IMMO - WEST: 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 - WEST
Largest movements
- Tangible fixed assets +€3.4m
up €3.4m (+157.9%), from €2.1m to €5.5m
of which Land and buildings: +€3.4m
- Revaluation surpluses +€3.4m
new in 2025: €3.4m
- Trade debts -€68,422
down €68,422 (-29.9%), from €229,161 to €160,739
- Gross operating margin +€13,563
up €13,563 (+15.9%), from €85,216 to €98,780
- Taxes -€5,470
down €5,470 (-64.9%), from €8,423 to €2,952
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.
Cash bridge derived
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 | €2,166,941 | €5,553,895 | +€3.4m | +156.3% |
| Fixed assets | 21/28 | €2,147,948 | €5,538,978 | +€3.4m | +157.9% |
| Tangible fixed assets | 22/27 | €2,147,948 | €5,538,978 | +€3.4m | +157.9% |
| Land and buildings | 22 | €2,110,436 | €5,495,009 | +€3.4m | +160.4% |
| Plant, machinery and equipment | 23 | - | €8,816 | +€8,816 | |
| Other tangible fixed assets | 26 | €37,513 | €35,153 | -€2,360 | -6.3% |
| Current assets | 29/58 | €18,992 | €14,917 | -€4,075 | -21.5% |
| Cash at bank and in hand | 54/58 | €12,692 | €8,617 | -€4,075 | -32.1% |
| Deferred charges and accrued income | 490/1 | €6,300 | €6,300 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,166,941 | €5,553,895 | +€3.4m | +156.3% |
| Equity | 10/15 | €1,918,509 | €5,380,356 | +€3.5m | +180.4% |
| Contributions | 10/11 | €1,452,368 | €1,452,368 | = | 0.0% |
| Capital | 10 | €1,452,368 | €1,452,368 | = | 0.0% |
| Issued capital | 100 | €1,452,368 | €1,452,368 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,435,000 | +€3.4m | |
| Reserves | 13 | €7,860 | €9,202 | +€1,342 | +17.1% |
| Non-distributable reserves | 130/1 | €7,860 | €9,202 | +€1,342 | +17.1% |
| Legal reserve | 130 | €7,860 | €9,202 | +€1,342 | +17.1% |
| Profit (loss) carried forward | 14 | €458,282 | €483,786 | +€25,504 | +5.6% |
| Amounts payable | 17/49 | €248,431 | €173,539 | -€74,892 | -30.1% |
| Amounts payable within one year | 42/48 | €248,431 | €173,539 | -€74,892 | -30.1% |
| Trade debts | 44 | €229,161 | €160,739 | -€68,422 | -29.9% |
| Suppliers | 440/4 | €229,161 | €160,739 | -€68,422 | -29.9% |
| Taxes, remuneration and social security | 45 | €19,270 | €12,800 | -€6,470 | -33.6% |
| Taxes | 450/3 | €19,270 | €12,800 | -€6,470 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,218 | €53,013 | -€205 | -0.4% |
| Other operating charges | 640/8 | €15,088 | €15,936 | +€848 | +5.6% |
| Gross operating margin | 9900 | €85,216 | €98,780 | +€13,563 | +15.9% |
| Operating profit (loss) | 9901 | €16,910 | €29,831 | +€12,921 | +76.4% |
| Financial charges | 65/66B | €29 | €32 | +€4 | +12.6% |
| Recurring financial charges | 65 | €29 | €32 | +€4 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €16,882 | €29,799 | +€12,917 | +76.5% |
| Income taxes | 67/77 | €8,423 | €2,952 | -€5,470 | -64.9% |
| Profit (loss) for the period | 9904 | €8,459 | €26,846 | +€18,387 | +217.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,459 | €26,846 | +€18,387 | +217.4% |
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 1 October 2026 via checked.be.