IMMOREC: what changed
Two fiscal 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.
IMMOREC
Largest movements
- Tangible fixed assets +€210,888
up €210,888 (+31.5%), from €668,540 to €879,428
of which Land and buildings: +€180,648
- Cash -€70,018
down €70,018 (-87.9%), from €79,617 to €9,599
mainly Investment in fixed assets (net) (-€262,239) and Provisions (-€3,822)
- Debts after one year +€95,128
new in 2025: €95,128
- Trade debts +€40,887
up €40,887 (+153.7%), from €26,610 to €67,497
- Profit (loss) carried forward +€12,367
up €12,367 (+10.5%), from €117,783 to €130,149
- Reserves -€8,944
down €8,944 (-6.0%), from €149,485 to €140,541
of which Non-distributable reserves: -€17,500
- Taxes +€6,946
up €6,946 (+589.3%), from €1,179 to €8,125
- Depreciation -€4,657
down €4,657 (-8.3%), from €56,008 to €51,351
- Gross operating margin -€3,222
down €3,222 (-3.8%), from €84,515 to €81,293
- Other operating charges +€1,108
up €1,108 (+6.9%), from €16,049 to €17,157
- Financial charges +€1,057
up €1,057 (+111.9%), from €944 to €2,000
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 | €751,080 | €892,532 | +€141,451 | +18.8% |
| Fixed assets | 21/28 | €668,540 | €879,428 | +€210,888 | +31.5% |
| Tangible fixed assets | 22/27 | €668,540 | €879,428 | +€210,888 | +31.5% |
| Land and buildings | 22 | €664,900 | €845,548 | +€180,648 | +27.2% |
| Plant, machinery and equipment | 23 | €2,415 | €1,700 | -€715 | -29.6% |
| Furniture and vehicles | 24 | €1,225 | €32,180 | +€30,955 | +2526.8% |
| Current assets | 29/58 | €82,540 | €13,104 | -€69,437 | -84.1% |
| Cash at bank and in hand | 54/58 | €79,617 | €9,599 | -€70,018 | -87.9% |
| Deferred charges and accrued income | 490/1 | €2,923 | €3,505 | +€582 | +19.9% |
| Total equity and liabilities | 10/49 | €751,080 | €892,532 | +€141,451 | +18.8% |
| Equity | 10/15 | €532,268 | €535,690 | +€3,422 | +0.6% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €149,485 | €140,541 | -€8,944 | -6.0% |
| Non-distributable reserves | 130/1 | €17,500 | - | -€17,500 | |
| Reserves not available under the articles | 1311 | €17,500 | - | -€17,500 | |
| Tax-exempt reserves | 132 | €79,985 | €71,041 | -€8,944 | -11.2% |
| Distributable reserves | 133 | €52,000 | €69,500 | +€17,500 | +33.7% |
| Profit (loss) carried forward | 14 | €117,783 | €130,149 | +€12,367 | +10.5% |
| Provisions and deferred taxes | 16 | €30,456 | €26,634 | -€3,822 | -12.6% |
| Deferred taxes | 168 | €30,456 | €26,634 | -€3,822 | -12.6% |
| Amounts payable | 17/49 | €188,356 | €330,208 | +€141,851 | +75.3% |
| Amounts payable after more than one year | 17 | - | €95,128 | +€95,128 | |
| Financial debts | 170/4 | - | €95,128 | +€95,128 | |
| Amounts payable within one year | 42/48 | €188,356 | €235,080 | +€46,724 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €2,692 | - | -€2,692 | |
| Trade debts | 44 | €26,610 | €67,497 | +€40,887 | +153.7% |
| Suppliers | 440/4 | €26,610 | €67,497 | +€40,887 | +153.7% |
| Taxes, remuneration and social security | 45 | €22,423 | €27,548 | +€5,125 | +22.9% |
| Taxes | 450/3 | €22,423 | €27,548 | +€5,125 | +22.9% |
| Other amounts payable | 47/48 | €136,632 | €140,035 | +€3,403 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,008 | €51,351 | -€4,657 | -8.3% |
| Other operating charges | 640/8 | €16,049 | €17,157 | +€1,108 | +6.9% |
| Non-recurring operating charges | 66A | - | €3,066 | +€3,066 | |
| Gross operating margin | 9900 | €84,515 | €81,293 | -€3,222 | -3.8% |
| Operating profit (loss) | 9901 | €12,458 | €9,720 | -€2,738 | -22.0% |
| Financial income | 75/76B | €0 | €6 | +€6 | +9900.0% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +9900.0% |
| Financial charges | 65/66B | €944 | €2,000 | +€1,057 | +111.9% |
| Recurring financial charges | 65 | €944 | €2,000 | +€1,057 | +111.9% |
| Profit (loss) for the period before taxes | 9903 | €11,514 | €7,725 | -€3,789 | -32.9% |
| Transfer from deferred taxes | 780 | €5,097 | €3,822 | -€1,275 | -25.0% |
| Income taxes | 67/77 | €1,179 | €8,125 | +€6,946 | +589.3% |
| Profit (loss) for the period | 9904 | €15,433 | €3,422 | -€12,010 | -77.8% |
| Transfer from tax-exempt reserves | 789 | €11,420 | €8,944 | -€2,476 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,852 | €12,367 | -€14,486 | -53.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.