IMMO VOODOO: 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 VOODOO
Largest movements
- Cash +€117,819
up €117,819 (+411%), from €28,668 to €146,487
mainly Receivables within one year (+€85,095) and Current investments (+€55,282)
- Receivables within one year -€85,095
down €85,095 (-82.3%), from €103,369 to €18,273
of which Other amounts receivable: -€77,790
- Current investments -€55,282
down €55,282 (-24.4%), from €227,024 to €171,741
- Stocks and contracts -€47,795
no longer reported in 2025 (was €47,795)
- Tangible fixed assets -€17,976
down €17,976 (-5.4%), from €334,291 to €316,316
of which Land and buildings: -€10,462
- Reserves -€207,216
down €207,216 (-50.9%), from €406,785 to €199,570
of which Tax-exempt reserves: -€207,216
- Profit (loss) carried forward +€180,730
up €180,730, from -€2,499 to €178,231
- Provisions -€69,072
no longer reported in 2025 (was €69,072)
- Tax, wage and social debts +€46,952
up €46,952 (+549%), from €8,553 to €55,506
of which Taxes: +€51,984
- Debts after one year -€34,287
down €34,287 (-17.4%), from €196,632 to €162,345
- Gross operating margin -€57,642
down €57,642 (-83.3%), from €69,163 to €11,521
- Taxes +€54,089
up €54,089 (+27,081%), from €200 to €54,288
- Staff costs -€40,823
down €40,823 (-54.3%), from €75,169 to €34,345
- Financial charges +€23,137
up €23,137 (+97.1%), from -€23,816 to -€679
- Depreciation -€2,591
down €2,591 (-19.7%), from €13,133 to €10,543
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 | €741,193 | €652,868 | -€88,324 | -11.9% |
| Fixed assets | 21/28 | €334,291 | €316,316 | -€17,976 | -5.4% |
| Tangible fixed assets | 22/27 | €334,291 | €316,316 | -€17,976 | -5.4% |
| Land and buildings | 22 | €326,778 | €316,316 | -€10,462 | -3.2% |
| Plant, machinery and equipment | 23 | €2,402 | - | -€2,402 | |
| Furniture and vehicles | 24 | €81 | - | -€81 | |
| Other tangible fixed assets | 26 | €5,032 | - | -€5,032 | |
| Current assets | 29/58 | €406,901 | €336,553 | -€70,348 | -17.3% |
| Stocks and contracts in progress | 3 | €47,795 | - | -€47,795 | |
| Stocks | 30/36 | €47,795 | - | -€47,795 | |
| Amounts receivable within one year | 40/41 | €103,369 | €18,273 | -€85,095 | -82.3% |
| Trade receivables | 40 | €7,306 | - | -€7,306 | |
| Other amounts receivable | 41 | €96,063 | €18,273 | -€77,790 | -81.0% |
| Current investments | 50/53 | €227,024 | €171,741 | -€55,282 | -24.4% |
| Cash at bank and in hand | 54/58 | €28,668 | €146,487 | +€117,819 | +411% |
| Deferred charges and accrued income | 490/1 | €46 | €52 | +€6 | +13.7% |
| Total equity and liabilities | 10/49 | €741,193 | €652,868 | -€88,324 | -11.9% |
| Equity | 10/15 | €425,236 | €398,750 | -€26,486 | -6.2% |
| Contributions | 10/11 | €20,950 | €20,950 | = | 0.0% |
| Reserves | 13 | €406,785 | €199,570 | -€207,216 | -50.9% |
| Tax-exempt reserves | 132 | €207,216 | - | -€207,216 | |
| Distributable reserves | 133 | €199,570 | €199,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,499 | €178,231 | +€180,730 | |
| Provisions and deferred taxes | 16 | €69,072 | - | -€69,072 | |
| Deferred taxes | 168 | €69,072 | - | -€69,072 | |
| Amounts payable | 17/49 | €246,885 | €254,118 | +€7,233 | +2.9% |
| Amounts payable after more than one year | 17 | €196,632 | €162,345 | -€34,287 | -17.4% |
| Financial debts | 170/4 | €196,632 | €162,345 | -€34,287 | -17.4% |
| Amounts payable within one year | 42/48 | €49,865 | €91,773 | +€41,908 | +84.0% |
| Current portion of amounts payable after more than one year | 42 | €33,662 | €34,287 | +€625 | +1.9% |
| Financial debts | 43 | €15 | - | -€15 | |
| Credit institutions | 430/8 | €15 | - | -€15 | |
| Trade debts | 44 | €6,086 | €431 | -€5,656 | -92.9% |
| Suppliers | 440/4 | €6,086 | €431 | -€5,656 | -92.9% |
| Advances received on contracts in progress | 46 | €1,550 | €1,550 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,553 | €55,506 | +€46,952 | +549% |
| Taxes | 450/3 | €3,521 | €55,506 | +€51,984 | +1,476% |
| Remuneration and social security | 454/9 | €5,032 | - | -€5,032 | |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Remuneration, social security and pensions | 62 | €75,169 | €34,345 | -€40,823 | -54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,133 | €10,543 | -€2,591 | -19.7% |
| Other operating charges | 640/8 | €4,807 | €4,017 | -€789 | -16.4% |
| Non-recurring operating charges | 66A | - | €7,433 | +€7,433 | |
| Gross operating margin | 9900 | €69,163 | €11,521 | -€57,642 | -83.3% |
| Operating profit (loss) | 9901 | -€23,945 | -€44,817 | -€20,872 | -87.2% |
| Financial income | 75/76B | €5,019 | €2,869 | -€2,150 | -42.8% |
| Recurring financial income | 75 | €5,019 | €2,869 | -€2,150 | -42.8% |
| Financial charges | 65/66B | -€23,816 | -€679 | +€23,137 | +97.1% |
| Recurring financial charges | 65 | -€23,816 | -€679 | +€23,137 | +97.1% |
| Profit (loss) for the period before taxes | 9903 | €4,890 | -€41,269 | -€46,159 | |
| Transfer from deferred taxes | 780 | - | €69,072 | +€69,072 | |
| Income taxes | 67/77 | €200 | €54,288 | +€54,089 | +27,081% |
| Profit (loss) for the period | 9904 | €4,690 | -€26,486 | -€31,176 | |
| Transfer from tax-exempt reserves | 789 | - | €207,216 | +€207,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,690 | €180,730 | +€176,040 | +3,754% |
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 31 October 2026 via checked.be.