IMMO WHITE: 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 WHITE
Largest movements
- Cash -€160,822
down €160,822 (-88.0%), from €182,715 to €21,893
mainly Other debts (-€190,000) and Investment in fixed assets (net) (-€6,152)
- Tangible fixed assets -€21,330
down €21,330 (-4.8%), from €445,447 to €424,117
of which Other tangible fixed assets: -€252,848
- Other debts -€190,000
down €190,000 (-100.0%), from €190,070 to €70
- Reserves +€11,035
up €11,035 (+10.6%), from €103,858 to €114,894
of which Distributable reserves: +€13,588
- Gross operating margin -€6,529
down €6,529 (-9.9%), from €66,026 to €59,496
- Taxes -€3,667
down €3,667 (-32.2%), from €11,399 to €7,732
- Other operating charges +€3,646
up €3,646 (+33.1%), from €11,024 to €14,670
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 | €630,176 | €446,633 | -€183,543 | -29.1% |
| Fixed assets | 21/28 | €445,447 | €424,117 | -€21,330 | -4.8% |
| Tangible fixed assets | 22/27 | €445,447 | €424,117 | -€21,330 | -4.8% |
| Land and buildings | 22 | €192,599 | €424,117 | +€231,518 | +120.2% |
| Other tangible fixed assets | 26 | €252,848 | - | -€252,848 | |
| Current assets | 29/58 | €184,729 | €22,516 | -€162,213 | -87.8% |
| Amounts receivable after more than one year | 29 | €378 | €378 | = | 0.0% |
| Other amounts receivable | 291 | €378 | €378 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €182,715 | €21,893 | -€160,822 | -88.0% |
| Deferred charges and accrued income | 490/1 | €1,636 | €244 | -€1,391 | -85.1% |
| Total equity and liabilities | 10/49 | €630,176 | €446,633 | -€183,543 | -29.1% |
| Equity | 10/15 | €422,025 | €433,061 | +€11,035 | +2.6% |
| Contributions | 10/11 | €291,988 | €291,988 | = | 0.0% |
| Capital | 10 | €291,988 | €291,988 | = | 0.0% |
| Issued capital | 100 | €291,988 | €291,988 | = | 0.0% |
| Reserves | 13 | €103,858 | €114,894 | +€11,035 | +10.6% |
| Non-distributable reserves | 130/1 | €16,147 | €16,862 | +€715 | +4.4% |
| Legal reserve | 130 | €16,147 | €16,862 | +€715 | +4.4% |
| Tax-exempt reserves | 132 | €19,424 | €16,156 | -€3,268 | -16.8% |
| Distributable reserves | 133 | €68,287 | €81,875 | +€13,588 | +19.9% |
| Profit (loss) carried forward | 14 | €26,179 | €26,179 | = | 0.0% |
| Provisions and deferred taxes | 16 | €6,773 | €5,684 | -€1,089 | -16.1% |
| Deferred taxes | 168 | €6,773 | €5,684 | -€1,089 | -16.1% |
| Amounts payable | 17/49 | €201,377 | €7,888 | -€193,489 | -96.1% |
| Amounts payable within one year | 42/48 | €201,377 | €7,838 | -€193,539 | -96.1% |
| Trade debts | 44 | €339 | €156 | -€183 | -54.0% |
| Suppliers | 440/4 | €339 | €156 | -€183 | -54.0% |
| Taxes, remuneration and social security | 45 | €10,968 | €7,612 | -€3,356 | -30.6% |
| Taxes | 450/3 | €10,968 | €7,612 | -€3,356 | -30.6% |
| Other amounts payable | 47/48 | €190,070 | €70 | -€190,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €50 | +€50 | |
| Non-recurring operating income | 76A | €348 | - | -€348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,005 | €27,482 | +€477 | +1.8% |
| Other operating charges | 640/8 | €11,024 | €14,670 | +€3,646 | +33.1% |
| Gross operating margin | 9900 | €66,026 | €59,496 | -€6,529 | -9.9% |
| Operating profit (loss) | 9901 | €27,997 | €17,344 | -€10,652 | -38.0% |
| Financial income | 75/76B | €718 | €406 | -€312 | -43.4% |
| Recurring financial income | 75 | €718 | €406 | -€312 | -43.4% |
| Financial charges | 65/66B | €65 | €72 | +€7 | +10.7% |
| Recurring financial charges | 65 | €65 | €72 | +€7 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €28,650 | €17,678 | -€10,971 | -38.3% |
| Transfer from deferred taxes | 780 | €1,089 | €1,089 | = | 0.0% |
| Income taxes | 67/77 | €11,399 | €7,732 | -€3,667 | -32.2% |
| Profit (loss) for the period | 9904 | €18,340 | €11,035 | -€7,305 | -39.8% |
| Transfer from tax-exempt reserves | 789 | €3,268 | €3,268 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,608 | €14,303 | -€7,305 | -33.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.