IMMOWALD: 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.
IMMOWALD
Largest movements
- Tangible fixed assets -€83,863
down €83,863 (-49.7%), from €168,874 to €85,011
of which Furniture and vehicles: -€76,234
- Receivables within one year +€33,141
up €33,141 (+65.0%), from €50,979 to €84,120
of which Trade receivables: +€35,030
- Trade debts -€64,035
down €64,035 (-98.9%), from €64,724 to €689
- Tax, wage and social debts +€5,777
up €5,777 (+79.3%), from €7,286 to €13,063
- Other debts +€3,734
new in 2025: €3,734
- Gross operating margin -€16,676
down €16,676 (-37.8%), from €44,077 to €27,401
- Depreciation -€13,910
down €13,910 (-64.6%), from €21,539 to €7,629
- Taxes +€4,212
up €4,212 (+103%), from €4,073 to €8,284
- Staff costs +€3,840
new in 2025: €3,840
- Other operating charges +€2,726
up €2,726 (+704%), from €387 to €3,113
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 | €256,533 | €203,851 | -€52,682 | -20.5% |
| Fixed assets | 21/28 | €168,874 | €85,011 | -€83,863 | -49.7% |
| Tangible fixed assets | 22/27 | €168,874 | €85,011 | -€83,863 | -49.7% |
| Land and buildings | 22 | €92,640 | €85,011 | -€7,629 | -8.2% |
| Furniture and vehicles | 24 | €76,234 | - | -€76,234 | |
| Current assets | 29/58 | €87,659 | €118,840 | +€31,181 | +35.6% |
| Amounts receivable within one year | 40/41 | €50,979 | €84,120 | +€33,141 | +65.0% |
| Trade receivables | 40 | €40,000 | €75,030 | +€35,030 | +87.6% |
| Other amounts receivable | 41 | €10,979 | €9,090 | -€1,889 | -17.2% |
| Cash at bank and in hand | 54/58 | €31,985 | €30,025 | -€1,960 | -6.1% |
| Deferred charges and accrued income | 490/1 | €4,695 | €4,695 | = | 0.0% |
| Total equity and liabilities | 10/49 | €256,533 | €203,851 | -€52,682 | -20.5% |
| Equity | 10/15 | €184,522 | €186,365 | +€1,843 | +1.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €122,150 | €122,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €116,000 | €116,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €872 | €2,715 | +€1,843 | +211% |
| Amounts payable | 17/49 | €72,011 | €17,487 | -€54,524 | -75.7% |
| Amounts payable within one year | 42/48 | €72,011 | €17,487 | -€54,524 | -75.7% |
| Trade debts | 44 | €64,724 | €689 | -€64,035 | -98.9% |
| Suppliers | 440/4 | €64,724 | €689 | -€64,035 | -98.9% |
| Taxes, remuneration and social security | 45 | €7,286 | €13,063 | +€5,777 | +79.3% |
| Taxes | 450/3 | €7,286 | €13,063 | +€5,777 | +79.3% |
| Other amounts payable | 47/48 | - | €3,734 | +€3,734 | |
| Remuneration, social security and pensions | 62 | - | €3,840 | +€3,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,539 | €7,629 | -€13,910 | -64.6% |
| Other operating charges | 640/8 | €387 | €3,113 | +€2,726 | +704% |
| Non-recurring operating charges | 66A | €8,887 | - | -€8,887 | |
| Gross operating margin | 9900 | €44,077 | €27,401 | -€16,676 | -37.8% |
| Operating profit (loss) | 9901 | €13,264 | €12,819 | -€445 | -3.4% |
| Financial income | 75/76B | €84 | - | -€84 | |
| Recurring financial income | 75 | €84 | - | -€84 | |
| Financial charges | 65/66B | - | €2,692 | +€2,692 | |
| Recurring financial charges | 65 | - | €2,692 | +€2,692 | |
| Profit (loss) for the period before taxes | 9903 | €13,348 | €10,127 | -€3,221 | -24.1% |
| Income taxes | 67/77 | €4,073 | €8,284 | +€4,212 | +103% |
| Profit (loss) for the period | 9904 | €9,275 | €1,843 | -€7,432 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,275 | €1,843 | -€7,432 | -80.1% |
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 18 October 2026 via checked.be.