IMMO-ZUID: 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.
What changed
IMMO-ZUID
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€193,924
2024 · -€222,152+€28,228
Equity
€2.2m
2024 · €2.4m-€193,924
Cash
€537,188
2024 · €1.1m-€565,791
Balance sheet total
€4.1m
2024 · €4.4m-€251,325
Largest movements
Assets
- Cash -€565,791
down €565,791 (-51.3%), from €1.1m to €537,188
mainly Investment in fixed assets (net) (-€488,120) and Net result for the year (-€193,924)
- Tangible fixed assets +€402,012
up €402,012 (+21.7%), from €1.8m to €2.3m
of which Land and buildings: +€404,322
- Receivables within one year -€71,965
down €71,965 (-24.8%), from €289,656 to €217,691
of which Other amounts receivable: -€124,383
Equity and liabilities
- Profit (loss) carried forward -€166,353
down €166,353 (-47.0%), from -€353,828 to -€520,180
Income statement
- Gross operating margin +€40,913
up €40,913 (+26.8%), from -€152,767 to -€111,854
- Depreciation +€8,725
up €8,725 (+11.3%), from €77,383 to €86,108
- Financial income -€5,549
down €5,549 (-13.2%), from €41,943 to €36,394
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.
Result 2024
-€222,152
Gross operating margin
+€40,913
Depreciation
-€8,725
Other operating charges
-€1,192
Financial income
-€5,549
Financial charges
+€652
Taxes
+€29
Deferred taxes and other
+€2,099
Result 2025
-€193,924
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€38,799
Investment
-€488,120
Financing
-€38,872
Cash 2024
€1.1m
From operations (derived)
-€38,799
Net result for the year
-€193,924
Depreciation
+€86,108
Receivables after one year
+€18,074
Receivables within one year
+€71,965
Deferred charges and accrued income
-€2,492
Provisions
-€9,196
Trade debts
-€6,683
Tax, wage and social debts
-€3,000
Accrued charges and deferred income
+€350
Investment (derived)
-€488,120
Investment in fixed assets (net)
-€488,120
Financing
-€38,872
Debts after one year
-€41,252
Current portion of long-term debt
+€2,380
Cash 2025
€537,188
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,353,740 | €4,102,415 | -€251,325 | -5.8% |
| Fixed assets | 21/28 | €1,848,595 | €2,250,608 | +€402,012 | +21.7% |
| Tangible fixed assets | 22/27 | €1,848,595 | €2,250,608 | +€402,012 | +21.7% |
| Land and buildings | 22 | €1,840,982 | €2,245,304 | +€404,322 | +22.0% |
| Plant, machinery and equipment | 23 | €1,520 | €649 | -€871 | -57.3% |
| Furniture and vehicles | 24 | €6,094 | €4,654 | -€1,439 | -23.6% |
| Current assets | 29/58 | €2,505,144 | €1,851,807 | -€653,337 | -26.1% |
| Amounts receivable after more than one year | 29 | €102,936 | €84,863 | -€18,074 | -17.6% |
| Other amounts receivable | 291 | €102,936 | €84,863 | -€18,074 | -17.6% |
| Amounts receivable within one year | 40/41 | €289,656 | €217,691 | -€71,965 | -24.8% |
| Trade receivables | 40 | - | €52,419 | +€52,419 | |
| Other amounts receivable | 41 | €289,656 | €165,272 | -€124,383 | -42.9% |
| Current investments | 50/53 | €1,003,971 | €1,003,971 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,102,979 | €537,188 | -€565,791 | -51.3% |
| Deferred charges and accrued income | 490/1 | €5,603 | €8,095 | +€2,492 | +44.5% |
| Total equity and liabilities | 10/49 | €4,353,740 | €4,102,415 | -€251,325 | -5.8% |
| Equity | 10/15 | €2,390,306 | €2,196,382 | -€193,924 | -8.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,682,134 | €2,654,562 | -€27,572 | -1.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,675,934 | €2,648,362 | -€27,572 | -1.0% |
| Profit (loss) carried forward | 14 | -€353,828 | -€520,180 | -€166,353 | -47.0% |
| Provisions and deferred taxes | 16 | €880,665 | €871,469 | -€9,196 | -1.0% |
| Deferred taxes | 168 | €880,665 | €871,469 | -€9,196 | -1.0% |
| Amounts payable | 17/49 | €1,082,769 | €1,034,565 | -€48,205 | -4.5% |
| Amounts payable after more than one year | 17 | €963,401 | €922,148 | -€41,252 | -4.3% |
| Financial debts | 170/4 | €953,401 | €912,148 | -€41,252 | -4.3% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €118,118 | €110,816 | -€7,302 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €99,934 | €102,314 | +€2,380 | +2.4% |
| Trade debts | 44 | €12,185 | €5,502 | -€6,683 | -54.8% |
| Suppliers | 440/4 | €12,185 | €5,502 | -€6,683 | -54.8% |
| Taxes, remuneration and social security | 45 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Taxes | 450/3 | €6,000 | €3,000 | -€3,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,600 | +€350 | +28.0% |
| Non-recurring operating income | 76A | €339 | - | -€339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,383 | €86,108 | +€8,725 | +11.3% |
| Other operating charges | 640/8 | €8,455 | €9,647 | +€1,192 | +14.1% |
| Gross operating margin | 9900 | -€152,767 | -€111,854 | +€40,913 | +26.8% |
| Operating profit (loss) | 9901 | -€238,606 | -€207,610 | +€30,996 | +13.0% |
| Financial income | 75/76B | €41,943 | €36,394 | -€5,549 | -13.2% |
| Recurring financial income | 75 | €41,943 | €36,394 | -€5,549 | -13.2% |
| Financial charges | 65/66B | €32,146 | €31,493 | -€652 | -2.0% |
| Recurring financial charges | 65 | €32,146 | €31,493 | -€652 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€228,808 | -€202,709 | +€26,100 | +11.4% |
| Transfer from deferred taxes | 780 | €7,097 | €9,196 | +€2,099 | +29.6% |
| Income taxes | 67/77 | €441 | €412 | -€29 | -6.6% |
| Profit (loss) for the period | 9904 | -€222,152 | -€193,924 | +€28,228 | +12.7% |
| Transfer from tax-exempt reserves | 789 | €21,274 | €27,572 | +€6,297 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€200,878 | -€166,353 | +€34,525 | +17.2% |
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 27 October 2026 via checked.be.