IMMOVAAR: 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
IMMOVAAR
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €1.5m+€619,926
Equity
€28.7m
2024 · €28.1m+€599,078
Cash
€394,169
2024 · €516,352-€122,183
Balance sheet total
€35.2m
2024 · €33.1m+€2.1m
Largest movements
Assets
- Current investments +€2.6m
up €2.6m (+16.5%), from €16.0m to €18.6m
- Tangible fixed assets -€644,995
down €644,995 (-4.0%), from €16.2m to €15.6m
of which Land and buildings: -€705,111
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+50.9%), from €3.0m to €4.6m
- Reserves +€599,078
up €599,078 (+2.7%), from €22.2m to €22.8m
of which Distributable reserves: +€737,411
Income statement
- Financial charges -€440,837
down €440,837 (-57.5%), from €766,404 to €325,567
- Financial income +€136,339
up €136,339 (+26.2%), from €520,936 to €657,275
- Gross operating margin +€99,396
up €99,396 (+2.7%), from €3.7m to €3.8m
- Other operating charges +€39,522
up €39,522 (+17.8%), from €222,248 to €261,770
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
€1.5m
Gross operating margin
+€99,396
Depreciation
-€6,857
Other operating charges
-€39,522
Other operating items
+€3,597
Financial income
+€136,339
Financial charges
+€440,837
Taxes
-€7,701
Deferred taxes and other
-€6,163
Result 2025
€2.1m
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
+€2.6m
Investment
-€2.8m
Financing
+€74,288
Cash 2024
€516,352
From operations (derived)
+€2.6m
Net result for the year
+€2.1m
Depreciation
+€872,709
Receivables within one year
-€237,285
Deferred charges and accrued income
-€527
Provisions
-€46,111
Trade debts
+€23,162
Tax, wage and social debts
-€88,526
Advances received
-€7,455
Accrued charges and deferred income
+€25,618
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€171,914
Current investments
-€2.6m
Financing
+€74,288
Debts after one year
+€1.6m
Contributions, distributions and other
-€1.5m
Cash 2025
€394,169
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,110,603 | €35,168,797 | +€2.1m | +6.2% |
| Fixed assets | 21/28 | €16,256,046 | €15,555,251 | -€700,795 | -4.3% |
| Tangible fixed assets | 22/27 | €16,195,246 | €15,550,251 | -€644,995 | -4.0% |
| Land and buildings | 22 | €15,610,476 | €14,905,365 | -€705,111 | -4.5% |
| Plant, machinery and equipment | 23 | €189,081 | €267,169 | +€78,088 | +41.3% |
| Furniture and vehicles | 24 | €44,251 | €26,279 | -€17,972 | -40.6% |
| Assets under construction and advance payments | 27 | €351,438 | €351,438 | = | 0.0% |
| Financial fixed assets | 28 | €60,800 | €5,000 | -€55,800 | -91.8% |
| Current assets | 29/58 | €16,854,556 | €19,613,545 | +€2.8m | +16.4% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €250,616 | €487,900 | +€237,285 | +94.7% |
| Trade receivables | 40 | €209,430 | €353,848 | +€144,418 | +69.0% |
| Other amounts receivable | 41 | €41,186 | €134,052 | +€92,866 | +225% |
| Current investments | 50/53 | €15,974,756 | €18,618,116 | +€2.6m | +16.5% |
| Cash at bank and in hand | 54/58 | €516,352 | €394,169 | -€122,183 | -23.7% |
| Deferred charges and accrued income | 490/1 | €2,833 | €3,360 | +€527 | +18.6% |
| Total equity and liabilities | 10/49 | €33,110,603 | €35,168,797 | +€2.1m | +6.2% |
| Equity | 10/15 | €28,080,014 | €28,679,091 | +€599,078 | +2.1% |
| Contributions | 10/11 | €5,847,509 | €5,847,509 | = | 0.0% |
| Capital | 10 | €5,847,509 | €5,847,509 | = | 0.0% |
| Issued capital | 100 | €5,847,509 | €5,847,509 | = | 0.0% |
| Reserves | 13 | €22,232,504 | €22,831,582 | +€599,078 | +2.7% |
| Non-distributable reserves | 130/1 | €584,751 | €584,751 | = | 0.0% |
| Legal reserve | 130 | €584,751 | €584,751 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,207,264 | €2,068,931 | -€138,333 | -6.3% |
| Distributable reserves | 133 | €19,440,489 | €20,177,900 | +€737,411 | +3.8% |
| Provisions and deferred taxes | 16 | €686,230 | €640,119 | -€46,111 | -6.7% |
| Deferred taxes | 168 | €686,230 | €640,119 | -€46,111 | -6.7% |
| Amounts payable | 17/49 | €4,344,359 | €5,849,587 | +€1.5m | +34.6% |
| Amounts payable after more than one year | 17 | €3,047,674 | €4,600,101 | +€1.6m | +50.9% |
| Financial debts | 170/4 | €3,047,674 | €4,600,101 | +€1.6m | +50.9% |
| Amounts payable within one year | 42/48 | €619,991 | €547,173 | -€72,818 | -11.7% |
| Trade debts | 44 | €20,713 | €43,876 | +€23,162 | +112% |
| Suppliers | 440/4 | €20,713 | €43,876 | +€23,162 | +112% |
| Advances received on contracts in progress | 46 | €7,455 | - | -€7,455 | |
| Taxes, remuneration and social security | 45 | €585,388 | €496,862 | -€88,526 | -15.1% |
| Taxes | 450/3 | €585,388 | €496,862 | -€88,526 | -15.1% |
| Other amounts payable | 47/48 | €6,435 | €6,435 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €676,694 | €702,313 | +€25,618 | +3.8% |
| Non-recurring operating income | 76A | - | €1,441 | +€1,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €865,852 | €872,709 | +€6,857 | +0.8% |
| Other operating charges | 640/8 | €222,248 | €261,770 | +€39,522 | +17.8% |
| Non-recurring operating charges | 66A | €3,597 | - | -€3,597 | |
| Gross operating margin | 9900 | €3,667,073 | €3,766,469 | +€99,396 | +2.7% |
| Operating profit (loss) | 9901 | €2,575,376 | €2,631,990 | +€56,614 | +2.2% |
| Financial income | 75/76B | €520,936 | €657,275 | +€136,339 | +26.2% |
| Recurring financial income | 75 | €520,936 | €657,275 | +€136,339 | +26.2% |
| Financial charges | 65/66B | €766,404 | €325,567 | -€440,837 | -57.5% |
| Recurring financial charges | 65 | €766,404 | €325,567 | -€440,837 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €2,329,908 | €2,963,698 | +€633,790 | +27.2% |
| Transfer from deferred taxes | 780 | €52,275 | €46,111 | -€6,163 | -11.8% |
| Income taxes | 67/77 | €924,892 | €932,592 | +€7,701 | +0.8% |
| Profit (loss) for the period | 9904 | €1,457,291 | €2,077,217 | +€619,926 | +42.5% |
| Transfer from tax-exempt reserves | 789 | €682,530 | €138,333 | -€544,197 | -79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,139,822 | €2,215,551 | +€75,729 | +3.5% |
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 20 October 2026 via checked.be.