IMMOFAL: 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.
IMMOFAL
Largest movements
- Tangible fixed assets -€52,255
down €52,255 (-13.8%), from €378,855 to €326,600
of which Furniture and vehicles: -€37,653
- Cash +€13,459
up €13,459 (+307%), from €4,385 to €17,844
mainly Depreciation (+€63,930) and Other debts (+€24,994)
- Receivables within one year -€5,000
no longer reported in 2025 (was €5,000)
- Debts after one year -€66,696
down €66,696 (-52.9%), from €126,011 to €59,315
- Other debts +€24,994
up €24,994 (+35.1%), from €71,306 to €96,300
- Current portion of long-term debt +€8,244
up €8,244 (+14.1%), from €58,453 to €66,696
- Profit (loss) carried forward -€5,454
down €5,454 (-30.3%), from €18,010 to €12,556
- Reserves -€4,539
down €4,539 (-8.2%), from €55,282 to €50,743
of which Tax-exempt reserves: -€4,539
- Gross operating margin +€6,578
up €6,578 (+8.3%), from €79,272 to €85,851
- Depreciation +€6,358
up €6,358 (+11.0%), from €57,572 to €63,930
- Taxes +€6,173
up €6,173, from -€110 to €6,063
- Financial charges +€2,787
up €2,787 (+24.4%), from €11,442 to €14,229
- Other operating charges -€2,527
down €2,527 (-16.0%), from €15,824 to €13,297
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 | €393,769 | €349,360 | -€44,409 | -11.3% |
| Fixed assets | 21/28 | €378,855 | €326,600 | -€52,255 | -13.8% |
| Tangible fixed assets | 22/27 | €378,855 | €326,600 | -€52,255 | -13.8% |
| Land and buildings | 22 | €242,884 | €219,688 | -€23,195 | -9.5% |
| Plant, machinery and equipment | 23 | €1,161 | €1,172 | +€12 | +1.0% |
| Furniture and vehicles | 24 | €125,243 | €87,590 | -€37,653 | -30.1% |
| Other tangible fixed assets | 26 | €9,569 | €18,150 | +€8,581 | +89.7% |
| Current assets | 29/58 | €14,914 | €22,760 | +€7,846 | +52.6% |
| Amounts receivable within one year | 40/41 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €5,000 | - | -€5,000 | |
| Cash at bank and in hand | 54/58 | €4,385 | €17,844 | +€13,459 | +307% |
| Deferred charges and accrued income | 490/1 | €5,529 | €4,916 | -€613 | -11.1% |
| Total equity and liabilities | 10/49 | €393,769 | €349,360 | -€44,409 | -11.3% |
| Equity | 10/15 | €93,292 | €83,299 | -€9,993 | -10.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €55,282 | €50,743 | -€4,539 | -8.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,282 | €22,743 | -€4,539 | -16.6% |
| Distributable reserves | 133 | €26,000 | €26,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,010 | €12,556 | -€5,454 | -30.3% |
| Provisions and deferred taxes | 16 | €41,439 | €39,768 | -€1,671 | -4.0% |
| Provisions for liabilities and charges | 160/5 | €27,350 | €27,350 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,350 | €27,350 | = | 0.0% |
| Deferred taxes | 168 | €14,089 | €12,418 | -€1,671 | -11.9% |
| Amounts payable | 17/49 | €259,038 | €226,293 | -€32,745 | -12.6% |
| Amounts payable after more than one year | 17 | €126,011 | €59,315 | -€66,696 | -52.9% |
| Financial debts | 170/4 | €126,011 | €59,315 | -€66,696 | -52.9% |
| Amounts payable within one year | 42/48 | €130,767 | €166,978 | +€36,211 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €58,453 | €66,696 | +€8,244 | +14.1% |
| Trade debts | 44 | €876 | €2,052 | +€1,176 | +134% |
| Suppliers | 440/4 | €876 | €2,052 | +€1,176 | +134% |
| Taxes, remuneration and social security | 45 | €131 | €1,930 | +€1,798 | +1,367% |
| Taxes | 450/3 | €131 | €1,930 | +€1,798 | +1,367% |
| Other amounts payable | 47/48 | €71,306 | €96,300 | +€24,994 | +35.1% |
| Accrued charges and deferred income | 492/3 | €2,260 | €0 | -€2,260 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,572 | €63,930 | +€6,358 | +11.0% |
| Other operating charges | 640/8 | €15,824 | €13,297 | -€2,527 | -16.0% |
| Gross operating margin | 9900 | €79,272 | €85,851 | +€6,578 | +8.3% |
| Operating profit (loss) | 9901 | €5,876 | €8,623 | +€2,747 | +46.8% |
| Financial income | 75/76B | €6 | €5 | -€1 | -19.4% |
| Recurring financial income | 75 | €6 | €5 | -€1 | -19.4% |
| Financial charges | 65/66B | €11,442 | €14,229 | +€2,787 | +24.4% |
| Recurring financial charges | 65 | €11,442 | €14,229 | +€2,787 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,560 | -€5,601 | -€41 | -0.7% |
| Transfer from deferred taxes | 780 | €1,671 | €1,671 | = | 0.0% |
| Income taxes | 67/77 | -€110 | €6,063 | +€6,173 | |
| Profit (loss) for the period | 9904 | -€3,779 | -€9,993 | -€6,214 | -164% |
| Transfer from tax-exempt reserves | 789 | €4,539 | €4,539 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €760 | -€5,454 | -€6,214 |
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 19 October 2026 via checked.be.