IMMO VERBAUWHEDE: 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 VERBAUWHEDE
Largest movements
- Tangible fixed assets +€93,436
up €93,436 (+14.4%), from €647,103 to €740,539
of which Assets under construction and advance payments: +€145,461
- Cash -€80,116
down €80,116 (-99.0%), from €80,958 to €842
mainly Investment in fixed assets (net) (-€145,461) and Net result for the year (-€65,365)
- Receivables within one year -€32,776
down €32,776 (-26.1%), from €125,807 to €93,031
of which Trade receivables: -€48,762
- Reserves -€65,365
down €65,365 (-71.1%), from €91,912 to €26,547
- Debts after one year +€29,708
new in 2025: €29,708
- Current portion of long-term debt +€16,294
new in 2025: €16,294
- Gross operating margin -€46,960
down €46,960, from €40,454 to -€6,506
- Depreciation -€25,659
down €25,659 (-33.0%), from €77,684 to €52,025
- Financial income +€1,196
up €1,196 (+128%), from €933 to €2,130
- Taxes +€678
up €678, from -€612 to €66
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 | €853,868 | €834,412 | -€19,456 | -2.3% |
| Fixed assets | 21/28 | €647,103 | €740,539 | +€93,436 | +14.4% |
| Tangible fixed assets | 22/27 | €647,103 | €740,539 | +€93,436 | +14.4% |
| Land and buildings | 22 | €647,103 | €595,078 | -€52,025 | -8.0% |
| Assets under construction and advance payments | 27 | - | €145,461 | +€145,461 | |
| Current assets | 29/58 | €206,765 | €93,873 | -€112,892 | -54.6% |
| Amounts receivable within one year | 40/41 | €125,807 | €93,031 | -€32,776 | -26.1% |
| Trade receivables | 40 | €56,123 | €7,361 | -€48,762 | -86.9% |
| Other amounts receivable | 41 | €69,684 | €85,670 | +€15,986 | +22.9% |
| Cash at bank and in hand | 54/58 | €80,958 | €842 | -€80,116 | -99.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €853,868 | €834,412 | -€19,456 | -2.3% |
| Equity | 10/15 | €848,046 | €782,680 | -€65,365 | -7.7% |
| Contributions | 10/11 | €756,133 | €756,133 | = | 0.0% |
| Capital | 10 | €756,133 | €756,133 | = | 0.0% |
| Issued capital | 100 | €756,133 | €756,133 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €91,912 | €26,547 | -€65,365 | -71.1% |
| Distributable reserves | 133 | €91,912 | €26,547 | -€65,365 | -71.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,823 | €51,732 | +€45,909 | +788% |
| Amounts payable after more than one year | 17 | - | €29,708 | +€29,708 | |
| Financial debts | 170/4 | - | €29,708 | +€29,708 | |
| Amounts payable within one year | 42/48 | €5,823 | €22,024 | +€16,201 | +278% |
| Current portion of amounts payable after more than one year | 42 | - | €16,294 | +€16,294 | |
| Trade debts | 44 | €4,823 | €4,730 | -€93 | -1.9% |
| Suppliers | 440/4 | €4,823 | €4,730 | -€93 | -1.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,684 | €52,025 | -€25,659 | -33.0% |
| Other operating charges | 640/8 | €7,713 | €7,964 | +€251 | +3.3% |
| Gross operating margin | 9900 | €40,454 | -€6,506 | -€46,960 | |
| Operating profit (loss) | 9901 | -€44,944 | -€66,495 | -€21,552 | -48.0% |
| Financial income | 75/76B | €933 | €2,130 | +€1,196 | +128% |
| Recurring financial income | 75 | €933 | €2,130 | +€1,196 | +128% |
| Financial charges | 65/66B | €793 | €933 | +€141 | +17.7% |
| Recurring financial charges | 65 | €793 | €933 | +€141 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | -€44,803 | -€65,299 | -€20,496 | -45.7% |
| Income taxes | 67/77 | -€612 | €66 | +€678 | |
| Profit (loss) for the period | 9904 | -€44,191 | -€65,365 | -€21,174 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,191 | -€65,365 | -€21,174 | -47.9% |
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 24 October 2026 via checked.be.