IMMOCULATION: 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
IMMOCULATION
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
-€69,360
2024 · €236,157-€305,517
Equity
€463,763
2024 · €533,122-€69,360
Cash
€1,692
2024 · €1,012+€680
Balance sheet total
€2.9m
2024 · €2.9m-€35,462
Largest movements
Assets
- Receivables within one year -€52,381
down €52,381 (-38.0%), from €137,742 to €85,361
of which Trade receivables: -€51,971
Equity and liabilities
- Debts after one year +€442,000
up €442,000 (+27.2%), from €1.6m to €2.1m
- Other debts -€441,420
down €441,420 (-88.5%), from €498,598 to €57,178
- Profit (loss) carried forward -€69,057
down €69,057 (-23.6%), from -€292,379 to -€361,436
Income statement
- Gross operating margin -€602,520
down €602,520 (-75.2%), from €801,556 to €199,036
- Depreciation -€313,882
down €313,882 (-96.7%), from €324,656 to €10,774
- Financial charges +€126,298
up €126,298 (+216%), from €58,355 to €184,653
- Staff costs +€66,666
up €66,666 (+1,473%), from €4,526 to €71,192
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
€236,157
Gross operating margin
-€602,520
Staff costs
-€66,666
Depreciation
+€313,882
Other operating charges
+€1,324
Other operating items
+€2,782
Financial charges
-€126,298
Taxes
+€140
Deferred taxes and other
+€171,839
Result 2025
-€69,360
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
-€438,617
Investment
-€27,000
Financing
+€466,297
Cash 2024
€1,012
From operations (derived)
-€438,617
Net result for the year
-€69,360
Depreciation
+€10,774
Receivables within one year
+€52,381
Smaller working-capital items
-€113
Trade debts
-€18,121
Tax, wage and social debts
+€12,964
Other debts
-€441,420
Accrued charges and deferred income
+€14,279
Investment (derived)
-€27,000
Investment in fixed assets (net)
-€27,000
Financing
+€466,297
Debts after one year
+€442,000
Short-term financial debts
+€24,297
Cash 2025
€1,692
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,933,852 | €2,898,390 | -€35,462 | -1.2% |
| Fixed assets | 21/28 | €2,794,767 | €2,810,993 | +€16,226 | +0.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €2,760,964 | €2,777,191 | +€16,226 | +0.6% |
| Land and buildings | 22 | €2,710,401 | €2,736,847 | +€26,445 | +1.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €50,563 | €40,344 | -€10,219 | -20.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €33,803 | €33,803 | = | 0.0% |
| Current assets | 29/58 | €139,086 | €87,397 | -€51,689 | -37.2% |
| Amounts receivable within one year | 40/41 | €137,742 | €85,361 | -€52,381 | -38.0% |
| Trade receivables | 40 | €127,494 | €75,523 | -€51,971 | -40.8% |
| Other amounts receivable | 41 | €10,248 | €9,838 | -€410 | -4.0% |
| Cash at bank and in hand | 54/58 | €1,012 | €1,692 | +€680 | +67.2% |
| Deferred charges and accrued income | 490/1 | €332 | €344 | +€12 | +3.7% |
| Total equity and liabilities | 10/49 | €2,933,852 | €2,898,390 | -€35,462 | -1.2% |
| Equity | 10/15 | €533,122 | €463,763 | -€69,360 | -13.0% |
| Contributions | 10/11 | €305,750 | €305,750 | = | 0.0% |
| Reserves | 13 | €519,751 | €519,448 | -€303 | -0.1% |
| Non-distributable reserves | 130/1 | €4,537 | €0 | -€4,537 | -100% |
| Reserves not available under the articles | 1311 | €4,537 | €0 | -€4,537 | -100% |
| Tax-exempt reserves | 132 | €515,215 | €514,912 | -€303 | -0.1% |
| Distributable reserves | 133 | - | €4,537 | +€4,537 | |
| Profit (loss) carried forward | 14 | -€292,379 | -€361,436 | -€69,057 | -23.6% |
| Provisions and deferred taxes | 16 | €171,738 | €171,637 | -€101 | -0.1% |
| Deferred taxes | 168 | €171,738 | €171,637 | -€101 | -0.1% |
| Amounts payable | 17/49 | €2,228,992 | €2,262,990 | +€33,999 | +1.5% |
| Amounts payable after more than one year | 17 | €1,624,050 | €2,066,050 | +€442,000 | +27.2% |
| Financial debts | 170/4 | €1,624,050 | €2,066,050 | +€442,000 | +27.2% |
| Amounts payable within one year | 42/48 | €549,551 | €127,271 | -€422,280 | -76.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €24,297 | +€24,297 | |
| Credit institutions | 430/8 | - | €24,297 | +€24,297 | |
| Trade debts | 44 | €43,386 | €25,265 | -€18,121 | -41.8% |
| Suppliers | 440/4 | €43,386 | €25,265 | -€18,121 | -41.8% |
| Taxes, remuneration and social security | 45 | €7,567 | €20,531 | +€12,964 | +171% |
| Taxes | 450/3 | €3,641 | €8,038 | +€4,397 | +121% |
| Remuneration and social security | 454/9 | €3,926 | €12,493 | +€8,567 | +218% |
| Other amounts payable | 47/48 | €498,598 | €57,178 | -€441,420 | -88.5% |
| Accrued charges and deferred income | 492/3 | €55,391 | €69,670 | +€14,279 | +25.8% |
| Remuneration, social security and pensions | 62 | €4,526 | €71,192 | +€66,666 | +1,473% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,656 | €10,774 | -€313,882 | -96.7% |
| Other operating charges | 640/8 | €3,040 | €1,716 | -€1,324 | -43.6% |
| Non-recurring operating charges | 66A | €2,782 | €0 | -€2,782 | -100% |
| Gross operating margin | 9900 | €801,556 | €199,036 | -€602,520 | -75.2% |
| Operating profit (loss) | 9901 | €466,552 | €115,354 | -€351,198 | -75.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €58,355 | €184,653 | +€126,298 | +216% |
| Recurring financial charges | 65 | €58,355 | €184,653 | +€126,298 | +216% |
| Profit (loss) for the period before taxes | 9903 | €408,197 | -€69,299 | -€477,496 | |
| Transfer from deferred taxes | 780 | - | €101 | +€101 | |
| Transfer to deferred taxes | 680 | €171,738 | €0 | -€171,738 | -100% |
| Income taxes | 67/77 | €302 | €162 | -€140 | -46.3% |
| Profit (loss) for the period | 9904 | €236,157 | -€69,360 | -€305,517 | |
| Transfer from tax-exempt reserves | 789 | - | €303 | +€303 | |
| Transfer to tax-exempt reserves | 689 | €515,215 | €0 | -€515,215 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€279,058 | -€69,057 | +€210,001 | +75.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.