IMMOFIN: what changed
Two fiscal 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
IMMOFIN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€172,415
2024 · €151,879-€324,295
Equity
€1.8m
2024 · €2.0m-€172,415
Cash
€16,442
2024 · €5,701+€10,741
Balance sheet total
€7.8m
2024 · €8.0m-€219,555
Largest movements
Assets
- Tangible fixed assets -€390,440
down €390,440 (-6.9%), from €5.7m to €5.3m
of which Land and buildings: -€322,005
- Receivables within one year +€123,200
up €123,200 (+39.6%), from €311,180 to €434,380
of which Other amounts receivable: +€128,742
Equity and liabilities
- Debts after one year -€643,092
down €643,092 (-15.7%), from €4.1m to €3.5m
of which Financial debts: -€643,092
- Other debts +€484,091
up €484,091 (+136.8%), from €353,854 to €837,945
- Profit (loss) carried forward -€105,065
down €105,065 (-31.4%), from €334,094 to €229,029
- Current portion of long-term debt +€99,319
up €99,319 (+15.4%), from €643,962 to €743,281
Income statement
- Taxes -€89,885
no longer reported in 2025 (was €89,885)
- Gross operating margin +€72,563
up €72,563 (+8.1%), from €897,524 to €970,087
- Other operating charges +€37,678
up €37,678 (+42.7%), from €88,182 to €125,861
- Financial charges -€33,126
down €33,126 (-20.2%), from €163,914 to €130,788
- Depreciation -€12,932
down €12,932 (-3.1%), from €421,476 to €408,544
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
€151,879
Gross operating margin
+€72,563
Depreciation
+€12,932
Other operating charges
-€37,678
Other operating items
-€493,550
Financial income
+€241
Financial charges
+€33,126
Taxes
+€89,885
Deferred taxes and other
-€1,813
Result 2025
-€172,415
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
+€486,912
Investment
-€12,269
Financing
-€463,902
Cash 2024
€5,701
From operations (derived)
+€486,912
Net result for the year
-€172,415
Depreciation
+€408,544
Receivables after one year
-€28,534
Receivables within one year
-€123,200
Deferred charges and accrued income
-€14,245
Provisions
-€22,450
Trade debts
-€18,847
Tax, wage and social debts
-€28,500
Other debts
+€484,091
Accrued charges and deferred income
+€2,469
Investment (derived)
-€12,269
Investment in fixed assets (net)
-€12,269
Financing
-€463,902
Debts after one year
-€643,092
Current portion of long-term debt
+€99,319
Short-term financial debts
+€79,871
Cash 2025
€16,442
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,006,641 | €7,787,086 | -€219,555 | -2.7% |
| Formation expenses | 20 | €649 | €548 | -€101 | -15.5% |
| Fixed assets | 21/28 | €6,818,330 | €6,422,156 | -€396,175 | -5.8% |
| Intangible fixed assets | 21 | €23,357 | €17,622 | -€5,735 | -24.6% |
| Tangible fixed assets | 22/27 | €5,692,389 | €5,301,950 | -€390,440 | -6.9% |
| Land and buildings | 22 | €5,380,673 | €5,058,668 | -€322,005 | -6.0% |
| Plant, machinery and equipment | 23 | €301,423 | €237,567 | -€63,857 | -21.2% |
| Furniture and vehicles | 24 | €10,294 | €5,715 | -€4,578 | -44.5% |
| Financial fixed assets | 28 | €1,102,584 | €1,102,584 | = | 0.0% |
| Current assets | 29/58 | €1,187,662 | €1,364,382 | +€176,721 | +14.9% |
| Amounts receivable after more than one year | 29 | €836,443 | €864,977 | +€28,534 | +3.4% |
| Other amounts receivable | 291 | €836,443 | €864,977 | +€28,534 | +3.4% |
| Amounts receivable within one year | 40/41 | €311,180 | €434,380 | +€123,200 | +39.6% |
| Trade receivables | 40 | €16,614 | €11,071 | -€5,543 | -33.4% |
