IMMOVLACO: 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.
IMMOVLACO
Largest movements
- Cash -€340,252
down €340,252 (-42.5%), from €800,000 to €459,748
mainly Investment in fixed assets (net) (-€336,000) and Current investments (-€12,520)
- Tangible fixed assets +€325,401
up €325,401 (+509%), from €63,915 to €389,317
- Current investments +€12,520
up €12,520 (+12.5%), from €99,918 to €112,439
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€17,171
down €17,171, from €7,108 to -€10,063
- Depreciation +€9,669
up €9,669 (+1,040%), from €930 to €10,599
- Financial income -€9,338
down €9,338 (-29.6%), from €31,600 to €22,262
- Taxes -€5,283
down €5,283 (-66.3%), from €7,971 to €2,688
- Other operating charges +€210
up €210 (+9.5%), from €2,222 to €2,433
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 | €979,072 | €976,270 | -€2,802 | -0.3% |
| Fixed assets | 21/28 | €64,415 | €389,817 | +€325,401 | +505% |
| Tangible fixed assets | 22/27 | €63,915 | €389,317 | +€325,401 | +509% |
| Land and buildings | 22 | €63,915 | €389,317 | +€325,401 | +509% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €914,657 | €586,454 | -€328,203 | -35.9% |
| Amounts receivable within one year | 40/41 | €14,119 | €13,618 | -€501 | -3.5% |
| Trade receivables | 40 | €9,072 | €9,627 | +€555 | +6.1% |
| Other amounts receivable | 41 | €5,047 | €3,991 | -€1,056 | -20.9% |
| Current investments | 50/53 | €99,918 | €112,439 | +€12,520 | +12.5% |
| Cash at bank and in hand | 54/58 | €800,000 | €459,748 | -€340,252 | -42.5% |
| Deferred charges and accrued income | 490/1 | €620 | €650 | +€30 | +4.9% |
| Total equity and liabilities | 10/49 | €979,072 | €976,270 | -€2,802 | -0.3% |
| Equity | 10/15 | €893,945 | €892,762 | -€1,183 | -0.1% |
| Contributions | 10/11 | €62,600 | €62,600 | = | 0.0% |
| Capital | 10 | €62,600 | €62,600 | = | 0.0% |
| Issued capital | 100 | €62,600 | €62,600 | = | 0.0% |
| Reserves | 13 | €830,933 | €829,751 | -€1,183 | -0.1% |
| Non-distributable reserves | 130/1 | €6,260 | €6,260 | = | 0.0% |
| Legal reserve | 130 | €6,260 | €6,260 | = | 0.0% |
| Tax-exempt reserves | 132 | €230,345 | €223,403 | -€6,942 | -3.0% |
| Distributable reserves | 133 | €594,329 | €600,088 | +€5,759 | +1.0% |
| Profit (loss) carried forward | 14 | €411 | €411 | = | 0.0% |
| Provisions and deferred taxes | 16 | €76,782 | €74,468 | -€2,314 | -3.0% |
| Deferred taxes | 168 | €76,782 | €74,468 | -€2,314 | -3.0% |
| Amounts payable | 17/49 | €8,346 | €9,041 | +€695 | +8.3% |
| Amounts payable within one year | 42/48 | €8,346 | €8,992 | +€646 | +7.7% |
| Trade debts | 44 | €3,493 | €6,584 | +€3,091 | +88.5% |
| Suppliers | 440/4 | €3,493 | €6,584 | +€3,091 | +88.5% |
| Taxes, remuneration and social security | 45 | €4,853 | €2,408 | -€2,444 | -50.4% |
| Taxes | 450/3 | €4,853 | €2,408 | -€2,444 | -50.4% |
| Accrued charges and deferred income | 492/3 | - | €48 | +€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €930 | €10,599 | +€9,669 | +1,040% |
| Other operating charges | 640/8 | €2,222 | €2,433 | +€210 | +9.5% |
| Gross operating margin | 9900 | €7,108 | -€10,063 | -€17,171 | |
| Operating profit (loss) | 9901 | €3,955 | -€23,095 | -€27,050 | |
| Financial income | 75/76B | €31,600 | €22,262 | -€9,338 | -29.6% |
| Recurring financial income | 75 | €31,600 | €22,262 | -€9,338 | -29.6% |
| Financial charges | 65/66B | €4 | -€24 | -€27 | |
| Recurring financial charges | 65 | €4 | -€24 | -€27 | |
| Profit (loss) for the period before taxes | 9903 | €35,552 | -€809 | -€36,361 | |
| Transfer from deferred taxes | 780 | - | €2,314 | +€2,314 | |
| Income taxes | 67/77 | €7,971 | €2,688 | -€5,283 | -66.3% |
| Profit (loss) for the period | 9904 | €27,581 | -€1,183 | -€28,763 | |
| Transfer from tax-exempt reserves | 789 | - | €6,942 | +€6,942 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,581 | €5,759 | -€21,821 | -79.1% |
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 29 October 2026 via checked.be.