IMMO44: 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.
What changed
IMMO44
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €447,066+€565,005
Equity
€11.4m
2024 · €11.2m+€212,071
Cash
€549,754
2024 · €305,685+€244,068
Balance sheet total
€13.7m
2024 · €13.7m+€47,744
Largest movements
Assets
- Cash +€244,068
up €244,068 (+79.8%), from €305,685 to €549,754
mainly Net result for the year (+€1.0m) and Receivables after one year (+€154,801)
- Receivables after one year -€154,801
down €154,801 (-7.7%), from €2.0m to €1.9m
Equity and liabilities
- Reserves +€212,071
up €212,071 (+2.4%), from €8.8m to €9.0m
Income statement
- Financial income +€568,702
up €568,702 (+130.6%), from €435,400 to €1.0m
- Services and other goods -€99,468
down €99,468 (-31.8%), from €313,065 to €213,597
- Turnover -€53,123
down €53,123 (-10.8%), from €490,362 to €437,239
- Staff costs +€41,966
up €41,966 (+33.6%), from €124,834 to €166,800
- Other operating income -€6,357
down €6,357 (-41.0%), from €15,508 to €9,151
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
€447,066
Turnover
-€53,123
Other operating income
-€6,357
Services and other goods
+€99,468
Staff costs
-€41,966
Other operating charges
-€303
Financial income
+€568,702
Financial charges
+€4,012
Taxes
-€5,429
Result 2025
€1.0m
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.
From operations
+€1.0m
Investment
-€974
Financing
-€800,000
Cash 2024
€305,685
From operations (derived)
+€1.0m
Net result for the year
+€1.0m
Depreciation
+€10,195
Receivables after one year
+€154,801
Receivables within one year
+€32,302
Trade debts
-€74,363
Tax, wage and social debts
-€11,344
Other debts
-€78,068
Accrued charges and deferred income
-€551
Investment (derived)
-€974
Current investments
-€974
Financing
-€800,000
Contributions, distributions and other
-€800,000
Cash 2025
€549,754
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,669,361 | €13,717,105 | +€47,744 | +0.3% |
| Fixed assets | 21/28 | €10,963,768 | €10,953,573 | -€10,195 | -0.1% |
| Tangible fixed assets | 22/27 | €34,580 | €24,384 | -€10,195 | -29.5% |
| Furniture and vehicles | 24 | €34,580 | €24,384 | -€10,195 | -29.5% |
| Financial fixed assets | 28 | €10,929,188 | €10,929,188 | = | 0.0% |
| Affiliated companies | 280/1 | €10,929,188 | €10,929,188 | = | 0.0% |
| Participating interests | 280 | €10,929,188 | €10,929,188 | = | 0.0% |
| Current assets | 29/58 | €2,705,593 | €2,763,533 | +€57,939 | +2.1% |
| Amounts receivable after more than one year | 29 | €2,012,414 | €1,857,613 | -€154,801 | -7.7% |
| Other amounts receivable | 291 | €2,012,414 | €1,857,613 | -€154,801 | -7.7% |
| Amounts receivable within one year | 40/41 | €286,838 | €254,536 | -€32,302 | -11.3% |
| Trade receivables | 40 | €99,337 | €39,156 | -€60,181 | -60.6% |
| Other amounts receivable | 41 | €187,501 | €215,380 | +€27,879 | +14.9% |
| Current investments | 50/53 | €100,656 | €101,630 | +€974 | +1.0% |
| Other investments | 51/53 | €100,656 | €101,630 | +€974 | +1.0% |
| Cash at bank and in hand | 54/58 | €305,685 | €549,754 | +€244,068 | +79.8% |
| Total equity and liabilities | 10/49 | €13,669,361 | €13,717,105 | +€47,744 | +0.3% |
| Equity | 10/15 | €11,224,392 | €11,436,462 | +€212,071 | +1.9% |
| Contributions | 10/11 | €2,461,131 | €2,461,131 | = | 0.0% |
| Reserves | 13 | €8,763,261 | €8,975,332 | +€212,071 | +2.4% |
| Distributable reserves | 133 | €8,763,261 | €8,975,332 | +€212,071 | +2.4% |
| Amounts payable | 17/49 | €2,444,969 | €2,280,643 | -€164,327 | -6.7% |
| Amounts payable within one year | 42/48 | €2,444,418 | €2,280,643 | -€163,776 | -6.7% |
| Trade debts | 44 | €130,952 | €56,589 | -€74,363 | -56.8% |
| Suppliers | 440/4 | €130,952 | €56,589 | -€74,363 | -56.8% |
| Taxes, remuneration and social security | 45 | €36,917 | €25,573 | -€11,344 | -30.7% |
| Taxes | 450/3 | €21,130 | €5,351 | -€15,779 | -74.7% |
| Remuneration and social security | 454/9 | €15,787 | €20,222 | +€4,435 | +28.1% |
| Other amounts payable | 47/48 | €2,276,549 | €2,198,481 | -€78,068 | -3.4% |
| Accrued charges and deferred income | 492/3 | €551 | - | -€551 | |
| Operating income | 70/76A | €505,870 | €446,390 | -€59,480 | -11.8% |
| Turnover | 70 | €490,362 | €437,239 | -€53,123 | -10.8% |
| Other operating income | 74 | €15,508 | €9,151 | -€6,357 | -41.0% |
| Operating charges | 60/66A | €449,410 | €392,210 | -€57,199 | -12.7% |
| Services and other goods | 61 | €313,065 | €213,597 | -€99,468 | -31.8% |
| Remuneration, social security and pensions | 62 | €124,834 | €166,800 | +€41,966 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,195 | €10,195 | = | 0.0% |
| Other operating charges | 640/8 | €1,315 | €1,618 | +€303 | +23.0% |
| Operating profit (loss) | 9901 | €56,461 | €54,180 | -€2,281 | -4.0% |
| Financial income | 75/76B | €435,400 | €1,004,103 | +€568,702 | +130.6% |
| Recurring financial income | 75 | €435,400 | €1,004,103 | +€568,702 | +130.6% |
| Income from financial fixed assets | 750 | €400,000 | €970,000 | +€570,000 | +142.5% |
| Income from current assets | 751 | €35,223 | €34,103 | -€1,120 | -3.2% |
| Other financial income | 752/9 | €178 | - | -€178 | |
| Financial charges | 65/66B | €27,751 | €23,739 | -€4,012 | -14.5% |
| Recurring financial charges | 65 | €27,751 | €23,739 | -€4,012 | -14.5% |
| Debt charges | 650 | €26,200 | €21,933 | -€4,267 | -16.3% |
| Other financial charges | 652/9 | €1,551 | €1,806 | +€255 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €464,110 | €1,034,543 | +€570,433 | +122.9% |
| Income taxes | 67/77 | €17,044 | €22,472 | +€5,429 | +31.9% |
| Taxes | 670/3 | €17,750 | €22,472 | +€4,722 | +26.6% |
| Tax adjustments and reversals of tax provisions | 77 | €706 | - | -€706 | |
| Profit (loss) for the period | 9904 | €447,066 | €1,012,071 | +€565,005 | +126.4% |
| Profit (loss) for the period to be appropriated | 9905 | €447,066 | €1,012,071 | +€565,005 | +126.4% |
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 6 October 2026 via checked.be.