IMMOVELD: 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
IMMOVELD
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
€3.3m
2024 · €637,639+€2.7m
Equity
€62.8m
2024 · €60.2m+€2.6m
Cash
€43
2024 · €43
Balance sheet total
€97.5m
2024 · €95.3m+€2.2m
Largest movements
Assets
- Financial fixed assets +€4.3m
up €4.3m (+4.9%), from €86.5m to €90.8m
- Tangible fixed assets -€1.8m
down €1.8m (-26.8%), from €6.8m to €5.0m
of which Land and buildings: -€1.8m
Equity and liabilities
- Reserves +€2.0m
up €2.0m (+640%), from €306,500 to €2.3m
of which Tax-exempt reserves: +€2.0m
Income statement
- Gross operating margin +€2.3m
up €2.3m (+126%), from €1.9m to €4.2m
- Financial charges -€268,535
down €268,535 (-18.8%), from €1.4m to €1.2m
- Write-downs +€142,669
new in 2025: €142,669
- Depreciation -€141,238
down €141,238 (-28.7%), from €491,812 to €350,574
- Other operating charges -€54,043
down €54,043 (-20.0%), from €270,197 to €216,154
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
€637,639
Gross operating margin
+€2.3m
Depreciation
+€141,238
Write-downs
-€142,669
Other operating charges
+€54,043
Financial income
-€17,972
Financial charges
+€268,535
Taxes
+€18,658
Result 2025
€3.3m
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
+€4.7m
Investment
-€2.8m
Financing
-€1.9m
Cash 2024
€43
From operations (derived)
+€4.7m
Net result for the year
+€3.3m
Depreciation
+€350,574
Receivables within one year
+€278,943
Deferred charges and accrued income
-€16,751
Provisions
+€654,147
Trade debts
+€120,832
Tax, wage and social debts
+€63
Advances received
-€110,722
Other debts
-€107,597
Accrued charges and deferred income
+€196,878
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Financing
-€1.9m
Debts after one year
-€452,000
Current portion of long-term debt
-€757,841
Contributions, distributions and other
-€679,313
Cash 2025
€43
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €95,328,692 | €97,494,598 | +€2.2m | +2.3% |
| Fixed assets | 21/28 | €93,339,099 | €95,767,197 | +€2.4m | +2.6% |
| Tangible fixed assets | 22/27 | €6,803,599 | €4,981,697 | -€1.8m | -26.8% |
| Land and buildings | 22 | €6,800,052 | €4,979,324 | -€1.8m | -26.8% |
| Plant, machinery and equipment | 23 | €3,084 | €2,372 | -€712 | -23.1% |
| Furniture and vehicles | 24 | €463 | €0 | -€463 | -100% |
| Financial fixed assets | 28 | €86,535,500 | €90,785,500 | +€4.3m | +4.9% |
| Current assets | 29/58 | €1,989,593 | €1,727,401 | -€262,192 | -13.2% |
| Amounts receivable within one year | 40/41 | €1,159,940 | €880,996 | -€278,943 | -24.0% |
| Trade receivables | 40 | €127,934 | €114,196 | -€13,738 | -10.7% |
| Other amounts receivable | 41 | €1,032,005 | €766,800 | -€265,205 | -25.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €43 | €43 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €829,610 | €846,362 | +€16,751 | +2.0% |
| Total equity and liabilities | 10/49 | €95,328,692 | €97,494,598 | +€2.2m | +2.3% |
| Equity | 10/15 | €60,217,385 | €62,839,531 | +€2.6m | +4.4% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Capital | 10 | €525,000 | €525,000 | = | 0.0% |
| Issued capital | 100 | €525,000 | €525,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,606,884 | €1,606,884 | = | 0.0% |
| Reserves | 13 | €306,500 | €2,268,940 | +€2.0m | +640% |
| Non-distributable reserves | 130/1 | €52,500 | €52,500 | = | 0.0% |
| Legal reserve | 130 | €52,500 | €52,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €254,000 | €2,216,440 | +€2.0m | +773% |
| Profit (loss) carried forward | 14 | €57,779,001 | €58,438,706 | +€659,705 | +1.1% |
| Provisions and deferred taxes | 16 | €84,558 | €738,705 | +€654,147 | +774% |
| Deferred taxes | 168 | €84,558 | €738,705 | +€654,147 | +774% |
| Amounts payable | 17/49 | €35,026,749 | €33,916,362 | -€1.1m | -3.2% |
| Amounts payable after more than one year | 17 | €31,672,000 | €31,220,000 | -€452,000 | -1.4% |
| Financial debts | 170/4 | €31,672,000 | €31,220,000 | -€452,000 | -1.4% |
| Amounts payable within one year | 42/48 | €2,701,675 | €1,846,410 | -€855,265 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €1,717,841 | €960,000 | -€757,841 | -44.1% |
| Trade debts | 44 | €180,356 | €301,188 | +€120,832 | +67.0% |
| Suppliers | 440/4 | €180,356 | €301,188 | +€120,832 | +67.0% |
| Advances received on contracts in progress | 46 | €308,407 | €197,685 | -€110,722 | -35.9% |
| Taxes, remuneration and social security | 45 | €8,600 | €8,663 | +€63 | +0.7% |
| Taxes | 450/3 | €8,600 | €8,663 | +€63 | +0.7% |
| Other amounts payable | 47/48 | €486,471 | €378,874 | -€107,597 | -22.1% |
| Accrued charges and deferred income | 492/3 | €653,073 | €849,952 | +€196,878 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €491,812 | €350,574 | -€141,238 | -28.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €142,669 | +€142,669 | |
| Other operating charges | 640/8 | €270,197 | €216,154 | -€54,043 | -20.0% |
| Gross operating margin | 9900 | €1,853,429 | €4,195,416 | +€2.3m | +126% |
| Operating profit (loss) | 9901 | €1,091,420 | €3,486,019 | +€2.4m | +219% |
| Financial income | 75/76B | €1,185,945 | €1,167,973 | -€17,972 | -1.5% |
| Recurring financial income | 75 | €1,185,945 | €1,167,973 | -€17,972 | -1.5% |
| Financial charges | 65/66B | €1,426,172 | €1,157,637 | -€268,535 | -18.8% |
| Recurring financial charges | 65 | €1,426,172 | €1,157,637 | -€268,535 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €851,193 | €3,496,355 | +€2.6m | +311% |
| Transfer from deferred taxes | 780 | €25,166 | €25,166 | = | 0.0% |
| Income taxes | 67/77 | €238,721 | €220,063 | -€18,658 | -7.8% |
| Profit (loss) for the period | 9904 | €637,639 | €3,301,458 | +€2.7m | +418% |
| Transfer from tax-exempt reserves | 789 | €75,498 | €75,498 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €2,717,252 | +€2.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €713,137 | €659,705 | -€53,432 | -7.5% |
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 25 October 2026 via checked.be.