IMMO R.J.S.: 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 R.J.S.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€107,894
2024 · €105,076+€2,817
Equity
€1.2m
2024 · €1.1m+€87,894
Cash
€3.3m
2024 · €20,990+€3.3m
Balance sheet total
€5.8m
2024 · €1.5m+€4.3m
Largest movements
Assets
- Cash +€3.3m
up €3.3m (+15,591%), from €20,990 to €3.3m
mainly Debts after one year (+€4.2m) and Current portion of long-term debt (+€302,666)
- Receivables within one year +€1.1m
up €1.1m (+10,269%), from €10,635 to €1.1m
of which Other amounts receivable: +€1.1m
Equity and liabilities
- Debts after one year +€4.2m
new in 2025: €4.2m
- Current portion of long-term debt +€302,666
new in 2025: €302,666
- Other debts -€299,067
down €299,067 (-82.5%), from €362,498 to €63,431
- Profit (loss) carried forward +€87,894
up €87,894 (+20.2%), from €435,801 to €523,695
Income statement
- Gross operating margin +€4,165
up €4,165 (+1.5%), from €275,068 to €279,233
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
€105,076
Gross operating margin
+€4,165
Depreciation
+€2,721
Other operating charges
-€1,026
Financial income
-€841
Financial charges
-€1,263
Taxes
-€939
Result 2025
€107,894
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
-€1.2m
Investment
-€82,415
Financing
+€4.5m
Cash 2024
€20,990
From operations (derived)
-€1.2m
Net result for the year
+€107,894
Depreciation
+€117,788
Receivables within one year
-€1.1m
Smaller working-capital items
+€378
Other debts
-€299,067
Investment (derived)
-€82,415
Investment in fixed assets (net)
-€82,415
Financing
+€4.5m
Debts after one year
+€4.2m
Current portion of long-term debt
+€302,666
Contributions, distributions and other
-€20,000
Cash 2025
€3.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,466,701 | €5,796,274 | +€4.3m | +295% |
| Fixed assets | 21/28 | €1,427,525 | €1,392,153 | -€35,372 | -2.5% |
| Tangible fixed assets | 22/27 | €1,427,525 | €1,392,153 | -€35,372 | -2.5% |
| Land and buildings | 22 | €1,403,692 | €1,300,895 | -€102,797 | -7.3% |
| Plant, machinery and equipment | 23 | €9,105 | €6,831 | -€2,275 | -25.0% |
| Furniture and vehicles | 24 | €1,660 | €411 | -€1,249 | -75.3% |
| Assets under construction and advance payments | 27 | €13,068 | €84,016 | +€70,948 | +543% |
| Current assets | 29/58 | €39,176 | €4,404,121 | +€4.4m | +11,142% |
| Amounts receivable within one year | 40/41 | €10,635 | €1,102,689 | +€1.1m | +10,269% |
| Trade receivables | 40 | - | €218 | +€218 | |
| Other amounts receivable | 41 | €10,635 | €1,102,471 | +€1.1m | +10,267% |
| Cash at bank and in hand | 54/58 | €20,990 | €3,293,513 | +€3.3m | +15,591% |
| Deferred charges and accrued income | 490/1 | €7,551 | €7,920 | +€368 | +4.9% |
| Total equity and liabilities | 10/49 | €1,466,701 | €5,796,274 | +€4.3m | +295% |
| Equity | 10/15 | €1,100,065 | €1,187,958 | +€87,894 | +8.0% |
| Contributions | 10/11 | €223,000 | €223,000 | = | 0.0% |
| Capital | 10 | €223,000 | €223,000 | = | 0.0% |
| Issued capital | 100 | €223,000 | €223,000 | = | 0.0% |
| Reserves | 13 | €441,263 | €441,263 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,300 | €22,300 | = | 0.0% |
| Legal reserve | 130 | €22,300 | €22,300 | = | 0.0% |
| Distributable reserves | 133 | €418,963 | €418,963 | = | 0.0% |
| Profit (loss) carried forward | 14 | €435,801 | €523,695 | +€87,894 | +20.2% |
| Amounts payable | 17/49 | €366,637 | €4,608,316 | +€4.2m | +1,157% |
| Amounts payable after more than one year | 17 | - | €4,237,334 | +€4.2m | |
| Financial debts | 170/4 | - | €4,237,334 | +€4.2m | |
| Amounts payable within one year | 42/48 | €366,637 | €370,647 | +€4,011 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | - | €302,666 | +€302,666 | |
| Trade debts | 44 | €4,138 | €4,550 | +€412 | +9.9% |
| Suppliers | 440/4 | €4,138 | €4,550 | +€412 | +9.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €362,498 | €63,431 | -€299,067 | -82.5% |
| Accrued charges and deferred income | 492/3 | - | €334 | +€334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,508 | €117,788 | -€2,721 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €16,816 | €17,842 | +€1,026 | +6.1% |
| Gross operating margin | 9900 | €275,068 | €279,233 | +€4,165 | +1.5% |
| Operating profit (loss) | 9901 | €137,744 | €143,604 | +€5,860 | +4.3% |
| Financial income | 75/76B | €1,161 | €320 | -€841 | -72.4% |
| Recurring financial income | 75 | €1,161 | €320 | -€841 | -72.4% |
| Financial charges | 65/66B | €5,470 | €6,733 | +€1,263 | +23.1% |
| Recurring financial charges | 65 | €5,470 | €6,733 | +€1,263 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €133,435 | €137,192 | +€3,756 | +2.8% |
| Income taxes | 67/77 | €28,359 | €29,298 | +€939 | +3.3% |
| Profit (loss) for the period | 9904 | €105,076 | €107,894 | +€2,817 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,076 | €107,894 | +€2,817 | +2.7% |
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 29 October 2026 via checked.be.