IMMO WELTER: 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 WELTER
Largest movements
- Tangible fixed assets -€74,156
down €74,156 (-7.1%), from €1.0m to €971,591
- Receivables within one year -€38,026
down €38,026 (-21.7%), from €175,622 to €137,596
- Profit (loss) carried forward -€63,947
down €63,947 (-24.0%), from -€266,649 to -€330,596
- Debts after one year -€28,446
down €28,446 (-9.8%), from €288,968 to €260,522
- Other debts -€21,650
down €21,650 (-40.6%), from €53,275 to €31,625
- Gross operating margin +€6,485
up €6,485 (+8.4%), from €77,034 to €83,520
- Financial charges -€1,420
down €1,420 (-8.5%), from €16,691 to €15,271
- Financial income -€880
down €880 (-20.3%), from €4,332 to €3,452
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 | €1,228,165 | €1,115,651 | -€112,514 | -9.2% |
| Fixed assets | 21/28 | €1,045,747 | €971,591 | -€74,156 | -7.1% |
| Tangible fixed assets | 22/27 | €1,045,747 | €971,591 | -€74,156 | -7.1% |
| Land and buildings | 22 | €1,045,747 | €971,591 | -€74,156 | -7.1% |
| Current assets | 29/58 | €182,418 | €144,060 | -€38,358 | -21.0% |
| Amounts receivable within one year | 40/41 | €175,622 | €137,596 | -€38,026 | -21.7% |
| Other amounts receivable | 41 | €175,622 | €137,596 | -€38,026 | -21.7% |
| Cash at bank and in hand | 54/58 | €1,686 | €2,304 | +€618 | +36.6% |
| Deferred charges and accrued income | 490/1 | €5,109 | €4,160 | -€949 | -18.6% |
| Total equity and liabilities | 10/49 | €1,228,165 | €1,115,651 | -€112,514 | -9.2% |
| Equity | 10/15 | €853,351 | €789,404 | -€63,947 | -7.5% |
| Contributions | 10/11 | €1,120,000 | €1,120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€266,649 | -€330,596 | -€63,947 | -24.0% |
| Amounts payable | 17/49 | €374,814 | €326,247 | -€48,567 | -13.0% |
| Amounts payable after more than one year | 17 | €288,968 | €260,522 | -€28,446 | -9.8% |
| Financial debts | 170/4 | €288,968 | €260,522 | -€28,446 | -9.8% |
| Amounts payable within one year | 42/48 | €85,846 | €65,724 | -€20,122 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €27,088 | €28,446 | +€1,358 | +5.0% |
| Trade debts | 44 | €5,228 | €5,248 | +€20 | +0.4% |
| Suppliers | 440/4 | €5,228 | €5,248 | +€20 | +0.4% |
| Taxes, remuneration and social security | 45 | €255 | €406 | +€151 | +59.2% |
| Taxes | 450/3 | €255 | €406 | +€151 | +59.2% |
| Other amounts payable | 47/48 | €53,275 | €31,625 | -€21,650 | -40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,156 | €74,156 | = | 0.0% |
| Other operating charges | 640/8 | €11,196 | €11,432 | +€236 | +2.1% |
| Non-recurring operating charges | 66A | €58,000 | €50,000 | -€8,000 | -13.8% |
| Gross operating margin | 9900 | €77,034 | €83,520 | +€6,485 | +8.4% |
| Operating profit (loss) | 9901 | -€66,318 | -€52,068 | +€14,250 | +21.5% |
| Financial income | 75/76B | €4,332 | €3,452 | -€880 | -20.3% |
| Recurring financial income | 75 | €4,332 | €3,452 | -€880 | -20.3% |
| Financial charges | 65/66B | €16,691 | €15,271 | -€1,420 | -8.5% |
| Recurring financial charges | 65 | €16,691 | €15,271 | -€1,420 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€78,677 | -€63,887 | +€14,790 | +18.8% |
| Income taxes | 67/77 | €59 | €60 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€78,736 | -€63,947 | +€14,789 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,736 | -€63,947 | +€14,789 | +18.8% |
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 15 October 2026 via checked.be.