Immo Ray: 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 Ray
Largest movements
- Current investments +€300,188
up €300,188 (+91.2%), from €329,296 to €629,484
- Tangible fixed assets -€22,092
down €22,092 (-16.9%), from €130,642 to €108,550
- Cash +€17,507
up €17,507 (+43.6%), from €40,113 to €57,620
mainly Net result for the year (+€277,598) and Investment in fixed assets (net) (+€18,414)
- Reserves +€277,598
up €277,598 (+470.7%), from €58,978 to €336,576
of which Distributable reserves: +€277,598
- Tax, wage and social debts +€17,405
up €17,405 (+13924.0%), from €125 to €17,530
- Gross operating margin +€372,896
up €372,896 (+2282.2%), from €16,339 to €389,235
- Taxes +€117,606
up €117,606 (+2848.3%), from €4,129 to €121,735
- Financial income +€18,213
up €18,213 (+313.8%), from €5,804 to €24,017
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 | €500,116 | €795,681 | +€295,565 | +59.1% |
| Fixed assets | 21/28 | €130,642 | €108,550 | -€22,092 | -16.9% |
| Tangible fixed assets | 22/27 | €130,642 | €108,550 | -€22,092 | -16.9% |
| Land and buildings | 22 | €130,642 | €108,550 | -€22,092 | -16.9% |
| Current assets | 29/58 | €369,474 | €687,131 | +€317,657 | +86.0% |
| Amounts receivable within one year | 40/41 | €65 | - | -€65 | |
| Other amounts receivable | 41 | €65 | - | -€65 | |
| Current investments | 50/53 | €329,296 | €629,484 | +€300,188 | +91.2% |
| Cash at bank and in hand | 54/58 | €40,113 | €57,620 | +€17,507 | +43.6% |
| Deferred charges and accrued income | 490/1 | - | €27 | +€27 | |
| Total equity and liabilities | 10/49 | €500,116 | €795,681 | +€295,565 | +59.1% |
| Equity | 10/15 | €490,075 | €767,673 | +€277,598 | +56.6% |
| Contributions | 10/11 | €431,097 | €431,097 | = | 0.0% |
| Capital | 10 | €431,097 | €431,097 | = | 0.0% |
| Issued capital | 100 | €431,097 | €431,097 | = | 0.0% |
| Reserves | 13 | €58,978 | €336,576 | +€277,598 | +470.7% |
| Non-distributable reserves | 130/1 | €43,109 | €43,109 | = | 0.0% |
| Legal reserve | 130 | €43,109 | €43,109 | = | 0.0% |
| Distributable reserves | 133 | €15,869 | €293,467 | +€277,598 | +1749.3% |
| Amounts payable | 17/49 | €10,041 | €28,008 | +€17,967 | +178.9% |
| Amounts payable within one year | 42/48 | €2,625 | €20,438 | +€17,813 | +678.6% |
| Trade debts | 44 | - | €408 | +€408 | |
| Suppliers | 440/4 | - | €408 | +€408 | |
| Taxes, remuneration and social security | 45 | €125 | €17,530 | +€17,405 | +13924.0% |
| Taxes | 450/3 | €125 | €17,530 | +€17,405 | +13924.0% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,416 | €7,570 | +€154 | +2.1% |
| Non-recurring operating income | 76A | - | €383,812 | +€383,812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623 | €3,678 | +€3,055 | +490.4% |
| Other operating charges | 640/8 | €7,224 | €7,923 | +€699 | +9.7% |
| Gross operating margin | 9900 | €16,339 | €389,235 | +€372,896 | +2282.2% |
| Operating profit (loss) | 9901 | €8,492 | €377,634 | +€369,142 | +4346.9% |
| Financial income | 75/76B | €5,804 | €24,017 | +€18,213 | +313.8% |
| Recurring financial income | 75 | €5,804 | €24,017 | +€18,213 | +313.8% |
| Financial charges | 65/66B | €1,319 | €2,318 | +€999 | +75.7% |
| Recurring financial charges | 65 | €1,319 | €2,318 | +€999 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €12,977 | €399,333 | +€386,356 | +2977.2% |
| Income taxes | 67/77 | €4,129 | €121,735 | +€117,606 | +2848.3% |
| Profit (loss) for the period | 9904 | €8,848 | €277,598 | +€268,750 | +3037.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,848 | €277,598 | +€268,750 | +3037.4% |
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.