ImmoMAP: 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
ImmoMAP
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €667,944+€383,635
Equity
€4.0m
2024 · €2.9m+€1.1m
Cash
€612,129
2024 · €1.1m-€495,527
Balance sheet total
€5.8m
2024 · €5.2m+€666,810
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+30.5%), from €4.0m to €5.2m
of which Land and buildings: +€2.2m
- Cash -€495,527
down €495,527 (-44.7%), from €1.1m to €612,129
mainly Investment in fixed assets (net) (-€1.5m) and Other debts (-€604,727)
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+67.3%), from €1.6m to €2.6m
of which Tax-exempt reserves: +€864,143
- Other debts -€604,727
down €604,727 (-36.1%), from €1.7m to €1.1m
- Debts after one year +€155,112
up €155,112 (+48.4%), from €320,224 to €475,336
of which Financial debts: +€156,769
- Investment grants +€65,781
up €65,781 (+576.4%), from €11,411 to €77,192
Income statement
- Gross operating margin +€429,068
up €429,068 (+37.1%), from €1.2m to €1.6m
- Taxes +€51,125
up €51,125 (+150.7%), from €33,923 to €85,048
- Depreciation +€35,041
up €35,041 (+15.0%), from €232,857 to €267,898
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
€667,944
Gross operating margin
+€429,068
Depreciation
-€35,041
Other operating charges
+€1,553
Other operating items
+€58,668
Financial income
-€5,808
Financial charges
-€11,692
Taxes
-€51,125
Deferred taxes and other
-€1,989
Result 2025
€1.1m
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
+€729,993
Investment
-€1.5m
Financing
+€253,783
Cash 2024
€1.1m
From operations (derived)
+€729,993
Net result for the year
+€1.1m
Depreciation
+€267,898
Receivables within one year
+€49,687
Smaller working-capital items
-€4,920
Tax, wage and social debts
-€29,523
Other debts
-€604,727
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€253,783
Debts after one year
+€155,112
Current portion of long-term debt
+€32,890
Contributions, distributions and other
+€65,781
Cash 2025
€612,129
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,162,290 | €5,829,100 | +€666,810 | +12.9% |
| Fixed assets | 21/28 | €3,970,849 | €5,182,255 | +€1.2m | +30.5% |
| Tangible fixed assets | 22/27 | €3,970,849 | €5,182,255 | +€1.2m | +30.5% |
| Land and buildings | 22 | €2,350,264 | €4,577,361 | +€2.2m | +94.8% |
| Plant, machinery and equipment | 23 | €544 | €3,234 | +€2,690 | +494.5% |
| Furniture and vehicles | 24 | €1,687 | €11,012 | +€9,325 | +552.6% |
| Leasing and similar rights | 25 | €9,467 | €2,004 | -€7,463 | -78.8% |
| Other tangible fixed assets | 26 | €1,608,886 | €588,644 | -€1.0m | -63.4% |
| Current assets | 29/58 | €1,191,441 | €646,845 | -€544,596 | -45.7% |
| Amounts receivable within one year | 40/41 | €58,920 | €9,233 | -€49,687 | -84.3% |
| Trade receivables | 40 | €2,843 | €9,233 | +€6,390 | +224.8% |
| Other amounts receivable | 41 | €56,077 | - | -€56,077 | |
| Cash at bank and in hand | 54/58 | €1,107,656 | €612,129 | -€495,527 | -44.7% |
| Deferred charges and accrued income | 490/1 | €24,865 | €25,483 | +€618 | +2.5% |
| Total equity and liabilities | 10/49 | €5,162,290 | €5,829,100 | +€666,810 | +12.9% |
| Equity | 10/15 | €2,926,540 | €4,043,899 | +€1.1m | +38.2% |
| Contributions | 10/11 | €427,043 | €427,043 | = | 0.0% |
| Capital | 10 | €427,043 | €427,043 | = | 0.0% |
| Issued capital | 100 | €427,043 | €427,043 | = | 0.0% |
| Reserves | 13 | €1,563,532 | €2,615,075 | +€1.1m | +67.3% |
| Non-distributable reserves | 130/1 | €63,036 | €63,036 | = | 0.0% |
| Legal reserve | 130 | €63,036 | €63,036 | = | 0.0% |
| Tax-exempt reserves | 132 | €523,398 | €1,387,542 | +€864,143 | +165.1% |
| Distributable reserves | 133 | €977,098 | €1,164,498 | +€187,400 | +19.2% |
| Profit (loss) carried forward | 14 | €924,554 | €924,589 | +€35 | 0.0% |
| Investment grants | 15 | €11,411 | €77,192 | +€65,781 | +576.4% |
| Provisions and deferred taxes | 16 | €8,714 | €6,424 | -€2,290 | -26.3% |
| Deferred taxes | 168 | €8,714 | €6,424 | -€2,290 | -26.3% |
| Amounts payable | 17/49 | €2,227,036 | €1,778,777 | -€448,259 | -20.1% |
| Amounts payable after more than one year | 17 | €320,224 | €475,336 | +€155,112 | +48.4% |
| Financial debts | 170/4 | €317,374 | €474,143 | +€156,769 | +49.4% |
| Other amounts payable | 178/9 | €2,850 | €1,194 | -€1,656 | -58.1% |
| Amounts payable within one year | 42/48 | €1,905,031 | €1,301,570 | -€603,460 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €144,780 | €177,671 | +€32,890 | +22.7% |
| Trade debts | 44 | €28,005 | €25,904 | -€2,101 | -7.5% |
| Suppliers | 440/4 | €28,005 | €25,904 | -€2,101 | -7.5% |
| Taxes, remuneration and social security | 45 | €58,850 | €29,327 | -€29,523 | -50.2% |
| Taxes | 450/3 | €58,850 | €29,327 | -€29,523 | -50.2% |
| Other amounts payable | 47/48 | €1,673,396 | €1,068,668 | -€604,727 | -36.1% |
| Accrued charges and deferred income | 492/3 | €1,782 | €1,871 | +€89 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,857 | €267,898 | +€35,041 | +15.0% |
| Other operating charges | 640/8 | €106,430 | €104,877 | -€1,553 | -1.5% |
| Non-recurring operating charges | 66A | €58,668 | - | -€58,668 | |
| Gross operating margin | 9900 | €1,157,376 | €1,586,444 | +€429,068 | +37.1% |
| Operating profit (loss) | 9901 | €759,420 | €1,213,669 | +€454,249 | +59.8% |
| Financial income | 75/76B | €16,154 | €10,346 | -€5,808 | -36.0% |
| Recurring financial income | 75 | €16,154 | €10,346 | -€5,808 | -36.0% |
| Financial charges | 65/66B | €77,986 | €89,678 | +€11,692 | +15.0% |
| Recurring financial charges | 65 | €77,986 | €89,678 | +€11,692 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €697,588 | €1,134,337 | +€436,748 | +62.6% |
| Transfer from deferred taxes | 780 | €4,279 | €2,290 | -€1,989 | -46.5% |
| Income taxes | 67/77 | €33,923 | €85,048 | +€51,125 | +150.7% |
| Profit (loss) for the period | 9904 | €667,944 | €1,051,579 | +€383,635 | +57.4% |
| Transfer from tax-exempt reserves | 789 | €23,998 | €51,386 | +€27,388 | +114.1% |
| Transfer to tax-exempt reserves | 689 | €516,407 | €915,529 | +€399,123 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €175,536 | €187,435 | +€11,900 | +6.8% |
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 12 October 2026 via checked.be.