IMMO ZB: 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 ZB
Largest movements
- Cash +€189,033
up €189,033 (+217.0%), from €87,093 to €276,126
mainly Depreciation (+€275,004) and Net result for the year (+€209,564)
- Tangible fixed assets -€156,561
down €156,561 (-6.4%), from €2.5m to €2.3m
of which Land and buildings: -€137,559
- Debts after one year -€174,790
down €174,790 (-22.9%), from €761,673 to €586,883
of which Financial debts: -€174,790
- Reserves +€150,064
up €150,064 (+10.7%), from €1.4m to €1.6m
of which Tax-exempt reserves: +€159,833
- Trade debts +€85,417
up €85,417 (+1600.4%), from €5,337 to €90,754
- Accrued charges and deferred income -€50,048
down €50,048 (-49.2%), from €101,651 to €51,603
- Other debts +€26,290
up €26,290 (+59.2%), from €44,406 to €70,696
- Gross operating margin +€164,228
up €164,228 (+36.9%), from €444,781 to €609,010
- Financial charges -€13,635
down €13,635 (-22.4%), from €60,948 to €47,313
- Depreciation +€8,319
up €8,319 (+3.1%), from €266,684 to €275,004
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 | €2,572,526 | €2,616,173 | +€43,647 | +1.7% |
| Fixed assets | 21/28 | €2,463,967 | €2,307,406 | -€156,561 | -6.4% |
| Tangible fixed assets | 22/27 | €2,463,967 | €2,307,406 | -€156,561 | -6.4% |
| Land and buildings | 22 | €2,404,602 | €2,267,043 | -€137,559 | -5.7% |
| Furniture and vehicles | 24 | €59,366 | €40,364 | -€19,002 | -32.0% |
| Current assets | 29/58 | €108,558 | €308,766 | +€200,208 | +184.4% |
| Amounts receivable within one year | 40/41 | €19,518 | €25,380 | +€5,862 | +30.0% |
| Trade receivables | 40 | €10,650 | €14,058 | +€3,408 | +32.0% |
| Other amounts receivable | 41 | €8,867 | €11,322 | +€2,454 | +27.7% |
| Cash at bank and in hand | 54/58 | €87,093 | €276,126 | +€189,033 | +217.0% |
| Deferred charges and accrued income | 490/1 | €1,948 | €7,260 | +€5,312 | +272.8% |
| Total equity and liabilities | 10/49 | €2,572,526 | €2,616,173 | +€43,647 | +1.7% |
| Equity | 10/15 | €1,479,819 | €1,629,884 | +€150,064 | +10.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,404,819 | €1,554,884 | +€150,064 | +10.7% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,818 | €179,651 | +€159,833 | +806.5% |
| Distributable reserves | 133 | €1,377,502 | €1,367,733 | -€9,769 | -0.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,092,706 | €986,289 | -€106,417 | -9.7% |
| Amounts payable after more than one year | 17 | €761,673 | €586,883 | -€174,790 | -22.9% |
| Financial debts | 170/4 | €174,790 | €0 | -€174,790 | -100.0% |
| Other amounts payable | 178/9 | €586,883 | €586,883 | = | 0.0% |
| Amounts payable within one year | 42/48 | €229,382 | €347,802 | +€118,420 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | €172,273 | €174,790 | +€2,517 | +1.5% |
| Trade debts | 44 | €5,337 | €90,754 | +€85,417 | +1600.4% |
| Suppliers | 440/4 | €5,337 | €90,754 | +€85,417 | +1600.4% |
| Taxes, remuneration and social security | 45 | €7,366 | €11,563 | +€4,197 | +57.0% |
| Taxes | 450/3 | €7,366 | €11,563 | +€4,197 | +57.0% |
| Other amounts payable | 47/48 | €44,406 | €70,696 | +€26,290 | +59.2% |
| Accrued charges and deferred income | 492/3 | €101,651 | €51,603 | -€50,048 | -49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266,684 | €275,004 | +€8,319 | +3.1% |
| Other operating charges | 640/8 | €52,435 | €54,661 | +€2,226 | +4.2% |
| Gross operating margin | 9900 | €444,781 | €609,010 | +€164,228 | +36.9% |
| Operating profit (loss) | 9901 | €125,662 | €279,345 | +€153,683 | +122.3% |
| Financial income | 75/76B | €1,102 | €0 | -€1,102 | -100.0% |
| Recurring financial income | 75 | €1,102 | €0 | -€1,102 | -100.0% |
| Financial charges | 65/66B | €60,948 | €47,313 | -€13,635 | -22.4% |
| Recurring financial charges | 65 | €60,948 | €47,313 | -€13,635 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €65,816 | €232,032 | +€166,216 | +252.5% |
| Income taxes | 67/77 | €20,911 | €22,468 | +€1,557 | +7.4% |
| Profit (loss) for the period | 9904 | €44,906 | €209,564 | +€164,659 | +366.7% |
| Transfer from tax-exempt reserves | 789 | - | €4,970 | +€4,970 | |
| Transfer to tax-exempt reserves | 689 | - | €164,803 | +€164,803 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,906 | €49,731 | +€4,825 | +10.7% |
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 7 October 2026 via checked.be.