IMMOVAM: 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.
IMMOVAM
Largest movements
- Tangible fixed assets +€603,065
up €603,065 (+84.4%), from €714,404 to €1.3m
of which Land and buildings: +€605,543
- Cash -€29,987
down €29,987 (-83.7%), from €35,811 to €5,824
- Receivables within one year +€23,440
up €23,440 (+5467.0%), from €429 to €23,869
of which Other amounts receivable: +€21,000
- Debts after one year +€689,350
up €689,350 (+289.3%), from €238,252 to €927,602
of which Other amounts payable: +€775,000
- Reserves -€110,111
down €110,111 (-33.4%), from €330,002 to €219,891
of which Distributable reserves: -€108,251
- Other debts +€25,887
up €25,887 (+29.4%), from €88,021 to €113,908
- Gross operating margin +€65,762
up €65,762 (+55.1%), from €119,332 to €185,094
- Depreciation +€50,134
up €50,134 (+75.3%), from €66,578 to €116,713
- Taxes +€3,430
up €3,430 (+27.6%), from €12,419 to €15,849
- Financial charges +€3,105
up €3,105 (+47.7%), from €6,515 to €9,621
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €751,675 | €1,348,188 | +€596,512 | +79.4% |
| Fixed assets | 21/28 | €714,905 | €1,317,970 | +€603,065 | +84.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €714,404 | €1,317,469 | +€603,065 | +84.4% |
| Land and buildings | 22 | €697,301 | €1,302,843 | +€605,543 | +86.8% |
| Plant, machinery and equipment | 23 | €17,103 | €14,625 | -€2,478 | -14.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €36,771 | €30,218 | -€6,553 | -17.8% |
| Amounts receivable within one year | 40/41 | €429 | €23,869 | +€23,440 | +5467.0% |
| Trade receivables | 40 | €411 | €2,852 | +€2,440 | +593.2% |
| Other amounts receivable | 41 | €17 | €21,017 | +€21,000 | +120967.7% |
| Cash at bank and in hand | 54/58 | €35,811 | €5,824 | -€29,987 | -83.7% |
| Deferred charges and accrued income | 490/1 | €531 | €525 | -€6 | -1.1% |
| Total equity and liabilities | 10/49 | €751,675 | €1,348,188 | +€596,512 | +79.4% |
| Equity | 10/15 | €348,602 | €238,491 | -€110,111 | -31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €330,002 | €219,891 | -€110,111 | -33.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €328,142 | €219,891 | -€108,251 | -33.0% |
| Amounts payable | 17/49 | €403,073 | €1,109,697 | +€706,624 | +175.3% |
| Amounts payable after more than one year | 17 | €238,252 | €927,602 | +€689,350 | +289.3% |
| Financial debts | 170/4 | €238,252 | €152,602 | -€85,650 | -35.9% |
| Other amounts payable | 178/9 | - | €775,000 | +€775,000 | |
| Amounts payable within one year | 42/48 | €161,421 | €178,395 | +€16,974 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €66,453 | €57,100 | -€9,352 | -14.1% |
| Trade debts | 44 | €552 | €538 | -€13 | -2.4% |
| Suppliers | 440/4 | €552 | €538 | -€13 | -2.4% |
| Taxes, remuneration and social security | 45 | €6,396 | €6,849 | +€453 | +7.1% |
| Taxes | 450/3 | €6,396 | €6,849 | +€453 | +7.1% |
| Other amounts payable | 47/48 | €88,021 | €113,908 | +€25,887 | +29.4% |
| Accrued charges and deferred income | 492/3 | €3,400 | €3,700 | +€300 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,578 | €116,713 | +€50,134 | +75.3% |
| Other operating charges | 640/8 | €9,251 | €10,190 | +€940 | +10.2% |
| Gross operating margin | 9900 | €119,332 | €185,094 | +€65,762 | +55.1% |
| Operating profit (loss) | 9901 | €43,503 | €58,191 | +€14,688 | +33.8% |
| Financial charges | 65/66B | €6,515 | €9,621 | +€3,105 | +47.7% |
| Recurring financial charges | 65 | €6,515 | €9,621 | +€3,105 | +47.7% |
| Profit (loss) for the period before taxes | 9903 | €36,987 | €48,570 | +€11,582 | +31.3% |
| Income taxes | 67/77 | €12,419 | €15,849 | +€3,430 | +27.6% |
| Profit (loss) for the period | 9904 | €24,569 | €32,721 | +€8,152 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,569 | €32,721 | +€8,152 | +33.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.