IMMO RAES: 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 RAES
Largest movements
- Cash +€633,540
up €633,540 (+2008.9%), from €31,536 to €665,076
mainly Net result for the year (+€490,144) and Provisions (+€165,378)
- Tangible fixed assets -€154,950
down €154,950 (-6.4%), from €2.4m to €2.3m
- Receivables within one year +€88,844
up €88,844 (+415.7%), from €21,370 to €110,214
- Reserves +€490,144
up €490,144 (+110.7%), from €442,737 to €932,881
of which Tax-exempt reserves: +€496,133
- Provisions +€165,378
new in 2025: €165,378
- Other debts -€86,984
down €86,984 (-5.5%), from €1.6m to €1.5m
- Gross operating margin +€577,200
up €577,200 (+182.1%), from €316,918 to €894,118
- Taxes -€19,893
no longer reported in 2025 (was €19,893)
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 | €2,470,658 | €3,038,092 | +€567,434 | +23.0% |
| Fixed assets | 21/28 | €2,417,752 | €2,262,802 | -€154,950 | -6.4% |
| Tangible fixed assets | 22/27 | €2,415,030 | €2,260,080 | -€154,950 | -6.4% |
| Land and buildings | 22 | €2,415,030 | €2,260,080 | -€154,950 | -6.4% |
| Financial fixed assets | 28 | €2,722 | €2,722 | = | 0.0% |
| Current assets | 29/58 | €52,906 | €775,290 | +€722,384 | +1365.4% |
| Amounts receivable within one year | 40/41 | €21,370 | €110,214 | +€88,844 | +415.7% |
| Other amounts receivable | 41 | €21,370 | €110,214 | +€88,844 | +415.7% |
| Cash at bank and in hand | 54/58 | €31,536 | €665,076 | +€633,540 | +2008.9% |
| Total equity and liabilities | 10/49 | €2,470,658 | €3,038,092 | +€567,434 | +23.0% |
| Equity | 10/15 | €822,014 | €1,312,158 | +€490,144 | +59.6% |
| Contributions | 10/11 | €379,277 | €379,277 | = | 0.0% |
| Capital | 10 | €379,277 | €379,277 | = | 0.0% |
| Issued capital | 100 | €379,277 | €379,277 | = | 0.0% |
| Reserves | 13 | €442,737 | €932,881 | +€490,144 | +110.7% |
| Non-distributable reserves | 130/1 | €37,928 | €37,928 | = | 0.0% |
| Legal reserve | 130 | €37,928 | €37,928 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €496,133 | +€496,133 | |
| Distributable reserves | 133 | €404,809 | €398,820 | -€5,989 | -1.5% |
| Provisions and deferred taxes | 16 | - | €165,378 | +€165,378 | |
| Provisions for liabilities and charges | 160/5 | - | €165,378 | +€165,378 | |
| Taxes | 161 | - | €165,378 | +€165,378 | |
| Amounts payable | 17/49 | €1,648,644 | €1,560,556 | -€88,088 | -5.3% |
| Amounts payable after more than one year | 17 | €1,400 | €1,400 | = | 0.0% |
| Other amounts payable | 178/9 | €1,400 | €1,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,575,351 | €1,488,177 | -€87,174 | -5.5% |
| Trade debts | 44 | €190 | - | -€190 | |
| Suppliers | 440/4 | €190 | - | -€190 | |
| Other amounts payable | 47/48 | €1,575,161 | €1,488,177 | -€86,984 | -5.5% |
| Accrued charges and deferred income | 492/3 | €71,893 | €70,979 | -€914 | -1.3% |
| Non-recurring operating income | 76A | - | €661,511 | +€661,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,701 | €128,779 | -€2,922 | -2.2% |
| Other operating charges | 640/8 | €38,534 | €45,715 | +€7,181 | +18.6% |
| Gross operating margin | 9900 | €316,918 | €894,118 | +€577,200 | +182.1% |
| Operating profit (loss) | 9901 | €146,683 | €719,624 | +€572,941 | +390.6% |
| Financial income | 75/76B | €4,897 | €591 | -€4,306 | -87.9% |
| Recurring financial income | 75 | €4,897 | €591 | -€4,306 | -87.9% |
| Financial charges | 65/66B | €72,009 | €64,693 | -€7,316 | -10.2% |
| Recurring financial charges | 65 | €72,009 | €64,693 | -€7,316 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €79,571 | €655,522 | +€575,951 | +723.8% |
| Transfer to deferred taxes | 680 | - | €165,378 | +€165,378 | |
| Income taxes | 67/77 | €19,893 | - | -€19,893 | |
| Profit (loss) for the period | 9904 | €59,678 | €490,144 | +€430,466 | +721.3% |
| Transfer to tax-exempt reserves | 689 | - | €496,133 | +€496,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,678 | -€5,989 | -€65,667 |
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 8 October 2026 via checked.be.