IMMO38: 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.
IMMO38
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-98.2%), from €1.1m to €20,406
- Financial fixed assets +€562,250
up €562,250 (+335.2%), from €167,725 to €729,975
- Receivables within one year +€255,524
up €255,524 (+647.5%), from €39,462 to €294,986
of which Other amounts receivable: +€192,500
- Tangible fixed assets -€99,573
down €99,573 (-7.5%), from €1.3m to €1.2m
- Cash +€48,012
up €48,012 (+29.9%), from €160,540 to €208,552
mainly Stocks and contracts (+€1.1m) and Depreciation (+€64,813)
- Profit (loss) carried forward -€123,555
down €123,555 (-191.5%), from -€64,536 to -€188,091
- Trade debts -€70,519
down €70,519 (-22.9%), from €307,504 to €236,984
- Debts after one year -€60,185
down €60,185 (-7.9%), from €764,688 to €704,503
- Other debts -€30,302
down €30,302 (-29.9%), from €101,309 to €71,008
- Tax, wage and social debts -€28,437
down €28,437 (-74.1%), from €38,384 to €9,947
- Write-downs +€68,203
new in 2025: €68,203
- Depreciation -€31,094
down €31,094 (-32.4%), from €95,908 to €64,813
- Gross operating margin -€26,929
down €26,929 (-14.4%), from €187,308 to €160,379
- Staff costs -€16,566
down €16,566 (-48.3%), from €34,299 to €17,733
- Financial charges +€6,092
up €6,092 (+6.6%), from €92,664 to €98,756
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 | €2,818,300 | €2,475,415 | -€342,885 | -12.2% |
| Fixed assets | 21/28 | €1,488,793 | €1,951,470 | +€462,677 | +31.1% |
| Tangible fixed assets | 22/27 | €1,321,068 | €1,221,495 | -€99,573 | -7.5% |
| Land and buildings | 22 | €1,217,456 | €1,178,247 | -€39,209 | -3.2% |
| Plant, machinery and equipment | 23 | €55,838 | €38,805 | -€17,033 | -30.5% |
| Furniture and vehicles | 24 | €47,773 | €4,442 | -€43,331 | -90.7% |
| Financial fixed assets | 28 | €167,725 | €729,975 | +€562,250 | +335.2% |
| Current assets | 29/58 | €1,329,507 | €523,945 | -€805,562 | -60.6% |
| Stocks and contracts in progress | 3 | €1,120,075 | €20,406 | -€1.1m | -98.2% |
| Stocks | 30/36 | €1,120,075 | €20,406 | -€1.1m | -98.2% |
| Amounts receivable within one year | 40/41 | €39,462 | €294,986 | +€255,524 | +647.5% |
| Trade receivables | 40 | €39,462 | €102,486 | +€63,024 | +159.7% |
| Other amounts receivable | 41 | - | €192,500 | +€192,500 | |
| Cash at bank and in hand | 54/58 | €160,540 | €208,552 | +€48,012 | +29.9% |
| Deferred charges and accrued income | 490/1 | €9,430 | - | -€9,430 | |
| Total equity and liabilities | 10/49 | €2,818,300 | €2,475,415 | -€342,885 | -12.2% |
| Equity | 10/15 | €323,558 | €200,003 | -€123,555 | -38.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €375,694 | €375,694 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €365,694 | €365,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,536 | -€188,091 | -€123,555 | -191.5% |
| Amounts payable | 17/49 | €2,494,741 | €2,275,412 | -€219,330 | -8.8% |
| Amounts payable after more than one year | 17 | €764,688 | €704,503 | -€60,185 | -7.9% |
| Financial debts | 170/4 | €764,688 | €704,503 | -€60,185 | -7.9% |
| Amounts payable within one year | 42/48 | €1,693,799 | €1,537,256 | -€156,543 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €58,602 | €59,317 | +€715 | +1.2% |
| Financial debts | 43 | €1,188,000 | €1,160,000 | -€28,000 | -2.4% |
| Credit institutions | 430/8 | €1,188,000 | €1,160,000 | -€28,000 | -2.4% |
| Trade debts | 44 | €307,504 | €236,984 | -€70,519 | -22.9% |
| Suppliers | 440/4 | €307,504 | €236,984 | -€70,519 | -22.9% |
| Taxes, remuneration and social security | 45 | €38,384 | €9,947 | -€28,437 | -74.1% |
| Taxes | 450/3 | €38,384 | €9,947 | -€28,437 | -74.1% |
| Other amounts payable | 47/48 | €101,309 | €71,008 | -€30,302 | -29.9% |
| Accrued charges and deferred income | 492/3 | €36,255 | €33,653 | -€2,602 | -7.2% |
| Remuneration, social security and pensions | 62 | €34,299 | €17,733 | -€16,566 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,908 | €64,813 | -€31,094 | -32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €68,203 | +€68,203 | |
| Other operating charges | 640/8 | €29,023 | €30,497 | +€1,475 | +5.1% |
| Gross operating margin | 9900 | €187,308 | €160,379 | -€26,929 | -14.4% |
| Operating profit (loss) | 9901 | €28,079 | -€20,867 | -€48,946 | |
| Financial income | 75/76B | €50 | €1 | -€49 | -98.1% |
| Recurring financial income | 75 | €50 | €1 | -€49 | -98.1% |
| Financial charges | 65/66B | €92,664 | €98,756 | +€6,092 | +6.6% |
| Recurring financial charges | 65 | €92,664 | €98,756 | +€6,092 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€64,536 | -€119,622 | -€55,087 | -85.4% |
| Income taxes | 67/77 | - | €3,805 | +€3,805 | |
| Profit (loss) for the period | 9904 | -€64,536 | -€123,428 | -€58,892 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,536 | -€123,428 | -€58,892 | -91.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.