IMMOVER 1865: 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
IMMOVER 1865
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28,235
2024 · €41,512-€13,277
Equity
€2.3m
2024 · €2.2m+€28,235
Cash
€222,062
2024 · €149,269+€72,793
Balance sheet total
€2.6m
2024 · €2.6m-€54,142
Largest movements
Assets
- Tangible fixed assets -€126,879
down €126,879 (-9.2%), from €1.4m to €1.3m
of which Land and buildings: -€93,509
- Cash +€72,793
up €72,793 (+48.8%), from €149,269 to €222,062
mainly Depreciation (+€165,515) and Accrued charges and deferred income (+€44,939)
- Receivables within one year -€30,453
down €30,453 (-71.1%), from €42,837 to €12,384
Equity and liabilities
- Trade debts -€73,713
down €73,713 (-76.3%), from €96,565 to €22,852
- Profit (loss) carried forward +€47,568
up €47,568 (+2.9%), from €1.6m to €1.7m
- Current portion of long-term debt -€46,893
down €46,893 (-100%), from €46,893 to €0
- Accrued charges and deferred income +€44,939
up €44,939 (+364%), from €12,342 to €57,282
Income statement
- Gross operating margin -€33,718
down €33,718 (-12.3%), from €273,127 to €239,409
- Financial income +€11,858
up €11,858 (+83.6%), from €14,180 to €26,038
- Financial charges +€11,447
up €11,447 (+1,637%), from €699 to €12,147
- Taxes -€8,000
down €8,000 (-42.1%), from €19,022 to €11,022
- Write-downs +€5,407
new in 2025: €5,407
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
€41,512
Gross operating margin
-€33,718
Depreciation
+€4,061
Write-downs
-€5,407
Other operating charges
-€1,575
Financial income
+€11,858
Financial charges
-€11,447
Taxes
+€8,000
Deferred taxes and other
+€14,951
Result 2025
€28,235
raises the resultlowers the resultnot broken down further in the accounts
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
+€175,037
Investment
-€55,351
Financing
-€46,893
Cash 2024
€149,269
From operations (derived)
+€175,037
Net result for the year
+€28,235
Depreciation
+€165,515
Receivables within one year
+€30,453
Deferred charges and accrued income
-€13,680
Provisions
-€6,444
Trade debts
-€73,713
Tax, wage and social debts
-€1,678
Advances received
-€2,369
Other debts
+€3,780
Accrued charges and deferred income
+€44,939
Investment (derived)
-€55,351
Investment in fixed assets (net)
-€38,636
Current investments
-€16,716
Financing
-€46,893
Current portion of long-term debt
-€46,893
Cash 2025
€222,062
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,633,605 | €2,579,463 | -€54,142 | -2.1% |
| Fixed assets | 21/28 | €1,836,468 | €1,709,589 | -€126,879 | -6.9% |
| Tangible fixed assets | 22/27 | €1,377,865 | €1,250,986 | -€126,879 | -9.2% |
| Land and buildings | 22 | €1,334,573 | €1,241,065 | -€93,509 | -7.0% |
| Plant, machinery and equipment | 23 | €5,267 | €4,252 | -€1,015 | -19.3% |
| Furniture and vehicles | 24 | €17,884 | €5,669 | -€12,215 | -68.3% |
| Assets under construction and advance payments | 27 | €20,140 | €0 | -€20,140 | -100% |
| Financial fixed assets | 28 | €458,603 | €458,603 | = | 0.0% |
| Current assets | 29/58 | €797,137 | €869,874 | +€72,737 | +9.1% |
| Amounts receivable within one year | 40/41 | €42,837 | €12,384 | -€30,453 | -71.1% |
| Trade receivables | 40 | €42,837 | €12,384 | -€30,453 | -71.1% |
| Current investments | 50/53 | €603,488 | €620,204 | +€16,716 | +2.8% |
| Cash at bank and in hand | 54/58 | €149,269 | €222,062 | +€72,793 | +48.8% |
| Deferred charges and accrued income | 490/1 | €1,544 | €15,224 | +€13,680 | +886% |
| Total equity and liabilities | 10/49 | €2,633,605 | €2,579,463 | -€54,142 | -2.1% |
| Equity | 10/15 | €2,244,656 | €2,272,891 | +€28,235 | +1.3% |
| Contributions | 10/11 | €132,375 | €132,375 | = | 0.0% |
| Capital | 10 | €132,375 | €132,375 | = | 0.0% |
| Issued capital | 100 | €132,375 | €132,375 | = | 0.0% |
| Reserves | 13 | €469,441 | €450,109 | -€19,332 | -4.1% |
| Non-distributable reserves | 130/1 | €13,238 | €13,238 | = | 0.0% |
| Legal reserve | 130 | €13,238 | €13,238 | = | 0.0% |
| Tax-exempt reserves | 132 | €354,933 | €335,600 | -€19,332 | -5.4% |
| Distributable reserves | 133 | €101,271 | €101,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,642,839 | €1,690,407 | +€47,568 | +2.9% |
| Provisions and deferred taxes | 16 | €70,613 | €64,169 | -€6,444 | -9.1% |
| Deferred taxes | 168 | €70,613 | €64,169 | -€6,444 | -9.1% |
| Amounts payable | 17/49 | €318,336 | €242,403 | -€75,933 | -23.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €305,994 | €185,121 | -€120,873 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €46,893 | €0 | -€46,893 | -100% |
| Trade debts | 44 | €96,565 | €22,852 | -€73,713 | -76.3% |
| Suppliers | 440/4 | €96,565 | €22,852 | -€73,713 | -76.3% |
| Advances received on contracts in progress | 46 | €2,369 | €0 | -€2,369 | -100% |
| Taxes, remuneration and social security | 45 | €8,914 | €7,237 | -€1,678 | -18.8% |
| Taxes | 450/3 | €8,914 | €7,237 | -€1,678 | -18.8% |
| Other amounts payable | 47/48 | €151,253 | €155,033 | +€3,780 | +2.5% |
| Accrued charges and deferred income | 492/3 | €12,342 | €57,282 | +€44,939 | +364% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,575 | €165,515 | -€4,061 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,407 | +€5,407 | |
| Other operating charges | 640/8 | €47,991 | €49,566 | +€1,575 | +3.3% |
| Gross operating margin | 9900 | €273,127 | €239,409 | -€33,718 | -12.3% |
| Operating profit (loss) | 9901 | €55,560 | €18,922 | -€36,639 | -65.9% |
| Financial income | 75/76B | €14,180 | €26,038 | +€11,858 | +83.6% |
| Recurring financial income | 75 | €14,180 | €26,038 | +€11,858 | +83.6% |
| Financial charges | 65/66B | €699 | €12,147 | +€11,447 | +1,637% |
| Recurring financial charges | 65 | €699 | €12,147 | +€11,447 | +1,637% |
| Profit (loss) for the period before taxes | 9903 | €69,041 | €32,813 | -€36,228 | -52.5% |
| Transfer from deferred taxes | 780 | €7,020 | €6,444 | -€575 | -8.2% |
| Transfer to deferred taxes | 680 | €15,527 | €0 | -€15,527 | -100% |
| Income taxes | 67/77 | €19,022 | €11,022 | -€8,000 | -42.1% |
| Profit (loss) for the period | 9904 | €41,512 | €28,235 | -€13,277 | -32.0% |
| Transfer from tax-exempt reserves | 789 | €36,585 | €19,332 | -€17,253 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,097 | €47,568 | -€30,530 | -39.1% |
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 15 October 2026 via checked.be.