IMMORAS: 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.
IMMORAS
Largest movements
- Receivables within one year +€129,065
up €129,065 (+9.4%), from €1.4m to €1.5m
of which Other amounts receivable: +€128,175
- Tangible fixed assets -€94,450
down €94,450 (-9.3%), from €1.0m to €922,885
of which Land and buildings: -€91,411
- Deferred charges and accrued income -€64,590
down €64,590 (-98.9%), from €65,294 to €704
- Short-term financial debts -€683,711
down €683,711 (-98.3%), from €695,302 to €11,591
- Debts after one year +€643,005
new in 2025: €643,005
- Current portion of long-term debt +€200,338
up €200,338 (+20.5%), from €977,920 to €1.2m
- Profit (loss) carried forward -€164,300
down €164,300 (-31.6%), from -€520,422 to -€684,721
- Revaluation surpluses -€74,538
down €74,538 (-10.0%), from €745,462 to €670,924
- Financial charges +€44,296
up €44,296 (+53.3%), from €83,179 to €127,475
- Other operating charges +€18,916
up €18,916 (+168.7%), from €11,213 to €30,129
- Gross operating margin -€9,013
down €9,013 (-44.3%), from €20,360 to €11,347
- Financial income -€2,242
down €2,242 (-2.9%), from €78,650 to €76,408
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,461,583 | €2,431,672 | -€29,911 | -1.2% |
| Fixed assets | 21/28 | €1,017,335 | €922,885 | -€94,450 | -9.3% |
| Tangible fixed assets | 22/27 | €1,017,335 | €922,885 | -€94,450 | -9.3% |
| Land and buildings | 22 | €1,007,997 | €916,586 | -€91,411 | -9.1% |
| Furniture and vehicles | 24 | €4,338 | €1,300 | -€3,038 | -70.0% |
| Assets under construction and advance payments | 27 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,444,248 | €1,508,787 | +€64,539 | +4.5% |
| Amounts receivable within one year | 40/41 | €1,378,952 | €1,508,017 | +€129,065 | +9.4% |
| Trade receivables | 40 | €5,000 | €5,890 | +€890 | +17.8% |
| Other amounts receivable | 41 | €1,373,952 | €1,502,127 | +€128,175 | +9.3% |
| Cash at bank and in hand | 54/58 | €2 | €66 | +€64 | +3397.4% |
| Deferred charges and accrued income | 490/1 | €65,294 | €704 | -€64,590 | -98.9% |
| Total equity and liabilities | 10/49 | €2,461,583 | €2,431,672 | -€29,911 | -1.2% |
| Equity | 10/15 | €699,578 | €535,279 | -€164,300 | -23.5% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €745,462 | €670,924 | -€74,538 | -10.0% |
| Reserves | 13 | €74,538 | €149,076 | +€74,538 | +100.0% |
| Distributable reserves | 133 | €74,538 | €149,076 | +€74,538 | +100.0% |
| Profit (loss) carried forward | 14 | -€520,422 | -€684,721 | -€164,300 | -31.6% |
| Amounts payable | 17/49 | €1,762,005 | €1,896,394 | +€134,388 | +7.6% |
| Amounts payable after more than one year | 17 | - | €643,005 | +€643,005 | |
| Financial debts | 170/4 | - | €643,005 | +€643,005 | |
| Amounts payable within one year | 42/48 | €1,755,084 | €1,252,431 | -€502,654 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €977,920 | €1,178,258 | +€200,338 | +20.5% |
| Financial debts | 43 | €695,302 | €11,591 | -€683,711 | -98.3% |
| Credit institutions | 430/8 | €695,302 | €11,591 | -€683,711 | -98.3% |
| Trade debts | 44 | €68,712 | €46,917 | -€21,795 | -31.7% |
| Suppliers | 440/4 | €68,712 | €46,917 | -€21,795 | -31.7% |
| Other amounts payable | 47/48 | €13,150 | €15,665 | +€2,515 | +19.1% |
| Accrued charges and deferred income | 492/3 | €6,921 | €958 | -€5,963 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,541 | €94,450 | -€92 | -0.1% |
| Other operating charges | 640/8 | €11,213 | €30,129 | +€18,916 | +168.7% |
| Gross operating margin | 9900 | €20,360 | €11,347 | -€9,013 | -44.3% |
| Operating profit (loss) | 9901 | -€85,395 | -€113,232 | -€27,837 | -32.6% |
| Financial income | 75/76B | €78,650 | €76,408 | -€2,242 | -2.9% |
| Recurring financial income | 75 | €78,650 | €76,408 | -€2,242 | -2.9% |
| Financial charges | 65/66B | €83,179 | €127,475 | +€44,296 | +53.3% |
| Recurring financial charges | 65 | €83,179 | €127,475 | +€44,296 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | -€89,924 | -€164,300 | -€74,375 | -82.7% |
| Profit (loss) for the period | 9904 | -€89,924 | -€164,300 | -€74,375 | -82.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€89,924 | -€164,300 | -€74,375 | -82.7% |
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 11 October 2026 via checked.be.