Immocena: 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
Immocena
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6,757
2024 · -€8,803+€2,046
Equity
€2.6m
2024 · €2.6m-€2,989
Cash
€639
2024 · €8,835-€8,195
Balance sheet total
€6.9m
2024 · €7.1m-€121,495
Largest movements
Assets
- Tangible fixed assets -€235,815
down €235,815 (-4.6%), from €5.2m to €4.9m
of which Land and buildings: -€236,346
- Receivables within one year +€120,942
up €120,942 (+23.3%), from €519,474 to €640,416
of which Other amounts receivable: +€120,573
Equity and liabilities
- Debts after one year -€283,938
down €283,938 (-9.4%), from €3.0m to €2.7m
- Reserves -€110,211
down €110,211 (-4.6%), from €2.4m to €2.3m
of which Tax-exempt reserves: -€110,211
- Other debts +€103,957
up €103,957 (+94.8%), from €109,616 to €213,574
- Profit (loss) carried forward +€103,454
up €103,454 (+235.4%), from €43,949 to €147,403
Income statement
- Financial charges -€32,692
down €32,692 (-21.7%), from €150,391 to €117,700
- Gross operating margin -€19,921
down €19,921 (-4.7%), from €428,371 to €408,450
- Taxes +€19,555
up €19,555 (+48.0%), from €40,749 to €60,305
- Staff costs -€10,105
down €10,105, from €9,600 to -€505
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
-€8,803
Gross operating margin
-€19,921
Staff costs
+€10,105
Depreciation
+€900
Other operating charges
-€2,589
Financial income
+€414
Financial charges
+€32,692
Taxes
-€19,555
Result 2025
-€6,757
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
+€283,587
Investment
-€16,722
Financing
-€275,061
Cash 2024
€8,835
From operations (derived)
+€283,587
Net result for the year
-€6,757
Depreciation
+€252,536
Receivables within one year
-€120,942
Deferred charges and accrued income
-€1,572
Provisions
-€37,861
Trade debts
+€42,326
Tax, wage and social debts
+€12,979
Advances received
+€42,000
Other debts
+€103,957
Accrued charges and deferred income
-€3,080
Investment (derived)
-€16,722
Investment in fixed assets (net)
-€16,722
Financing
-€275,061
Debts after one year
-€283,938
Current portion of long-term debt
+€5,109
Contributions, distributions and other
+€3,768
Cash 2025
€639
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,051,706 | €6,930,211 | -€121,495 | -1.7% |
| Fixed assets | 21/28 | €6,516,076 | €6,280,261 | -€235,815 | -3.6% |
| Tangible fixed assets | 22/27 | €5,154,481 | €4,918,666 | -€235,815 | -4.6% |
| Land and buildings | 22 | €5,092,134 | €4,855,788 | -€236,346 | -4.6% |
| Furniture and vehicles | 24 | €16,075 | €8,131 | -€7,944 | -49.4% |
| Other tangible fixed assets | 26 | €46,272 | €54,747 | +€8,475 | +18.3% |
| Financial fixed assets | 28 | €1,361,595 | €1,361,595 | = | 0.0% |
| Current assets | 29/58 | €535,630 | €649,950 | +€114,320 | +21.3% |
| Amounts receivable within one year | 40/41 | €519,474 | €640,416 | +€120,942 | +23.3% |
| Trade receivables | 40 | €5,436 | €5,806 | +€370 | +6.8% |
| Other amounts receivable | 41 | €514,037 | €634,610 | +€120,573 | +23.5% |
| Cash at bank and in hand | 54/58 | €8,835 | €639 | -€8,195 | -92.8% |
| Deferred charges and accrued income | 490/1 | €7,322 | €8,894 | +€1,572 | +21.5% |
| Total equity and liabilities | 10/49 | €7,051,706 | €6,930,211 | -€121,495 | -1.7% |
| Equity | 10/15 | €2,574,272 | €2,571,283 | -€2,989 | -0.1% |
| Contributions | 10/11 | €156,175 | €156,175 | = | 0.0% |
| Capital | 10 | €156,175 | €156,175 | = | 0.0% |
| Issued capital | 100 | €156,175 | €156,175 | = | 0.0% |
| Reserves | 13 | €2,374,149 | €2,263,938 | -€110,211 | -4.6% |
| Non-distributable reserves | 130/1 | €15,615 | €15,615 | = | 0.0% |
| Legal reserve | 130 | €15,615 | €15,615 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,358,533 | €2,248,322 | -€110,211 | -4.7% |
| Profit (loss) carried forward | 14 | €43,949 | €147,403 | +€103,454 | +235.4% |
| Investment grants | 15 | - | €3,768 | +€3,768 | |
| Provisions and deferred taxes | 16 | €815,244 | €777,383 | -€37,861 | -4.6% |
| Deferred taxes | 168 | €815,244 | €777,383 | -€37,861 | -4.6% |
| Amounts payable | 17/49 | €3,662,190 | €3,581,544 | -€80,646 | -2.2% |
| Amounts payable after more than one year | 17 | €3,010,532 | €2,726,594 | -€283,938 | -9.4% |
| Financial debts | 170/4 | €3,010,532 | €2,726,594 | -€283,938 | -9.4% |
| Amounts payable within one year | 42/48 | €570,481 | €776,852 | +€206,371 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €278,834 | €283,942 | +€5,109 | +1.8% |
| Trade debts | 44 | €102,984 | €145,310 | +€42,326 | +41.1% |
| Suppliers | 440/4 | €102,984 | €145,310 | +€42,326 | +41.1% |
| Advances received on contracts in progress | 46 | - | €42,000 | +€42,000 | |
| Taxes, remuneration and social security | 45 | €79,047 | €92,026 | +€12,979 | +16.4% |
| Taxes | 450/3 | €78,111 | €92,026 | +€13,915 | +17.8% |
| Remuneration and social security | 454/9 | €936 | - | -€936 | |
| Other amounts payable | 47/48 | €109,616 | €213,574 | +€103,957 | +94.8% |
| Accrued charges and deferred income | 492/3 | €81,177 | €78,097 | -€3,080 | -3.8% |
| Non-recurring operating income | 76A | - | €3,458 | +€3,458 | |
| Remuneration, social security and pensions | 62 | €9,600 | -€505 | -€10,105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,437 | €252,536 | -€900 | -0.4% |
| Other operating charges | 640/8 | €20,881 | €23,470 | +€2,589 | +12.4% |
| Gross operating margin | 9900 | €428,371 | €408,450 | -€19,921 | -4.7% |
| Operating profit (loss) | 9901 | €144,454 | €132,949 | -€11,504 | -8.0% |
| Financial income | 75/76B | €23 | €437 | +€414 | +1823.1% |
| Recurring financial income | 75 | €23 | €437 | +€414 | +1823.1% |
| Financial charges | 65/66B | €150,391 | €117,700 | -€32,692 | -21.7% |
| Recurring financial charges | 65 | €150,391 | €117,700 | -€32,692 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,915 | €15,687 | +€21,601 | |
| Transfer from deferred taxes | 780 | €37,861 | €37,861 | = | 0.0% |
| Income taxes | 67/77 | €40,749 | €60,305 | +€19,555 | +48.0% |
| Profit (loss) for the period | 9904 | -€8,803 | -€6,757 | +€2,046 | +23.2% |
| Transfer from tax-exempt reserves | 789 | €110,211 | €110,211 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €101,408 | €103,454 | +€2,046 | +2.0% |
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 12 October 2026 via checked.be.