IMMOF: 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.
IMMOF
Largest movements
- Tangible fixed assets -€61,727
down €61,727 (-5.0%), from €1.2m to €1.2m
of which Land and buildings: -€49,815
- Current portion of long-term debt -€70,500
down €70,500 (-86.8%), from €81,188 to €10,689
- Reserves +€35,015
up €35,015 (+2.8%), from €1.2m to €1.3m
of which Distributable reserves: +€55,957
- Other operating charges -€133,972
down €133,972 (-85.6%), from €156,450 to €22,479
- Gross operating margin +€12,015
up €12,015 (+9.8%), from €122,996 to €135,011
- Depreciation +€9,710
up €9,710 (+13.7%), from €71,082 to €80,792
- Taxes +€5,794
up €5,794 (+14,033%), from €41 to €5,835
- Financial charges -€2,967
down €2,967 (-55.4%), from €5,360 to €2,393
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 | €1,648,216 | €1,600,199 | -€48,016 | -2.9% |
| Fixed assets | 21/28 | €1,225,666 | €1,163,940 | -€61,727 | -5.0% |
| Tangible fixed assets | 22/27 | €1,225,666 | €1,163,940 | -€61,727 | -5.0% |
| Land and buildings | 22 | €1,172,408 | €1,122,593 | -€49,815 | -4.2% |
| Plant, machinery and equipment | 23 | €4,450 | €3,391 | -€1,059 | -23.8% |
| Furniture and vehicles | 24 | €48,809 | €37,956 | -€10,853 | -22.2% |
| Current assets | 29/58 | €422,549 | €436,260 | +€13,710 | +3.2% |
| Amounts receivable within one year | 40/41 | €200,000 | €210,000 | +€10,000 | +5.0% |
| Other amounts receivable | 41 | €200,000 | €210,000 | +€10,000 | +5.0% |
| Cash at bank and in hand | 54/58 | €220,467 | €224,144 | +€3,676 | +1.7% |
| Deferred charges and accrued income | 490/1 | €2,082 | €2,116 | +€34 | +1.6% |
| Total equity and liabilities | 10/49 | €1,648,216 | €1,600,199 | -€48,016 | -2.9% |
| Equity | 10/15 | €1,292,165 | €1,327,179 | +€35,015 | +2.7% |
| Contributions | 10/11 | €62,100 | €62,100 | = | 0.0% |
| Reserves | 13 | €1,230,021 | €1,265,036 | +€35,015 | +2.8% |
| Tax-exempt reserves | 132 | €354,353 | €333,410 | -€20,943 | -5.9% |
| Distributable reserves | 133 | €875,668 | €931,626 | +€55,957 | +6.4% |
| Profit (loss) carried forward | 14 | €43 | €43 | = | 0.0% |
| Provisions and deferred taxes | 16 | €182,464 | €171,680 | -€10,784 | -5.9% |
| Deferred taxes | 168 | €182,464 | €171,680 | -€10,784 | -5.9% |
| Amounts payable | 17/49 | €173,587 | €101,340 | -€72,247 | -41.6% |
| Amounts payable after more than one year | 17 | €38,174 | €27,486 | -€10,689 | -28.0% |
| Financial debts | 170/4 | €38,174 | €27,486 | -€10,689 | -28.0% |
| Amounts payable within one year | 42/48 | €127,735 | €62,817 | -€64,918 | -50.8% |
| Current portion of amounts payable after more than one year | 42 | €81,188 | €10,689 | -€70,500 | -86.8% |
| Trade debts | 44 | - | €333 | +€333 | |
| Suppliers | 440/4 | - | €333 | +€333 | |
| Taxes, remuneration and social security | 45 | €41 | €5,120 | +€5,079 | +12,337% |
| Taxes | 450/3 | €41 | €5,120 | +€5,079 | +12,337% |
| Other amounts payable | 47/48 | €46,505 | €46,676 | +€171 | +0.4% |
| Accrued charges and deferred income | 492/3 | €7,678 | €11,037 | +€3,359 | +43.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,082 | €80,792 | +€9,710 | +13.7% |
| Other operating charges | 640/8 | €156,450 | €22,479 | -€133,972 | -85.6% |
| Gross operating margin | 9900 | €122,996 | €135,011 | +€12,015 | +9.8% |
| Operating profit (loss) | 9901 | -€104,536 | €31,741 | +€136,277 | |
| Financial income | 75/76B | €1 | €2,384 | +€2,383 | +294,256% |
| Recurring financial income | 75 | €1 | €2,384 | +€2,383 | +294,256% |
| Financial charges | 65/66B | €5,360 | €2,393 | -€2,967 | -55.4% |
| Recurring financial charges | 65 | €5,360 | €2,393 | -€2,967 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | -€109,895 | €31,732 | +€141,627 | |
| Transfer from deferred taxes | 780 | €10,784 | €10,784 | = | 0.0% |
| Income taxes | 67/77 | €41 | €5,835 | +€5,794 | +14,033% |
| Profit (loss) for the period | 9904 | -€99,152 | €36,681 | +€135,833 | |
| Transfer from tax-exempt reserves | 789 | €20,943 | €20,943 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,210 | €57,623 | +€135,833 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.