IMMO PMS: 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.
What changed
IMMO PMS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€300,228
2024 · -€139,400-€160,828
Equity
€3.4m
2024 · €3.9m-€454,595
Cash
€93,683
2024 · €57,662+€36,021
Balance sheet total
€22.4m
2024 · €23.4m-€996,836
Largest movements
Assets
- Tangible fixed assets -€1.0m
down €1.0m (-5.1%), from €20.3m to €19.2m
of which Land and buildings: -€920,776
Equity and liabilities
- Short-term financial debts +€1.3m
up €1.3m (+92.6%), from €1.4m to €2.6m
- Debts after one year -€957,136
down €957,136 (-7.0%), from €13.7m to €12.7m
- Other debts -€766,198
down €766,198 (-22.1%), from €3.5m to €2.7m
- Reserves -€264,695
down €264,695 (-81.5%), from €324,695 to €60,000
of which Distributable reserves: -€264,695
Income statement
- Depreciation +€293,391
up €293,391 (+37.8%), from €775,414 to €1.1m
- Gross operating margin +€147,641
up €147,641 (+11.5%), from €1.3m to €1.4m
- Financial charges +€57,255
up €57,255 (+8.1%), from €702,653 to €759,908
- Financial income +€44,007
up €44,007 (+39.9%), from €110,360 to €154,367
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
-€139,400
Gross operating margin
+€147,641
Depreciation
-€293,391
Other operating charges
-€1,831
Financial income
+€44,007
Financial charges
-€57,255
Result 2025
-€300,228
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.
From operations
-€90,628
Investment
-€27,710
Financing
+€154,359
Cash 2024
€57,662
From operations (derived)
-€90,628
Net result for the year
-€300,228
Depreciation
+€1.1m
Receivables within one year
-€13,837
Deferred charges and accrued income
+€5,599
Trade debts
-€77,938
Other debts
-€766,198
Accrued charges and deferred income
-€6,832
Investment (derived)
-€27,710
Investment in fixed assets (net)
-€27,710
Financing
+€154,359
Debts after one year
-€957,136
Current portion of long-term debt
+€15,862
Short-term financial debts
+€1.3m
Contributions, distributions and other
-€154,367
Cash 2025
€93,683
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,437,590 | €22,440,754 | -€996,836 | -4.3% |
| Fixed assets | 21/28 | €20,288,367 | €19,247,272 | -€1.0m | -5.1% |
| Tangible fixed assets | 22/27 | €20,288,367 | €19,247,272 | -€1.0m | -5.1% |
| Land and buildings | 22 | €20,060,198 | €19,139,422 | -€920,776 | -4.6% |
| Other tangible fixed assets | 26 | €147,541 | €107,850 | -€39,692 | -26.9% |
| Assets under construction and advance payments | 27 | €80,627 | €0 | -€80,627 | -100.0% |
| Current assets | 29/58 | €3,149,223 | €3,193,482 | +€44,259 | +1.4% |
| Amounts receivable within one year | 40/41 | €3,085,962 | €3,099,799 | +€13,837 | +0.4% |
| Trade receivables | 40 | €11,205 | €25,009 | +€13,803 | +123.2% |
| Other amounts receivable | 41 | €3,074,756 | €3,074,790 | +€34 | 0.0% |
| Cash at bank and in hand | 54/58 | €57,662 | €93,683 | +€36,021 | +62.5% |
| Deferred charges and accrued income | 490/1 | €5,599 | €0 | -€5,599 | -100.0% |
| Total equity and liabilities | 10/49 | €23,437,590 | €22,440,754 | -€996,836 | -4.3% |
| Equity | 10/15 | €3,867,467 | €3,412,872 | -€454,595 | -11.8% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €324,695 | €60,000 | -€264,695 | -81.5% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €264,695 | €0 | -€264,695 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€35,532 | -€35,532 | |
| Investment grants | 15 | €2,942,771 | €2,788,404 | -€154,367 | -5.2% |
| Amounts payable | 17/49 | €19,570,123 | €19,027,882 | -€542,241 | -2.8% |
| Amounts payable after more than one year | 17 | €13,667,094 | €12,709,959 | -€957,136 | -7.0% |
| Financial debts | 170/4 | €13,667,094 | €12,709,959 | -€957,136 | -7.0% |
| Amounts payable within one year | 42/48 | €5,889,572 | €6,311,298 | +€421,726 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €969,051 | €984,913 | +€15,862 | +1.6% |
| Financial debts | 43 | €1,350,000 | €2,600,000 | +€1.3m | +92.6% |
| Credit institutions | 430/8 | €1,350,000 | €2,600,000 | +€1.3m | +92.6% |
| Trade debts | 44 | €98,803 | €20,865 | -€77,938 | -78.9% |
| Suppliers | 440/4 | €98,803 | €20,865 | -€77,938 | -78.9% |
| Other amounts payable | 47/48 | €3,471,718 | €2,705,519 | -€766,198 | -22.1% |
| Accrued charges and deferred income | 492/3 | €13,457 | €6,625 | -€6,832 | -50.8% |
| Non-recurring operating income | 76A | €21,626 | €0 | -€21,626 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €775,414 | €1,068,805 | +€293,391 | +37.8% |
| Other operating charges | 640/8 | €53,438 | €55,269 | +€1,831 | +3.4% |
| Gross operating margin | 9900 | €1,281,746 | €1,429,387 | +€147,641 | +11.5% |
| Operating profit (loss) | 9901 | €452,894 | €305,314 | -€147,580 | -32.6% |
| Financial income | 75/76B | €110,360 | €154,367 | +€44,007 | +39.9% |
| Recurring financial income | 75 | €110,360 | €154,367 | +€44,007 | +39.9% |
| Financial charges | 65/66B | €702,653 | €759,908 | +€57,255 | +8.1% |
| Recurring financial charges | 65 | €702,653 | €759,908 | +€57,255 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
| Profit (loss) for the period | 9904 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
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 7 October 2026 via checked.be.