IMMOROUTE: 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.
What changed
IMMOROUTE
NACE 42.110, Construction of roads and motorways
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€217,889
2024 · €246,965-€29,076
Equity
€1.4m
2024 · €1.4m+€17,889
Cash
€24,169
2024 · €259,188-€235,019
Balance sheet total
€4.6m
2024 · €3.7m+€910,197
Largest movements
Assets
- Stocks and contracts +€600,000
up €600,000 (+288.1%), from €208,288 to €808,288
- Tangible fixed assets +€386,218
up €386,218 (+64.3%), from €601,056 to €987,274
of which Leasing and similar rights: +€271,265
- Cash -€235,019
down €235,019 (-90.7%), from €259,188 to €24,169
mainly Investment in fixed assets (net) (-€657,385) and Stocks and contracts (-€600,000)
- Receivables within one year +€141,738
up €141,738 (+5.4%), from €2.6m to €2.8m
of which Trade receivables: +€88,972
Equity and liabilities
- Trade debts +€779,195
up €779,195 (+97.2%), from €801,584 to €1.6m
- Debts after one year +€186,977
up €186,977 (+58.8%), from €318,227 to €505,204
- Other debts -€115,858
down €115,858 (-23.6%), from €490,625 to €374,768
Income statement
- Write-downs -€452,525
down €452,525 (-100.0%), from €452,525 to €0
- Staff costs +€355,496
up €355,496 (+23.5%), from €1.5m to €1.9m
- Gross operating margin -€66,553
down €66,553 (-2.7%), from €2.5m to €2.4m
- Depreciation +€63,812
up €63,812 (+30.8%), from €207,355 to €271,167
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
€246,965
Gross operating margin
-€66,553
Staff costs
-€355,496
Depreciation
-€63,812
Write-downs
+€452,525
Other operating charges
+€6,861
Other operating items
-€15,667
Financial income
+€20,176
Financial charges
-€15,956
Taxes
+€9,283
Deferred taxes and other
-€436
Result 2025
€217,889
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.
From operations
+€408,526
Investment
-€657,385
Financing
+€13,840
Cash 2024
€259,188
From operations (derived)
+€408,526
Net result for the year
+€217,889
Depreciation
+€271,167
Stocks and contracts
-€600,000
Receivables within one year
-€141,738
Deferred charges and accrued income
-€17,260
Provisions
-€239
Trade debts
+€779,195
Tax, wage and social debts
+€10,021
Other debts
-€115,858
Accrued charges and deferred income
+€5,350
Investment (derived)
-€657,385
Investment in fixed assets (net)
-€657,385
Financing
+€13,840
Debts after one year
+€186,977
Current portion of long-term debt
+€26,863
Contributions, distributions and other
-€200,000
Cash 2025
€24,169
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,729,188 | €4,639,385 | +€910,197 | +24.4% |
| Fixed assets | 21/28 | €604,028 | €990,246 | +€386,218 | +63.9% |
| Tangible fixed assets | 22/27 | €601,056 | €987,274 | +€386,218 | +64.3% |
| Land and buildings | 22 | - | €67,500 | +€67,500 | |
| Plant, machinery and equipment | 23 | €358,422 | €406,181 | +€47,758 | +13.3% |
| Furniture and vehicles | 24 | €73,107 | €72,802 | -€306 | -0.4% |
| Leasing and similar rights | 25 | €169,526 | €440,791 | +€271,265 | +160.0% |
| Financial fixed assets | 28 | €2,973 | €2,973 | = | 0.0% |
| Current assets | 29/58 | €3,125,160 | €3,649,139 | +€523,979 | +16.8% |
| Stocks and contracts in progress | 3 | €208,288 | €808,288 | +€600,000 | +288.1% |
| Stocks | 30/36 | €208,288 | €808,288 | +€600,000 | +288.1% |
| Amounts receivable within one year | 40/41 | €2,625,243 | €2,766,981 | +€141,738 | +5.4% |
| Trade receivables | 40 | €1,439,054 | €1,528,026 | +€88,972 | +6.2% |
| Other amounts receivable | 41 | €1,186,189 | €1,238,955 | +€52,766 | +4.4% |
