IMMO SAM: 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 SAM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€63,053
2024 · €43,024+€20,030
Equity
€2.0m
2024 · €1.9m+€63,053
Cash
€19,659
2024 · €47+€19,612
Balance sheet total
€4.1m
2024 · €4.2m-€68,622
Largest movements
Assets
- Tangible fixed assets -€52,675
down €52,675 (-1.4%), from €3.8m to €3.8m
of which Land and buildings: -€52,308
Equity and liabilities
- Debts after one year -€156,986
down €156,986 (-14.2%), from €1.1m to €951,136
- Profit (loss) carried forward +€85,107
up €85,107 (+12.1%), from €702,245 to €787,352
Income statement
- Gross operating margin +€41,683
up €41,683 (+17.4%), from €239,385 to €281,068
- Taxes +€40,300
up €40,300 (+198.8%), from €20,271 to €60,572
- Financial charges -€21,953
down €21,953 (-30.4%), from €72,289 to €50,336
- Other operating charges +€8,957
up €8,957 (+30.2%), from €29,677 to €38,634
- Depreciation -€5,650
down €5,650 (-6.9%), from €82,110 to €76,460
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
€43,024
Gross operating margin
+€41,683
Depreciation
+€5,650
Other operating charges
-€8,957
Financial income
+€0
Financial charges
+€21,953
Taxes
-€40,300
Result 2025
€63,053
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
+€220,122
Investment
-€23,785
Financing
-€176,725
Cash 2024
€47
From operations (derived)
+€220,122
Net result for the year
+€63,053
Depreciation
+€76,460
Receivables within one year
+€37,041
Deferred charges and accrued income
-€1,482
Provisions
-€7,986
Trade debts
+€3,073
Tax, wage and social debts
+€40,721
Other debts
+€8,467
Accrued charges and deferred income
+€775
Investment (derived)
-€23,785
Investment in fixed assets (net)
-€23,785
Financing
-€176,725
Debts after one year
-€156,986
Current portion of long-term debt
-€10,604
Short-term financial debts
-€9,136
Cash 2025
€19,659
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,217,489 | €4,148,867 | -€68,622 | -1.6% |
| Fixed assets | 21/28 | €3,838,726 | €3,786,051 | -€52,675 | -1.4% |
| Tangible fixed assets | 22/27 | €3,838,726 | €3,786,051 | -€52,675 | -1.4% |
| Land and buildings | 22 | €3,836,664 | €3,784,355 | -€52,308 | -1.4% |
| Furniture and vehicles | 24 | €2,062 | €1,695 | -€367 | -17.8% |
| Current assets | 29/58 | €378,763 | €362,816 | -€15,947 | -4.2% |
| Amounts receivable after more than one year | 29 | €310,000 | €310,000 | = | 0.0% |
| Other amounts receivable | 291 | €310,000 | €310,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €62,762 | €25,721 | -€37,041 | -59.0% |
| Trade receivables | 40 | €16,117 | - | -€16,117 | |
| Other amounts receivable | 41 | €46,645 | €25,721 | -€20,924 | -44.9% |
| Cash at bank and in hand | 54/58 | €47 | €19,659 | +€19,612 | +41638.9% |
| Deferred charges and accrued income | 490/1 | €5,954 | €7,436 | +€1,482 | +24.9% |
| Total equity and liabilities | 10/49 | €4,217,489 | €4,148,867 | -€68,622 | -1.6% |
| Equity | 10/15 | €1,947,570 | €2,010,624 | +€63,053 | +3.2% |
| Contributions | 10/11 | €465,544 | €465,544 | = | 0.0% |
| Reserves | 13 | €779,781 | €757,727 | -€22,054 | -2.8% |
| Non-distributable reserves | 130/1 | €46,600 | €46,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €46,600 | €46,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €442,286 | €420,232 | -€22,054 | -5.0% |
| Distributable reserves | 133 | €290,895 | €290,895 | = | 0.0% |
| Profit (loss) carried forward | 14 | €702,245 | €787,352 | +€85,107 | +12.1% |
| Provisions and deferred taxes | 16 | €201,415 | €193,429 | -€7,986 | -4.0% |
| Deferred taxes | 168 | €201,415 | €193,429 | -€7,986 | -4.0% |
| Amounts payable | 17/49 | €2,068,503 | €1,944,814 | -€123,690 | -6.0% |
| Amounts payable after more than one year | 17 | €1,108,122 | €951,136 | -€156,986 | -14.2% |
| Financial debts | 170/4 | €1,108,122 | €951,136 | -€156,986 | -14.2% |
| Amounts payable within one year | 42/48 | €958,550 | €991,072 | +€32,521 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €166,734 | €156,130 | -€10,604 | -6.4% |
| Financial debts | 43 | €109,136 | €100,000 | -€9,136 | -8.4% |
| Credit institutions | 430/8 | €9,136 | - | -€9,136 | |
| Other loans | 439 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €12,013 | €15,086 | +€3,073 | +25.6% |
| Suppliers | 440/4 | €12,013 | €15,086 | +€3,073 | +25.6% |
| Taxes, remuneration and social security | 45 | €2,927 | €43,648 | +€40,721 | +1391.0% |
| Taxes | 450/3 | €2,927 | €3,648 | +€721 | +24.6% |
| Remuneration and social security | 454/9 | - | €40,000 | +€40,000 | |
| Other amounts payable | 47/48 | €667,741 | €676,208 | +€8,467 | +1.3% |
| Accrued charges and deferred income | 492/3 | €1,831 | €2,606 | +€775 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,110 | €76,460 | -€5,650 | -6.9% |
| Other operating charges | 640/8 | €29,677 | €38,634 | +€8,957 | +30.2% |
| Gross operating margin | 9900 | €239,385 | €281,068 | +€41,683 | +17.4% |
| Operating profit (loss) | 9901 | €127,598 | €165,974 | +€38,377 | +30.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +775.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +775.0% |
| Financial charges | 65/66B | €72,289 | €50,336 | -€21,953 | -30.4% |
| Recurring financial charges | 65 | €72,289 | €50,336 | -€21,953 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €55,309 | €115,639 | +€60,330 | +109.1% |
| Transfer from deferred taxes | 780 | €7,986 | €7,986 | = | 0.0% |
| Income taxes | 67/77 | €20,271 | €60,572 | +€40,300 | +198.8% |
| Profit (loss) for the period | 9904 | €43,024 | €63,053 | +€20,030 | +46.6% |
| Transfer from tax-exempt reserves | 789 | €22,054 | €22,054 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,078 | €85,107 | +€20,030 | +30.8% |
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.