Immo Q & L: what changed
What changed
Immo Q & L
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€31,513
2024 · €40,268-€71,781
Equity
€147,216
2024 · €178,729-€31,513
Cash
€1,644
2024 · €28,858-€27,214
Balance sheet total
€743,227
2024 · €473,711+€269,517
Largest movements
Assets
- Stocks and contracts +€360,356
up €360,356 (+103%), from €348,623 to €708,979
- Receivables after one year -€48,265
down €48,265 (-76.4%), from €63,174 to €14,909
- Cash -€27,214
down €27,214 (-94.3%), from €28,858 to €1,644
mainly Stocks and contracts (-€360,356) and Net result for the year (-€31,513)
- Receivables within one year -€15,348
down €15,348 (-57.6%), from €26,639 to €11,291
of which Trade receivables: -€13,524
Equity and liabilities
- Debts after one year +€234,286
up €234,286 (+109%), from €214,877 to €449,163
- Trade debts +€80,646
up €80,646 (+200%), from €40,371 to €121,017
- Profit (loss) carried forward -€31,513
new in 2025: -€31,513
- Tax, wage and social debts -€16,868
down €16,868 (-72.1%), from €23,390 to €6,522
of which Taxes: -€17,820
Income statement
- Gross operating margin -€82,882
down €82,882, from €65,483 to -€17,398
- Taxes -€16,853
down €16,853 (-100.0%), from €16,854 to €1
- Financial charges +€5,446
up €5,446 (+101%), from €5,374 to €10,820
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€40,268
Gross operating margin
-€82,882
Depreciation
-€639
Other operating charges
+€8
Financial income
+€324
Financial charges
-€5,446
Taxes
+€16,853
Result 2025
-€31,513
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€262,410
Investment
-€2,000
Financing
+€237,196
Cash 2024
€28,858
From operations (derived)
-€262,410
Net result for the year
-€31,513
Depreciation
+€2,147
Receivables after one year
+€48,265
Stocks and contracts
-€360,356
Receivables within one year
+€15,348
Smaller working-capital items
-€79
Trade debts
+€80,646
Tax, wage and social debts
-€16,868
Investment (derived)
-€2,000
Investment in fixed assets (net)
-€2,000
Financing
+€237,196
Debts after one year
+€234,286
Current portion of long-term debt
+€2,910
Cash 2025
€1,644
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €473,711 | €743,227 | +€269,517 | +56.9% |
| Fixed assets | 21/28 | €5,790 | €5,642 | -€147 | -2.5% |
| Tangible fixed assets | 22/27 | €4,730 | €4,582 | -€147 | -3.1% |
| Plant, machinery and equipment | 23 | €810 | €400 | -€410 | -50.6% |
| Furniture and vehicles | 24 | €3,920 | €4,182 | +€262 | +6.7% |
| Financial fixed assets | 28 | €1,060 | €1,060 | = | 0.0% |
| Current assets | 29/58 | €467,921 | €737,585 | +€269,664 | +57.6% |
| Amounts receivable after more than one year | 29 | €63,174 | €14,909 | -€48,265 | -76.4% |
| Other amounts receivable | 291 | €63,174 | €14,909 | -€48,265 | -76.4% |
| Stocks and contracts in progress | 3 | €348,623 | €708,979 | +€360,356 | +103% |
| Stocks | 30/36 | €348,623 | €708,979 | +€360,356 | +103% |
| Amounts receivable within one year | 40/41 | €26,639 | €11,291 | -€15,348 | -57.6% |
| Trade receivables | 40 | €23,624 | €10,100 | -€13,524 | -57.2% |
| Other amounts receivable | 41 | €3,015 | €1,191 | -€1,824 | -60.5% |
| Cash at bank and in hand | 54/58 | €28,858 | €1,644 | -€27,214 | -94.3% |
| Deferred charges and accrued income | 490/1 | €627 | €761 | +€134 | +21.4% |
| Total equity and liabilities | 10/49 | €473,711 | €743,227 | +€269,517 | +56.9% |
| Equity | 10/15 | €178,729 | €147,216 | -€31,513 | -17.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €175,229 | €175,229 | = | 0.0% |
| Distributable reserves | 133 | €175,229 | €175,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€31,513 | -€31,513 | |
| Amounts payable | 17/49 | €294,981 | €596,011 | +€301,030 | +102% |
| Amounts payable after more than one year | 17 | €214,877 | €449,163 | +€234,286 | +109% |
| Financial debts | 170/4 | €214,877 | €449,163 | +€234,286 | +109% |
| Amounts payable within one year | 42/48 | €80,105 | €146,793 | +€66,688 | +83.3% |
| Current portion of amounts payable after more than one year | 42 | €9,744 | €12,653 | +€2,910 | +29.9% |
| Trade debts | 44 | €40,371 | €121,017 | +€80,646 | +200% |
| Suppliers | 440/4 | €40,371 | €121,017 | +€80,646 | +200% |
| Taxes, remuneration and social security | 45 | €23,390 | €6,522 | -€16,868 | -72.1% |
| Taxes | 450/3 | €21,342 | €3,522 | -€17,820 | -83.5% |
| Remuneration and social security | 454/9 | €2,048 | €3,000 | +€952 | +46.5% |
| Other amounts payable | 47/48 | €6,600 | €6,600 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €56 | +€56 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,508 | €2,147 | +€639 | +42.4% |
| Other operating charges | 640/8 | €2,771 | €2,763 | -€8 | -0.3% |
| Gross operating margin | 9900 | €65,483 | -€17,398 | -€82,882 | |
| Operating profit (loss) | 9901 | €61,204 | -€22,309 | -€83,513 | |
| Financial income | 75/76B | €1,292 | €1,617 | +€324 | +25.1% |
| Recurring financial income | 75 | €1,292 | €1,617 | +€324 | +25.1% |
| Financial charges | 65/66B | €5,374 | €10,820 | +€5,446 | +101% |
| Recurring financial charges | 65 | €5,374 | €10,820 | +€5,446 | +101% |
| Profit (loss) for the period before taxes | 9903 | €57,122 | -€31,512 | -€88,635 | |
| Income taxes | 67/77 | €16,854 | €1 | -€16,853 | -100.0% |
| Profit (loss) for the period | 9904 | €40,268 | -€31,513 | -€71,781 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,268 | -€31,513 | -€71,781 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.