Immo Waterhoen: 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 Waterhoen
Largest movements
- Tangible fixed assets +€728,941
up €728,941 (+94.1%), from €774,684 to €1.5m
- Receivables within one year +€25,075
up €25,075 (+34.5%), from €72,776 to €97,851
- Other debts +€433,262
up €433,262 (+1,444%), from €30,000 to €463,262
- Debts after one year +€315,520
up €315,520 (+51.2%), from €615,664 to €931,184
- Current portion of long-term debt +€20,941
up €20,941 (+35.8%), from €58,479 to €79,420
- Depreciation +€20,682
up €20,682 (+28.1%), from €73,576 to €94,258
- Gross operating margin +€6,623
up €6,623 (+5.6%), from €117,307 to €123,930
- Financial charges +€4,521
up €4,521 (+70.0%), from €6,457 to €10,978
- Taxes -€1,690
no longer reported in 2025 (was €1,690)
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 | €853,484 | €1,621,366 | +€767,882 | +90.0% |
| Fixed assets | 21/28 | €774,684 | €1,503,625 | +€728,941 | +94.1% |
| Tangible fixed assets | 22/27 | €774,684 | €1,503,625 | +€728,941 | +94.1% |
| Land and buildings | 22 | €774,684 | €1,503,625 | +€728,941 | +94.1% |
| Current assets | 29/58 | €78,800 | €117,741 | +€38,942 | +49.4% |
| Amounts receivable within one year | 40/41 | €72,776 | €97,851 | +€25,075 | +34.5% |
| Other amounts receivable | 41 | €72,776 | €97,851 | +€25,075 | +34.5% |
| Cash at bank and in hand | 54/58 | €6,024 | €19,890 | +€13,866 | +230% |
| Total equity and liabilities | 10/49 | €853,484 | €1,621,366 | +€767,882 | +90.0% |
| Equity | 10/15 | €137,566 | €137,000 | -€566 | -0.4% |
| Contributions | 10/11 | €30,316 | €30,316 | = | 0.0% |
| Reserves | 13 | €107,250 | €106,684 | -€566 | -0.5% |
| Tax-exempt reserves | 132 | €61 | €61 | = | 0.0% |
| Distributable reserves | 133 | €107,189 | €106,623 | -€566 | -0.5% |
| Amounts payable | 17/49 | €715,918 | €1,484,366 | +€768,449 | +107% |
| Amounts payable after more than one year | 17 | €615,664 | €931,184 | +€315,520 | +51.2% |
| Financial debts | 170/4 | €615,664 | €931,184 | +€315,520 | +51.2% |
| Amounts payable within one year | 42/48 | €90,169 | €542,682 | +€452,513 | +502% |
| Current portion of amounts payable after more than one year | 42 | €58,479 | €79,420 | +€20,941 | +35.8% |
| Taxes, remuneration and social security | 45 | €1,690 | - | -€1,690 | |
| Taxes | 450/3 | €1,690 | - | -€1,690 | |
| Other amounts payable | 47/48 | €30,000 | €463,262 | +€433,262 | +1,444% |
| Accrued charges and deferred income | 492/3 | €10,085 | €10,500 | +€415 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,576 | €94,258 | +€20,682 | +28.1% |
| Other operating charges | 640/8 | €513 | €998 | +€485 | +94.5% |
| Gross operating margin | 9900 | €117,307 | €123,930 | +€6,623 | +5.6% |
| Operating profit (loss) | 9901 | €43,218 | €28,674 | -€14,544 | -33.7% |
| Financial charges | 65/66B | €6,457 | €10,978 | +€4,521 | +70.0% |
| Recurring financial charges | 65 | €6,457 | €10,978 | +€4,521 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | €36,761 | €17,696 | -€19,065 | -51.9% |
| Income taxes | 67/77 | €1,690 | - | -€1,690 | |
| Profit (loss) for the period | 9904 | €35,071 | €17,696 | -€17,375 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,071 | €17,696 | -€17,375 | -49.5% |
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 31 October 2026 via checked.be.