IMMOSEN: 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
IMMOSEN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,471
2024 · -€4,291+€2,820
Equity
€486,935
2024 · €191,016+€295,919
Cash
€281
2024 · €1,964-€1,684
Balance sheet total
€763,336
2024 · €487,336+€276,000
Largest movements
Assets
- Tangible fixed assets +€282,728
up €282,728 (+58.9%), from €480,272 to €763,000
Equity and liabilities
- Revaluation surpluses +€297,390
new in 2025: €297,390
- Profit (loss) carried forward -€21,314
no longer reported in 2025 (was €21,314)
- Reserves +€19,843
up €19,843 (+22.0%), from €90,376 to €110,220
of which Distributable reserves: +€21,314
- Other debts -€9,120
down €9,120 (-20.0%), from €45,620 to €36,500
- Debts after one year -€8,140
down €8,140 (-4.1%), from €198,243 to €190,103
of which Financial debts: -€8,140
Income statement
- Turnover +€31,876
new in 2025: €31,876
- Purchases and services +€16,925
new in 2025: €16,925
- Gross operating margin +€3,668
up €3,668 (+32.5%), from €11,283 to €14,951
- Taxes +€1,803
new in 2025: €1,803
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
-€4,291
Gross operating margin
+€3,668
Other operating charges
-€12
Financial income
+€0
Financial charges
+€248
Taxes
-€1,803
Deferred taxes and other
+€719
Result 2025
-€1,471
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
+€6,205
Investment
-€297,390
Financing
+€289,501
Cash 2024
€1,964
From operations (derived)
+€6,205
Net result for the year
-€1,471
Depreciation
+€14,662
Receivables within one year
+€5,045
Provisions
-€2,596
Trade debts
-€2,944
Tax, wage and social debts
+€1,803
Other debts
-€9,120
Accrued charges and deferred income
+€826
Investment (derived)
-€297,390
Investment in fixed assets (net)
-€297,390
Financing
+€289,501
Debts after one year
-€8,140
Current portion of long-term debt
+€252
Contributions, distributions and other
+€297,390
Cash 2025
€281
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €487,336 | €763,336 | +€276,000 | +56.6% |
| Fixed assets | 21/28 | €480,272 | €763,000 | +€282,728 | +58.9% |
| Tangible fixed assets | 22/27 | €480,272 | €763,000 | +€282,728 | +58.9% |
| Land and buildings | 22 | €480,272 | €763,000 | +€282,728 | +58.9% |
| Current assets | 29/58 | €7,064 | €336 | -€6,729 | -95.2% |
| Amounts receivable within one year | 40/41 | €5,100 | €55 | -€5,045 | -98.9% |
| Trade receivables | 40 | €5,100 | €55 | -€5,045 | -98.9% |
| Cash at bank and in hand | 54/58 | €1,964 | €281 | -€1,684 | -85.7% |
| Total equity and liabilities | 10/49 | €487,336 | €763,336 | +€276,000 | +56.6% |
| Equity | 10/15 | €191,016 | €486,935 | +€295,919 | +155% |
| Contributions | 10/11 | €79,326 | €79,326 | = | 0.0% |
| Capital | 10 | €79,326 | €79,326 | = | 0.0% |
| Issued capital | 100 | €79,326 | €79,326 | = | 0.0% |
| Revaluation surpluses | 12 | - | €297,390 | +€297,390 | |
| Reserves | 13 | €90,376 | €110,220 | +€19,843 | +22.0% |
| Non-distributable reserves | 130/1 | - | €3,592 | +€3,592 | |
| Legal reserve | 130 | - | €3,592 | +€3,592 | |
| Tax-exempt reserves | 132 | €90,376 | €85,314 | -€5,063 | -5.6% |
| Distributable reserves | 133 | - | €21,314 | +€21,314 | |
| Profit (loss) carried forward | 14 | €21,314 | - | -€21,314 | |
| Provisions and deferred taxes | 16 | €41,388 | €38,791 | -€2,596 | -6.3% |
| Deferred taxes | 168 | €41,388 | €38,791 | -€2,596 | -6.3% |
| Amounts payable | 17/49 | €254,932 | €237,609 | -€17,323 | -6.8% |
| Amounts payable after more than one year | 17 | €198,243 | €190,103 | -€8,140 | -4.1% |
| Financial debts | 170/4 | €60,243 | €52,103 | -€8,140 | -13.5% |
| Other amounts payable | 178/9 | €138,000 | €138,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,689 | €46,680 | -€10,010 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €7,888 | €8,140 | +€252 | +3.2% |
| Trade debts | 44 | €3,181 | €237 | -€2,944 | -92.6% |
| Suppliers | 440/4 | €3,181 | €237 | -€2,944 | -92.6% |
| Taxes, remuneration and social security | 45 | - | €1,803 | +€1,803 | |
| Taxes | 450/3 | - | €1,803 | +€1,803 | |
| Other amounts payable | 47/48 | €45,620 | €36,500 | -€9,120 | -20.0% |
| Accrued charges and deferred income | 492/3 | - | €826 | +€826 | |
| Turnover | 70 | - | €31,876 | +€31,876 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €16,925 | +€16,925 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,662 | €14,662 | = | 0.0% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €11,283 | €14,951 | +€3,668 | +32.5% |
| Operating profit (loss) | 9901 | -€3,828 | -€172 | +€3,656 | +95.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,341 | €2,093 | -€248 | -10.6% |
| Recurring financial charges | 65 | €2,341 | €2,093 | -€248 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,168 | -€2,264 | +€3,904 | +63.3% |
| Transfer from deferred taxes | 780 | €1,878 | €2,596 | +€719 | +38.3% |
| Income taxes | 67/77 | - | €1,803 | +€1,803 | |
| Profit (loss) for the period | 9904 | -€4,291 | -€1,471 | +€2,820 | +65.7% |
| Transfer from tax-exempt reserves | 789 | €3,661 | €5,063 | +€1,401 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€630 | €3,592 | +€4,221 |
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 16 October 2026 via checked.be.