Immo T: 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 T
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€119,508
2024 · €171,309-€51,801
Equity
€5.3m
2024 · €5.3m-€32,540
Cash
€27,614
2024 · €55,412-€27,798
Balance sheet total
€5.7m
2024 · €5.9m-€171,434
Largest movements
Assets
- Current investments -€225,790
down €225,790 (-48.6%), from €464,127 to €238,337
- Tangible fixed assets +€115,037
up €115,037 (+2.2%), from €5.3m to €5.4m
of which Land and buildings: +€128,778
Equity and liabilities
- Debts after one year -€87,606
down €87,606 (-39.3%), from €222,998 to €135,392
Income statement
- Gross operating margin -€58,613
down €58,613 (-10.7%), from €546,140 to €487,527
- Depreciation +€37,296
up €37,296 (+17.2%), from €216,929 to €254,226
- Taxes -€25,020
down €25,020 (-23.1%), from €108,152 to €83,133
- Other operating charges -€12,676
down €12,676 (-18.3%), from €69,085 to €56,409
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
€171,309
Gross operating margin
-€58,613
Depreciation
-€37,296
Other operating charges
+€12,676
Financial income
+€4,155
Financial charges
+€2,258
Taxes
+€25,020
Result 2025
€119,508
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
+€354,216
Investment
-€143,472
Financing
-€238,542
Cash 2024
€55,412
From operations (derived)
+€354,216
Net result for the year
+€119,508
Depreciation
+€254,226
Receivables within one year
+€38,197
Deferred charges and accrued income
-€5,315
Provisions
-€22,315
Trade debts
+€5,454
Tax, wage and social debts
-€40,140
Other debts
+€1,853
Accrued charges and deferred income
+€2,748
Investment (derived)
-€143,472
Investment in fixed assets (net)
-€369,262
Current investments
+€225,790
Financing
-€238,542
Debts after one year
-€87,606
Current portion of long-term debt
+€1,112
Contributions, distributions and other
-€152,048
Cash 2025
€27,614
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,873,716 | €5,702,282 | -€171,434 | -2.9% |
| Fixed assets | 21/28 | €5,286,172 | €5,401,208 | +€115,037 | +2.2% |
| Tangible fixed assets | 22/27 | €5,286,082 | €5,401,118 | +€115,037 | +2.2% |
| Land and buildings | 22 | €5,229,945 | €5,358,723 | +€128,778 | +2.5% |
| Plant, machinery and equipment | 23 | €12,000 | €12,517 | +€517 | +4.3% |
| Furniture and vehicles | 24 | €44,137 | €29,879 | -€14,258 | -32.3% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €587,544 | €301,074 | -€286,471 | -48.8% |
| Amounts receivable within one year | 40/41 | €65,271 | €27,073 | -€38,197 | -58.5% |
| Trade receivables | 40 | €2,813 | €1,873 | -€940 | -33.4% |
| Other amounts receivable | 41 | €62,458 | €25,201 | -€37,257 | -59.7% |
| Current investments | 50/53 | €464,127 | €238,337 | -€225,790 | -48.6% |
| Cash at bank and in hand | 54/58 | €55,412 | €27,614 | -€27,798 | -50.2% |
| Deferred charges and accrued income | 490/1 | €2,735 | €8,049 | +€5,315 | +194.3% |
| Total equity and liabilities | 10/49 | €5,873,716 | €5,702,282 | -€171,434 | -2.9% |
| Equity | 10/15 | €5,282,768 | €5,250,228 | -€32,540 | -0.6% |
| Contributions | 10/11 | €1,291,358 | €1,291,358 | = | 0.0% |
| Capital | 10 | €1,291,358 | €1,291,358 | = | 0.0% |
| Issued capital | 100 | €1,291,358 | €1,291,358 | = | 0.0% |
| Reserves | 13 | €3,991,410 | €3,958,870 | -€32,540 | -0.8% |
| Non-distributable reserves | 130/1 | €131,306 | €131,306 | = | 0.0% |
| Legal reserve | 130 | €131,306 | €131,306 | = | 0.0% |
| Tax-exempt reserves | 132 | €583,141 | €535,947 | -€47,194 | -8.1% |
| Distributable reserves | 133 | €3,276,964 | €3,291,618 | +€14,654 | +0.4% |
| Provisions and deferred taxes | 16 | €261,348 | €239,033 | -€22,315 | -8.5% |
| Deferred taxes | 168 | €261,348 | €239,033 | -€22,315 | -8.5% |
| Amounts payable | 17/49 | €329,600 | €213,021 | -€116,579 | -35.4% |
| Amounts payable after more than one year | 17 | €222,998 | €135,392 | -€87,606 | -39.3% |
| Financial debts | 170/4 | €222,998 | €135,392 | -€87,606 | -39.3% |
| Amounts payable within one year | 42/48 | €106,602 | €74,881 | -€31,722 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €36,337 | €37,449 | +€1,112 | +3.1% |
| Trade debts | 44 | €2,111 | €7,565 | +€5,454 | +258.3% |
| Suppliers | 440/4 | €2,111 | €7,565 | +€5,454 | +258.3% |
| Taxes, remuneration and social security | 45 | €56,295 | €16,154 | -€40,140 | -71.3% |
| Taxes | 450/3 | €56,295 | €16,154 | -€40,140 | -71.3% |
| Other amounts payable | 47/48 | €11,859 | €13,712 | +€1,853 | +15.6% |
| Accrued charges and deferred income | 492/3 | - | €2,748 | +€2,748 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,929 | €254,226 | +€37,296 | +17.2% |
| Other operating charges | 640/8 | €69,085 | €56,409 | -€12,676 | -18.3% |
| Gross operating margin | 9900 | €546,140 | €487,527 | -€58,613 | -10.7% |
| Operating profit (loss) | 9901 | €260,125 | €176,892 | -€83,233 | -32.0% |
| Financial income | 75/76B | €5,290 | €9,445 | +€4,155 | +78.5% |
| Recurring financial income | 75 | €5,290 | €9,445 | +€4,155 | +78.5% |
| Financial charges | 65/66B | €8,269 | €6,011 | -€2,258 | -27.3% |
| Recurring financial charges | 65 | €8,269 | €6,011 | -€2,258 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €257,146 | €180,326 | -€76,821 | -29.9% |
| Transfer from deferred taxes | 780 | €22,315 | €22,315 | = | 0.0% |
| Income taxes | 67/77 | €108,152 | €83,133 | -€25,020 | -23.1% |
| Profit (loss) for the period | 9904 | €171,309 | €119,508 | -€51,801 | -30.2% |
| Transfer from tax-exempt reserves | 789 | €47,194 | €47,194 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €218,503 | €166,702 | -€51,801 | -23.7% |
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 5 October 2026 via checked.be.