Immorosa: 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
Immorosa
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,041
2024 · €10,834-€793
Equity
€1.7m
2024 · €1.7m+€10,041
Cash
€25,888
2024 · €52,687-€26,799
Balance sheet total
€3.3m
2024 · €3.1m+€169,808
Largest movements
Assets
- Tangible fixed assets +€293,226
up €293,226 (+25.4%), from €1.2m to €1.4m
of which Land and buildings: +€206,413
- Receivables within one year -€98,168
down €98,168 (-38.0%), from €258,109 to €159,941
of which Trade receivables: -€86,671
Equity and liabilities
- Other debts +€168,156
up €168,156 (+12.4%), from €1.4m to €1.5m
Income statement
- Depreciation +€40,310
up €40,310 (+63.2%), from €63,752 to €104,062
- Gross operating margin +€29,653
up €29,653 (+23.1%), from €128,466 to €158,119
- Financial charges -€8,008
down €8,008 (-21.7%), from €36,884 to €28,876
- Taxes -€2,626
down €2,626 (-26.1%), from €10,079 to €7,453
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
€10,834
Gross operating margin
+€29,653
Staff costs
+€133
Depreciation
-€40,310
Other operating charges
-€543
Financial income
-€342
Financial charges
+€8,008
Taxes
+€2,626
Deferred taxes and other
-€19
Result 2025
€10,041
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
+€370,464
Investment
-€397,263
Financing
€0
Cash 2024
€52,687
From operations (derived)
+€370,464
Net result for the year
+€10,041
Depreciation
+€104,062
Receivables within one year
+€98,168
Deferred charges and accrued income
-€1,574
Provisions
-€1,260
Trade debts
+€7,378
Tax, wage and social debts
+€10,590
Other debts
+€168,156
Accrued charges and deferred income
-€25,097
Investment (derived)
-€397,263
Investment in fixed assets (net)
-€397,287
Current investments
+€24
Cash 2025
€25,888
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,107,967 | €3,277,775 | +€169,808 | +5.5% |
| Fixed assets | 21/28 | €2,792,509 | €3,085,735 | +€293,226 | +10.5% |
| Tangible fixed assets | 22/27 | €1,155,490 | €1,448,715 | +€293,226 | +25.4% |
| Land and buildings | 22 | €1,152,199 | €1,358,612 | +€206,413 | +17.9% |
| Furniture and vehicles | 24 | €3,291 | €90,103 | +€86,813 | +2,638% |
| Financial fixed assets | 28 | €1,637,019 | €1,637,019 | = | 0.0% |
| Current assets | 29/58 | €315,459 | €192,041 | -€123,418 | -39.1% |
| Amounts receivable within one year | 40/41 | €258,109 | €159,941 | -€98,168 | -38.0% |
| Trade receivables | 40 | €243,678 | €157,007 | -€86,671 | -35.6% |
| Other amounts receivable | 41 | €14,432 | €2,934 | -€11,497 | -79.7% |
| Current investments | 50/53 | €24 | €0 | -€24 | -100% |
| Cash at bank and in hand | 54/58 | €52,687 | €25,888 | -€26,799 | -50.9% |
| Deferred charges and accrued income | 490/1 | €4,637 | €6,211 | +€1,574 | +33.9% |
| Total equity and liabilities | 10/49 | €3,107,967 | €3,277,775 | +€169,808 | +5.5% |
| Equity | 10/15 | €1,674,107 | €1,684,148 | +€10,041 | +0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,612,107 | €1,622,148 | +€10,041 | +0.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €94,834 | €91,054 | -€3,780 | -4.0% |
| Distributable reserves | 133 | €1,511,073 | €1,524,894 | +€13,821 | +0.9% |
| Provisions and deferred taxes | 16 | €29,939 | €28,678 | -€1,260 | -4.2% |
| Deferred taxes | 168 | €29,939 | €28,678 | -€1,260 | -4.2% |
| Amounts payable | 17/49 | €1,403,922 | €1,564,949 | +€161,027 | +11.5% |
| Amounts payable within one year | 42/48 | €1,378,825 | €1,564,949 | +€186,124 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €5,408 | €12,786 | +€7,378 | +136% |
| Suppliers | 440/4 | €5,408 | €12,786 | +€7,378 | +136% |
| Taxes, remuneration and social security | 45 | €13,589 | €24,179 | +€10,590 | +77.9% |
| Taxes | 450/3 | €12,101 | €19,715 | +€7,614 | +62.9% |
| Remuneration and social security | 454/9 | €1,488 | €4,464 | +€2,976 | +200% |
| Other amounts payable | 47/48 | €1,359,828 | €1,527,984 | +€168,156 | +12.4% |
| Accrued charges and deferred income | 492/3 | €25,097 | €0 | -€25,097 | -100% |
| Non-recurring operating income | 76A | €55,791 | €0 | -€55,791 | -100% |
| Remuneration, social security and pensions | 62 | €133 | €0 | -€133 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,752 | €104,062 | +€40,310 | +63.2% |
| Other operating charges | 640/8 | €8,480 | €9,023 | +€543 | +6.4% |
| Gross operating margin | 9900 | €128,466 | €158,119 | +€29,653 | +23.1% |
| Operating profit (loss) | 9901 | €56,101 | €45,035 | -€11,067 | -19.7% |
| Financial income | 75/76B | €417 | €75 | -€342 | -82.0% |
| Recurring financial income | 75 | €417 | €75 | -€342 | -82.0% |
| Financial charges | 65/66B | €36,884 | €28,876 | -€8,008 | -21.7% |
| Recurring financial charges | 65 | €36,884 | €28,876 | -€8,008 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €19,634 | €16,234 | -€3,400 | -17.3% |
| Transfer from deferred taxes | 780 | €1,279 | €1,260 | -€19 | -1.5% |
| Income taxes | 67/77 | €10,079 | €7,453 | -€2,626 | -26.1% |
| Profit (loss) for the period | 9904 | €10,834 | €10,041 | -€793 | -7.3% |
| Transfer from tax-exempt reserves | 789 | €3,837 | €3,780 | -€57 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,671 | €13,821 | -€850 | -5.8% |
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 14 October 2026 via checked.be.