IMMO W.: what changed
Two fiscal 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 W.
Largest movements
- Tangible fixed assets +€545,940
up €545,940 (+4.8%), from €11.5m to €12.0m
of which Assets under construction and advance payments: +€676,777
- Profit (loss) carried forward +€466,179
up €466,179 (+79.5%), from €586,167 to €1.1m
- Debts after one year +€371,707
up €371,707 (+9.4%), from €4.0m to €4.3m
- Reserves -€274,120
down €274,120 (-3.6%), from €7.5m to €7.3m
of which Tax-exempt reserves: -€298,655
- Other operating charges -€332,069
down €332,069 (-94.6%), from €350,911 to €18,841
- Gross operating margin -€94,215
down €94,215 (-35.6%), from €264,902 to €170,687
- Financial income -€90,108
down €90,108 (-25.7%), from €350,919 to €260,811
- Financial charges +€33,158
up €33,158 (+40.6%), from €81,578 to €114,736
From the 31-12-2024 result to the 31-12-2025 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.
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,985,672 | €24,544,380 | +€558,708 | +2.3% |
| Fixed assets | 21/28 | €12,180,722 | €12,726,662 | +€545,940 | +4.5% |
| Tangible fixed assets | 22/27 | €11,481,472 | €12,027,412 | +€545,940 | +4.8% |
| Land and buildings | 22 | €7,100,716 | €6,970,889 | -€129,827 | -1.8% |
| Furniture and vehicles | 24 | €3,447 | €2,438 | -€1,010 | -29.3% |
| Assets under construction and advance payments | 27 | €4,377,308 | €5,054,085 | +€676,777 | +15.5% |
| Financial fixed assets | 28 | €699,250 | €699,250 | = | 0.0% |
| Current assets | 29/58 | €11,804,950 | €11,817,719 | +€12,768 | +0.1% |
| Amounts receivable within one year | 40/41 | €11,429,378 | €11,533,104 | +€103,726 | +0.9% |
| Other amounts receivable | 41 | €11,429,378 | €11,533,104 | +€103,726 | +0.9% |
| Cash at bank and in hand | 54/58 | €25,621 | €23,778 | -€1,843 | -7.2% |
| Deferred charges and accrued income | 490/1 | €349,952 | €260,837 | -€89,115 | -25.5% |
| Total equity and liabilities | 10/49 | €23,985,672 | €24,544,380 | +€558,708 | +2.3% |
| Equity | 10/15 | €18,863,247 | €19,055,306 | +€192,060 | +1.0% |
| Contributions | 10/11 | €10,733,803 | €10,733,803 | = | 0.0% |
| Capital | 10 | €10,499,894 | €10,499,894 | = | 0.0% |
| Issued capital | 100 | €10,499,894 | €10,499,894 | = | 0.0% |
| Outside capital | 11 | €233,908 | €233,908 | = | 0.0% |
| Share premium | 1100/10 | €233,908 | €233,908 | = | 0.0% |
| Reserves | 13 | €7,543,277 | €7,269,157 | -€274,120 | -3.6% |
| Non-distributable reserves | 130/1 | €37,547 | €62,083 | +€24,536 | +65.3% |
| Legal reserve | 130 | €37,547 | €62,083 | +€24,536 | +65.3% |
| Tax-exempt reserves | 132 | €7,505,729 | €7,207,074 | -€298,655 | -4.0% |
| Profit (loss) carried forward | 14 | €586,167 | €1,052,346 | +€466,179 | +79.5% |
| Provisions and deferred taxes | 16 | €885,040 | €860,063 | -€24,976 | -2.8% |
| Deferred taxes | 168 | €885,040 | €860,063 | -€24,976 | -2.8% |
| Amounts payable | 17/49 | €4,237,386 | €4,629,011 | +€391,625 | +9.2% |
| Amounts payable after more than one year | 17 | €3,955,480 | €4,327,187 | +€371,707 | +9.4% |
| Financial debts | 170/4 | €3,955,480 | €4,327,187 | +€371,707 | +9.4% |
| Amounts payable within one year | 42/48 | €275,431 | €295,349 | +€19,918 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €184,461 | €233,882 | +€49,421 | +26.8% |
| Trade debts | 44 | €90,970 | €61,466 | -€29,503 | -32.4% |
| Suppliers | 440/4 | €90,970 | €61,466 | -€29,503 | -32.4% |
| Accrued charges and deferred income | 492/3 | €6,475 | €6,475 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,837 | €130,837 | = | 0.0% |
| Other operating charges | 640/8 | €350,911 | €18,841 | -€332,069 | -94.6% |
| Gross operating margin | 9900 | €264,902 | €170,687 | -€94,215 | -35.6% |
| Operating profit (loss) | 9901 | -€216,845 | €21,009 | +€237,854 | |
| Financial income | 75/76B | €350,919 | €260,811 | -€90,108 | -25.7% |
| Recurring financial income | 75 | €350,919 | €260,811 | -€90,108 | -25.7% |
| Financial charges | 65/66B | €81,578 | €114,736 | +€33,158 | +40.6% |
| Recurring financial charges | 65 | €81,578 | €114,736 | +€33,158 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €52,496 | €167,083 | +€114,588 | +218.3% |
| Transfer from deferred taxes | 780 | €127,970 | €24,976 | -€102,994 | -80.5% |
| Profit (loss) for the period | 9904 | €180,466 | €192,060 | +€11,594 | +6.4% |
| Transfer from tax-exempt reserves | 789 | €607,637 | €298,655 | -€308,981 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €788,102 | €490,715 | -€297,387 | -37.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.