IMMOLA: 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
IMMOLA
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
-€5,531
2024 · €8,974-€14,505
Equity
€2.4m
2024 · €2.4m-€5,531
Cash
€30,650
2024 · €111,967-€81,317
Balance sheet total
€3.8m
2024 · €3.5m+€324,858
Largest movements
Assets
- Tangible fixed assets +€415,953
up €415,953 (+13.9%), from €3.0m to €3.4m
of which Land and buildings: +€423,324
- Cash -€81,317
down €81,317 (-72.6%), from €111,967 to €30,650
mainly Investment in fixed assets (net) (-€576,370) and Receivables within one year (-€6,092)
Equity and liabilities
- Debts after one year +€325,938
up €325,938 (+47.6%), from €684,821 to €1.0m
of which Financial debts: +€326,153
Income statement
- Depreciation +€10,175
up €10,175 (+6.8%), from €150,242 to €160,417
- Other operating charges +€7,822
up €7,822 (+15.9%), from €49,261 to €57,083
- Gross operating margin +€5,409
up €5,409 (+2.3%), from €239,818 to €245,227
- Taxes -€3,315
down €3,315 (-19.7%), from €16,839 to €13,524
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
€8,974
Gross operating margin
+€5,409
Depreciation
-€10,175
Other operating charges
-€7,822
Other operating items
-€6,314
Financial income
+€203
Financial charges
-€989
Taxes
+€3,315
Deferred taxes and other
+€1,868
Result 2025
-€5,531
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
+€153,799
Investment
-€565,328
Financing
+€330,212
Cash 2024
€111,967
From operations (derived)
+€153,799
Net result for the year
-€5,531
Depreciation
+€160,417
Receivables within one year
-€6,092
Deferred charges and accrued income
+€4,828
Provisions
-€4,406
Trade debts
+€1,459
Tax, wage and social debts
+€3,825
Accrued charges and deferred income
-€701
Investment (derived)
-€565,328
Investment in fixed assets (net)
-€576,370
Current investments
+€11,042
Financing
+€330,212
Debts after one year
+€325,938
Current portion of long-term debt
+€4,369
Short-term financial debts
-€95
Cash 2025
€30,650
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,506,687 | €3,831,544 | +€324,858 | +9.3% |
| Fixed assets | 21/28 | €2,982,780 | €3,398,733 | +€415,953 | +13.9% |
| Tangible fixed assets | 22/27 | €2,982,780 | €3,398,733 | +€415,953 | +13.9% |
| Land and buildings | 22 | €2,956,368 | €3,379,692 | +€423,324 | +14.3% |
| Furniture and vehicles | 24 | €26,412 | €19,041 | -€7,371 | -27.9% |
| Current assets | 29/58 | €523,907 | €432,812 | -€91,095 | -17.4% |
| Amounts receivable after more than one year | 29 | €117 | €117 | = | 0.0% |
| Trade receivables | 290 | €117 | €117 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,228 | €33,320 | +€6,092 | +22.4% |
| Trade receivables | 40 | €19,461 | €26,360 | +€6,899 | +35.4% |
| Other amounts receivable | 41 | €7,767 | €6,960 | -€807 | -10.4% |
| Current investments | 50/53 | €362,681 | €351,639 | -€11,042 | -3.0% |
| Cash at bank and in hand | 54/58 | €111,967 | €30,650 | -€81,317 | -72.6% |
| Deferred charges and accrued income | 490/1 | €21,913 | €17,085 | -€4,828 | -22.0% |
| Total equity and liabilities | 10/49 | €3,506,687 | €3,831,544 | +€324,858 | +9.3% |
| Equity | 10/15 | €2,407,654 | €2,402,123 | -€5,531 | -0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,180,000 | €1,180,000 | = | 0.0% |
| Reserves | 13 | €1,165,654 | €1,160,123 | -€5,531 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €494,551 | €485,605 | -€8,946 | -1.8% |
| Distributable reserves | 133 | €664,903 | €668,319 | +€3,415 | +0.5% |
| Provisions and deferred taxes | 16 | €243,585 | €239,178 | -€4,406 | -1.8% |
| Deferred taxes | 168 | €243,585 | €239,178 | -€4,406 | -1.8% |
| Amounts payable | 17/49 | €855,448 | €1,190,243 | +€334,795 | +39.1% |
| Amounts payable after more than one year | 17 | €684,821 | €1,010,759 | +€325,938 | +47.6% |
| Financial debts | 170/4 | €484,847 | €811,000 | +€326,153 | +67.3% |
| Other amounts payable | 178/9 | €199,974 | €199,759 | -€215 | -0.1% |
| Amounts payable within one year | 42/48 | €169,050 | €178,608 | +€9,558 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €147,706 | €152,076 | +€4,369 | +3.0% |
| Financial debts | 43 | €14,494 | €14,399 | -€95 | -0.7% |
| Credit institutions | 430/8 | €14,494 | €14,399 | -€95 | -0.7% |
| Trade debts | 44 | €4,294 | €5,754 | +€1,459 | +34.0% |
| Suppliers | 440/4 | €4,294 | €5,754 | +€1,459 | +34.0% |
| Taxes, remuneration and social security | 45 | €2,556 | €6,381 | +€3,825 | +150% |
| Taxes | 450/3 | €2,556 | €6,381 | +€3,825 | +150% |
| Accrued charges and deferred income | 492/3 | €1,576 | €875 | -€701 | -44.5% |
| Non-recurring operating income | 76A | €9,280 | €96,524 | +€87,244 | +940% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,242 | €160,417 | +€10,175 | +6.8% |
| Other operating charges | 640/8 | €49,261 | €57,083 | +€7,822 | +15.9% |
| Non-recurring operating charges | 66A | €179 | €6,493 | +€6,314 | +3,528% |
| Gross operating margin | 9900 | €239,818 | €245,227 | +€5,409 | +2.3% |
| Operating profit (loss) | 9901 | €40,136 | €21,234 | -€18,902 | -47.1% |
| Financial income | 75/76B | €2,235 | €2,438 | +€203 | +9.1% |
| Recurring financial income | 75 | €2,235 | €2,438 | +€203 | +9.1% |
| Financial charges | 65/66B | €19,096 | €20,085 | +€989 | +5.2% |
| Recurring financial charges | 65 | €18,890 | €20,085 | +€1,196 | +6.3% |
| Non-recurring financial charges | 66B | €207 | - | -€207 | |
| Profit (loss) for the period before taxes | 9903 | €23,274 | €3,587 | -€19,688 | -84.6% |
| Transfer from deferred taxes | 780 | €2,538 | €4,406 | +€1,868 | +73.6% |
| Income taxes | 67/77 | €16,839 | €13,524 | -€3,315 | -19.7% |
| Profit (loss) for the period | 9904 | €8,974 | -€5,531 | -€14,505 | |
| Transfer from tax-exempt reserves | 789 | €5,154 | €8,946 | +€3,793 | +73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,127 | €3,415 | -€10,712 | -75.8% |
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 14 October 2026 via checked.be.