IMMO R.M.: 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.
IMMO R.M.
Largest movements
- Tangible fixed assets +€592,511
up €592,511 (+87.6%), from €676,154 to €1.3m
of which Land and buildings: +€605,984
- Cash -€154,300
down €154,300 (-79.5%), from €194,173 to €39,873
mainly Investment in fixed assets (net) (-€707,459) and Current portion of long-term debt (-€38,081)
- Debts after one year +€517,372
up €517,372 (+195%), from €265,393 to €782,765
of which Financial debts: +€517,372
- Current portion of long-term debt -€38,081
down €38,081 (-62.7%), from €60,732 to €22,650
- Reserves -€33,597
down €33,597 (-7.5%), from €446,738 to €413,141
of which Tax-exempt reserves: -€33,597
- Depreciation +€63,404
up €63,404 (+123%), from €51,544 to €114,948
- Gross operating margin +€30,561
up €30,561 (+40.0%), from €76,364 to €106,925
- Financial charges +€6,597
up €6,597 (+125%), from €5,270 to €11,867
- Other operating charges +€2,624
up €2,624 (+21.2%), from €12,358 to €14,983
- Taxes -€1,569
no longer reported in 2025 (was €1,569)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €878,797 | €1,317,007 | +€438,210 | +49.9% |
| Fixed assets | 21/28 | €676,154 | €1,268,664 | +€592,511 | +87.6% |
| Tangible fixed assets | 22/27 | €676,154 | €1,268,664 | +€592,511 | +87.6% |
| Land and buildings | 22 | €612,004 | €1,217,988 | +€605,984 | +99.0% |
| Other tangible fixed assets | 26 | €64,150 | €50,676 | -€13,473 | -21.0% |
| Current assets | 29/58 | €202,643 | €48,343 | -€154,300 | -76.1% |
| Amounts receivable within one year | 40/41 | €8,471 | €8,471 | = | 0.0% |
| Other amounts receivable | 41 | €8,471 | €8,471 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,173 | €39,873 | -€154,300 | -79.5% |
| Total equity and liabilities | 10/49 | €878,797 | €1,317,007 | +€438,210 | +49.9% |
| Equity | 10/15 | €425,448 | €390,574 | -€34,873 | -8.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Share premium | 1100/10 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €446,738 | €413,141 | -€33,597 | -7.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €444,883 | €411,286 | -€33,597 | -7.6% |
| Profit (loss) carried forward | 14 | -€39,840 | -€41,117 | -€1,276 | -3.2% |
| Amounts payable | 17/49 | €453,349 | €926,433 | +€473,084 | +104% |
| Amounts payable after more than one year | 17 | €265,393 | €782,765 | +€517,372 | +195% |
| Financial debts | 170/4 | €245,006 | €762,378 | +€517,372 | +211% |
| Other amounts payable | 178/9 | €20,388 | €20,388 | = | 0.0% |
| Amounts payable within one year | 42/48 | €187,956 | €143,668 | -€44,288 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €60,732 | €22,650 | -€38,081 | -62.7% |
| Trade debts | 44 | €7,918 | €2,569 | -€5,349 | -67.6% |
| Suppliers | 440/4 | €7,918 | €2,569 | -€5,349 | -67.6% |
| Taxes, remuneration and social security | 45 | €3,602 | €4,220 | +€618 | +17.1% |
| Taxes | 450/3 | €3,002 | €1,220 | -€1,782 | -59.4% |
| Remuneration and social security | 454/9 | €600 | €3,000 | +€2,400 | +400% |
| Other amounts payable | 47/48 | €115,705 | €114,229 | -€1,476 | -1.3% |
| Non-recurring operating income | 76A | €1,548 | - | -€1,548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,544 | €114,948 | +€63,404 | +123% |
| Other operating charges | 640/8 | €12,358 | €14,983 | +€2,624 | +21.2% |
| Gross operating margin | 9900 | €76,364 | €106,925 | +€30,561 | +40.0% |
| Operating profit (loss) | 9901 | €12,462 | -€23,006 | -€35,468 | |
| Financial charges | 65/66B | €5,270 | €11,867 | +€6,597 | +125% |
| Recurring financial charges | 65 | €5,270 | €11,867 | +€6,597 | +125% |
| Profit (loss) for the period before taxes | 9903 | €7,192 | -€34,873 | -€42,065 | |
| Income taxes | 67/77 | €1,569 | - | -€1,569 | |
| Profit (loss) for the period | 9904 | €5,622 | -€34,873 | -€40,496 | |
| Transfer from tax-exempt reserves | 789 | - | €33,597 | +€33,597 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,622 | -€1,276 | -€6,899 |
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 18 October 2026 via checked.be.