ImmoValco: 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.
ImmoValco
Largest movements
- Tangible fixed assets +€580,974
up €580,974 (+31.3%), from €1.9m to €2.4m
of which Land and buildings: +€582,224
- Stocks and contracts -€542,286
no longer reported in 2025 (was €542,286)
- Receivables within one year +€35,399
up €35,399 (+15.1%), from €234,882 to €270,281
of which Other amounts receivable: +€32,966
- Profit (loss) carried forward -€127,619
down €127,619 (-39.3%), from -€324,738 to -€452,357
- Trade debts +€126,559
up €126,559 (+244.5%), from €51,766 to €178,325
- Tax, wage and social debts +€54,690
up €54,690 (+7167.8%), from €763 to €55,453
- Gross operating margin +€104,239
up €104,239 (+86.4%), from €120,633 to €224,872
- Depreciation +€102,090
up €102,090 (+57.7%), from €176,958 to €279,048
- Financial charges -€7,364
down €7,364 (-9.1%), from €81,321 to €73,957
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 | €3,011,194 | €3,115,341 | +€104,147 | +3.5% |
| Fixed assets | 21/28 | €2,149,826 | €2,730,800 | +€580,974 | +27.0% |
| Tangible fixed assets | 22/27 | €1,855,674 | €2,436,648 | +€580,974 | +31.3% |
| Land and buildings | 22 | €1,854,424 | €2,436,648 | +€582,224 | +31.4% |
| Furniture and vehicles | 24 | €1,250 | - | -€1,250 | |
| Financial fixed assets | 28 | €294,152 | €294,152 | = | 0.0% |
| Current assets | 29/58 | €861,368 | €384,541 | -€476,827 | -55.4% |
| Stocks and contracts in progress | 3 | €542,286 | - | -€542,286 | |
| Stocks | 30/36 | €542,286 | - | -€542,286 | |
| Amounts receivable within one year | 40/41 | €234,882 | €270,281 | +€35,399 | +15.1% |
| Trade receivables | 40 | - | €2,433 | +€2,433 | |
| Other amounts receivable | 41 | €234,882 | €267,848 | +€32,966 | +14.0% |
| Cash at bank and in hand | 54/58 | €84,200 | €114,260 | +€30,060 | +35.7% |
| Total equity and liabilities | 10/49 | €3,011,194 | €3,115,341 | +€104,147 | +3.5% |
| Equity | 10/15 | €89,477 | -€47,799 | -€137,276 | |
| Contributions | 10/11 | €125,300 | €125,300 | = | 0.0% |
| Reserves | 13 | €288,915 | €279,258 | -€9,657 | -3.3% |
| Non-distributable reserves | 130/1 | €12,530 | €12,530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,530 | €12,530 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,429 | €76,772 | -€9,657 | -11.2% |
| Distributable reserves | 133 | €189,956 | €189,956 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€324,738 | -€452,357 | -€127,619 | -39.3% |
| Provisions and deferred taxes | 16 | €44,504 | €39,531 | -€4,973 | -11.2% |
| Deferred taxes | 168 | €44,504 | €39,531 | -€4,973 | -11.2% |
| Amounts payable | 17/49 | €2,877,213 | €3,123,609 | +€246,396 | +8.6% |
| Amounts payable after more than one year | 17 | €1,446,657 | €1,464,120 | +€17,463 | +1.2% |
| Financial debts | 170/4 | €1,446,657 | €1,464,120 | +€17,463 | +1.2% |
| Amounts payable within one year | 42/48 | €1,430,556 | €1,659,489 | +€228,933 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €154,555 | €177,209 | +€22,654 | +14.7% |
| Financial debts | 43 | €444,167 | €444,000 | -€167 | 0.0% |
| Credit institutions | 430/8 | €444,167 | €444,000 | -€167 | 0.0% |
| Trade debts | 44 | €51,766 | €178,325 | +€126,559 | +244.5% |
| Suppliers | 440/4 | €51,766 | €178,325 | +€126,559 | +244.5% |
| Taxes, remuneration and social security | 45 | €763 | €55,453 | +€54,690 | +7167.8% |
| Taxes | 450/3 | €763 | €55,453 | +€54,690 | +7167.8% |
| Other amounts payable | 47/48 | €779,305 | €804,502 | +€25,197 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,958 | €279,048 | +€102,090 | +57.7% |
| Other operating charges | 640/8 | €12,317 | €14,116 | +€1,799 | +14.6% |
| Gross operating margin | 9900 | €120,633 | €224,872 | +€104,239 | +86.4% |
| Operating profit (loss) | 9901 | -€68,642 | -€68,292 | +€350 | +0.5% |
| Financial income | 75/76B | €462 | - | -€462 | |
| Recurring financial income | 75 | €462 | - | -€462 | |
| Financial charges | 65/66B | €81,321 | €73,957 | -€7,364 | -9.1% |
| Recurring financial charges | 65 | €81,321 | €73,957 | -€7,364 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€149,501 | -€142,249 | +€7,252 | +4.9% |
| Transfer from deferred taxes | 780 | €4,973 | €4,973 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€144,528 | -€137,276 | +€7,252 | +5.0% |
| Transfer from tax-exempt reserves | 789 | €9,657 | €9,657 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€134,871 | -€127,619 | +€7,252 | +5.4% |
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 10 October 2026 via checked.be.