IMMO VAN HOREBEEK: 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 VAN HOREBEEK
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€288,997
2024 · €493,250-€204,253
Equity
€3.9m
2024 · €3.6m+€288,997
Cash
€992,339
2024 · €371,007+€621,333
Balance sheet total
€9.9m
2024 · €10.7m-€792,462
Largest movements
Assets
- Stocks and contracts -€1.2m
down €1.2m (-75.3%), from €1.5m to €382,214
- Cash +€621,333
up €621,333 (+167%), from €371,007 to €992,339
mainly Stocks and contracts (+€1.2m) and Depreciation (+€408,747)
- Tangible fixed assets -€233,394
down €233,394 (-3.0%), from €7.7m to €7.5m
of which Land and buildings: -€246,253
Equity and liabilities
- Current portion of long-term debt -€1.0m
down €1.0m (-40.7%), from €2.5m to €1.5m
- Debts after one year -€417,565
down €417,565 (-10.4%), from €4.0m to €3.6m
of which Financial debts: -€452,740
- Reserves +€288,997
up €288,997 (+9.8%), from €2.9m to €3.2m
of which Distributable reserves: +€332,207
- Tax, wage and social debts +€178,628
up €178,628, from €0 to €178,628
Income statement
- Gross operating margin -€417,431
down €417,431 (-25.8%), from €1.6m to €1.2m
- Depreciation -€99,932
down €99,932 (-19.6%), from €508,679 to €408,747
- Taxes +€74,448
up €74,448 (+173%), from €42,921 to €117,369
- Financial charges -€45,231
down €45,231 (-15.6%), from €290,464 to €245,233
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
€493,250
Gross operating margin
-€417,431
Depreciation
+€99,932
Other operating charges
+€6,278
Financial income
+€153
Financial charges
+€45,231
Taxes
-€74,448
Deferred taxes and other
+€136,032
Result 2025
€288,997
raises the resultlowers the resultnot broken down further in the accounts
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
+€2.1m
Investment
-€173,553
Financing
-€1.3m
Cash 2024
€371,007
From operations (derived)
+€2.1m
Net result for the year
+€288,997
Depreciation
+€408,747
Receivables after one year
+€27,000
Stocks and contracts
+€1.2m
Receivables within one year
-€9,180
Deferred charges and accrued income
-€3,378
Provisions
-€14,403
Trade debts
+€87,978
Tax, wage and social debts
+€178,628
Accrued charges and deferred income
+€1,385
Investment (derived)
-€173,553
Investment in fixed assets (net)
-€173,553
Financing
-€1.3m
Debts after one year
-€417,565
Current portion of long-term debt
-€1.0m
Short-term financial debts
+€95,909
Cash 2025
€992,339
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,687,036 | €9,894,575 | -€792,462 | -7.4% |
| Fixed assets | 21/28 | €7,690,534 | €7,455,340 | -€235,194 | -3.1% |
| Tangible fixed assets | 22/27 | €7,688,734 | €7,455,340 | -€233,394 | -3.0% |
| Land and buildings | 22 | €7,688,734 | €7,442,481 | -€246,253 | -3.2% |
| Furniture and vehicles | 24 | - | €12,859 | +€12,859 | |
| Financial fixed assets | 28 | €1,800 | €0 | -€1,800 | -100% |
| Current assets | 29/58 | €2,996,502 | €2,439,234 | -€557,267 | -18.6% |
| Amounts receivable after more than one year | 29 | €256,500 | €229,500 | -€27,000 | -10.5% |
| Trade receivables | 290 | €256,500 | €229,500 | -€27,000 | -10.5% |
| Stocks and contracts in progress | 3 | €1,546,372 | €382,214 | -€1.2m | -75.3% |
| Stocks | 30/36 | €1,546,372 | €382,214 | -€1.2m | -75.3% |
| Amounts receivable within one year | 40/41 | €818,923 | €828,103 | +€9,180 | +1.1% |
| Trade receivables | 40 | €326,281 | €314,416 | -€11,865 | -3.6% |
