IMMOVAK: 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
IMMOVAK
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,438
2024 · €91,445-€47,006
Equity
€428,073
2024 · €383,635+€44,438
Cash
€4,478
2024 · €4,899-€420
Balance sheet total
€543,739
2024 · €503,187+€40,552
Largest movements
Assets
- Tangible fixed assets +€33,578
up €33,578 (+20.8%), from €161,192 to €194,771
of which Land and buildings: +€35,059
- Receivables after one year +€10,000
new in 2025: €10,000
Equity and liabilities
- Profit (loss) carried forward +€44,438
up €44,438 (+48.6%), from €91,445 to €135,883
- Trade debts -€26,963
down €26,963 (-69.7%), from €38,665 to €11,702
- Other debts +€19,189
new in 2025: €19,189
Income statement
- Gross operating margin -€24,461
down €24,461 (-20.9%), from €116,877 to €92,416
- Taxes +€24,128
new in 2025: €24,128
- Financial income +€1,819
new in 2025: €1,819
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
€91,445
Gross operating margin
-€24,461
Depreciation
-€1,108
Other operating charges
+€613
Financial income
+€1,819
Financial charges
+€260
Taxes
-€24,128
Result 2025
€44,438
raises the resultlowers the result
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
+€54,866
Investment
-€57,867
Financing
+€2,581
Cash 2024
€4,899
From operations (derived)
+€54,866
Net result for the year
+€44,438
Depreciation
+€24,289
Receivables after one year
-€10,000
Receivables within one year
+€2,106
Deferred charges and accrued income
+€500
Trade debts
-€26,963
Other debts
+€19,189
Accrued charges and deferred income
+€1,307
Investment (derived)
-€57,867
Investment in fixed assets (net)
-€57,867
Financing
+€2,581
Debts after one year
+€4,705
Current portion of long-term debt
-€2,125
Cash 2025
€4,478
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €503,187 | €543,739 | +€40,552 | +8.1% |
| Fixed assets | 21/28 | €164,197 | €197,775 | +€33,578 | +20.4% |
| Tangible fixed assets | 22/27 | €161,192 | €194,771 | +€33,578 | +20.8% |
| Land and buildings | 22 | €157,998 | €193,057 | +€35,059 | +22.2% |
| Plant, machinery and equipment | 23 | €3,195 | €1,714 | -€1,481 | -46.4% |
| Financial fixed assets | 28 | €3,005 | €3,005 | = | 0.0% |
| Current assets | 29/58 | €338,990 | €345,964 | +€6,973 | +2.1% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €333,592 | €331,485 | -€2,106 | -0.6% |
| Other amounts receivable | 41 | €333,592 | €331,485 | -€2,106 | -0.6% |
| Cash at bank and in hand | 54/58 | €4,899 | €4,478 | -€420 | -8.6% |
| Deferred charges and accrued income | 490/1 | €500 | - | -€500 | |
| Total equity and liabilities | 10/49 | €503,187 | €543,739 | +€40,552 | +8.1% |
| Equity | 10/15 | €383,635 | €428,073 | +€44,438 | +11.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €230,690 | €230,690 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €68 | €68 | = | 0.0% |
| Distributable reserves | 133 | €224,472 | €224,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,445 | €135,883 | +€44,438 | +48.6% |
| Amounts payable | 17/49 | €119,553 | €115,666 | -€3,887 | -3.3% |
| Amounts payable after more than one year | 17 | €68,689 | €73,394 | +€4,705 | +6.8% |
| Financial debts | 170/4 | €68,689 | €73,394 | +€4,705 | +6.8% |
| Amounts payable within one year | 42/48 | €50,864 | €40,965 | -€9,899 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €12,199 | €10,074 | -€2,125 | -17.4% |
| Trade debts | 44 | €38,665 | €11,702 | -€26,963 | -69.7% |
| Suppliers | 440/4 | €38,665 | €11,702 | -€26,963 | -69.7% |
| Other amounts payable | 47/48 | - | €19,189 | +€19,189 | |
| Accrued charges and deferred income | 492/3 | - | €1,307 | +€1,307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,180 | €24,289 | +€1,108 | +4.8% |
| Other operating charges | 640/8 | €1,132 | €520 | -€613 | -54.1% |
| Gross operating margin | 9900 | €116,877 | €92,416 | -€24,461 | -20.9% |
| Operating profit (loss) | 9901 | €92,564 | €67,607 | -€24,957 | -27.0% |
| Financial income | 75/76B | - | €1,819 | +€1,819 | |
| Recurring financial income | 75 | - | €1,819 | +€1,819 | |
| Financial charges | 65/66B | €1,120 | €860 | -€260 | -23.2% |
| Recurring financial charges | 65 | €1,120 | €860 | -€260 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €91,445 | €68,566 | -€22,878 | -25.0% |
| Income taxes | 67/77 | - | €24,128 | +€24,128 | |
| Profit (loss) for the period | 9904 | €91,445 | €44,438 | -€47,006 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,445 | €44,438 | -€47,006 | -51.4% |
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 26 October 2026 via checked.be.