IMMOWAL: 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
IMMOWAL
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
€332,239
2024 · €290,121+€42,117
Equity
€3.7m
2024 · €3.3m+€332,239
Cash
€178,585
2024 · €68,399+€110,186
Balance sheet total
€7.0m
2024 · €6.8m+€193,894
Largest movements
Assets
- Cash +€110,186
up €110,186 (+161%), from €68,399 to €178,585
mainly Net result for the year (+€332,239) and Depreciation (+€145,387)
- Current investments +€83,083
up €83,083 (+4.1%), from €2.0m to €2.1m
Equity and liabilities
- Reserves +€332,239
up €332,239 (+10.1%), from €3.3m to €3.6m
of which Distributable reserves: +€393,988
- Debts after one year -€205,670
down €205,670 (-7.4%), from €2.8m to €2.6m
Income statement
- Financial income +€69,123
up €69,123 (+119%), from €57,902 to €127,025
- Write-downs -€29,422
new in 2025: -€29,422
- Taxes +€22,337
up €22,337 (+13.3%), from €167,756 to €190,093
- Other operating charges +€19,651
up €19,651 (+15.3%), from €128,754 to €148,406
- Gross operating margin -€13,439
down €13,439 (-1.9%), from €713,473 to €700,034
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
€290,121
Gross operating margin
-€13,439
Depreciation
-€1,338
Write-downs
+€29,422
Other operating charges
-€19,651
Financial income
+€69,123
Financial charges
+€1,235
Taxes
-€22,337
Deferred taxes and other
-€897
Result 2025
€332,239
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
+€551,023
Investment
-€235,273
Financing
-€205,564
Cash 2024
€68,399
From operations (derived)
+€551,023
Net result for the year
+€332,239
Depreciation
+€145,387
Receivables within one year
+€9,847
Deferred charges and accrued income
-€3,669
Provisions
-€20,583
Trade debts
+€37,988
Tax, wage and social debts
+€22,124
Other debts
-€6,800
Accrued charges and deferred income
+€34,491
Investment (derived)
-€235,273
Investment in fixed assets (net)
-€152,189
Current investments
-€83,083
Financing
-€205,564
Debts after one year
-€205,670
Current portion of long-term debt
+€106
Cash 2025
€178,585
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,825,277 | €7,019,172 | +€193,894 | +2.8% |
| Fixed assets | 21/28 | €4,643,082 | €4,649,885 | +€6,803 | +0.1% |
| Tangible fixed assets | 22/27 | €4,643,082 | €4,649,885 | +€6,803 | +0.1% |
| Land and buildings | 22 | €4,643,082 | €4,649,885 | +€6,803 | +0.1% |
| Current assets | 29/58 | €2,182,195 | €2,369,287 | +€187,092 | +8.6% |
| Amounts receivable within one year | 40/41 | €95,314 | €85,467 | -€9,847 | -10.3% |
| Trade receivables | 40 | €92,870 | €85,282 | -€7,588 | -8.2% |
| Other amounts receivable | 41 | €2,444 | €185 | -€2,259 | -92.4% |
| Current investments | 50/53 | €2,008,846 | €2,091,929 | +€83,083 | +4.1% |
| Cash at bank and in hand | 54/58 | €68,399 | €178,585 | +€110,186 | +161% |
| Deferred charges and accrued income | 490/1 | €9,636 | €13,305 | +€3,669 | +38.1% |
| Total equity and liabilities | 10/49 | €6,825,277 | €7,019,172 | +€193,894 | +2.8% |
| Equity | 10/15 | €3,346,744 | €3,678,983 | +€332,239 | +9.9% |
| Contributions | 10/11 | €62,760 | €62,760 | = | 0.0% |
| Capital | 10 | €62,760 | €62,760 | = | 0.0% |
| Issued capital | 100 | €62,760 | €62,760 | = | 0.0% |
| Reserves | 13 | €3,283,984 | €3,616,223 | +€332,239 | +10.1% |
| Non-distributable reserves | 130/1 | €179,366 | €179,366 | = | 0.0% |
| Legal reserve | 130 | €179,366 | €179,366 | = | 0.0% |
| Tax-exempt reserves | 132 | €982,472 | €920,722 | -€61,750 | -6.3% |
| Distributable reserves | 133 | €2,122,146 | €2,516,135 | +€393,988 | +18.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €327,491 | €306,908 | -€20,583 | -6.3% |
| Deferred taxes | 168 | €327,491 | €306,908 | -€20,583 | -6.3% |
| Amounts payable | 17/49 | €3,151,042 | €3,033,281 | -€117,761 | -3.7% |
| Amounts payable after more than one year | 17 | €2,784,803 | €2,579,133 | -€205,670 | -7.4% |
| Financial debts | 170/4 | €2,784,803 | €2,579,133 | -€205,670 | -7.4% |
| Amounts payable within one year | 42/48 | €330,520 | €383,938 | +€53,418 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €222,161 | €222,266 | +€106 | 0.0% |
| Trade debts | 44 | €2,025 | €40,013 | +€37,988 | +1,876% |
| Suppliers | 440/4 | €2,025 | €40,013 | +€37,988 | +1,876% |
| Taxes, remuneration and social security | 45 | €14,725 | €36,849 | +€22,124 | +150% |
| Taxes | 450/3 | €14,725 | €36,849 | +€22,124 | +150% |
| Other amounts payable | 47/48 | €91,610 | €84,810 | -€6,800 | -7.4% |
| Accrued charges and deferred income | 492/3 | €35,719 | €70,210 | +€34,491 | +96.6% |
| Non-recurring operating income | 76A | - | €6,800 | +€6,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,049 | €145,387 | +€1,338 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€29,422 | -€29,422 | |
| Other operating charges | 640/8 | €128,754 | €148,406 | +€19,651 | +15.3% |
| Gross operating margin | 9900 | €713,473 | €700,034 | -€13,439 | -1.9% |
| Operating profit (loss) | 9901 | €440,670 | €435,664 | -€5,006 | -1.1% |
| Financial income | 75/76B | €57,902 | €127,025 | +€69,123 | +119% |
| Recurring financial income | 75 | €57,902 | €127,025 | +€69,123 | +119% |
| Financial charges | 65/66B | €62,175 | €60,940 | -€1,235 | -2.0% |
| Recurring financial charges | 65 | €62,175 | €60,940 | -€1,235 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €436,397 | €501,748 | +€65,351 | +15.0% |
| Transfer from deferred taxes | 780 | €21,480 | €20,583 | -€897 | -4.2% |
| Income taxes | 67/77 | €167,756 | €190,093 | +€22,337 | +13.3% |
| Profit (loss) for the period | 9904 | €290,121 | €332,239 | +€42,117 | +14.5% |
| Transfer from tax-exempt reserves | 789 | €64,440 | €61,750 | -€2,690 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €354,561 | €393,988 | +€39,428 | +11.1% |
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 20 October 2026 via checked.be.