IMMOPAT: 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
IMMOPAT
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,129
2024 · €60,460-€46,331
Equity
€3.7m
2024 · €3.7m+€14,129
Cash
€9,948
2024 · €6,639+€3,309
Balance sheet total
€4.4m
2024 · €4.4m-€22,712
Largest movements
Assets
- Receivables within one year +€45,593
up €45,593 (+1.4%), from €3.3m to €3.4m
of which Other amounts receivable: +€46,473
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€65,778
down €65,778 (-84.4%), from €77,929 to €12,151
- Taxes -€50,141
down €50,141 (-82.6%), from €60,690 to €10,549
- Financial income +€1,847
up €1,847 (+4.5%), from €41,277 to €43,125
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
€60,460
Gross operating margin
-€65,778
Depreciation
+€35
Other operating charges
+€372
Financial income
+€1,847
Financial charges
-€533
Taxes
+€50,141
Deferred taxes and other
-€32,415
Result 2025
€14,129
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
+€28,309
Investment
€0
Financing
-€25,000
Cash 2024
€6,639
From operations (derived)
+€28,309
Net result for the year
+€14,129
Depreciation
+€29,696
Receivables within one year
-€45,593
Deferred charges and accrued income
+€41,917
Provisions
-€5,839
Trade debts
-€2,452
Tax, wage and social debts
-€2,234
Accrued charges and deferred income
-€1,317
Financing
-€25,000
Short-term financial debts
-€25,000
Cash 2025
€9,948
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,392,558 | €4,369,846 | -€22,712 | -0.5% |
| Fixed assets | 21/28 | €1,012,114 | €982,418 | -€29,696 | -2.9% |
| Tangible fixed assets | 22/27 | €1,012,114 | €982,418 | -€29,696 | -2.9% |
| Land and buildings | 22 | €1,012,114 | €982,418 | -€29,696 | -2.9% |
| Current assets | 29/58 | €3,380,444 | €3,387,428 | +€6,984 | +0.2% |
| Amounts receivable within one year | 40/41 | €3,331,888 | €3,377,481 | +€45,593 | +1.4% |
| Trade receivables | 40 | €880 | €0 | -€880 | -100% |
| Other amounts receivable | 41 | €3,331,008 | €3,377,481 | +€46,473 | +1.4% |
| Cash at bank and in hand | 54/58 | €6,639 | €9,948 | +€3,309 | +49.8% |
| Deferred charges and accrued income | 490/1 | €41,917 | €0 | -€41,917 | -100% |
| Total equity and liabilities | 10/49 | €4,392,558 | €4,369,846 | -€22,712 | -0.5% |
| Equity | 10/15 | €3,697,253 | €3,711,382 | +€14,129 | +0.4% |
| Contributions | 10/11 | €1,411,851 | €1,411,851 | = | 0.0% |
| Reserves | 13 | €2,285,401 | €2,299,531 | +€14,129 | +0.6% |
| Tax-exempt reserves | 132 | €1,966,537 | €1,949,020 | -€17,517 | -0.9% |
| Distributable reserves | 133 | €318,864 | €350,511 | +€31,646 | +9.9% |
| Provisions and deferred taxes | 16 | €662,516 | €656,677 | -€5,839 | -0.9% |
| Deferred taxes | 168 | €662,516 | €656,677 | -€5,839 | -0.9% |
| Amounts payable | 17/49 | €32,789 | €1,787 | -€31,002 | -94.6% |
| Amounts payable within one year | 42/48 | €31,472 | €1,787 | -€29,685 | -94.3% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €3,689 | €1,238 | -€2,452 | -66.5% |
| Suppliers | 440/4 | €3,689 | €1,238 | -€2,452 | -66.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,783 | €549 | -€2,234 | -80.3% |
| Taxes | 450/3 | €2,783 | €549 | -€2,234 | -80.3% |
| Accrued charges and deferred income | 492/3 | €1,317 | €0 | -€1,317 | -100% |
| Non-recurring operating income | 76A | €64,516 | €0 | -€64,516 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,731 | €29,696 | -€35 | -0.1% |
| Other operating charges | 640/8 | €5,497 | €5,125 | -€372 | -6.8% |
| Gross operating margin | 9900 | €77,929 | €12,151 | -€65,778 | -84.4% |
| Operating profit (loss) | 9901 | €42,700 | -€22,670 | -€65,371 | |
| Financial income | 75/76B | €41,277 | €43,125 | +€1,847 | +4.5% |
| Recurring financial income | 75 | €41,277 | €43,125 | +€1,847 | +4.5% |
| Financial charges | 65/66B | €1,082 | €1,615 | +€533 | +49.3% |
| Recurring financial charges | 65 | €1,082 | €1,615 | +€533 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €82,896 | €18,839 | -€64,057 | -77.3% |
| Transfer from deferred taxes | 780 | €54,383 | €5,839 | -€48,544 | -89.3% |
| Transfer to deferred taxes | 680 | €16,129 | €0 | -€16,129 | -100% |
| Income taxes | 67/77 | €60,690 | €10,549 | -€50,141 | -82.6% |
| Profit (loss) for the period | 9904 | €60,460 | €14,129 | -€46,331 | -76.6% |
| Transfer from tax-exempt reserves | 789 | €163,149 | €17,517 | -€145,632 | -89.3% |
| Transfer to tax-exempt reserves | 689 | €48,387 | €0 | -€48,387 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €175,222 | €31,646 | -€143,576 | -81.9% |
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 27 October 2026 via checked.be.