IMMORAL: 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
IMMORAL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €13,337+€1.0m
Equity
€18.9m
2024 · €17.9m+€1.0m
Cash
€92,103
2024 · €106,180-€14,078
Balance sheet total
€23.8m
2024 · €23.1m+€767,484
Largest movements
Assets
- Current investments +€724,883
up €724,883 (+161%), from €450,000 to €1.2m
- Receivables after one year +€500,000
new in 2025: €500,000
- Tangible fixed assets -€381,669
down €381,669 (-1.9%), from €19.9m to €19.5m
of which Land and buildings: -€376,045
Equity and liabilities
- Reserves +€1.0m
up €1.0m (+210%), from €499,570 to €1.5m
of which Distributable reserves: +€1.0m
- Debts after one year -€423,088
down €423,088 (-9.3%), from €4.5m to €4.1m
Income statement
- Financial income +€1.1m
up €1.1m (+2,399%), from €45,486 to €1.1m
- Taxes +€155,737
up €155,737 (+295%), from €52,707 to €208,444
- Gross operating margin +€94,994
up €94,994 (+12.7%), from €745,428 to €840,422
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
€13,337
Gross operating margin
+€94,994
Depreciation
-€3,452
Other operating charges
-€7,640
Financial income
+€1.1m
Financial charges
+€7,625
Taxes
-€155,737
Result 2025
€1.0m
raises the resultlowers the result
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
+€1.2m
Investment
-€813,283
Financing
-€406,283
Cash 2024
€106,180
From operations (derived)
+€1.2m
Net result for the year
+€1.0m
Depreciation
+€564,383
Receivables after one year
-€500,000
Receivables within one year
-€15,965
Deferred charges and accrued income
-€16,696
Provisions
-€2,910
Smaller working-capital items
-€844
Tax, wage and social debts
+€137,339
Investment (derived)
-€813,283
Investment in fixed assets (net)
-€88,400
Current investments
-€724,883
Financing
-€406,283
Debts after one year
-€423,088
Current portion of long-term debt
+€16,805
Cash 2025
€92,103
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,070,426 | €23,837,910 | +€767,484 | +3.3% |
| Formation expenses | 20 | €18,020 | €11,279 | -€6,741 | -37.4% |
| Fixed assets | 21/28 | €22,436,999 | €21,967,758 | -€469,241 | -2.1% |
| Intangible fixed assets | 21 | €351,945 | €175,972 | -€175,972 | -50.0% |
| Tangible fixed assets | 22/27 | €19,870,258 | €19,488,589 | -€381,669 | -1.9% |
| Land and buildings | 22 | €19,818,809 | €19,442,764 | -€376,045 | -1.9% |
| Plant, machinery and equipment | 23 | €51,450 | €45,826 | -€5,624 | -10.9% |
| Financial fixed assets | 28 | €2,214,796 | €2,303,196 | +€88,400 | +4.0% |
| Current assets | 29/58 | €615,407 | €1,858,874 | +€1.2m | +202% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €36,386 | €52,351 | +€15,965 | +43.9% |
| Trade receivables | 40 | €10,800 | €51,605 | +€40,805 | +378% |
| Other amounts receivable | 41 | €25,586 | €746 | -€24,840 | -97.1% |
| Current investments | 50/53 | €450,000 | €1,174,883 | +€724,883 | +161% |
| Cash at bank and in hand | 54/58 | €106,180 | €92,103 | -€14,078 | -13.3% |
| Deferred charges and accrued income | 490/1 | €22,840 | €39,537 | +€16,696 | +73.1% |
| Total equity and liabilities | 10/49 | €23,070,426 | €23,837,910 | +€767,484 | +3.3% |
| Equity | 10/15 | €17,862,379 | €18,902,561 | +€1.0m | +5.8% |
| Contributions | 10/11 | €17,706,673 | €17,706,673 | = | 0.0% |
| Capital | 10 | €17,706,673 | €17,706,673 | = | 0.0% |
| Issued capital | 100 | €17,706,673 | €17,706,673 | = | 0.0% |
| Reserves | 13 | €499,570 | €1,548,483 | +€1.0m | +210% |
| Non-distributable reserves | 130/1 | €1,804 | €1,804 | = | 0.0% |
| Legal reserve | 130 | €1,804 | €1,804 | = | 0.0% |
| Distributable reserves | 133 | €497,766 | €1,546,679 | +€1.0m | +211% |
| Profit (loss) carried forward | 14 | -€343,864 | -€352,595 | -€8,731 | -2.5% |
| Provisions and deferred taxes | 16 | €86,352 | €83,442 | -€2,910 | -3.4% |
| Deferred taxes | 168 | €86,352 | €83,442 | -€2,910 | -3.4% |
| Amounts payable | 17/49 | €5,121,695 | €4,851,907 | -€269,788 | -5.3% |
| Amounts payable after more than one year | 17 | €4,527,951 | €4,104,863 | -€423,088 | -9.3% |
| Financial debts | 170/4 | €4,527,951 | €4,104,863 | -€423,088 | -9.3% |
| Amounts payable within one year | 42/48 | €586,263 | €739,599 | +€153,335 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €413,174 | €429,979 | +€16,805 | +4.1% |
| Trade debts | 44 | €8,785 | €7,145 | -€1,640 | -18.7% |
| Suppliers | 440/4 | €8,785 | €7,145 | -€1,640 | -18.7% |
| Taxes, remuneration and social security | 45 | €163,242 | €300,580 | +€137,339 | +84.1% |
| Taxes | 450/3 | €161,742 | €299,080 | +€137,339 | +84.9% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €1,063 | €1,894 | +€832 | +78.3% |
| Accrued charges and deferred income | 492/3 | €7,481 | €7,445 | -€35 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560,931 | €564,383 | +€3,452 | +0.6% |
| Other operating charges | 640/8 | €64,503 | €72,143 | +€7,640 | +11.8% |
| Gross operating margin | 9900 | €745,428 | €840,422 | +€94,994 | +12.7% |
| Operating profit (loss) | 9901 | €119,994 | €203,896 | +€83,902 | +69.9% |
| Financial income | 75/76B | €45,486 | €1,136,541 | +€1.1m | +2,399% |
| Recurring financial income | 75 | €45,486 | €1,136,541 | +€1.1m | +2,399% |
| Financial charges | 65/66B | €102,346 | €94,721 | -€7,625 | -7.5% |
| Recurring financial charges | 65 | €102,346 | €94,721 | -€7,625 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €63,133 | €1,245,716 | +€1.2m | +1,873% |
| Transfer from deferred taxes | 780 | €2,910 | €2,910 | = | 0.0% |
| Income taxes | 67/77 | €52,707 | €208,444 | +€155,737 | +295% |
| Profit (loss) for the period | 9904 | €13,337 | €1,040,182 | +€1.0m | +7,699% |
| Transfer from tax-exempt reserves | 789 | €8,731 | €8,731 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,067 | €1,048,913 | +€1.0m | +4,653% |
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 13 October 2026 via checked.be.