IMMO WAUTERS: 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 WAUTERS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€30,461
2024 · €74,527-€44,066
Equity
€638,721
2024 · €608,260+€30,461
Cash
€36,455
2024 · €48,188-€11,733
Balance sheet total
€5.8m
2024 · €5.9m-€78,457
Largest movements
Assets
- Tangible fixed assets -€62,662
down €62,662 (-1.1%), from €5.6m to €5.5m
of which Assets under construction and advance payments: -€4.0m
Equity and liabilities
- Short-term financial debts +€477,820
new in 2025: €477,820
- Current portion of long-term debt -€421,512
down €421,512 (-70.3%), from €599,183 to €177,671
- Debts after one year -€177,672
down €177,672 (-3.9%), from €4.5m to €4.4m
Income statement
- Gross operating margin +€307,496
up €307,496 (+171%), from €179,541 to €487,038
- Depreciation +€210,347
up €210,347 (+510%), from €41,273 to €251,621
- Financial income -€96,564
down €96,564 (-98.4%), from €98,101 to €1,537
- Financial charges +€57,540
up €57,540 (+43.5%), from €132,259 to €189,799
- Other operating charges -€12,889
down €12,889 (-43.6%), from €29,583 to €16,694
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
€74,527
Gross operating margin
+€307,496
Depreciation
-€210,347
Other operating charges
+€12,889
Financial income
-€96,564
Financial charges
-€57,540
Result 2025
€30,461
raises the resultlowers the result
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
+€323,813
Investment
-€214,184
Financing
-€121,363
Cash 2024
€48,188
From operations (derived)
+€323,813
Net result for the year
+€30,461
Depreciation
+€251,621
Receivables within one year
+€29,349
Deferred charges and accrued income
-€63
Trade debts
-€12,669
Advances received
+€25,000
Other debts
+€29,119
Accrued charges and deferred income
-€29,005
Investment (derived)
-€214,184
Investment in fixed assets (net)
-€188,959
Current investments
-€25,225
Financing
-€121,363
Debts after one year
-€177,672
Current portion of long-term debt
-€421,512
Short-term financial debts
+€477,820
Cash 2025
€36,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,887,257 | €5,808,801 | -€78,457 | -1.3% |
| Fixed assets | 21/28 | €5,580,572 | €5,517,910 | -€62,662 | -1.1% |
| Tangible fixed assets | 22/27 | €5,580,572 | €5,517,910 | -€62,662 | -1.1% |
| Land and buildings | 22 | €1,531,327 | €5,517,910 | +€4.0m | +260% |
| Assets under construction and advance payments | 27 | €4,049,245 | - | -€4.0m | |
| Current assets | 29/58 | €306,686 | €290,890 | -€15,795 | -5.2% |
| Amounts receivable within one year | 40/41 | €45,894 | €16,544 | -€29,349 | -64.0% |
| Trade receivables | 40 | €19,500 | €9,750 | -€9,750 | -50.0% |
| Other amounts receivable | 41 | €26,394 | €6,794 | -€19,599 | -74.3% |
| Current investments | 50/53 | €206,533 | €231,758 | +€25,225 | +12.2% |
| Cash at bank and in hand | 54/58 | €48,188 | €36,455 | -€11,733 | -24.3% |
| Deferred charges and accrued income | 490/1 | €6,070 | €6,133 | +€63 | +1.0% |
| Total equity and liabilities | 10/49 | €5,887,257 | €5,808,801 | -€78,457 | -1.3% |
| Equity | 10/15 | €608,260 | €638,721 | +€30,461 | +5.0% |
| Contributions | 10/11 | €194,189 | €194,189 | = | 0.0% |
| Capital | 10 | €194,189 | €194,189 | = | 0.0% |
| Issued capital | 100 | €194,189 | €194,189 | = | 0.0% |
| Reserves | 13 | €69,865 | €68,283 | -€1,582 | -2.3% |
| Non-distributable reserves | 130/1 | - | €28,594 | +€28,594 | |
| Legal reserve | 130 | - | €28,594 | +€28,594 | |
| Tax-exempt reserves | 132 | €69,865 | €39,689 | -€30,176 | -43.2% |
| Profit (loss) carried forward | 14 | €344,206 | €376,249 | +€32,043 | +9.3% |
| Amounts payable | 17/49 | €5,278,997 | €5,170,080 | -€108,917 | -2.1% |
| Amounts payable after more than one year | 17 | €4,537,861 | €4,360,190 | -€177,672 | -3.9% |
| Financial debts | 170/4 | €4,537,861 | €4,360,190 | -€177,672 | -3.9% |
| Amounts payable within one year | 42/48 | €712,131 | €809,890 | +€97,759 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €599,183 | €177,671 | -€421,512 | -70.3% |
| Financial debts | 43 | - | €477,820 | +€477,820 | |
| Credit institutions | 430/8 | - | €477,820 | +€477,820 | |
| Trade debts | 44 | €20,294 | €7,625 | -€12,669 | -62.4% |
| Suppliers | 440/4 | €20,294 | €7,625 | -€12,669 | -62.4% |
| Advances received on contracts in progress | 46 | - | €25,000 | +€25,000 | |
| Other amounts payable | 47/48 | €92,654 | €121,773 | +€29,119 | +31.4% |
| Accrued charges and deferred income | 492/3 | €29,005 | - | -€29,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,273 | €251,621 | +€210,347 | +510% |
| Other operating charges | 640/8 | €29,583 | €16,694 | -€12,889 | -43.6% |
| Gross operating margin | 9900 | €179,541 | €487,038 | +€307,496 | +171% |
| Operating profit (loss) | 9901 | €108,685 | €218,723 | +€110,038 | +101% |
| Financial income | 75/76B | €98,101 | €1,537 | -€96,564 | -98.4% |
| Recurring financial income | 75 | €98,101 | €1,537 | -€96,564 | -98.4% |
| Financial charges | 65/66B | €132,259 | €189,799 | +€57,540 | +43.5% |
| Recurring financial charges | 65 | €132,259 | €189,799 | +€57,540 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €74,527 | €30,461 | -€44,066 | -59.1% |
| Profit (loss) for the period | 9904 | €74,527 | €30,461 | -€44,066 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,527 | €30,461 | -€44,066 | -59.1% |
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 29 October 2026 via checked.be.