IMMO RAYEZ: 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 RAYEZ
Largest movements
- Cash +€269,220
up €269,220 (+352.8%), from €76,306 to €345,526
mainly Net result for the year (+€341,399) and Depreciation (+€290,563)
- Tangible fixed assets +€88,157
up €88,157 (+4.1%), from €2.2m to €2.3m
of which Land and buildings: +€85,520
- Receivables within one year +€28,811
up €28,811 (+201.7%), from €14,284 to €43,096
of which Other amounts receivable: +€38,458
- Reserves +€245,990
up €245,990 (+90.3%), from €272,362 to €518,352
of which Tax-exempt reserves: +€245,990
- Debts after one year +€133,530
up €133,530 (+12.7%), from €1.0m to €1.2m
of which Financial debts: +€133,530
- Provisions +€86,212
up €86,212 (+148.7%), from €57,965 to €144,177
- Profit (loss) carried forward -€50,926
down €50,926 (-36.2%), from €140,590 to €89,664
- Current portion of long-term debt -€30,550
down €30,550 (-15.8%), from €193,474 to €162,923
- Gross operating margin +€346,510
up €346,510 (+71.4%), from €485,617 to €832,127
- Taxes -€38,499
down €38,499 (-64.1%), from €60,040 to €21,542
- Other operating charges -€28,314
down €28,314 (-51.3%), from €55,188 to €26,874
- Depreciation +€19,805
up €19,805 (+7.3%), from €270,758 to €290,563
- Financial charges +€14,065
up €14,065 (+27.3%), from €51,474 to €65,539
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 | €2,260,194 | €2,650,720 | +€390,526 | +17.3% |
| Fixed assets | 21/28 | €2,167,920 | €2,256,505 | +€88,585 | +4.1% |
| Tangible fixed assets | 22/27 | €2,163,920 | €2,252,077 | +€88,157 | +4.1% |
| Land and buildings | 22 | €2,162,834 | €2,248,355 | +€85,520 | +4.0% |
| Plant, machinery and equipment | 23 | €803 | €297 | -€506 | -63.0% |
| Furniture and vehicles | 24 | €282 | €3,425 | +€3,143 | +1113.9% |
| Financial fixed assets | 28 | €4,000 | €4,428 | +€428 | +10.7% |
| Current assets | 29/58 | €92,275 | €394,215 | +€301,941 | +327.2% |
| Amounts receivable within one year | 40/41 | €14,284 | €43,096 | +€28,811 | +201.7% |
| Trade receivables | 40 | €14,284 | €4,637 | -€9,647 | -67.5% |
| Other amounts receivable | 41 | - | €38,458 | +€38,458 | |
| Cash at bank and in hand | 54/58 | €76,306 | €345,526 | +€269,220 | +352.8% |
| Deferred charges and accrued income | 490/1 | €1,684 | €5,594 | +€3,910 | +232.1% |
| Total equity and liabilities | 10/49 | €2,260,194 | €2,650,720 | +€390,526 | +17.3% |
| Equity | 10/15 | €879,493 | €1,074,557 | +€195,064 | +22.2% |
| Contributions | 10/11 | €466,541 | €466,541 | = | 0.0% |
| Capital | 10 | €466,541 | €466,541 | = | 0.0% |
| Issued capital | 100 | €466,541 | €466,541 | = | 0.0% |
| Reserves | 13 | €272,362 | €518,352 | +€245,990 | +90.3% |
| Non-distributable reserves | 130/1 | €46,654 | €46,654 | = | 0.0% |
| Legal reserve | 130 | €46,654 | €46,654 | = | 0.0% |
| Tax-exempt reserves | 132 | €225,708 | €471,698 | +€245,990 | +109.0% |
| Profit (loss) carried forward | 14 | €140,590 | €89,664 | -€50,926 | -36.2% |
| Provisions and deferred taxes | 16 | €57,965 | €144,177 | +€86,212 | +148.7% |
| Deferred taxes | 168 | €57,965 | €144,177 | +€86,212 | +148.7% |
| Amounts payable | 17/49 | €1,322,737 | €1,431,986 | +€109,250 | +8.3% |
| Amounts payable after more than one year | 17 | €1,049,128 | €1,182,658 | +€133,530 | +12.7% |
| Financial debts | 170/4 | €1,028,768 | €1,162,297 | +€133,530 | +13.0% |
| Other amounts payable | 178/9 | €20,360 | €20,360 | = | 0.0% |
| Amounts payable within one year | 42/48 | €273,609 | €249,329 | -€24,280 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €193,474 | €162,923 | -€30,550 | -15.8% |
| Financial debts | 43 | €10,000 | €20,000 | +€10,000 | +100.0% |
| Credit institutions | 430/8 | €10,000 | €20,000 | +€10,000 | +100.0% |
| Trade debts | 44 | €29,072 | €11,846 | -€17,225 | -59.3% |
| Suppliers | 440/4 | €29,072 | €11,846 | -€17,225 | -59.3% |
| Taxes, remuneration and social security | 45 | €31,469 | €43,901 | +€12,432 | +39.5% |
| Taxes | 450/3 | €31,469 | €43,901 | +€12,432 | +39.5% |
| Other amounts payable | 47/48 | €9,595 | €10,658 | +€1,064 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270,758 | €290,563 | +€19,805 | +7.3% |
| Other operating charges | 640/8 | €55,188 | €26,874 | -€28,314 | -51.3% |
| Gross operating margin | 9900 | €485,617 | €832,127 | +€346,510 | +71.4% |
| Operating profit (loss) | 9901 | €159,672 | €514,691 | +€355,020 | +222.3% |
| Financial charges | 65/66B | €51,474 | €65,539 | +€14,065 | +27.3% |
| Recurring financial charges | 65 | €51,474 | €65,539 | +€14,065 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €108,197 | €449,152 | +€340,955 | +315.1% |
| Transfer from deferred taxes | 780 | €12,645 | €12,645 | +€0 | 0.0% |
| Transfer to deferred taxes | 680 | - | €98,857 | +€98,857 | |
| Income taxes | 67/77 | €60,040 | €21,542 | -€38,499 | -64.1% |
| Profit (loss) for the period | 9904 | €60,802 | €341,399 | +€280,597 | +461.5% |
| Transfer from tax-exempt reserves | 789 | €50,579 | €50,580 | +€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €296,570 | +€296,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,381 | €95,409 | -€15,972 | -14.3% |
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 9 October 2026 via checked.be.