Immo Van Baelen: 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 Van Baelen
Largest movements
- Receivables within one year +€384,035
up €384,035 (+309%), from €124,441 to €508,476
of which Other amounts receivable: +€366,528
- Tangible fixed assets -€166,683
down €166,683 (-41.3%), from €403,113 to €236,430
- Cash -€145,678
down €145,678 (-78.2%), from €186,264 to €40,585
mainly Contributions, distributions and other (-€395,000) and Receivables within one year (-€384,035)
- Other debts +€270,000
up €270,000 (+216%), from €125,000 to €395,000
- Reserves -€214,300
down €214,300 (-100%), from €214,300 to €0
of which Distributable reserves: -€214,300
- Trade debts +€12,269
up €12,269 (+1,274%), from €963 to €13,232
- Turnover +€37,730
up €37,730 (+7.9%), from €475,739 to €513,468
- Depreciation -€35,115
down €35,115 (-17.4%), from €201,799 to €166,683
- Taxes +€15,921
up €15,921 (+35.1%), from €45,412 to €61,333
- Write-downs +€9,455
up €9,455, from -€9,455 to €0
- Services and other goods +€9,150
up €9,150 (+11.1%), from €82,749 to €91,900
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 | €713,818 | €792,144 | +€78,326 | +11.0% |
| Fixed assets | 21/28 | €403,113 | €236,430 | -€166,683 | -41.3% |
| Tangible fixed assets | 22/27 | €403,113 | €236,430 | -€166,683 | -41.3% |
| Land and buildings | 22 | €403,113 | €236,430 | -€166,683 | -41.3% |
| Current assets | 29/58 | €310,705 | €555,715 | +€245,010 | +78.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €124,441 | €508,476 | +€384,035 | +309% |
| Trade receivables | 40 | €90,382 | €107,888 | +€17,506 | +19.4% |
| Other amounts receivable | 41 | €34,059 | €400,588 | +€366,528 | +1,076% |
| Cash at bank and in hand | 54/58 | €186,264 | €40,585 | -€145,678 | -78.2% |
| Deferred charges and accrued income | 490/1 | - | €6,653 | +€6,653 | |
| Total equity and liabilities | 10/49 | €713,818 | €792,144 | +€78,326 | +11.0% |
| Equity | 10/15 | €564,721 | €353,671 | -€211,050 | -37.4% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €214,300 | €0 | -€214,300 | -100% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €214,300 | €0 | -€214,300 | -100% |
| Profit (loss) carried forward | 14 | €421 | €3,671 | +€3,250 | +771% |
| Amounts payable | 17/49 | €149,097 | €438,473 | +€289,377 | +194% |
| Amounts payable within one year | 42/48 | €149,097 | €438,473 | +€289,377 | +194% |
| Trade debts | 44 | €963 | €13,232 | +€12,269 | +1,274% |
| Suppliers | 440/4 | €963 | €13,232 | +€12,269 | +1,274% |
| Taxes, remuneration and social security | 45 | €23,134 | €30,242 | +€7,108 | +30.7% |
| Taxes | 450/3 | €23,134 | €30,242 | +€7,108 | +30.7% |
| Other amounts payable | 47/48 | €125,000 | €395,000 | +€270,000 | +216% |
| Operating income | 70/76A | €482,270 | €520,122 | +€37,851 | +7.8% |
| Turnover | 70 | €475,739 | €513,468 | +€37,730 | +7.9% |
| Other operating income | 74 | €6,532 | €6,653 | +€122 | +1.9% |
| Operating charges | 60/66A | €300,018 | €274,456 | -€25,562 | -8.5% |
| Services and other goods | 61 | €82,749 | €91,900 | +€9,150 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,799 | €166,683 | -€35,115 | -17.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,455 | €0 | +€9,455 | |
| Other operating charges | 640/8 | €24,925 | €15,873 | -€9,052 | -36.3% |
| Operating profit (loss) | 9901 | €182,253 | €245,666 | +€63,413 | +34.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €604 | €383 | -€221 | -36.6% |
| Recurring financial charges | 65 | €604 | €383 | -€221 | -36.6% |
| Debt charges | 650 | €0 | €12 | +€12 | |
| Other financial charges | 652/9 | €604 | €371 | -€233 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | €181,649 | €245,283 | +€63,634 | +35.0% |
| Income taxes | 67/77 | €45,412 | €61,333 | +€15,921 | +35.1% |
| Taxes | 670/3 | €45,412 | €61,333 | +€15,921 | +35.1% |
| Profit (loss) for the period | 9904 | €136,237 | €183,950 | +€47,713 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,237 | €183,950 | +€47,713 | +35.0% |
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 25 October 2026 via checked.be.