IMMOSENT: 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.
IMMOSENT
Largest movements
- Tangible fixed assets +€5.0m
up €5.0m (+78.6%), from €6.3m to €11.3m
of which Land and buildings: +€3.7m
- Receivables within one year -€212,630
down €212,630 (-95.6%), from €222,450 to €9,820
of which Trade receivables: -€199,416
- Cash +€188,148
up €188,148 (+854%), from €22,034 to €210,182
mainly Debts after one year (+€3.3m) and Contributions, distributions and other (+€660,128)
- Debts after one year +€3.3m
up €3.3m (+117%), from €2.8m to €6.1m
- Investment grants +€660,128
new in 2025: €660,128
- Other debts +€605,118
up €605,118 (+55.0%), from €1.1m to €1.7m
- Provisions +€220,043
new in 2025: €220,043
- Gross operating margin +€185,550
up €185,550 (+30.0%), from €618,248 to €803,799
- Depreciation +€107,841
up €107,841 (+27.1%), from €398,155 to €505,997
- Financial charges +€52,601
up €52,601 (+33.9%), from €155,219 to €207,820
- Financial income +€9,747
up €9,747 (+227%), from €4,299 to €14,045
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 | €6,592,789 | €11,522,004 | +€4.9m | +74.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €6,346,267 | €11,299,800 | +€5.0m | +78.1% |
| Intangible fixed assets | 21 | €10,000 | €0 | -€10,000 | -100% |
| Tangible fixed assets | 22/27 | €6,317,667 | €11,281,200 | +€5.0m | +78.6% |
| Land and buildings | 22 | €4,270,073 | €7,959,947 | +€3.7m | +86.4% |
| Plant, machinery and equipment | 23 | €194,232 | €207,828 | +€13,596 | +7.0% |
| Assets under construction and advance payments | 27 | €1,853,362 | €3,113,425 | +€1.3m | +68.0% |
| Financial fixed assets | 28 | €18,600 | €18,600 | = | 0.0% |
| Current assets | 29/58 | €246,522 | €222,205 | -€24,317 | -9.9% |
| Amounts receivable within one year | 40/41 | €222,450 | €9,820 | -€212,630 | -95.6% |
| Trade receivables | 40 | €202,646 | €3,230 | -€199,416 | -98.4% |
| Other amounts receivable | 41 | €19,804 | €6,590 | -€13,214 | -66.7% |
| Cash at bank and in hand | 54/58 | €22,034 | €210,182 | +€188,148 | +854% |
| Deferred charges and accrued income | 490/1 | €2,038 | €2,203 | +€165 | +8.1% |
| Total equity and liabilities | 10/49 | €6,592,789 | €11,522,004 | +€4.9m | +74.8% |
| Equity | 10/15 | €1,421,925 | €2,127,816 | +€705,891 | +49.6% |
| Contributions | 10/11 | €1,400,000 | €1,400,000 | = | 0.0% |
| Reserves | 13 | €1,113 | €1,113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,113 | €1,113 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,113 | €1,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,811 | €66,574 | +€45,763 | +220% |
| Investment grants | 15 | - | €660,128 | +€660,128 | |
| Provisions and deferred taxes | 16 | - | €220,043 | +€220,043 | |
| Deferred taxes | 168 | - | €220,043 | +€220,043 | |
| Amounts payable | 17/49 | €5,170,864 | €9,174,146 | +€4.0m | +77.4% |
| Amounts payable after more than one year | 17 | €2,793,911 | €6,058,561 | +€3.3m | +117% |
| Financial debts | 170/4 | €2,793,911 | €6,058,561 | +€3.3m | +117% |
| Amounts payable within one year | 42/48 | €2,254,247 | €2,928,008 | +€673,762 | +29.9% |
| Current portion of amounts payable after more than one year | 42 | €664,817 | €677,019 | +€12,202 | +1.8% |
| Financial debts | 43 | €323,600 | €323,600 | = | 0.0% |
| Other loans | 439 | €323,600 | €323,600 | = | 0.0% |
| Trade debts | 44 | €165,948 | €222,389 | +€56,441 | +34.0% |
| Suppliers | 440/4 | €165,948 | €222,389 | +€56,441 | +34.0% |
| Other amounts payable | 47/48 | €1,099,882 | €1,705,000 | +€605,118 | +55.0% |
| Accrued charges and deferred income | 492/3 | €122,706 | €187,576 | +€64,870 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398,155 | €505,997 | +€107,841 | +27.1% |
| Other operating charges | 640/8 | €60,827 | €62,946 | +€2,119 | +3.5% |
| Gross operating margin | 9900 | €618,248 | €803,799 | +€185,550 | +30.0% |
| Operating profit (loss) | 9901 | €159,266 | €234,856 | +€75,590 | +47.5% |
| Financial income | 75/76B | €4,299 | €14,045 | +€9,747 | +227% |
| Recurring financial income | 75 | €4,299 | €14,045 | +€9,747 | +227% |
| Financial charges | 65/66B | €155,219 | €207,820 | +€52,601 | +33.9% |
| Recurring financial charges | 65 | €155,219 | €207,820 | +€52,601 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €8,346 | €41,081 | +€32,735 | +392% |
| Transfer from deferred taxes | 780 | - | €4,682 | +€4,682 | |
| Profit (loss) for the period | 9904 | €8,346 | €45,763 | +€37,417 | +448% |
| Profit (loss) for the period to be appropriated | 9905 | €8,346 | €45,763 | +€37,417 | +448% |
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 21 October 2026 via checked.be.