IMMOCOV: 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
IMMOCOV
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
€1.1m
2024 · €217,277+€902,194
Equity
€22.9m
2024 · €23.8m-€945,798
Cash
€57,158
2024 · €28,398+€28,760
Balance sheet total
€27.1m
2024 · €28.0m-€852,322
Largest movements
Assets
- Tangible fixed assets -€1.8m
down €1.8m (-6.8%), from €26.5m to €24.7m
of which Land and buildings: -€1.7m
- Financial fixed assets +€930,114
up €930,114 (+69.5%), from €1.3m to €2.3m
Equity and liabilities
- Revaluation surpluses -€2.1m
down €2.1m (-11.5%), from €18.0m to €15.9m
- Reserves +€1.1m
up €1.1m (+35.6%), from €3.1m to €4.3m
of which Tax-exempt reserves: +€699,267
Income statement
- Gross operating margin +€1.2m
up €1.2m (+121%), from €999,049 to €2.2m
- Depreciation +€63,163
up €63,163 (+12.1%), from €523,467 to €586,631
- Other operating charges -€51,862
down €51,862 (-52.4%), from €98,929 to €47,068
- Taxes +€23,024
up €23,024 (+20.6%), from €111,803 to €134,827
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
€217,277
Gross operating margin
+€1.2m
Depreciation
-€63,163
Other operating charges
+€51,862
Financial income
-€1,242
Financial charges
+€11,760
Taxes
-€23,024
Deferred taxes and other
-€286,626
Result 2025
€1.1m
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
+€2.0m
Investment
+€271,666
Financing
-€2.3m
Cash 2024
€28,398
From operations (derived)
+€2.0m
Net result for the year
+€1.1m
Depreciation
+€586,631
Receivables after one year
-€10,032
Receivables within one year
+€33,470
Smaller working-capital items
-€290
Provisions
+€246,978
Trade debts
+€55,214
Tax, wage and social debts
+€21,312
Other debts
-€7,545
Investment (derived)
+€271,666
Investment in fixed assets (net)
+€271,666
Financing
-€2.3m
Debts after one year
-€206,234
Current portion of long-term debt
-€16,611
Contributions, distributions and other
-€2.1m
Cash 2025
€57,158
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,956,750 | €27,104,428 | -€852,322 | -3.0% |
| Fixed assets | 21/28 | €27,789,539 | €26,931,243 | -€858,296 | -3.1% |
| Tangible fixed assets | 22/27 | €26,452,131 | €24,663,720 | -€1.8m | -6.8% |
| Land and buildings | 22 | €25,919,127 | €24,187,244 | -€1.7m | -6.7% |
| Plant, machinery and equipment | 23 | €384,505 | €340,009 | -€44,496 | -11.6% |
| Furniture and vehicles | 24 | €7,583 | €6,785 | -€798 | -10.5% |
| Other tangible fixed assets | 26 | €140,916 | €129,683 | -€11,233 | -8.0% |
| Financial fixed assets | 28 | €1,337,409 | €2,267,523 | +€930,114 | +69.5% |
| Current assets | 29/58 | €167,211 | €173,185 | +€5,974 | +3.6% |
| Amounts receivable after more than one year | 29 | - | €10,032 | +€10,032 | |
| Trade receivables | 290 | - | €10,032 | +€10,032 | |
| Amounts receivable within one year | 40/41 | €138,813 | €105,343 | -€33,470 | -24.1% |
| Trade receivables | 40 | €130,243 | €96,074 | -€34,169 | -26.2% |
| Other amounts receivable | 41 | €8,570 | €9,270 | +€699 | +8.2% |
| Cash at bank and in hand | 54/58 | €28,398 | €57,158 | +€28,760 | +101% |
| Deferred charges and accrued income | 490/1 | - | €651 | +€651 | |
| Total equity and liabilities | 10/49 | €27,956,750 | €27,104,428 | -€852,322 | -3.0% |
| Equity | 10/15 | €23,805,385 | €22,859,587 | -€945,798 | -4.0% |
| Contributions | 10/11 | €2,698,846 | €2,698,846 | = | 0.0% |
| Revaluation surpluses | 12 | €17,964,411 | €15,899,142 | -€2.1m | -11.5% |
| Reserves | 13 | €3,142,127 | €4,261,598 | +€1.1m | +35.6% |
| Non-distributable reserves | 130/1 | €11,742 | €11,742 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,742 | €11,742 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,610,669 | €2,309,936 | +€699,267 | +43.4% |
| Distributable reserves | 133 | €1,519,716 | €1,939,920 | +€420,204 | +27.7% |
| Provisions and deferred taxes | 16 | €453,450 | €700,428 | +€246,978 | +54.5% |
| Deferred taxes | 168 | €453,450 | €700,428 | +€246,978 | +54.5% |
| Amounts payable | 17/49 | €3,697,916 | €3,544,413 | -€153,503 | -4.2% |
| Amounts payable after more than one year | 17 | €3,319,999 | €3,113,765 | -€206,234 | -6.2% |
| Financial debts | 170/4 | €2,927,811 | €2,792,731 | -€135,079 | -4.6% |
| Other amounts payable | 178/9 | €392,188 | €321,033 | -€71,154 | -18.1% |
| Amounts payable within one year | 42/48 | €372,523 | €424,893 | +€52,370 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €300,268 | €283,657 | -€16,611 | -5.5% |
| Trade debts | 44 | €27,302 | €82,516 | +€55,214 | +202% |
| Suppliers | 440/4 | €27,302 | €82,516 | +€55,214 | +202% |
| Taxes, remuneration and social security | 45 | €33,841 | €55,153 | +€21,312 | +63.0% |
| Taxes | 450/3 | €33,841 | €55,153 | +€21,312 | +63.0% |
| Other amounts payable | 47/48 | €11,111 | €3,566 | -€7,545 | -67.9% |
| Accrued charges and deferred income | 492/3 | €5,394 | €5,755 | +€361 | +6.7% |
| Non-recurring operating income | 76A | €68,459 | €1,218,190 | +€1.1m | +1,679% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €523,467 | €586,631 | +€63,163 | +12.1% |
| Other operating charges | 640/8 | €98,929 | €47,068 | -€51,862 | -52.4% |
| Gross operating margin | 9900 | €999,049 | €2,211,677 | +€1.2m | +121% |
| Operating profit (loss) | 9901 | €376,652 | €1,577,979 | +€1.2m | +319% |
| Financial income | 75/76B | €29,993 | €28,751 | -€1,242 | -4.1% |
| Recurring financial income | 75 | €29,993 | €28,751 | -€1,242 | -4.1% |
| Financial charges | 65/66B | €117,214 | €105,454 | -€11,760 | -10.0% |
| Recurring financial charges | 65 | €117,214 | €105,454 | -€11,760 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €289,431 | €1,501,276 | +€1.2m | +419% |
| Transfer from deferred taxes | 780 | €39,648 | €54,734 | +€15,086 | +38.0% |
| Transfer to deferred taxes | 680 | - | €301,712 | +€301,712 | |
| Income taxes | 67/77 | €111,803 | €134,827 | +€23,024 | +20.6% |
| Profit (loss) for the period | 9904 | €217,277 | €1,119,471 | +€902,194 | +415% |
| Transfer from tax-exempt reserves | 789 | €118,945 | €164,202 | +€45,257 | +38.0% |
| Transfer to tax-exempt reserves | 689 | - | €905,136 | +€905,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €336,222 | €378,537 | +€42,315 | +12.6% |
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 17 October 2026 via checked.be.