IMMO R. DECLERCQ: 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 R. DECLERCQ
Largest movements
- Tangible fixed assets -€81,962
down €81,962 (-3.7%), from €2.2m to €2.1m
- Current investments -€55,000
down €55,000 (-55.0%), from €100,000 to €45,000
- Cash -€25,013
down €25,013 (-80.1%), from €31,228 to €6,215
mainly Debts after one year (-€125,357) and Other debts (-€70,132)
- Debts after one year -€125,357
down €125,357 (-44.4%), from €282,054 to €156,697
- Other debts -€70,132
down €70,132 (-71.1%), from €98,703 to €28,571
- Reserves +€36,586
up €36,586 (+14.3%), from €256,466 to €293,052
of which Distributable reserves: +€36,586
- Gross operating margin +€10,500
up €10,500 (+5.1%), from €207,661 to €218,161
- Financial charges -€5,073
down €5,073 (-64.1%), from €7,916 to €2,843
- Other operating charges +€2,972
up €2,972 (+10.2%), from €29,242 to €32,213
- Taxes +€2,189
up €2,189 (+11.5%), from €19,007 to €21,196
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 | €2,327,031 | €2,163,840 | -€163,191 | -7.0% |
| Fixed assets | 21/28 | €2,187,543 | €2,105,581 | -€81,962 | -3.7% |
| Tangible fixed assets | 22/27 | €2,187,343 | €2,105,381 | -€81,962 | -3.7% |
| Land and buildings | 22 | €2,187,343 | €2,105,381 | -€81,962 | -3.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €139,488 | €58,259 | -€81,229 | -58.2% |
| Amounts receivable within one year | 40/41 | €5,496 | €4,377 | -€1,119 | -20.4% |
| Trade receivables | 40 | €2,675 | €2,731 | +€57 | +2.1% |
| Other amounts receivable | 41 | €2,822 | €1,646 | -€1,176 | -41.7% |
| Current investments | 50/53 | €100,000 | €45,000 | -€55,000 | -55.0% |
| Cash at bank and in hand | 54/58 | €31,228 | €6,215 | -€25,013 | -80.1% |
| Deferred charges and accrued income | 490/1 | €2,764 | €2,667 | -€96 | -3.5% |
| Total equity and liabilities | 10/49 | €2,327,031 | €2,163,840 | -€163,191 | -7.0% |
| Equity | 10/15 | €1,785,016 | €1,821,602 | +€36,586 | +2.0% |
| Contributions | 10/11 | €671,292 | €671,292 | = | 0.0% |
| Capital | 10 | €671,292 | €671,292 | = | 0.0% |
| Issued capital | 100 | €671,292 | €671,292 | = | 0.0% |
| Reserves | 13 | €256,466 | €293,052 | +€36,586 | +14.3% |
| Non-distributable reserves | 130/1 | €67,129 | €67,129 | = | 0.0% |
| Legal reserve | 130 | €67,129 | €67,129 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,818 | €91,818 | = | 0.0% |
| Distributable reserves | 133 | €97,519 | €134,104 | +€36,586 | +37.5% |
| Profit (loss) carried forward | 14 | €857,258 | €857,258 | = | 0.0% |
| Provisions and deferred taxes | 16 | €30,606 | €30,606 | = | 0.0% |
| Deferred taxes | 168 | €30,606 | €30,606 | = | 0.0% |
| Amounts payable | 17/49 | €511,409 | €311,633 | -€199,777 | -39.1% |
| Amounts payable after more than one year | 17 | €282,054 | €156,697 | -€125,357 | -44.4% |
| Financial debts | 170/4 | €282,054 | €156,697 | -€125,357 | -44.4% |
| Amounts payable within one year | 42/48 | €225,194 | €154,936 | -€70,258 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €125,357 | €125,357 | +€0 | 0.0% |
| Trade debts | 44 | €126 | - | -€126 | |
| Suppliers | 440/4 | €126 | - | -€126 | |
| Taxes, remuneration and social security | 45 | €1,007 | €1,007 | = | 0.0% |
| Taxes | 450/3 | €1,007 | €1,007 | = | 0.0% |
| Other amounts payable | 47/48 | €98,703 | €28,571 | -€70,132 | -71.1% |
| Accrued charges and deferred income | 492/3 | €4,162 | - | -€4,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,490 | €97,650 | +€1,161 | +1.2% |
| Other operating charges | 640/8 | €29,242 | €32,213 | +€2,972 | +10.2% |
| Gross operating margin | 9900 | €207,661 | €218,161 | +€10,500 | +5.1% |
| Operating profit (loss) | 9901 | €81,930 | €88,298 | +€6,368 | +7.8% |
| Financial income | 75/76B | €2,015 | €898 | -€1,116 | -55.4% |
| Recurring financial income | 75 | €2,015 | €898 | -€1,116 | -55.4% |
| Financial charges | 65/66B | €7,916 | €2,843 | -€5,073 | -64.1% |
| Recurring financial charges | 65 | €7,916 | €2,843 | -€5,073 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €76,029 | €86,353 | +€10,324 | +13.6% |
| Income taxes | 67/77 | €19,007 | €21,196 | +€2,189 | +11.5% |
| Profit (loss) for the period | 9904 | €57,022 | €65,157 | +€8,136 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,022 | €65,157 | +€8,136 | +14.3% |
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.