IMMOBOVIAN: 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.
IMMOBOVIAN
Largest movements
- Tangible fixed assets +€414,847
up €414,847 (+17.3%), from €2.4m to €2.8m
of which Land and buildings: +€415,922
- Receivables within one year -€84,000
down €84,000 (-97.2%), from €86,445 to €2,445
of which Trade receivables: -€84,000
- Cash +€44,898
up €44,898 (+267%), from €16,832 to €61,729
mainly Net result for the year (+€499,377) and Contributions, distributions and other (+€226,949)
- Debts after one year -€431,932
down €431,932 (-84.6%), from €510,748 to €78,816
- Profit (loss) carried forward +€394,911
no longer reported in 2025 (was -€394,911)
- Reserves +€331,415
up €331,415 (+14.9%), from €2.2m to €2.6m
of which Tax-exempt reserves: +€193,399
- Other debts -€76,202
down €76,202 (-60.3%), from €126,428 to €50,226
- Provisions +€59,492
up €59,492 (+33.5%), from €177,760 to €237,252
- Gross operating margin +€739,779
up €739,779 (+1,110%), from €66,647 to €806,426
- Depreciation +€62,448
up €62,448 (+51.2%), from €121,919 to €184,367
- Taxes +€55,967
new in 2025: €55,967
- Other operating charges +€24,595
up €24,595 (+108%), from €22,736 to €47,331
- Financial charges +€22,786
up €22,786 (+108%), from €21,068 to €43,854
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,819,850 | €3,196,253 | +€376,402 | +13.3% |
| Fixed assets | 21/28 | €2,398,936 | €2,813,782 | +€414,847 | +17.3% |
| Tangible fixed assets | 22/27 | €2,392,492 | €2,807,339 | +€414,847 | +17.3% |
| Land and buildings | 22 | €2,390,747 | €2,806,669 | +€415,922 | +17.4% |
| Furniture and vehicles | 24 | €1,746 | €670 | -€1,076 | -61.6% |
| Financial fixed assets | 28 | €6,444 | €6,444 | = | 0.0% |
| Current assets | 29/58 | €420,915 | €382,470 | -€38,444 | -9.1% |
| Amounts receivable within one year | 40/41 | €86,445 | €2,445 | -€84,000 | -97.2% |
| Trade receivables | 40 | €84,000 | - | -€84,000 | |
| Other amounts receivable | 41 | €2,445 | €2,445 | = | 0.0% |
| Current investments | 50/53 | €316,980 | €316,980 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,832 | €61,729 | +€44,898 | +267% |
| Deferred charges and accrued income | 490/1 | €659 | €1,317 | +€658 | +99.9% |
| Total equity and liabilities | 10/49 | €2,819,850 | €3,196,253 | +€376,402 | +13.3% |
| Equity | 10/15 | €1,853,063 | €2,579,389 | +€726,326 | +39.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,227,974 | €2,559,389 | +€331,415 | +14.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €361,832 | €555,231 | +€193,399 | +53.4% |
| Distributable reserves | 133 | €1,864,142 | €2,002,158 | +€138,016 | +7.4% |
| Profit (loss) carried forward | 14 | -€394,911 | - | +€394,911 | |
| Provisions and deferred taxes | 16 | €177,760 | €237,252 | +€59,492 | +33.5% |
| Deferred taxes | 168 | €177,760 | €237,252 | +€59,492 | +33.5% |
| Amounts payable | 17/49 | €789,027 | €379,612 | -€409,415 | -51.9% |
| Amounts payable after more than one year | 17 | €510,748 | €78,816 | -€431,932 | -84.6% |
| Financial debts | 170/4 | €510,748 | €78,816 | -€431,932 | -84.6% |
| Amounts payable within one year | 42/48 | €278,279 | €299,806 | +€21,527 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €136,029 | €150,541 | +€14,513 | +10.7% |
| Trade debts | 44 | €15,458 | €39,796 | +€24,338 | +157% |
| Suppliers | 440/4 | €15,458 | €39,796 | +€24,338 | +157% |
| Taxes, remuneration and social security | 45 | €364 | €59,243 | +€58,879 | +16,164% |
| Taxes | 450/3 | €364 | €59,243 | +€58,879 | +16,164% |
| Other amounts payable | 47/48 | €126,428 | €50,226 | -€76,202 | -60.3% |
| Accrued charges and deferred income | 492/3 | - | €989 | +€989 | |
| Non-recurring operating income | 76A | - | €763,204 | +€763,204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,919 | €184,367 | +€62,448 | +51.2% |
| Other operating charges | 640/8 | €22,736 | €47,331 | +€24,595 | +108% |
| Gross operating margin | 9900 | €66,647 | €806,426 | +€739,779 | +1,110% |
| Operating profit (loss) | 9901 | -€78,008 | €574,728 | +€652,736 | |
| Financial income | 75/76B | €8,150 | €8,312 | +€162 | +2.0% |
| Recurring financial income | 75 | €8,150 | €8,312 | +€162 | +2.0% |
| Financial charges | 65/66B | €21,068 | €43,854 | +€22,786 | +108% |
| Recurring financial charges | 65 | €21,068 | €43,854 | +€22,786 | +108% |
| Profit (loss) for the period before taxes | 9903 | -€90,926 | €539,186 | +€630,112 | |
| Transfer from deferred taxes | 780 | €14,105 | €16,158 | +€2,052 | +14.5% |
| Income taxes | 67/77 | - | €55,967 | +€55,967 | |
| Profit (loss) for the period | 9904 | -€76,820 | €499,377 | +€576,197 | |
| Transfer from tax-exempt reserves | 789 | €27,393 | €33,550 | +€6,156 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,427 | €532,927 | +€582,354 |
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 26 October 2026 via checked.be.