ImmoWath: 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.
ImmoWath
Largest movements
- Tangible fixed assets +€452,595
up €452,595 (+279%), from €162,436 to €615,031
of which Assets under construction and advance payments: +€453,118
- Cash -€18,467
down €18,467 (-97.2%), from €19,008 to €540
mainly Investment in fixed assets (net) (-€453,118) and Trade debts (-€39,800)
- Receivables within one year +€9,648
up €9,648 (+337%), from €2,859 to €12,507
of which Trade receivables: +€7,776
- Debts after one year +€467,239
up €467,239 (+441%), from €105,924 to €573,163
- Trade debts -€39,800
down €39,800 (-73.5%), from €54,153 to €14,352
- Current portion of long-term debt +€22,063
up €22,063 (+669%), from €3,298 to €25,361
- Profit (loss) carried forward -€18,227
down €18,227, from €2,379 to -€15,849
- Other debts +€12,500
new in 2025: €12,500
- Financial charges +€13,145
up €13,145 (+325%), from €4,049 to €17,194
- Gross operating margin +€7,019
up €7,019, from -€7,019 to €0
- Other operating charges +€453
up €453 (+793%), from €57 to €510
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 | €184,303 | €628,078 | +€443,775 | +241% |
| Fixed assets | 21/28 | €162,436 | €615,031 | +€452,595 | +279% |
| Tangible fixed assets | 22/27 | €162,436 | €615,031 | +€452,595 | +279% |
| Land and buildings | 22 | €52,929 | €52,406 | -€524 | -1.0% |
| Assets under construction and advance payments | 27 | €109,506 | €562,625 | +€453,118 | +414% |
| Current assets | 29/58 | €21,867 | €13,048 | -€8,820 | -40.3% |
| Amounts receivable within one year | 40/41 | €2,859 | €12,507 | +€9,648 | +337% |
| Trade receivables | 40 | €2,555 | €10,331 | +€7,776 | +304% |
| Other amounts receivable | 41 | €305 | €2,177 | +€1,872 | +614% |
| Cash at bank and in hand | 54/58 | €19,008 | €540 | -€18,467 | -97.2% |
| Total equity and liabilities | 10/49 | €184,303 | €628,078 | +€443,775 | +241% |
| Equity | 10/15 | €20,929 | €2,701 | -€18,227 | -87.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,379 | -€15,849 | -€18,227 | |
| Amounts payable | 17/49 | €163,375 | €625,377 | +€462,002 | +283% |
| Amounts payable after more than one year | 17 | €105,924 | €573,163 | +€467,239 | +441% |
| Financial debts | 170/4 | €105,924 | €573,163 | +€467,239 | +441% |
| Amounts payable within one year | 42/48 | €57,451 | €52,214 | -€5,237 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €3,298 | €25,361 | +€22,063 | +669% |
| Trade debts | 44 | €54,153 | €14,352 | -€39,800 | -73.5% |
| Suppliers | 440/4 | €54,153 | €14,352 | -€39,800 | -73.5% |
| Other amounts payable | 47/48 | - | €12,500 | +€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498 | €524 | +€25 | +5.1% |
| Other operating charges | 640/8 | €57 | €510 | +€453 | +793% |
| Gross operating margin | 9900 | -€7,019 | €0 | +€7,019 | |
| Operating profit (loss) | 9901 | -€7,575 | -€1,033 | +€6,541 | +86.4% |
| Financial charges | 65/66B | €4,049 | €17,194 | +€13,145 | +325% |
| Recurring financial charges | 65 | €4,049 | €17,194 | +€13,145 | +325% |
| Profit (loss) for the period before taxes | 9903 | -€11,624 | -€18,227 | -€6,603 | -56.8% |
| Profit (loss) for the period | 9904 | -€11,624 | -€18,227 | -€6,603 | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,624 | -€18,227 | -€6,603 | -56.8% |
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.