IMMO VAL MANAGEMENT: 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 VAL MANAGEMENT
Largest movements
- Tangible fixed assets +€65,094
up €65,094 (+3.7%), from €1.8m to €1.8m
of which Land and buildings: +€79,257
- Cash +€37,710
up €37,710 (+30.2%), from €124,811 to €162,522
mainly Other debts (+€200,282) and Net result for the year (+€158,828)
- Other debts +€200,282
up €200,282 (+12.4%), from €1.6m to €1.8m
- Accrued charges and deferred income -€196,679
down €196,679 (-68.2%), from €288,210 to €91,531
- Profit (loss) carried forward +€158,828
up €158,828 (+24.9%), from -€638,910 to -€480,083
- Debts after one year -€96,212
down €96,212 (-17.5%), from €548,867 to €452,654
- Trade debts +€71,969
up €71,969 (+613%), from €11,746 to €83,715
- Gross operating margin +€199,916
up €199,916 (+106%), from €188,470 to €388,386
- Financial charges -€37,823
down €37,823 (-24.1%), from €157,178 to €119,355
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 | €3,304,870 | €3,411,716 | +€106,846 | +3.2% |
| Fixed assets | 21/28 | €2,776,586 | €2,841,679 | +€65,094 | +2.3% |
| Tangible fixed assets | 22/27 | €1,767,086 | €1,832,179 | +€65,094 | +3.7% |
| Land and buildings | 22 | €1,724,846 | €1,804,103 | +€79,257 | +4.6% |
| Plant, machinery and equipment | 23 | €42,240 | €28,077 | -€14,163 | -33.5% |
| Financial fixed assets | 28 | €1,009,500 | €1,009,500 | = | 0.0% |
| Current assets | 29/58 | €528,284 | €570,037 | +€41,753 | +7.9% |
| Amounts receivable within one year | 40/41 | €381,198 | €383,663 | +€2,465 | +0.6% |
| Trade receivables | 40 | €21,198 | €23,532 | +€2,334 | +11.0% |
| Other amounts receivable | 41 | €360,000 | €360,131 | +€131 | 0.0% |
| Cash at bank and in hand | 54/58 | €124,811 | €162,522 | +€37,710 | +30.2% |
| Deferred charges and accrued income | 490/1 | €22,275 | €23,853 | +€1,577 | +7.1% |
| Total equity and liabilities | 10/49 | €3,304,870 | €3,411,716 | +€106,846 | +3.2% |
| Equity | 10/15 | €701,090 | €859,918 | +€158,828 | +22.7% |
| Contributions | 10/11 | €950,000 | €950,000 | = | 0.0% |
| Reserves | 13 | €390,000 | €390,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €95,000 | €95,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €95,000 | €95,000 | = | 0.0% |
| Distributable reserves | 133 | €295,000 | €295,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€638,910 | -€480,083 | +€158,828 | +24.9% |
| Amounts payable | 17/49 | €2,603,780 | €2,551,799 | -€51,981 | -2.0% |
| Amounts payable after more than one year | 17 | €548,867 | €452,654 | -€96,212 | -17.5% |
| Financial debts | 170/4 | €548,867 | €452,654 | -€96,212 | -17.5% |
| Amounts payable within one year | 42/48 | €1,766,704 | €2,007,613 | +€240,909 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €135,111 | €103,534 | -€31,578 | -23.4% |
| Trade debts | 44 | €11,746 | €83,715 | +€71,969 | +613% |
| Suppliers | 440/4 | €11,746 | €83,715 | +€71,969 | +613% |
| Taxes, remuneration and social security | 45 | €1,724 | €1,960 | +€236 | +13.7% |
| Taxes | 450/3 | €1,724 | €1,960 | +€236 | +13.7% |
| Other amounts payable | 47/48 | €1,618,122 | €1,818,404 | +€200,282 | +12.4% |
| Accrued charges and deferred income | 492/3 | €288,210 | €91,531 | -€196,679 | -68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,572 | €97,174 | -€398 | -0.4% |
| Other operating charges | 640/8 | €10,979 | €13,465 | +€2,486 | +22.6% |
| Gross operating margin | 9900 | €188,470 | €388,386 | +€199,916 | +106% |
| Operating profit (loss) | 9901 | €79,919 | €277,747 | +€197,828 | +248% |
| Financial income | 75/76B | €524 | €436 | -€88 | -16.8% |
| Recurring financial income | 75 | €524 | €436 | -€88 | -16.8% |
| Financial charges | 65/66B | €157,178 | €119,355 | -€37,823 | -24.1% |
| Recurring financial charges | 65 | €157,178 | €119,355 | -€37,823 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€76,735 | €158,828 | +€235,563 | |
| Income taxes | 67/77 | €226 | - | -€226 | |
| Profit (loss) for the period | 9904 | -€76,962 | €158,828 | +€235,790 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,962 | €158,828 | +€235,790 |
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 31 October 2026 via checked.be.