63,896 | -37.7% |
| Amounts payable within one year | 42/48 | €91,156 | €80,462 | -€10,694 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €39,215 | €39,896 | +€681 | +1.7% |
| Financial debts | 43 | €26,000 | €23,000 | -€3,000 | -11.5% |
| Other loans | 439 | €26,000 | €23,000 | -€3,000 | -11.5% |
| Trade debts | 44 | €3,180 | - | -€3,180 | |
| Suppliers | 440/4 | €3,180 | - | -€3,180 | |
| Taxes, remuneration and social security | 45 | €16,484 | €5,369 | -€11,116 | -67.4% |
| Taxes | 450/3 | €16,484 | €5,369 | -€11,116 | -67.4% |
| Other amounts payable | 47/48 | €6,277 | €12,197 | +€5,920 | +94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,295 | €30,698 | -€1,596 | -4.9% |
| Other operating charges | 640/8 | €3,502 | €3,612 | +€110 | +3.1% |
| Gross operating margin | 9900 | €89,621 | €90,746 | +€1,125 | +1.3% |
| Operating profit (loss) | 9901 | €53,824 | €56,436 | +€2,612 | +4.9% |
| Financial charges | 65/66B | €7,987 | €6,352 | -€1,635 | -20.5% |
| Recurring financial charges | 65 | €7,987 | €6,352 | -€1,635 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €45,837 | €50,084 | +€4,247 | +9.3% |
| Income taxes | 67/77 | €15,606 | €16,454 | +€848 | +5.4% |
| Profit (loss) for the period | 9904 | €30,231 | €33,629 | +€3,398 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,231 | €33,629 | +€3,398 | +11.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.