IMMO TER WARENT: 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 TER WARENT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€240,165
2024 · €83,442+€156,722
Equity
€4.5m
2024 · €4.3m+€240,165
Cash
€478
2024 · €552-€75
Balance sheet total
€16.2m
2024 · €17.1m-€904,471
Largest movements
Assets
- Tangible fixed assets -€863,471
down €863,471 (-8.4%), from €10.3m to €9.5m
of which Land and buildings: -€847,893
Equity and liabilities
- Debts after one year -€1.2m
down €1.2m (-12.2%), from €9.6m to €8.4m
of which Financial debts: -€1.2m
Income statement
- Gross operating margin +€119,505
up €119,505 (+8.4%), from €1.4m to €1.5m
- Financial charges -€23,261
down €23,261 (-6.0%), from €390,438 to €367,177
- Financial income +€16,584
up €16,584 (+9.6%), from €173,032 to €189,616
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
€83,442
Gross operating margin
+€119,505
Depreciation
-€456
Other operating charges
-€2,171
Financial income
+€16,584
Financial charges
+€23,261
Result 2025
€240,165
raises the resultlowers the result
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
+€1.2m
Investment
-€99,643
Financing
-€1.1m
Cash 2024
€552
From operations (derived)
+€1.2m
Net result for the year
+€240,165
Depreciation
+€963,114
Receivables within one year
+€34,763
Deferred charges and accrued income
+€6,162
Provisions
-€35,437
Trade debts
-€14,435
Tax, wage and social debts
-€6,640
Other debts
-€11,313
Accrued charges and deferred income
+€31,019
Investment (derived)
-€99,643
Investment in fixed assets (net)
-€99,643
Financing
-€1.1m
Debts after one year
-€1.2m
Current portion of long-term debt
+€55,969
Short-term financial debts
+€8,087
Cash 2025
€478
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,069,193 | €16,164,723 | -€904,471 | -5.3% |
| Fixed assets | 21/28 | €10,328,894 | €9,465,423 | -€863,471 | -8.4% |
| Tangible fixed assets | 22/27 | €10,328,894 | €9,465,423 | -€863,471 | -8.4% |
| Land and buildings | 22 | €10,206,619 | €9,358,726 | -€847,893 | -8.3% |
| Plant, machinery and equipment | 23 | €117,499 | €103,852 | -€13,648 | -11.6% |
| Furniture and vehicles | 24 | €4,776 | €2,845 | -€1,931 | -40.4% |
| Current assets | 29/58 | €6,740,299 | €6,699,299 | -€40,999 | -0.6% |
| Amounts receivable within one year | 40/41 | €6,645,736 | €6,610,973 | -€34,763 | -0.5% |
| Trade receivables | 40 | €216,170 | €209,855 | -€6,314 | -2.9% |
| Other amounts receivable | 41 | €6,429,567 | €6,401,118 | -€28,449 | -0.4% |
| Cash at bank and in hand | 54/58 | €552 | €478 | -€75 | -13.5% |
| Deferred charges and accrued income | 490/1 | €94,010 | €87,848 | -€6,162 | -6.6% |
| Total equity and liabilities | 10/49 | €17,069,193 | €16,164,723 | -€904,471 | -5.3% |
| Equity | 10/15 | €4,269,331 | €4,509,496 | +€240,165 | +5.6% |
| Contributions | 10/11 | €2,543,800 | €2,543,800 | = | 0.0% |
| Capital | 10 | €2,252,676 | €2,252,676 | = | 0.0% |
| Issued capital | 100 | €2,252,676 | €2,252,676 | = | 0.0% |
| Contributions outside capital | 11 | €291,124 | €291,124 | = | 0.0% |
| Share premium | 1100/10 | €291,124 | €291,124 | = | 0.0% |
| Reserves | 13 | €1,802,210 | €1,965,696 | +€163,486 | +9.1% |
| Non-distributable reserves | 130/1 | €225,268 | €225,268 | = | 0.0% |
| Legal reserve | 130 | €225,268 | €225,268 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,576,942 | €1,470,632 | -€106,311 | -6.7% |
| Distributable reserves | 133 | - | €269,797 | +€269,797 | |
| Profit (loss) carried forward | 14 | -€76,679 | €0 | +€76,679 | |
| Provisions and deferred taxes | 16 | €575,052 | €539,615 | -€35,437 | -6.2% |
| Provisions for liabilities and charges | 160/5 | €49,404 | €49,404 | = | 0.0% |
| Other liabilities and charges | 164/5 | €49,404 | €49,404 | = | 0.0% |
| Deferred taxes | 168 | €525,647 | €490,211 | -€35,437 | -6.7% |
| Amounts payable | 17/49 | €12,224,810 | €11,115,612 | -€1.1m | -9.1% |
| Amounts payable after more than one year | 17 | €9,591,418 | €8,419,531 | -€1.2m | -12.2% |
| Financial debts | 170/4 | €9,586,468 | €8,417,731 | -€1.2m | -12.2% |
| Other amounts payable | 178/9 | €4,950 | €1,800 | -€3,150 | -63.6% |
| Amounts payable within one year | 42/48 | €2,552,644 | €2,584,313 | +€31,669 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €1,146,101 | €1,202,070 | +€55,969 | +4.9% |
| Financial debts | 43 | €1,247,394 | €1,255,481 | +€8,087 | +0.6% |
| Credit institutions | 430/8 | €1,247,394 | €1,255,481 | +€8,087 | +0.6% |
| Trade debts | 44 | €123,594 | €109,160 | -€14,435 | -11.7% |
| Suppliers | 440/4 | €123,594 | €109,160 | -€14,435 | -11.7% |
| Taxes, remuneration and social security | 45 | €23,028 | €16,389 | -€6,640 | -28.8% |
| Taxes | 450/3 | €23,028 | €16,389 | -€6,640 | -28.8% |
| Other amounts payable | 47/48 | €12,526 | €1,214 | -€11,313 | -90.3% |
| Accrued charges and deferred income | 492/3 | €80,748 | €111,767 | +€31,019 | +38.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €962,658 | €963,114 | +€456 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €188,552 | €190,724 | +€2,171 | +1.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,416,622 | €1,536,127 | +€119,505 | +8.4% |
| Operating profit (loss) | 9901 | €265,412 | €382,289 | +€116,877 | +44.0% |
| Financial income | 75/76B | €173,032 | €189,616 | +€16,584 | +9.6% |
| Recurring financial income | 75 | €173,032 | €189,616 | +€16,584 | +9.6% |
| Financial charges | 65/66B | €390,438 | €367,177 | -€23,261 | -6.0% |
| Recurring financial charges | 65 | €390,438 | €367,177 | -€23,261 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €48,006 | €204,728 | +€156,722 | +326% |
| Transfer from deferred taxes | 780 | €35,437 | €35,437 | = | 0.0% |
| Profit (loss) for the period | 9904 | €83,442 | €240,165 | +€156,722 | +188% |
| Transfer from tax-exempt reserves | 789 | €106,311 | €106,311 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €189,753 | €346,476 | +€156,722 | +82.6% |
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 19 October 2026 via checked.be.