IMMO TB & DISTRIBUTION: 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 TB & DISTRIBUTION
Largest movements
- Tangible fixed assets -€207,935
down €207,935 (-8.1%), from €2.6m to €2.3m
of which Land and buildings: -€182,377
- Cash +€111,217
new in 2025: €111,217
mainly Net result for the year (+€183,251) and Depreciation (+€176,582)
- Receivables within one year -€50,327
down €50,327 (-90.7%), from €55,517 to €5,190
- Other debts -€206,761
down €206,761 (-27.3%), from €757,458 to €550,697
- Profit (loss) carried forward +€183,251
up €183,251, from -€25,116 to €158,135
- Debts after one year -€84,733
down €84,733 (-19.4%), from €437,765 to €353,032
- Trade debts -€41,718
down €41,718 (-94.0%), from €44,400 to €2,682
- Tax, wage and social debts +€35,656
up €35,656 (+1,363%), from €2,616 to €38,272
- Gross operating margin +€310,481
up €310,481 (+251%), from €123,535 to €434,016
- Taxes +€36,657
new in 2025: €36,657
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 | €2,610,687 | €2,463,641 | -€147,045 | -5.6% |
| Fixed assets | 21/28 | €2,555,170 | €2,347,235 | -€207,935 | -8.1% |
| Tangible fixed assets | 22/27 | €2,552,670 | €2,344,735 | -€207,935 | -8.1% |
| Land and buildings | 22 | €2,521,447 | €2,339,071 | -€182,377 | -7.2% |
| Plant, machinery and equipment | 23 | €31,132 | €5,664 | -€25,468 | -81.8% |
| Furniture and vehicles | 24 | €90 | - | -€90 | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €55,517 | €116,407 | +€60,890 | +110% |
| Amounts receivable within one year | 40/41 | €55,517 | €5,190 | -€50,327 | -90.7% |
| Trade receivables | 40 | €55,517 | €5,190 | -€50,327 | -90.7% |
| Cash at bank and in hand | 54/58 | - | €111,217 | +€111,217 | |
| Total equity and liabilities | 10/49 | €2,610,687 | €2,463,641 | -€147,045 | -5.6% |
| Equity | 10/15 | €1,227,534 | €1,410,785 | +€183,251 | +14.9% |
| Contributions | 10/11 | €1,252,600 | €1,252,600 | = | 0.0% |
| Reserves | 13 | €50 | €50 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,116 | €158,135 | +€183,251 | |
| Amounts payable | 17/49 | €1,383,153 | €1,052,857 | -€330,296 | -23.9% |
| Amounts payable after more than one year | 17 | €437,765 | €353,032 | -€84,733 | -19.4% |
| Financial debts | 170/4 | €437,765 | €353,032 | -€84,733 | -19.4% |
| Amounts payable within one year | 42/48 | €945,388 | €699,825 | -€245,564 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €134,354 | €108,173 | -€26,181 | -19.5% |
| Financial debts | 43 | €6,561 | - | -€6,561 | |
| Credit institutions | 430/8 | €6,561 | - | -€6,561 | |
| Trade debts | 44 | €44,400 | €2,682 | -€41,718 | -94.0% |
| Suppliers | 440/4 | €44,400 | €2,682 | -€41,718 | -94.0% |
| Taxes, remuneration and social security | 45 | €2,616 | €38,272 | +€35,656 | +1,363% |
| Taxes | 450/3 | €2,616 | €38,272 | +€35,656 | +1,363% |
| Other amounts payable | 47/48 | €757,458 | €550,697 | -€206,761 | -27.3% |
| Non-recurring operating income | 76A | - | €76,447 | +€76,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,966 | €176,582 | +€616 | +0.4% |
| Other operating charges | 640/8 | €16,291 | €15,091 | -€1,201 | -7.4% |
| Non-recurring operating charges | 66A | - | €9,784 | +€9,784 | |
| Gross operating margin | 9900 | €123,535 | €434,016 | +€310,481 | +251% |
| Operating profit (loss) | 9901 | -€68,722 | €232,559 | +€301,281 | |
| Financial income | 75/76B | €70 | €70 | = | 0.0% |
| Recurring financial income | 75 | €70 | €70 | = | 0.0% |
| Financial charges | 65/66B | €14,124 | €12,721 | -€1,403 | -9.9% |
| Recurring financial charges | 65 | €14,124 | €12,721 | -€1,403 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€82,776 | €219,908 | +€302,684 | |
| Income taxes | 67/77 | - | €36,657 | +€36,657 | |
| Profit (loss) for the period | 9904 | -€82,776 | €183,251 | +€266,027 | |
| Profit (loss) for the period to be appropriated | 9905 | -€82,776 | €183,251 | +€266,027 |
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 18 October 2026 via checked.be.