IMMOBOR: 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
IMMOBOR
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€242,831
2024 · €18,601+€224,231
Equity
€1.2m
2024 · €1.1m+€112,831
Cash
€53,077
2024 · €26,638+€26,439
Balance sheet total
€2.9m
2024 · €2.6m+€294,065
Largest movements
Assets
- Tangible fixed assets +€301,088
up €301,088 (+15.4%), from €2.0m to €2.3m
- Stocks and contracts -€126,695
down €126,695 (-100%), from €126,695 to €0
- Receivables within one year +€98,411
up €98,411 (+21.1%), from €466,970 to €565,381
of which Other amounts receivable: +€97,071
Equity and liabilities
- Debts after one year +€329,026
up €329,026 (+42.6%), from €772,641 to €1.1m
of which Financial debts: +€329,026
- Short-term financial debts -€200,000
down €200,000 (-42.1%), from €475,000 to €275,000
- Reserves +€124,952
up €124,952 (+26.0%), from €480,637 to €605,590
of which Tax-exempt reserves: +€187,086
- Provisions +€62,362
up €62,362 (+55.6%), from €112,202 to €174,564
Income statement
- Gross operating margin +€335,779
up €335,779 (+231%), from €145,143 to €480,921
- Depreciation +€20,377
up €20,377 (+35.2%), from €57,930 to €78,307
- Taxes +€12,336
up €12,336 (+86.3%), from €14,288 to €26,624
- Financial charges +€12,288
up €12,288 (+24.4%), from €50,393 to €62,682
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
€18,601
Gross operating margin
+€335,779
Depreciation
-€20,377
Other operating charges
-€740
Financial income
+€382
Financial charges
-€12,288
Taxes
-€12,336
Deferred taxes and other
-€66,189
Result 2025
€242,831
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
+€389,473
Investment
-€379,395
Financing
+€16,361
Cash 2024
€26,638
From operations (derived)
+€389,473
Net result for the year
+€242,831
Depreciation
+€78,307
Stocks and contracts
+€126,695
Receivables within one year
-€98,411
Deferred charges and accrued income
+€5,178
Provisions
+€62,362
Trade debts
-€7,652
Tax, wage and social debts
+€7,415
Advances received
-€1,102
Other debts
-€23,700
Accrued charges and deferred income
-€2,450
Investment (derived)
-€379,395
Investment in fixed assets (net)
-€379,395
Financing
+€16,361
Debts after one year
+€329,026
Current portion of long-term debt
+€17,335
Short-term financial debts
-€200,000
Contributions, distributions and other
-€130,000
Cash 2025
€53,077
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,576,890 | €2,870,955 | +€294,065 | +11.4% |
| Fixed assets | 21/28 | €1,950,774 | €2,251,862 | +€301,088 | +15.4% |
| Tangible fixed assets | 22/27 | €1,950,774 | €2,251,862 | +€301,088 | +15.4% |
| Land and buildings | 22 | €1,950,774 | €2,251,862 | +€301,088 | +15.4% |
| Current assets | 29/58 | €626,116 | €619,093 | -€7,022 | -1.1% |
| Stocks and contracts in progress | 3 | €126,695 | €0 | -€126,695 | -100% |
| Stocks | 30/36 | €126,695 | €0 | -€126,695 | -100% |
| Amounts receivable within one year | 40/41 | €466,970 | €565,381 | +€98,411 | +21.1% |
| Trade receivables | 40 | - | €1,340 | +€1,340 | |
| Other amounts receivable | 41 | €466,970 | €564,041 | +€97,071 | +20.8% |
| Cash at bank and in hand | 54/58 | €26,638 | €53,077 | +€26,439 | +99.3% |
| Deferred charges and accrued income | 490/1 | €5,813 | €634 | -€5,178 | -89.1% |
| Total equity and liabilities | 10/49 | €2,576,890 | €2,870,955 | +€294,065 | +11.4% |
| Equity | 10/15 | €1,084,637 | €1,197,468 | +€112,831 | +10.4% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Revaluation surpluses | 12 | €480,000 | €467,879 | -€12,121 | -2.5% |
| Reserves | 13 | €480,637 | €605,590 | +€124,952 | +26.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,607 | €523,693 | +€187,086 | +55.6% |
| Distributable reserves | 133 | €131,630 | €69,496 | -€62,134 | -47.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €112,202 | €174,564 | +€62,362 | +55.6% |
| Deferred taxes | 168 | €112,202 | €174,564 | +€62,362 | +55.6% |
| Amounts payable | 17/49 | €1,380,050 | €1,498,922 | +€118,872 | +8.6% |
| Amounts payable after more than one year | 17 | €772,641 | €1,101,667 | +€329,026 | +42.6% |
| Financial debts | 170/4 | €697,641 | €1,026,667 | +€329,026 | +47.2% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €603,659 | €395,954 | -€207,704 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €79,219 | €96,554 | +€17,335 | +21.9% |
| Financial debts | 43 | €475,000 | €275,000 | -€200,000 | -42.1% |
| Credit institutions | 430/8 | €475,000 | €275,000 | -€200,000 | -42.1% |
| Trade debts | 44 | €19,050 | €11,398 | -€7,652 | -40.2% |
| Suppliers | 440/4 | €19,050 | €11,398 | -€7,652 | -40.2% |
| Advances received on contracts in progress | 46 | €1,102 | €0 | -€1,102 | -100% |
| Taxes, remuneration and social security | 45 | €4,288 | €11,702 | +€7,415 | +173% |
| Taxes | 450/3 | €4,288 | €11,702 | +€7,415 | +173% |
| Other amounts payable | 47/48 | €25,000 | €1,300 | -€23,700 | -94.8% |
| Accrued charges and deferred income | 492/3 | €3,750 | €1,300 | -€2,450 | -65.3% |
| Non-recurring operating income | 76A | - | €356,100 | +€356,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,930 | €78,307 | +€20,377 | +35.2% |
| Other operating charges | 640/8 | €12,598 | €13,338 | +€740 | +5.9% |
| Gross operating margin | 9900 | €145,143 | €480,921 | +€335,779 | +231% |
| Operating profit (loss) | 9901 | €74,614 | €389,276 | +€314,662 | +422% |
| Financial income | 75/76B | €4,841 | €5,222 | +€382 | +7.9% |
| Recurring financial income | 75 | €4,841 | €5,222 | +€382 | +7.9% |
| Financial charges | 65/66B | €50,393 | €62,682 | +€12,288 | +24.4% |
| Recurring financial charges | 65 | €50,393 | €62,682 | +€12,288 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €29,061 | €331,817 | +€302,756 | +1,042% |
| Transfer from deferred taxes | 780 | €3,827 | €26,663 | +€22,836 | +597% |
| Transfer to deferred taxes | 680 | - | €89,025 | +€89,025 | |
| Income taxes | 67/77 | €14,288 | €26,624 | +€12,336 | +86.3% |
| Profit (loss) for the period | 9904 | €18,601 | €242,831 | +€224,231 | +1,205% |
| Transfer from tax-exempt reserves | 789 | €11,481 | €79,989 | +€68,508 | +597% |
| Transfer to tax-exempt reserves | 689 | - | €267,075 | +€267,075 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,082 | €55,745 | +€25,663 | +85.3% |
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 21 October 2026 via checked.be.