IMMO SOUTH: 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 SOUTH
Largest movements
- Receivables within one year +€734,555
up €734,555 (+3,212%), from €22,871 to €757,426
of which Other amounts receivable: +€716,986
- Tangible fixed assets -€709,438
down €709,438 (-14.4%), from €4.9m to €4.2m
of which Other tangible fixed assets: -€709,023
- Receivables after one year -€76,405
down €76,405 (-9.6%), from €793,391 to €716,986
- Debts after one year -€201,623
down €201,623 (-51.7%), from €389,975 to €188,353
- Accrued charges and deferred income +€122,783
up €122,783 (+443%), from €27,734 to €150,517
- Short-term financial debts -€80,532
down €80,532 (-3.5%), from €2.3m to €2.2m
- Reserves +€78,590
up €78,590 (+5.4%), from €1.5m to €1.5m
of which Tax-exempt reserves: +€78,590
- Gross operating margin +€253,657
up €253,657 (+76.6%), from €331,352 to €585,009
- Other operating charges +€120,023
up €120,023 (+498%), from €24,118 to €144,141
- Taxes -€88,443
down €88,443 (-92.5%), from €95,623 to €7,181
- Financial charges -€46,362
down €46,362 (-32.0%), from €144,786 to €98,424
- Depreciation -€15,444
down €15,444 (-6.8%), from €226,409 to €210,965
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.
Derived cash bridge
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 | €5,741,401 | €5,702,870 | -€38,530 | -0.7% |
| Fixed assets | 21/28 | €4,923,806 | €4,214,369 | -€709,438 | -14.4% |
| Tangible fixed assets | 22/27 | €4,923,806 | €4,214,369 | -€709,438 | -14.4% |
| Furniture and vehicles | 24 | €415 | - | -€415 | |
| Other tangible fixed assets | 26 | €4,923,392 | €4,214,369 | -€709,023 | -14.4% |
| Current assets | 29/58 | €817,594 | €1,488,502 | +€670,907 | +82.1% |
| Amounts receivable after more than one year | 29 | €793,391 | €716,986 | -€76,405 | -9.6% |
| Other amounts receivable | 291 | €793,391 | €716,986 | -€76,405 | -9.6% |
| Amounts receivable within one year | 40/41 | €22,871 | €757,426 | +€734,555 | +3,212% |
| Trade receivables | 40 | €22,871 | €40,439 | +€17,569 | +76.8% |
| Other amounts receivable | 41 | - | €716,986 | +€716,986 | |
| Cash at bank and in hand | 54/58 | €109 | €12,856 | +€12,747 | +11,744% |
| Deferred charges and accrued income | 490/1 | €1,224 | €1,234 | +€11 | +0.9% |
| Total equity and liabilities | 10/49 | €5,741,401 | €5,702,870 | -€38,530 | -0.7% |
| Equity | 10/15 | €2,152,187 | €2,250,396 | +€98,209 | +4.6% |
| Contributions | 10/11 | €366,800 | €366,800 | = | 0.0% |
| Reserves | 13 | €1,457,804 | €1,536,394 | +€78,590 | +5.4% |
| Non-distributable reserves | 130/1 | €42,370 | €42,370 | = | 0.0% |
| Reserves not available under the articles | 1311 | €42,370 | €42,370 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,415,434 | €1,494,024 | +€78,590 | +5.6% |
| Profit (loss) carried forward | 14 | €327,583 | €347,202 | +€19,619 | +6.0% |
| Provisions and deferred taxes | 16 | €471,811 | €498,008 | +€26,197 | +5.6% |
| Deferred taxes | 168 | €471,811 | €498,008 | +€26,197 | +5.6% |
| Amounts payable | 17/49 | €3,117,403 | €2,954,466 | -€162,936 | -5.2% |
| Amounts payable after more than one year | 17 | €389,975 | €188,353 | -€201,623 | -51.7% |
| Financial debts | 170/4 | €389,975 | €188,353 | -€201,623 | -51.7% |
| Amounts payable within one year | 42/48 | €2,699,694 | €2,615,597 | -€84,097 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €230,247 | €201,623 | -€28,625 | -12.4% |
| Financial debts | 43 | €2,307,032 | €2,226,500 | -€80,532 | -3.5% |
| Credit institutions | 430/8 | €2,307,032 | €2,226,500 | -€80,532 | -3.5% |
| Trade debts | 44 | €57,592 | €84,525 | +€26,933 | +46.8% |
| Suppliers | 440/4 | €57,592 | €84,525 | +€26,933 | +46.8% |
| Taxes, remuneration and social security | 45 | €104,577 | €102,804 | -€1,773 | -1.7% |
| Taxes | 450/3 | €104,577 | €102,804 | -€1,773 | -1.7% |
| Other amounts payable | 47/48 | €246 | €145 | -€100 | -40.8% |
| Accrued charges and deferred income | 492/3 | €27,734 | €150,517 | +€122,783 | +443% |
| Non-recurring operating income | 76A | - | €251,527 | +€251,527 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,409 | €210,965 | -€15,444 | -6.8% |
| Other operating charges | 640/8 | €24,118 | €144,141 | +€120,023 | +498% |
| Gross operating margin | 9900 | €331,352 | €585,009 | +€253,657 | +76.6% |
| Operating profit (loss) | 9901 | €80,825 | €229,903 | +€149,078 | +184% |
| Financial income | 75/76B | €203 | €108 | -€95 | -46.7% |
| Recurring financial income | 75 | €203 | €108 | -€95 | -46.7% |
| Financial charges | 65/66B | €144,786 | €98,424 | -€46,362 | -32.0% |
| Recurring financial charges | 65 | €144,786 | €98,424 | -€46,362 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,758 | €131,587 | +€195,345 | |
| Transfer from deferred taxes | 780 | €103,666 | €36,685 | -€66,981 | -64.6% |
| Transfer to deferred taxes | 680 | - | €62,882 | +€62,882 | |
| Income taxes | 67/77 | €95,623 | €7,181 | -€88,443 | -92.5% |
| Profit (loss) for the period | 9904 | -€55,715 | €98,209 | +€153,925 | |
| Transfer from tax-exempt reserves | 789 | €310,998 | €110,055 | -€200,943 | -64.6% |
| Transfer to tax-exempt reserves | 689 | - | €188,645 | +€188,645 | |
| Profit (loss) for the period to be appropriated | 9905 | €255,283 | €19,619 | -€235,664 | -92.3% |
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 26 October 2026 via checked.be.