IMMOSARDA: 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.
IMMOSARDA
Largest movements
- Current investments +€230,000
new in 2025: €230,000
- Tangible fixed assets -€174,940
down €174,940 (-12.6%), from €1.4m to €1.2m
of which Land and buildings: -€173,698
- Profit (loss) carried forward +€123,848
up €123,848 (+2,023%), from €6,122 to €129,970
- Reserves -€48,904
down €48,904 (-99.9%), from €48,941 to €37
of which Tax-exempt reserves: -€48,904
- Debts after one year -€44,270
down €44,270 (-7.3%), from €609,660 to €565,390
of which Financial debts: -€46,870
- Tax, wage and social debts +€44,064
up €44,064 (+3,186%), from €1,383 to €45,447
- Provisions -€23,534
no longer reported in 2025 (was €23,534)
- Gross operating margin +€84,292
up €84,292 (+133%), from €63,580 to €147,871
- Taxes +€45,064
up €45,064 (+3,258%), from €1,383 to €46,447
- Depreciation -€5,882
down €5,882 (-18.9%), from €31,164 to €25,282
- Other operating charges +€4,924
up €4,924 (+143%), from €3,436 to €8,360
- Financial charges +€2,287
up €2,287 (+16.2%), from €14,085 to €16,373
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,404,776 | €1,461,093 | +€56,318 | +4.0% |
| Fixed assets | 21/28 | €1,388,930 | €1,213,989 | -€174,940 | -12.6% |
| Tangible fixed assets | 22/27 | €1,388,930 | €1,213,989 | -€174,940 | -12.6% |
| Land and buildings | 22 | €1,385,306 | €1,211,608 | -€173,698 | -12.5% |
| Furniture and vehicles | 24 | €3,624 | €2,381 | -€1,243 | -34.3% |
| Current assets | 29/58 | €15,846 | €247,104 | +€231,258 | +1,459% |
| Amounts receivable within one year | 40/41 | €3,717 | €3,717 | = | 0.0% |
| Trade receivables | 40 | €3,717 | €3,717 | = | 0.0% |
| Current investments | 50/53 | - | €230,000 | +€230,000 | |
| Cash at bank and in hand | 54/58 | €6,629 | €9,192 | +€2,563 | +38.7% |
| Deferred charges and accrued income | 490/1 | €5,500 | €4,195 | -€1,305 | -23.7% |
| Total equity and liabilities | 10/49 | €1,404,776 | €1,461,093 | +€56,318 | +4.0% |
| Equity | 10/15 | €709,721 | €784,664 | +€74,943 | +10.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €593,157 | €593,157 | = | 0.0% |
| Reserves | 13 | €48,941 | €37 | -€48,904 | -99.9% |
| Non-distributable reserves | 130/1 | €37 | €37 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37 | €37 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,904 | - | -€48,904 | |
| Profit (loss) carried forward | 14 | €6,122 | €129,970 | +€123,848 | +2,023% |
| Provisions and deferred taxes | 16 | €23,534 | - | -€23,534 | |
| Deferred taxes | 168 | €23,534 | - | -€23,534 | |
| Amounts payable | 17/49 | €671,521 | €676,429 | +€4,908 | +0.7% |
| Amounts payable after more than one year | 17 | €609,660 | €565,390 | -€44,270 | -7.3% |
| Financial debts | 170/4 | €607,460 | €560,590 | -€46,870 | -7.7% |
| Other amounts payable | 178/9 | €2,200 | €4,800 | +€2,600 | +118% |
| Amounts payable within one year | 42/48 | €61,303 | €110,671 | +€49,368 | +80.5% |
| Current portion of amounts payable after more than one year | 42 | €50,834 | €54,601 | +€3,767 | +7.4% |
| Trade debts | 44 | €1,692 | €3,320 | +€1,628 | +96.2% |
| Suppliers | 440/4 | €1,692 | €3,320 | +€1,628 | +96.2% |
| Advances received on contracts in progress | 46 | €440 | €440 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,383 | €45,447 | +€44,064 | +3,186% |
| Taxes | 450/3 | €1,383 | €45,447 | +€44,064 | +3,186% |
| Other amounts payable | 47/48 | €6,953 | €6,862 | -€91 | -1.3% |
| Accrued charges and deferred income | 492/3 | €559 | €369 | -€190 | -33.9% |
| Non-recurring operating income | 76A | - | €95,341 | +€95,341 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,164 | €25,282 | -€5,882 | -18.9% |
| Other operating charges | 640/8 | €3,436 | €8,360 | +€4,924 | +143% |
| Gross operating margin | 9900 | €63,580 | €147,871 | +€84,292 | +133% |
| Operating profit (loss) | 9901 | €28,980 | €114,230 | +€85,250 | +294% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €14,085 | €16,373 | +€2,287 | +16.2% |
| Recurring financial charges | 65 | €14,085 | €16,373 | +€2,287 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €14,895 | €97,857 | +€82,962 | +557% |
| Transfer from deferred taxes | 780 | €995 | €23,534 | +€22,539 | +2,265% |
| Income taxes | 67/77 | €1,383 | €46,447 | +€45,064 | +3,258% |
| Profit (loss) for the period | 9904 | €14,507 | €74,943 | +€60,436 | +417% |
| Transfer from tax-exempt reserves | 789 | €2,068 | €48,904 | +€46,836 | +2,265% |
| Profit (loss) for the period to be appropriated | 9905 | €16,575 | €123,848 | +€107,273 | +647% |
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 17 October 2026 via checked.be.