| Other amounts receivable | 41 | €492,642 | €513,687 | +€21,045 | +4.3% |
| Cash at bank and in hand | 54/58 | €371,007 | €992,339 | +€621,333 | +167% |
| Deferred charges and accrued income | 490/1 | €3,700 | €7,078 | +€3,378 | +91.3% |
| Total equity and liabilities | 10/49 | €10,687,036 | €9,894,575 | -€792,462 | -7.4% |
| Equity | 10/15 | €3,608,580 | €3,897,577 | +€288,997 | +8.0% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Contributions outside capital | 11 | €660,000 | €660,000 | = | 0.0% |
| Other | 1109/19 | €660,000 | €660,000 | = | 0.0% |
| Reserves | 13 | €2,948,580 | €3,237,577 | +€288,997 | +9.8% |
| Non-distributable reserves | 130/1 | €74,402 | €74,402 | = | 0.0% |
| Reserves not available under the articles | 1311 | €74,402 | €74,402 | = | 0.0% |
| Tax-exempt reserves | 132 | €798,569 | €755,359 | -€43,210 | -5.4% |
| Distributable reserves | 133 | €2,075,608 | €2,407,815 | +€332,207 | +16.0% |
| Provisions and deferred taxes | 16 | €247,440 | €233,037 | -€14,403 | -5.8% |
| Deferred taxes | 168 | €247,440 | €233,037 | -€14,403 | -5.8% |
| Amounts payable | 17/49 | €6,831,017 | €5,763,961 | -€1.1m | -15.6% |
| Amounts payable after more than one year | 17 | €4,017,907 | €3,600,342 | -€417,565 | -10.4% |
| Financial debts | 170/4 | €3,989,366 | €3,536,625 | -€452,740 | -11.3% |
| Other amounts payable | 178/9 | €28,542 | €63,717 | +€35,175 | +123% |
| Amounts payable within one year | 42/48 | €2,806,489 | €2,155,613 | -€650,876 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €2,491,636 | €1,478,244 | -€1.0m | -40.7% |
| Financial debts | 43 | €22,578 | €118,487 | +€95,909 | +425% |
| Credit institutions | 430/8 | - | €118,487 | +€118,487 | |
| Other loans | 439 | €22,578 | €0 | -€22,578 | -100% |
| Trade debts | 44 | €292,275 | €380,253 | +€87,978 | +30.1% |
| Suppliers | 440/4 | €292,275 | €380,253 | +€87,978 | +30.1% |
| Taxes, remuneration and social security | 45 | €0 | €178,628 | +€178,628 | |
| Taxes | 450/3 | €0 | €178,628 | +€178,628 | |
| Accrued charges and deferred income | 492/3 | €6,621 | €8,006 | +€1,385 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €508,679 | €408,747 | -€99,932 | -19.6% |
| Other operating charges | 640/8 | €158,857 | €152,579 | -€6,278 | -4.0% |
| Gross operating margin | 9900 | €1,615,626 | €1,198,194 | -€417,431 | -25.8% |
| Operating profit (loss) | 9901 | €948,090 | €636,868 | -€311,221 | -32.8% |
| Financial income | 75/76B | €174 | €328 | +€153 | +87.8% |
| Recurring financial income | 75 | €174 | €328 | +€153 | +87.8% |
| Financial charges | 65/66B | €290,464 | €245,233 | -€45,231 | -15.6% |
| Recurring financial charges | 65 | €290,464 | €245,233 | -€45,231 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €657,800 | €391,963 | -€265,837 | -40.4% |
| Transfer from deferred taxes | 780 | €31,297 | €14,403 | -€16,894 | -54.0% |
| Transfer to deferred taxes | 680 | €152,926 | €0 | -€152,926 | -100% |
| Income taxes | 67/77 | €42,921 | €117,369 | +€74,448 | +173% |
| Profit (loss) for the period | 9904 | €493,250 | €288,997 | -€204,253 | -41.4% |
| Transfer from tax-exempt reserves | 789 | €93,891 | €43,210 | -€50,681 | -54.0% |
| Transfer to tax-exempt reserves | 689 | €458,778 | €0 | -€458,778 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €128,362 | €332,207 | +€203,845 | +159% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.