IMMO STELESO: 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.
What changed
IMMO STELESO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€58,683
2024 · €181,166-€122,483
Equity
€703,864
2024 · €665,182+€38,683
Cash
€17,162
2024 · €62,817-€45,655
Balance sheet total
€2.7m
2024 · €2.7m+€17,863
Largest movements
Assets
- Cash -€45,655
down €45,655 (-72.7%), from €62,817 to €17,162
mainly Investment in fixed assets (net) (-€150,602) and Debts after one year (-€69,858)
- Tangible fixed assets +€33,540
up €33,540 (+1.3%), from €2.7m to €2.7m
of which Furniture and vehicles: +€106,681
Equity and liabilities
- Debts after one year -€69,858
down €69,858 (-4.9%), from €1.4m to €1.4m
of which Financial debts: -€69,858
- Other debts +€39,599
up €39,599 (+9.4%), from €421,948 to €461,548
- Reserves +€38,683
up €38,683 (+8.5%), from €456,482 to €495,164
of which Distributable reserves: +€50,523
Income statement
- Gross operating margin -€189,067
down €189,067 (-44.6%), from €424,222 to €235,154
- Taxes +€16,020
new in 2025: €16,020
- Depreciation -€12,929
down €12,929 (-9.9%), from €129,990 to €117,061
- Financial charges -€4,638
down €4,638 (-9.4%), from €49,214 to €44,576
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
€181,166
Gross operating margin
-€189,067
Depreciation
+€12,929
Other operating charges
+€973
Other operating items
-€2,514
Financial income
+€315
Financial charges
+€4,638
Taxes
-€16,020
Deferred taxes and other
+€66,262
Result 2025
€58,683
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€187,465
Investment
-€150,602
Financing
-€82,518
Cash 2024
€62,817
From operations (derived)
+€187,465
Net result for the year
+€58,683
Depreciation
+€117,061
Receivables within one year
-€22,795
Deferred charges and accrued income
-€7,181
Provisions
-€3,947
Trade debts
+€7,287
Tax, wage and social debts
+€350
Other debts
+€39,599
Accrued charges and deferred income
-€1,591
Investment (derived)
-€150,602
Investment in fixed assets (net)
-€150,602
Financing
-€82,518
Debts after one year
-€69,858
Current portion of long-term debt
+€7,340
Contributions, distributions and other
-€20,000
Cash 2025
€17,162
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,724,105 | €2,741,968 | +€17,863 | +0.7% |
| Fixed assets | 21/28 | €2,657,582 | €2,691,122 | +€33,540 | +1.3% |
| Tangible fixed assets | 22/27 | €2,657,582 | €2,691,122 | +€33,540 | +1.3% |
| Land and buildings | 22 | €2,507,548 | €2,446,928 | -€60,621 | -2.4% |
| Plant, machinery and equipment | 23 | €58,997 | €46,478 | -€12,520 | -21.2% |
| Furniture and vehicles | 24 | €36,036 | €142,717 | +€106,681 | +296% |
| Other tangible fixed assets | 26 | €55,000 | €55,000 | = | 0.0% |
| Current assets | 29/58 | €66,523 | €50,845 | -€15,678 | -23.6% |
| Amounts receivable within one year | 40/41 | €2,906 | €25,702 | +€22,795 | +784% |
| Trade receivables | 40 | - | €9,523 | +€9,523 | |
| Other amounts receivable | 41 | €2,906 | €16,179 | +€13,273 | +457% |
| Cash at bank and in hand | 54/58 | €62,817 | €17,162 | -€45,655 | -72.7% |
| Deferred charges and accrued income | 490/1 | €800 | €7,981 | +€7,181 | +898% |
| Total equity and liabilities | 10/49 | €2,724,105 | €2,741,968 | +€17,863 | +0.7% |
| Equity | 10/15 | €665,182 | €703,864 | +€38,683 | +5.8% |
| Contributions | 10/11 | €208,700 | €208,700 | = | 0.0% |
| Capital | 10 | €208,700 | €208,700 | = | 0.0% |
| Issued capital | 100 | €208,700 | €208,700 | = | 0.0% |
| Reserves | 13 | €456,482 | €495,164 | +€38,683 | +8.5% |
| Non-distributable reserves | 130/1 | €20,870 | €20,870 | = | 0.0% |
| Legal reserve | 130 | €20,870 | €20,870 | = | 0.0% |
| Tax-exempt reserves | 132 | €265,916 | €254,075 | -€11,840 | -4.5% |
| Distributable reserves | 133 | €169,696 | €220,219 | +€50,523 | +29.8% |
| Provisions and deferred taxes | 16 | €88,638 | €84,692 | -€3,947 | -4.5% |
| Deferred taxes | 168 | €88,638 | €84,692 | -€3,947 | -4.5% |
| Amounts payable | 17/49 | €1,970,285 | €1,953,412 | -€16,873 | -0.9% |
| Amounts payable after more than one year | 17 | €1,435,732 | €1,365,873 | -€69,858 | -4.9% |
| Financial debts | 170/4 | €1,031,232 | €961,373 | -€69,858 | -6.8% |
| Other amounts payable | 178/9 | €404,500 | €404,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €517,733 | €572,310 | +€54,576 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €92,059 | €99,399 | +€7,340 | +8.0% |
| Trade debts | 44 | €3,727 | €11,013 | +€7,287 | +196% |
| Suppliers | 440/4 | €3,727 | €11,013 | +€7,287 | +196% |
| Taxes, remuneration and social security | 45 | - | €350 | +€350 | |
| Taxes | 450/3 | - | €350 | +€350 | |
| Other amounts payable | 47/48 | €421,948 | €461,548 | +€39,599 | +9.4% |
| Accrued charges and deferred income | 492/3 | €16,820 | €15,229 | -€1,591 | -9.5% |
| Non-recurring operating income | 76A | €266,182 | €519 | -€265,663 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,990 | €117,061 | -€12,929 | -9.9% |
| Other operating charges | 640/8 | €2,267 | €1,294 | -€973 | -42.9% |
| Non-recurring operating charges | 66A | - | €2,514 | +€2,514 | |
| Gross operating margin | 9900 | €424,222 | €235,154 | -€189,067 | -44.6% |
| Operating profit (loss) | 9901 | €291,965 | €114,285 | -€177,679 | -60.9% |
| Financial income | 75/76B | €731 | €1,046 | +€315 | +43.2% |
| Recurring financial income | 75 | €731 | €1,046 | +€315 | +43.2% |
| Financial charges | 65/66B | €49,214 | €44,576 | -€4,638 | -9.4% |
| Recurring financial charges | 65 | €49,214 | €44,576 | -€4,638 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €243,481 | €70,756 | -€172,725 | -70.9% |
| Transfer from deferred taxes | 780 | €4,230 | €3,947 | -€283 | -6.7% |
| Transfer to deferred taxes | 680 | €66,546 | - | -€66,546 | |
| Income taxes | 67/77 | - | €16,020 | +€16,020 | |
| Profit (loss) for the period | 9904 | €181,166 | €58,683 | -€122,483 | -67.6% |
| Transfer from tax-exempt reserves | 789 | €12,691 | €11,840 | -€850 | -6.7% |
| Transfer to tax-exempt reserves | 689 | €199,637 | - | -€199,637 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,780 | €70,523 | +€76,303 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.