| Cash at bank and in hand | 54/58 | €259,188 | €24,169 | -€235,019 | -90.7% |
| Deferred charges and accrued income | 490/1 | €32,440 | €49,700 | +€17,260 | +53.2% |
| Total equity and liabilities | 10/49 | €3,729,188 | €4,639,385 | +€910,197 | +24.4% |
| Equity | 10/15 | €1,420,868 | €1,438,757 | +€17,889 | +1.3% |
| Contributions | 10/11 | €676,000 | €676,000 | = | 0.0% |
| Capital | 10 | €676,000 | €676,000 | = | 0.0% |
| Issued capital | 100 | €676,000 | €676,000 | = | 0.0% |
| Reserves | 13 | €744,868 | €762,757 | +€17,889 | +2.4% |
| Non-distributable reserves | 130/1 | €70,351 | €70,351 | = | 0.0% |
| Legal reserve | 130 | €70,351 | €70,351 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,468 | €18,750 | -€718 | -3.7% |
| Distributable reserves | 133 | €655,049 | €673,656 | +€18,607 | +2.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €315,239 | €315,000 | -€239 | -0.1% |
| Provisions for liabilities and charges | 160/5 | €315,000 | €315,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €315,000 | €315,000 | = | 0.0% |
| Deferred taxes | 168 | €239 | €0 | -€239 | -100.0% |
| Amounts payable | 17/49 | €1,993,081 | €2,885,629 | +€892,548 | +44.8% |
| Amounts payable after more than one year | 17 | €318,227 | €505,204 | +€186,977 | +58.8% |
| Financial debts | 170/4 | €318,227 | €505,204 | +€186,977 | +58.8% |
| Amounts payable within one year | 42/48 | €1,674,854 | €2,375,075 | +€700,221 | +41.8% |
| Current portion of amounts payable after more than one year | 42 | €182,830 | €209,693 | +€26,863 | +14.7% |
| Trade debts | 44 | €801,584 | €1,580,779 | +€779,195 | +97.2% |
| Suppliers | 440/4 | €801,584 | €1,580,779 | +€779,195 | +97.2% |
| Taxes, remuneration and social security | 45 | €199,814 | €209,835 | +€10,021 | +5.0% |
| Taxes | 450/3 | €72,028 | €69,898 | -€2,130 | -3.0% |
| Remuneration and social security | 454/9 | €127,786 | €139,937 | +€12,151 | +9.5% |
| Other amounts payable | 47/48 | €490,625 | €374,768 | -€115,858 | -23.6% |
| Accrued charges and deferred income | 492/3 | - | €5,350 | +€5,350 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,514,716 | €1,870,212 | +€355,496 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,355 | €271,167 | +€63,812 | +30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €452,525 | €0 | -€452,525 | -100.0% |
| Other operating charges | 640/8 | €15,815 | €8,954 | -€6,861 | -43.4% |
| Non-recurring operating charges | 66A | - | €15,667 | +€15,667 | |
| Gross operating margin | 9900 | €2,453,621 | €2,387,067 | -€66,553 | -2.7% |
| Operating profit (loss) | 9901 | €263,210 | €221,067 | -€42,143 | -16.0% |
| Financial income | 75/76B | €28,098 | €48,274 | +€20,176 | +71.8% |
| Recurring financial income | 75 | €28,098 | €48,274 | +€20,176 | +71.8% |
| Financial charges | 65/66B | €25,147 | €41,103 | +€15,956 | +63.5% |
| Recurring financial charges | 65 | €25,147 | €41,103 | +€15,956 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €266,161 | €228,238 | -€37,923 | -14.2% |
| Transfer from deferred taxes | 780 | €675 | €239 | -€436 | -64.6% |
| Income taxes | 67/77 | €19,871 | €10,588 | -€9,283 | -46.7% |
| Profit (loss) for the period | 9904 | €246,965 | €217,889 | -€29,076 | -11.8% |
| Transfer from tax-exempt reserves | 789 | €2,026 | €718 | -€1,308 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €248,991 | €218,607 | -€30,385 | -12.2% |
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 8 October 2026 via checked.be.