IMMOSART: 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.
IMMOSART
Largest movements
- Tangible fixed assets +€749,746
up €749,746 (+43.9%), from €1.7m to €2.5m
of which Land and buildings: +€1.4m
- Cash -€411,328
down €411,328 (-96.2%), from €427,736 to €16,409
mainly Investment in fixed assets (net) (-€845,722) and Trade debts (-€10,390)
- Debts after one year +€352,650
up €352,650 (+18.2%), from €1.9m to €2.3m
of which Financial debts: +€352,650
- Depreciation +€40,150
up €40,150 (+71.3%), from €56,305 to €96,455
- Write-downs -€30,673
down €30,673 (-84.2%), from €36,415 to €5,742
- Gross operating margin +€24,381
up €24,381 (+16.4%), from €148,730 to €173,111
- Financial charges +€13,725
up €13,725 (+23.9%), from €57,423 to €71,148
- Other operating charges -€10,895
down €10,895 (-96.5%), from €11,295 to €400
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 | €2,163,961 | €2,511,386 | +€347,425 | +16.1% |
| Formation expenses | 20 | €1,669 | €1,190 | -€479 | -28.7% |
| Fixed assets | 21/28 | €1,709,523 | €2,459,270 | +€749,746 | +43.9% |
| Tangible fixed assets | 22/27 | €1,709,523 | €2,459,270 | +€749,746 | +43.9% |
| Land and buildings | 22 | €1,087,163 | €2,459,270 | +€1.4m | +126.2% |
| Assets under construction and advance payments | 27 | €622,361 | €0 | -€622,361 | -100.0% |
| Current assets | 29/58 | €452,768 | €50,927 | -€401,842 | -88.8% |
| Amounts receivable within one year | 40/41 | €25,032 | €34,518 | +€9,486 | +37.9% |
| Trade receivables | 40 | €9,855 | €16,558 | +€6,704 | +68.0% |
| Other amounts receivable | 41 | €15,178 | €17,960 | +€2,782 | +18.3% |
| Cash at bank and in hand | 54/58 | €427,736 | €16,409 | -€411,328 | -96.2% |
| Total equity and liabilities | 10/49 | €2,163,961 | €2,511,386 | +€347,425 | +16.1% |
| Equity | 10/15 | €87,293 | €86,670 | -€622 | -0.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | - | €100,000 | +€100,000 | |
| Issued capital | 100 | - | €100,000 | +€100,000 | |
| Outside capital | 11 | €100,000 | €0 | -€100,000 | -100.0% |
| Share premium | 1100/10 | €100,000 | €0 | -€100,000 | -100.0% |
| Profit (loss) carried forward | 14 | -€12,707 | -€13,330 | -€622 | -4.9% |
| Amounts payable | 17/49 | €2,076,668 | €2,424,716 | +€348,047 | +16.8% |
| Amounts payable after more than one year | 17 | €1,936,286 | €2,288,937 | +€352,650 | +18.2% |
| Financial debts | 170/4 | €1,433,536 | €1,786,187 | +€352,650 | +24.6% |
| Other amounts payable | 178/9 | €502,750 | €502,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €135,348 | €129,787 | -€5,561 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €114,474 | €118,773 | +€4,298 | +3.8% |
| Financial debts | 43 | €9,350 | €9,702 | +€351 | +3.8% |
| Other loans | 439 | €9,350 | €9,702 | +€351 | +3.8% |
| Trade debts | 44 | €11,524 | €1,133 | -€10,390 | -90.2% |
| Suppliers | 440/4 | €11,524 | €1,133 | -€10,390 | -90.2% |
| Other amounts payable | 47/48 | - | €180 | +€180 | |
| Accrued charges and deferred income | 492/3 | €5,034 | €5,992 | +€958 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,305 | €96,455 | +€40,150 | +71.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,415 | €5,742 | -€30,673 | -84.2% |
| Other operating charges | 640/8 | €11,295 | €400 | -€10,895 | -96.5% |
| Gross operating margin | 9900 | €148,730 | €173,111 | +€24,381 | +16.4% |
| Operating profit (loss) | 9901 | €44,716 | €70,514 | +€25,799 | +57.7% |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Financial charges | 65/66B | €57,423 | €71,148 | +€13,725 | +23.9% |
| Recurring financial charges | 65 | €57,423 | €71,148 | +€13,725 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,707 | -€622 | +€12,085 | +95.1% |
| Profit (loss) for the period | 9904 | -€12,707 | -€622 | +€12,085 | +95.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,707 | -€622 | +€12,085 | +95.1% |
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 2 October 2026 via checked.be.