Immo Willaert: 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 Willaert
Largest movements
- Tangible fixed assets -€45,726
down €45,726 (-4.5%), from €1.0m to €968,521
of which Land and buildings: -€40,119
- Receivables within one year +€43,645
up €43,645 (+216%), from €20,176 to €63,821
of which Trade receivables: +€49,619
- Deferred charges and accrued income -€18,212
down €18,212 (-47.6%), from €38,230 to €20,018
- Debts after one year -€67,500
down €67,500 (-14.2%), from €473,750 to €406,250
- Other debts +€24,058
up €24,058 (+9.4%), from €255,586 to €279,644
- Reserves +€22,502
up €22,502 (+36.9%), from €60,928 to €83,430
- Depreciation -€5,000
down €5,000 (-9.9%), from €50,726 to €45,726
- Gross operating margin +€3,791
up €3,791 (+3.9%), from €97,528 to €101,319
- Taxes +€2,971
up €2,971 (+45.5%), from €6,526 to €9,497
- Financial charges -€1,601
down €1,601 (-6.9%), from €23,209 to €21,607
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 | €1,073,911 | €1,057,443 | -€16,468 | -1.5% |
| Fixed assets | 21/28 | €1,014,247 | €968,521 | -€45,726 | -4.5% |
| Tangible fixed assets | 22/27 | €1,014,247 | €968,521 | -€45,726 | -4.5% |
| Land and buildings | 22 | €984,821 | €944,702 | -€40,119 | -4.1% |
| Plant, machinery and equipment | 23 | €20,057 | €17,160 | -€2,897 | -14.4% |
| Furniture and vehicles | 24 | €9,370 | €6,659 | -€2,711 | -28.9% |
| Current assets | 29/58 | €59,663 | €88,922 | +€29,259 | +49.0% |
| Amounts receivable within one year | 40/41 | €20,176 | €63,821 | +€43,645 | +216% |
| Trade receivables | 40 | €14,202 | €63,821 | +€49,619 | +349% |
| Other amounts receivable | 41 | €5,974 | €0 | -€5,974 | -100% |
| Cash at bank and in hand | 54/58 | €1,257 | €5,082 | +€3,825 | +304% |
| Deferred charges and accrued income | 490/1 | €38,230 | €20,018 | -€18,212 | -47.6% |
| Total equity and liabilities | 10/49 | €1,073,911 | €1,057,443 | -€16,468 | -1.5% |
| Equity | 10/15 | €262,295 | €283,965 | +€21,669 | +8.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €60,928 | €83,430 | +€22,502 | +36.9% |
| Distributable reserves | 133 | €60,928 | €83,430 | +€22,502 | +36.9% |
| Profit (loss) carried forward | 14 | €1,368 | €535 | -€833 | -60.9% |
| Amounts payable | 17/49 | €811,615 | €773,478 | -€38,137 | -4.7% |
| Amounts payable after more than one year | 17 | €473,750 | €406,250 | -€67,500 | -14.2% |
| Financial debts | 170/4 | €473,750 | €406,250 | -€67,500 | -14.2% |
| Amounts payable within one year | 42/48 | €337,413 | €366,844 | +€29,432 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €67,500 | €67,500 | = | 0.0% |
| Trade debts | 44 | €14,326 | €17,703 | +€3,377 | +23.6% |
| Suppliers | 440/4 | €14,326 | €17,703 | +€3,377 | +23.6% |
| Taxes, remuneration and social security | 45 | €0 | €1,997 | +€1,997 | |
| Taxes | 450/3 | €0 | €1,997 | +€1,997 | |
| Other amounts payable | 47/48 | €255,586 | €279,644 | +€24,058 | +9.4% |
| Accrued charges and deferred income | 492/3 | €453 | €384 | -€69 | -15.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,726 | €45,726 | -€5,000 | -9.9% |
| Other operating charges | 640/8 | €1,094 | €1,986 | +€893 | +81.6% |
| Gross operating margin | 9900 | €97,528 | €101,319 | +€3,791 | +3.9% |
| Operating profit (loss) | 9901 | €45,708 | €53,607 | +€7,898 | +17.3% |
| Financial income | 75/76B | €179 | €0 | -€179 | -100% |
| Recurring financial income | 75 | €179 | €0 | -€179 | -100% |
| Financial charges | 65/66B | €23,209 | €21,607 | -€1,601 | -6.9% |
| Recurring financial charges | 65 | €23,209 | €21,607 | -€1,601 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €22,679 | €31,999 | +€9,321 | +41.1% |
| Income taxes | 67/77 | €6,526 | €9,497 | +€2,971 | +45.5% |
| Profit (loss) for the period | 9904 | €16,153 | €22,502 | +€6,350 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,153 | €22,502 | +€6,350 | +39.3% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.