IMMO RABO: 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 RABO
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2,818
2024 · €37,540-€34,722
Equity
€2.3m
2024 · €2.3m+€2,818
Cash
€5,686
2024 · €14,121-€8,434
Balance sheet total
€10.4m
2024 · €8.5m+€1.9m
Largest movements
Assets
- Stocks and contracts +€2.1m
up €2.1m (+35.8%), from €6.0m to €8.1m
- Receivables within one year -€236,661
down €236,661 (-32.2%), from €735,526 to €498,865
of which Trade receivables: -€248,352
Equity and liabilities
- Debts after one year +€2.3m
up €2.3m (+53.7%), from €4.3m to €6.6m
of which Financial debts: +€4.5m
- Short-term financial debts -€352,166
down €352,166 (-20.5%), from €1.7m to €1.4m
Income statement
- Financial charges +€60,217
up €60,217 (+25.3%), from €237,742 to €297,959
- Gross operating margin +€13,096
up €13,096 (+3.6%), from €359,467 to €372,563
- Taxes -€11,691
down €11,691 (-93.4%), from €12,513 to €823
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
€37,540
Gross operating margin
+€13,096
Depreciation
-€230
Other operating charges
-€1,863
Financial income
+€2,802
Financial charges
-€60,217
Taxes
+€11,691
Result 2025
€2,818
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
-€2.0m
Investment
-€3,500
Financing
+€2.0m
Cash 2024
€14,121
From operations (derived)
-€2.0m
Net result for the year
+€2,818
Depreciation
+€60,367
Receivables after one year
-€91,761
Stocks and contracts
-€2.1m
Receivables within one year
+€236,661
Deferred charges and accrued income
-€21,489
Trade debts
-€12,041
Smaller working-capital items
-€3,889
Investment (derived)
-€3,500
Investment in fixed assets (net)
-€3,500
Financing
+€2.0m
Debts after one year
+€2.3m
Current portion of long-term debt
-€9,996
Short-term financial debts
-€352,166
Cash 2025
€5,686
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,489,305 | €10,434,228 | +€1.9m | +22.9% |
| Fixed assets | 21/28 | €1,537,335 | €1,480,468 | -€56,867 | -3.7% |
| Tangible fixed assets | 22/27 | €1,022,335 | €965,468 | -€56,867 | -5.6% |
| Land and buildings | 22 | €1,022,335 | €962,198 | -€60,137 | -5.9% |
| Plant, machinery and equipment | 23 | - | €3,270 | +€3,270 | |
| Financial fixed assets | 28 | €515,000 | €515,000 | = | 0.0% |
| Current assets | 29/58 | €6,951,970 | €8,953,760 | +€2.0m | +28.8% |
| Amounts receivable after more than one year | 29 | €234,018 | €325,778 | +€91,761 | +39.2% |
| Other amounts receivable | 291 | €234,018 | €325,778 | +€91,761 | +39.2% |
| Stocks and contracts in progress | 3 | €5,962,979 | €8,096,615 | +€2.1m | +35.8% |
| Stocks | 30/36 | €5,962,979 | €8,096,615 | +€2.1m | +35.8% |
| Amounts receivable within one year | 40/41 | €735,526 | €498,865 | -€236,661 | -32.2% |
| Trade receivables | 40 | €730,040 | €481,688 | -€248,352 | -34.0% |
| Other amounts receivable | 41 | €5,487 | €17,177 | +€11,691 | +213.1% |
| Cash at bank and in hand | 54/58 | €14,121 | €5,686 | -€8,434 | -59.7% |
| Deferred charges and accrued income | 490/1 | €5,326 | €26,815 | +€21,489 | +403.5% |
| Total equity and liabilities | 10/49 | €8,489,305 | €10,434,228 | +€1.9m | +22.9% |
| Equity | 10/15 | €2,317,273 | €2,320,091 | +€2,818 | +0.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €213,592 | €213,592 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €198,592 | €198,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,953,681 | €1,956,499 | +€2,818 | +0.1% |
| Amounts payable | 17/49 | €6,172,032 | €8,114,137 | +€1.9m | +31.5% |
| Amounts payable after more than one year | 17 | €4,320,676 | €6,640,873 | +€2.3m | +53.7% |
| Financial debts | 170/4 | €474,118 | €4,992,606 | +€4.5m | +953.0% |
| Other amounts payable | 178/9 | €3,846,558 | €1,648,266 | -€2.2m | -57.1% |
| Amounts payable within one year | 42/48 | €1,848,204 | €1,473,264 | -€374,939 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €115,973 | €105,977 | -€9,996 | -8.6% |
| Financial debts | 43 | €1,717,500 | €1,365,334 | -€352,166 | -20.5% |
| Credit institutions | 430/8 | €1,717,500 | €1,365,334 | -€352,166 | -20.5% |
| Trade debts | 44 | €12,385 | €344 | -€12,041 | -97.2% |
| Suppliers | 440/4 | €12,385 | €344 | -€12,041 | -97.2% |
| Taxes, remuneration and social security | 45 | €1,950 | €1,214 | -€736 | -37.8% |
| Taxes | 450/3 | €1,950 | €1,214 | -€736 | -37.8% |
| Other amounts payable | 47/48 | €396 | €396 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,152 | €0 | -€3,152 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,137 | €60,367 | +€230 | +0.4% |
| Other operating charges | 640/8 | €20,493 | €22,356 | +€1,863 | +9.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €359,467 | €372,563 | +€13,096 | +3.6% |
| Operating profit (loss) | 9901 | €278,836 | €289,839 | +€11,003 | +3.9% |
| Financial income | 75/76B | €8,958 | €11,761 | +€2,802 | +31.3% |
| Recurring financial income | 75 | €8,958 | €11,761 | +€2,802 | +31.3% |
| Financial charges | 65/66B | €237,742 | €297,959 | +€60,217 | +25.3% |
| Recurring financial charges | 65 | €237,742 | €297,959 | +€60,217 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €50,053 | €3,641 | -€46,412 | -92.7% |
| Income taxes | 67/77 | €12,513 | €823 | -€11,691 | -93.4% |
| Profit (loss) for the period | 9904 | €37,540 | €2,818 | -€34,722 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,540 | €2,818 | -€34,722 | -92.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.