IMMOSTART: 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.
IMMOSTART
Largest movements
- Cash -€59,338
down €59,338 (-97.5%), from €60,890 to €1,552
mainly Debts after one year (-€59,026) and Net result for the year (-€26,096)
- Receivables within one year +€20,692
up €20,692 (+59.6%), from €34,714 to €55,406
of which Trade receivables: +€17,790
- Tangible fixed assets -€6,526
down €6,526 (-3.8%), from €169,661 to €163,134
of which Land and buildings: -€5,413
- Debts after one year -€59,026
down €59,026 (-26.4%), from €223,400 to €164,374
of which Financial debts: -€59,026
- Other debts +€39,123
up €39,123 (+22.3%), from €175,789 to €214,913
- Profit (loss) carried forward -€26,096
down €26,096 (-256.7%), from -€10,166 to -€36,261
- Financial income -€73,294
down €73,294 (-99.8%), from €73,467 to €173
of which Non-recurring financial income: -€73,467
- Financial charges -€22,107
down €22,107 (-73.8%), from €29,963 to €7,856
- Gross operating margin +€5,269
up €5,269 (+56.8%), from -€9,270 to -€4,000
- Depreciation -€1,571
down €1,571 (-15.3%), from €10,237 to €8,666
- Other operating charges -€186
down €186 (-4.0%), from €4,687 to €4,501
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 | €421,859 | €376,671 | -€45,188 | -10.7% |
| Fixed assets | 21/28 | €188,411 | €181,884 | -€6,526 | -3.5% |
| Tangible fixed assets | 22/27 | €169,661 | €163,134 | -€6,526 | -3.8% |
| Land and buildings | 22 | €163,969 | €158,555 | -€5,413 | -3.3% |
| Plant, machinery and equipment | 23 | €2,693 | €3,216 | +€523 | +19.4% |
| Furniture and vehicles | 24 | €2,999 | €1,363 | -€1,636 | -54.5% |
| Financial fixed assets | 28 | €18,750 | €18,750 | = | 0.0% |
| Current assets | 29/58 | €233,448 | €194,787 | -€38,662 | -16.6% |
| Stocks and contracts in progress | 3 | €137,445 | €137,445 | = | 0.0% |
| Stocks | 30/36 | €137,445 | €137,445 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,714 | €55,406 | +€20,692 | +59.6% |
| Trade receivables | 40 | €823 | €18,613 | +€17,790 | +2162.3% |
| Other amounts receivable | 41 | €33,892 | €36,793 | +€2,901 | +8.6% |
| Current investments | 50/53 | €91 | €91 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,890 | €1,552 | -€59,338 | -97.5% |
| Deferred charges and accrued income | 490/1 | €308 | €293 | -€15 | -5.0% |
| Total equity and liabilities | 10/49 | €421,859 | €376,671 | -€45,188 | -10.7% |
| Equity | 10/15 | -€8,166 | -€34,261 | -€26,096 | -319.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,166 | -€36,261 | -€26,096 | -256.7% |
| Amounts payable | 17/49 | €430,025 | €410,932 | -€19,092 | -4.4% |
| Amounts payable after more than one year | 17 | €223,400 | €164,374 | -€59,026 | -26.4% |
| Financial debts | 170/4 | €221,500 | €162,474 | -€59,026 | -26.6% |
| Other amounts payable | 178/9 | €1,900 | €1,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €206,625 | €246,558 | +€39,933 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €17,725 | €15,939 | -€1,786 | -10.1% |
| Trade debts | 44 | €9,379 | €11,975 | +€2,596 | +27.7% |
| Suppliers | 440/4 | €9,379 | €11,975 | +€2,596 | +27.7% |
| Taxes, remuneration and social security | 45 | €3,732 | €3,732 | = | 0.0% |
| Taxes | 450/3 | €3,732 | €3,732 | = | 0.0% |
| Other amounts payable | 47/48 | €175,789 | €214,913 | +€39,123 | +22.3% |
| Non-recurring operating income | 76A | - | €1,210 | +€1,210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,237 | €8,666 | -€1,571 | -15.3% |
| Other operating charges | 640/8 | €4,687 | €4,501 | -€186 | -4.0% |
| Non-recurring operating charges | 66A | - | €1,244 | +€1,244 | |
| Gross operating margin | 9900 | -€9,270 | -€4,000 | +€5,269 | +56.8% |
| Operating profit (loss) | 9901 | -€24,193 | -€18,412 | +€5,781 | +23.9% |
| Financial income | 75/76B | €73,467 | €173 | -€73,294 | -99.8% |
| Recurring financial income | 75 | €0 | €173 | +€172 | +66323.1% |
| Non-recurring financial income | 76B | €73,467 | - | -€73,467 | |
| Financial charges | 65/66B | €29,963 | €7,856 | -€22,107 | -73.8% |
| Recurring financial charges | 65 | €29,963 | €7,856 | -€22,107 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €19,311 | -€26,096 | -€45,407 | |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €19,311 | -€26,096 | -€45,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,311 | -€26,096 | -€45,407 |
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 4 October 2026 via checked.be.