| Other amounts receivable | 41 | €294,566 | €423,309 | +€128,742 | +43.7% |
| Cash at bank and in hand | 54/58 | €5,701 | €16,442 | +€10,741 | +188.4% |
| Deferred charges and accrued income | 490/1 | €34,337 | €48,583 | +€14,245 | +41.5% |
| Total equity and liabilities | 10/49 | €8,006,641 | €7,787,086 | -€219,555 | -2.7% |
| Equity | 10/15 | €2,009,892 | €1,837,477 | -€172,415 | -8.6% |
| Contributions | 10/11 | €61,503 | €61,503 | = | 0.0% |
| Capital | 10 | €61,503 | €61,503 | = | 0.0% |
| Issued capital | 100 | €61,503 | €61,503 | = | 0.0% |
| Revaluation surpluses | 12 | €420,819 | €405,519 | -€15,300 | -3.6% |
| Reserves | 13 | €1,193,476 | €1,141,425 | -€52,051 | -4.4% |
| Non-distributable reserves | 130/1 | €28,000 | €28,000 | = | 0.0% |
| Legal reserve | 130 | €28,000 | €28,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €739,295 | €671,945 | -€67,351 | -9.1% |
| Distributable reserves | 133 | €426,181 | €441,481 | +€15,300 | +3.6% |
| Profit (loss) carried forward | 14 | €334,094 | €229,029 | -€105,065 | -31.4% |
| Provisions and deferred taxes | 16 | €246,432 | €223,982 | -€22,450 | -9.1% |
| Deferred taxes | 168 | €246,432 | €223,982 | -€22,450 | -9.1% |
| Amounts payable | 17/49 | €5,750,317 | €5,725,628 | -€24,690 | -0.4% |
| Amounts payable after more than one year | 17 | €4,107,426 | €3,464,334 | -€643,092 | -15.7% |
| Financial debts | 170/4 | €4,021,990 | €3,378,898 | -€643,092 | -16.0% |
| Other amounts payable | 178/9 | €85,436 | €85,436 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,511,101 | €2,127,034 | +€615,934 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €643,962 | €743,281 | +€99,319 | +15.4% |
| Financial debts | 43 | €200,000 | €279,871 | +€79,871 | +39.9% |
| Credit institutions | 430/8 | €200,000 | €279,871 | +€79,871 | +39.9% |
| Trade debts | 44 | €141,941 | €123,093 | -€18,847 | -13.3% |
| Suppliers | 440/4 | €141,941 | €123,093 | -€18,847 | -13.3% |
| Taxes, remuneration and social security | 45 | €171,343 | €142,843 | -€28,500 | -16.6% |
| Taxes | 450/3 | €171,343 | €142,843 | -€28,500 | -16.6% |
| Other amounts payable | 47/48 | €353,854 | €837,945 | +€484,091 | +136.8% |
| Accrued charges and deferred income | 492/3 | €131,791 | €134,260 | +€2,469 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €421,476 | €408,544 | -€12,932 | -3.1% |
| Other operating charges | 640/8 | €88,182 | €125,861 | +€37,678 | +42.7% |
| Non-recurring operating charges | 66A | €6,450 | €500,000 | +€493,550 | +7651.9% |
| Gross operating margin | 9900 | €897,524 | €970,087 | +€72,563 | +8.1% |
| Operating profit (loss) | 9901 | €381,416 | -€64,318 | -€445,734 | |
| Financial income | 75/76B | €0 | €241 | +€241 | +1205250.0% |
| Recurring financial income | 75 | €0 | €241 | +€241 | +1205250.0% |
| Financial charges | 65/66B | €163,914 | €130,788 | -€33,126 | -20.2% |
| Recurring financial charges | 65 | €163,914 | €130,788 | -€33,126 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €217,501 | -€194,865 | -€412,367 | |
| Transfer from deferred taxes | 780 | €24,263 | €22,450 | -€1,813 | -7.5% |
| Income taxes | 67/77 | €89,885 | - | -€89,885 | |
| Profit (loss) for the period | 9904 | €151,879 | -€172,415 | -€324,295 | |
| Transfer from tax-exempt reserves | 789 | €72,789 | €67,351 | -€5,438 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €224,668 | -€105,065 | -€329,733 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.