IMMO S&D: 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 S&D
Largest movements
- Receivables within one year +€48,210
up €48,210 (+67.5%), from €71,463 to €119,673
of which Other amounts receivable: +€37,947
- Cash +€33,028
new in 2025: €33,028
mainly Net result for the year (+€27,203) and Advances received (+€21,137)
- Tangible fixed assets +€7,913
up €7,913 (+69.5%), from €11,388 to €19,301
of which Furniture and vehicles: +€8,362
- Intangible fixed assets -€4,488
down €4,488 (-100.0%), from €4,488 to €0
- Profit (loss) carried forward +€27,203
up €27,203, from -€4,177 to €23,026
- Advances received +€21,137
up €21,137 (+30.8%), from €68,586 to €89,723
- Trade debts +€15,769
up €15,769 (+1028.3%), from €1,533 to €17,302
- Tax, wage and social debts +€9,468
up €9,468 (+76.8%), from €12,327 to €21,795
- Debts after one year +€5,626
new in 2025: €5,626
- Gross operating margin +€13,734
up €13,734 (+38.6%), from €35,605 to €49,339
- Taxes +€4,152
up €4,152 (+72.7%), from €5,709 to €9,861
- Depreciation -€1,840
down €1,840 (-16.9%), from €10,868 to €9,028
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 | €88,356 | €172,847 | +€84,490 | +95.6% |
| Formation expenses | 20 | €216 | €0 | -€216 | -100.0% |
| Fixed assets | 21/28 | €15,876 | €19,301 | +€3,425 | +21.6% |
| Intangible fixed assets | 21 | €4,488 | €0 | -€4,488 | -100.0% |
| Tangible fixed assets | 22/27 | €11,388 | €19,301 | +€7,913 | +69.5% |
| Plant, machinery and equipment | 23 | €449 | €0 | -€449 | -100.0% |
| Furniture and vehicles | 24 | €10,939 | €19,301 | +€8,362 | +76.4% |
| Current assets | 29/58 | €72,264 | €153,546 | +€81,281 | +112.5% |
| Amounts receivable within one year | 40/41 | €71,463 | €119,673 | +€48,210 | +67.5% |
| Trade receivables | 40 | €56,682 | €66,945 | +€10,263 | +18.1% |
| Other amounts receivable | 41 | €14,780 | €52,727 | +€37,947 | +256.7% |
| Cash at bank and in hand | 54/58 | - | €33,028 | +€33,028 | |
| Deferred charges and accrued income | 490/1 | €802 | €845 | +€43 | +5.4% |
| Total equity and liabilities | 10/49 | €88,356 | €172,847 | +€84,490 | +95.6% |
| Equity | 10/15 | €5,823 | €33,026 | +€27,203 | +467.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,177 | €23,026 | +€27,203 | |
| Amounts payable | 17/49 | €82,533 | €139,820 | +€57,287 | +69.4% |
| Amounts payable after more than one year | 17 | - | €5,626 | +€5,626 | |
| Financial debts | 170/4 | - | €5,626 | +€5,626 | |
| Amounts payable within one year | 42/48 | €82,533 | €134,194 | +€51,661 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,374 | +€5,374 | |
| Financial debts | 43 | €87 | €0 | -€87 | -100.0% |
| Credit institutions | 430/8 | €87 | €0 | -€87 | -100.0% |
| Trade debts | 44 | €1,533 | €17,302 | +€15,769 | +1028.3% |
| Suppliers | 440/4 | €1,533 | €17,302 | +€15,769 | +1028.3% |
| Advances received on contracts in progress | 46 | €68,586 | €89,723 | +€21,137 | +30.8% |
| Taxes, remuneration and social security | 45 | €12,327 | €21,795 | +€9,468 | +76.8% |
| Taxes | 450/3 | €12,327 | €21,795 | +€9,468 | +76.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,868 | €9,028 | -€1,840 | -16.9% |
| Other operating charges | 640/8 | €1,828 | €1,925 | +€97 | +5.3% |
| Gross operating margin | 9900 | €35,605 | €49,339 | +€13,734 | +38.6% |
| Operating profit (loss) | 9901 | €22,909 | €38,386 | +€15,477 | +67.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €953 | €1,323 | +€370 | +38.8% |
| Recurring financial charges | 65 | €953 | €1,323 | +€370 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | €21,956 | €37,064 | +€15,108 | +68.8% |
| Income taxes | 67/77 | €5,709 | €9,861 | +€4,152 | +72.7% |
| Profit (loss) for the period | 9904 | €16,247 | €27,203 | +€10,956 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,247 | €27,203 | +€10,956 | +67.4% |
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.