IMMOTIBEL: 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.
IMMOTIBEL
Largest movements
- Tangible fixed assets -€271,635
down €271,635 (-9.7%), from €2.8m to €2.5m
of which Land and buildings: -€174,828
- Cash +€103,868
up €103,868 (+154%), from €67,328 to €171,196
mainly Depreciation (+€247,476) and Receivables within one year (+€59,173)
- Receivables within one year -€59,173
down €59,173 (-34.2%), from €172,980 to €113,807
of which Trade receivables: -€31,097
- Debts after one year -€246,128
down €246,128 (-15.7%), from €1.6m to €1.3m
of which Financial debts: -€196,128
- Reserves -€45,564
down €45,564 (-6.4%), from €715,857 to €670,292
of which Tax-exempt reserves: -€26,564
- Other debts +€40,673
up €40,673 (+38.7%), from €105,231 to €145,904
- Short-term financial debts -€33,400
down €33,400 (-40.0%), from €83,537 to €50,137
- Gross operating margin -€50,834
down €50,834 (-9.2%), from €554,345 to €503,511
- Provisions +€36,737
up €36,737, from -€30,460 to €6,278
- Depreciation +€35,130
up €35,130 (+16.5%), from €212,345 to €247,476
- Taxes -€25,258
down €25,258 (-44.1%), from €57,232 to €31,974
- Other operating charges +€14,996
up €14,996 (+22.2%), from €67,482 to €82,478
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 | €3,057,665 | €2,811,441 | -€246,224 | -8.1% |
| Fixed assets | 21/28 | €2,788,227 | €2,516,592 | -€271,635 | -9.7% |
| Tangible fixed assets | 22/27 | €2,787,977 | €2,516,342 | -€271,635 | -9.7% |
| Land and buildings | 22 | €2,334,536 | €2,159,708 | -€174,828 | -7.5% |
| Plant, machinery and equipment | 23 | €392,868 | €328,807 | -€64,062 | -16.3% |
| Furniture and vehicles | 24 | €60,572 | €27,827 | -€32,745 | -54.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €269,438 | €294,849 | +€25,411 | +9.4% |
| Amounts receivable within one year | 40/41 | €172,980 | €113,807 | -€59,173 | -34.2% |
| Trade receivables | 40 | €100,551 | €69,454 | -€31,097 | -30.9% |
| Other amounts receivable | 41 | €72,429 | €44,353 | -€28,076 | -38.8% |
| Current investments | 50/53 | €25,000 | €5,000 | -€20,000 | -80.0% |
| Cash at bank and in hand | 54/58 | €67,328 | €171,196 | +€103,868 | +154% |
| Deferred charges and accrued income | 490/1 | €4,130 | €4,846 | +€716 | +17.3% |
| Total equity and liabilities | 10/49 | €3,057,665 | €2,811,441 | -€246,224 | -8.1% |
| Equity | 10/15 | €922,977 | €878,221 | -€44,756 | -4.8% |
| Contributions | 10/11 | €206,477 | €206,477 | = | 0.0% |
| Capital | 10 | €206,477 | €206,477 | = | 0.0% |
| Issued capital | 100 | €206,477 | €206,477 | = | 0.0% |
| Reserves | 13 | €715,857 | €670,292 | -€45,564 | -6.4% |
| Non-distributable reserves | 130/1 | €20,648 | €20,648 | = | 0.0% |
| Legal reserve | 130 | €20,648 | €20,648 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,402 | €162,838 | -€26,564 | -14.0% |
| Distributable reserves | 133 | €505,807 | €486,807 | -€19,000 | -3.8% |
| Profit (loss) carried forward | 14 | €644 | €1,452 | +€809 | +126% |
| Provisions and deferred taxes | 16 | €95,524 | €92,946 | -€2,577 | -2.7% |
| Deferred taxes | 168 | €95,524 | €92,946 | -€2,577 | -2.7% |
| Amounts payable | 17/49 | €2,039,164 | €1,840,273 | -€198,891 | -9.8% |
| Amounts payable after more than one year | 17 | €1,570,645 | €1,324,517 | -€246,128 | -15.7% |
| Financial debts | 170/4 | €1,474,125 | €1,277,997 | -€196,128 | -13.3% |
| Other amounts payable | 178/9 | €96,520 | €46,520 | -€50,000 | -51.8% |
| Amounts payable within one year | 42/48 | €440,370 | €467,820 | +€27,450 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €227,492 | €231,476 | +€3,984 | +1.8% |
| Financial debts | 43 | €83,537 | €50,137 | -€33,400 | -40.0% |
| Other loans | 439 | €83,537 | €50,137 | -€33,400 | -40.0% |
| Trade debts | 44 | €18,005 | €32,477 | +€14,471 | +80.4% |
| Suppliers | 440/4 | €18,005 | €32,477 | +€14,471 | +80.4% |
| Taxes, remuneration and social security | 45 | €6,104 | €7,827 | +€1,722 | +28.2% |
| Taxes | 450/3 | €6,104 | €7,827 | +€1,722 | +28.2% |
| Other amounts payable | 47/48 | €105,231 | €145,904 | +€40,673 | +38.7% |
| Accrued charges and deferred income | 492/3 | €28,149 | €47,935 | +€19,786 | +70.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,345 | €247,476 | +€35,130 | +16.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€30,460 | €6,278 | +€36,737 | |
| Other operating charges | 640/8 | €67,482 | €82,478 | +€14,996 | +22.2% |
| Gross operating margin | 9900 | €554,345 | €503,511 | -€50,834 | -9.2% |
| Operating profit (loss) | 9901 | €304,977 | €167,280 | -€137,697 | -45.2% |
| Financial income | 75/76B | €6,218 | €2,075 | -€4,144 | -66.6% |
| Recurring financial income | 75 | €6,218 | €1,293 | -€4,925 | -79.2% |
| Non-recurring financial income | 76B | - | €782 | +€782 | |
| Financial charges | 65/66B | €123,048 | €108,990 | -€14,057 | -11.4% |
| Recurring financial charges | 65 | €116,700 | €106,999 | -€9,701 | -8.3% |
| Non-recurring financial charges | 66B | €6,348 | €1,991 | -€4,357 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €188,147 | €60,364 | -€127,784 | -67.9% |
| Transfer from deferred taxes | 780 | €73 | €8,855 | +€8,782 | +12,065% |
| Income taxes | 67/77 | €57,232 | €31,974 | -€25,258 | -44.1% |
| Profit (loss) for the period | 9904 | €130,988 | €37,244 | -€93,743 | -71.6% |
| Transfer from tax-exempt reserves | 789 | €218 | €26,564 | +€26,346 | +12,061% |
| Profit (loss) for the period to be appropriated | 9905 | €131,206 | €63,809 | -€67,398 | -51.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.