IMMOPAPE: 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.
IMMOPAPE
Largest movements
- Tangible fixed assets +€275,805
up €275,805 (+94.3%), from €292,519 to €568,324
of which Land and buildings: +€273,917
- Receivables within one year -€262,094
down €262,094 (-99.4%), from €263,703 to €1,609
of which Other amounts receivable: -€249,994
- Cash -€139,042
down €139,042 (-66.2%), from €209,997 to €70,956
mainly Investment in fixed assets (net) (-€336,326) and Contributions, distributions and other (-€331,195)
- Contributions -€248,187
down €248,187 (-44.0%), from €564,140 to €315,953
- Debts after one year +€228,537
new in 2025: €228,537
- Reserves -€129,103
down €129,103 (-68.5%), from €188,551 to €59,448
of which Distributable reserves: -€122,548
- Current portion of long-term debt +€21,463
new in 2025: €21,463
- Depreciation +€43,881
up €43,881 (+264%), from €16,640 to €60,521
- Gross operating margin -€8,873
down €8,873 (-32.4%), from €27,368 to €18,495
- Write-downs -€2,951
no longer reported in 2025 (was €2,951)
- Financial charges +€1,323
up €1,323 (+1,550%), from €85 to €1,409
- Other operating charges +€1,191
up €1,191 (+47.9%), from €2,487 to €3,678
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 | €766,219 | €641,638 | -€124,581 | -16.3% |
| Fixed assets | 21/28 | €292,519 | €568,324 | +€275,805 | +94.3% |
| Tangible fixed assets | 22/27 | €292,519 | €568,324 | +€275,805 | +94.3% |
| Land and buildings | 22 | €292,519 | €566,436 | +€273,917 | +93.6% |
| Plant, machinery and equipment | 23 | - | €1,888 | +€1,888 | |
| Current assets | 29/58 | €473,700 | €73,314 | -€400,386 | -84.5% |
| Amounts receivable within one year | 40/41 | €263,703 | €1,609 | -€262,094 | -99.4% |
| Trade receivables | 40 | €12,720 | €620 | -€12,100 | -95.1% |
| Other amounts receivable | 41 | €250,984 | €989 | -€249,994 | -99.6% |
| Cash at bank and in hand | 54/58 | €209,997 | €70,956 | -€139,042 | -66.2% |
| Deferred charges and accrued income | 490/1 | - | €750 | +€750 | |
| Total equity and liabilities | 10/49 | €766,219 | €641,638 | -€124,581 | -16.3% |
| Equity | 10/15 | €752,691 | €375,401 | -€377,290 | -50.1% |
| Contributions | 10/11 | €564,140 | €315,953 | -€248,187 | -44.0% |
| Reserves | 13 | €188,551 | €59,448 | -€129,103 | -68.5% |
| Non-distributable reserves | 130/1 | €14,900 | €8,345 | -€6,555 | -44.0% |
| Reserves not available under the articles | 1311 | €14,900 | €8,345 | -€6,555 | -44.0% |
| Distributable reserves | 133 | €173,651 | €51,103 | -€122,548 | -70.6% |
| Amounts payable | 17/49 | €13,528 | €266,237 | +€252,709 | +1,868% |
| Amounts payable after more than one year | 17 | - | €228,537 | +€228,537 | |
| Financial debts | 170/4 | - | €228,537 | +€228,537 | |
| Amounts payable within one year | 42/48 | €12,778 | €37,700 | +€24,922 | +195% |
| Current portion of amounts payable after more than one year | 42 | - | €21,463 | +€21,463 | |
| Trade debts | 44 | €1,003 | €2,455 | +€1,452 | +145% |
| Suppliers | 440/4 | €1,003 | €2,455 | +€1,452 | +145% |
| Taxes, remuneration and social security | 45 | €3,893 | €622 | -€3,271 | -84.0% |
| Taxes | 450/3 | €3,893 | €622 | -€3,271 | -84.0% |
| Other amounts payable | 47/48 | €7,883 | €13,160 | +€5,277 | +66.9% |
| Accrued charges and deferred income | 492/3 | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,640 | €60,521 | +€43,881 | +264% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,951 | - | -€2,951 | |
| Other operating charges | 640/8 | €2,487 | €3,678 | +€1,191 | +47.9% |
| Gross operating margin | 9900 | €27,368 | €18,495 | -€8,873 | -32.4% |
| Operating profit (loss) | 9901 | €5,290 | -€45,703 | -€50,994 | |
| Financial income | 75/76B | €1,638 | €1,017 | -€621 | -37.9% |
| Recurring financial income | 75 | €1,638 | €1,017 | -€621 | -37.9% |
| Financial charges | 65/66B | €85 | €1,409 | +€1,323 | +1,550% |
| Recurring financial charges | 65 | €85 | €1,409 | +€1,323 | +1,550% |
| Profit (loss) for the period before taxes | 9903 | €6,843 | -€46,095 | -€52,938 | |
| Income taxes | 67/77 | €622 | - | -€622 | |
| Profit (loss) for the period | 9904 | €6,221 | -€46,095 | -€52,316 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,221 | -€46,095 | -€52,316 |
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 18 October 2026 via checked.be.