Immo Westland: 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 Westland
Largest movements
- Tangible fixed assets +€50,162
up €50,162 (+9.1%), from €551,687 to €601,849
of which Furniture and vehicles: +€71,174
- Cash -€33,216
down €33,216 (-30.7%), from €108,223 to €75,007
mainly Investment in fixed assets (net) (-€85,877) and Debts after one year (-€9,221)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€23,646
up €23,646 (+495%), from €4,780 to €28,425
- Gross operating margin +€16,755
up €16,755 (+32.7%), from €51,240 to €67,994
- Write-downs +€7,786
up €7,786, from -€7,786 to €0
- Taxes -€6,234
down €6,234 (-83.8%), from €7,443 to €1,209
- Depreciation +€3,980
up €3,980 (+12.5%), from €31,735 to €35,715
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 | €2,827,835 | €2,844,088 | +€16,253 | +0.6% |
| Fixed assets | 21/28 | €2,712,509 | €2,762,671 | +€50,162 | +1.8% |
| Tangible fixed assets | 22/27 | €551,687 | €601,849 | +€50,162 | +9.1% |
| Land and buildings | 22 | €549,707 | €525,215 | -€24,492 | -4.5% |
| Plant, machinery and equipment | 23 | - | €3,480 | +€3,480 | |
| Furniture and vehicles | 24 | €1,980 | €73,154 | +€71,174 | +3,594% |
| Financial fixed assets | 28 | €2,160,822 | €2,160,822 | = | 0.0% |
| Current assets | 29/58 | €115,326 | €81,417 | -€33,909 | -29.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €108,223 | €75,007 | -€33,216 | -30.7% |
| Deferred charges and accrued income | 490/1 | €7,104 | €6,410 | -€694 | -9.8% |
| Total equity and liabilities | 10/49 | €2,827,835 | €2,844,088 | +€16,253 | +0.6% |
| Equity | 10/15 | €567,176 | €562,808 | -€4,368 | -0.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €547,176 | €542,808 | -€4,368 | -0.8% |
| Tax-exempt reserves | 132 | €187,590 | €180,727 | -€6,863 | -3.7% |
| Distributable reserves | 133 | €359,586 | €362,081 | +€2,495 | +0.7% |
| Provisions and deferred taxes | 16 | €62,530 | €60,242 | -€2,288 | -3.7% |
| Deferred taxes | 168 | €62,530 | €60,242 | -€2,288 | -3.7% |
| Amounts payable | 17/49 | €2,198,129 | €2,221,038 | +€22,909 | +1.0% |
| Amounts payable after more than one year | 17 | €1,710,221 | €1,701,000 | -€9,221 | -0.5% |
| Other amounts payable | 178/9 | €1,710,221 | €1,701,000 | -€9,221 | -0.5% |
| Amounts payable within one year | 42/48 | €481,936 | €495,537 | +€13,601 | +2.8% |
| Trade debts | 44 | €966 | €1,931 | +€965 | +99.9% |
| Suppliers | 440/4 | €966 | €1,931 | +€965 | +99.9% |
| Taxes, remuneration and social security | 45 | €1,344 | €948 | -€395 | -29.4% |
| Taxes | 450/3 | €1,344 | €948 | -€395 | -29.4% |
| Other amounts payable | 47/48 | €479,626 | €492,657 | +€13,031 | +2.7% |
| Accrued charges and deferred income | 492/3 | €5,971 | €24,501 | +€18,529 | +310% |
| Non-recurring operating income | 76A | - | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,735 | €35,715 | +€3,980 | +12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,786 | €0 | +€7,786 | |
| Other operating charges | 640/8 | €8,716 | €10,171 | +€1,455 | +16.7% |
| Gross operating margin | 9900 | €51,240 | €67,994 | +€16,755 | +32.7% |
| Operating profit (loss) | 9901 | €18,575 | €22,109 | +€3,534 | +19.0% |
| Financial income | 75/76B | €330 | €870 | +€540 | +164% |
| Recurring financial income | 75 | €330 | €870 | +€540 | +164% |
| Financial charges | 65/66B | €4,780 | €28,425 | +€23,646 | +495% |
| Recurring financial charges | 65 | €4,780 | €28,425 | +€23,646 | +495% |
| Profit (loss) for the period before taxes | 9903 | €14,125 | -€5,446 | -€19,572 | |
| Transfer from deferred taxes | 780 | €2,288 | €2,288 | = | 0.0% |
| Income taxes | 67/77 | €7,443 | €1,209 | -€6,234 | -83.8% |
| Profit (loss) for the period | 9904 | €8,970 | -€4,368 | -€13,338 | |
| Transfer from tax-exempt reserves | 789 | €6,863 | €6,863 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,833 | €2,495 | -€13,338 | -84.2% |
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 17 October 2026 via checked.be.