IMMOVAP: 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.
IMMOVAP
Largest movements
- Cash -€42,657
down €42,657 (-94.4%), from €45,180 to €2,523
mainly Investment in fixed assets (net) (-€69,223) and Accrued charges and deferred income (-€30,158)
- Tangible fixed assets +€29,921
up €29,921 (+3.7%), from €819,574 to €849,495
of which Land and buildings: +€30,069
- Receivables within one year -€19,016
down €19,016 (-24.0%), from €79,308 to €60,292
of which Other amounts receivable: -€18,446
- Accrued charges and deferred income -€30,158
down €30,158 (-75.1%), from €40,162 to €10,004
- Write-downs -€61,863
down €61,863, from €52,781 to -€9,082
- Gross operating margin -€8,810
down €8,810 (-16.5%), from €53,511 to €44,701
- Depreciation +€6,971
up €6,971 (+21.6%), from €32,331 to €39,302
- Financial income +€706
new in 2025: €706
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 | €944,062 | €913,663 | -€30,399 | -3.2% |
| Fixed assets | 21/28 | €819,574 | €849,495 | +€29,921 | +3.7% |
| Tangible fixed assets | 22/27 | €819,574 | €849,495 | +€29,921 | +3.7% |
| Land and buildings | 22 | €815,073 | €845,142 | +€30,069 | +3.7% |
| Plant, machinery and equipment | 23 | €4,501 | €4,354 | -€148 | -3.3% |
| Current assets | 29/58 | €124,488 | €64,168 | -€60,320 | -48.5% |
| Amounts receivable within one year | 40/41 | €79,308 | €60,292 | -€19,016 | -24.0% |
| Trade receivables | 40 | €12,862 | €12,292 | -€570 | -4.4% |
| Other amounts receivable | 41 | €66,446 | €48,000 | -€18,446 | -27.8% |
| Cash at bank and in hand | 54/58 | €45,180 | €2,523 | -€42,657 | -94.4% |
| Deferred charges and accrued income | 490/1 | - | €1,353 | +€1,353 | |
| Total equity and liabilities | 10/49 | €944,062 | €913,663 | -€30,399 | -3.2% |
| Equity | 10/15 | €898,976 | €895,670 | -€3,305 | -0.4% |
| Contributions | 10/11 | €90,615 | €90,615 | = | 0.0% |
| Revaluation surpluses | 12 | €935,024 | €935,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,664 | -€129,969 | -€3,305 | -2.6% |
| Amounts payable | 17/49 | €45,087 | €17,993 | -€27,093 | -60.1% |
| Amounts payable after more than one year | 17 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,925 | €6,990 | +€3,065 | +78.1% |
| Trade debts | 44 | €3,163 | €1,407 | -€1,756 | -55.5% |
| Suppliers | 440/4 | €3,163 | €1,407 | -€1,756 | -55.5% |
| Taxes, remuneration and social security | 45 | - | €1,688 | +€1,688 | |
| Taxes | 450/3 | - | €1,688 | +€1,688 | |
| Other amounts payable | 47/48 | €762 | €3,894 | +€3,132 | +411% |
| Accrued charges and deferred income | 492/3 | €40,162 | €10,004 | -€30,158 | -75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,331 | €39,302 | +€6,971 | +21.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €52,781 | -€9,082 | -€61,863 | |
| Other operating charges | 640/8 | €18,702 | €18,257 | -€445 | -2.4% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €53,511 | €44,701 | -€8,810 | -16.5% |
| Operating profit (loss) | 9901 | -€50,603 | -€3,775 | +€46,828 | +92.5% |
| Financial income | 75/76B | - | €706 | +€706 | |
| Recurring financial income | 75 | - | €706 | +€706 | |
| Financial charges | 65/66B | €321 | €237 | -€84 | -26.2% |
| Recurring financial charges | 65 | €321 | €237 | -€84 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€50,924 | -€3,305 | +€47,618 | +93.5% |
| Profit (loss) for the period | 9904 | -€50,924 | -€3,305 | +€47,618 | +93.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,924 | -€3,305 | +€47,618 | +93.5% |
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 21 October 2026 via checked.be.