IMMOWE: 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
IMMOWE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€28,689
2024 · €93,470-€64,781
Equity
€11.0m
2024 · €11.0m+€28,689
Cash
€0
2024 · €333-€333
Balance sheet total
€13.5m
2024 · €14.1m-€587,748
Largest movements
Assets
- Receivables within one year -€628,828
down €628,828 (-59.5%), from €1.1m to €427,479
of which Other amounts receivable: -€506,257
Equity and liabilities
- Other debts -€571,567
down €571,567 (-20.1%), from €2.8m to €2.3m
Income statement
- Gross operating margin -€230,378
down €230,378 (-46.7%), from €493,474 to €263,097
- Staff costs -€68,973
down €68,973 (-25.5%), from €270,837 to €201,863
- Financial charges -€60,349
down €60,349 (-43.2%), from €139,691 to €79,342
of which Financial charges: -€66,224
- Other operating charges -€24,003
down €24,003 (-94.0%), from €25,536 to €1,533
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
€93,470
Gross operating margin
-€230,378
Staff costs
+€68,973
Depreciation
+€474
Other operating charges
+€24,003
Other operating items
+€7,625
Financial income
+€4,752
Financial charges
+€60,349
Taxes
-€579
Result 2025
€28,689
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
-€1,549
Investment
+€6,000
Financing
-€4,785
Cash 2024
€333
From operations (derived)
-€1,549
Net result for the year
+€28,689
Depreciation
+€224
Receivables after one year
-€38,168
Receivables within one year
+€628,828
Deferred charges and accrued income
-€9,469
Trade debts
+€31,817
Tax, wage and social debts
-€74,282
Other debts
-€571,567
Accrued charges and deferred income
+€2,379
Investment (derived)
+€6,000
Investment in fixed assets (net)
+€6,000
Financing
-€4,785
Short-term financial debts
-€4,785
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,079,725 | €13,491,977 | -€587,748 | -4.2% |
| Fixed assets | 21/28 | €11,980,881 | €11,974,658 | -€6,224 | -0.1% |
| Tangible fixed assets | 22/27 | €58,231 | €58,007 | -€224 | -0.4% |
| Land and buildings | 22 | €58,007 | €58,007 | = | 0.0% |
| Furniture and vehicles | 24 | €224 | €0 | -€224 | -100% |
| Financial fixed assets | 28 | €11,922,651 | €11,916,651 | -€6,000 | -0.1% |
| Current assets | 29/58 | €2,098,844 | €1,517,319 | -€581,525 | -27.7% |
| Amounts receivable after more than one year | 29 | €1,042,204 | €1,080,371 | +€38,168 | +3.7% |
| Other amounts receivable | 291 | €1,042,204 | €1,080,371 | +€38,168 | +3.7% |
| Amounts receivable within one year | 40/41 | €1,056,307 | €427,479 | -€628,828 | -59.5% |
| Trade receivables | 40 | €141,625 | €19,054 | -€122,571 | -86.5% |
| Other amounts receivable | 41 | €914,682 | €408,425 | -€506,257 | -55.3% |
| Cash at bank and in hand | 54/58 | €333 | €0 | -€333 | -100% |
| Deferred charges and accrued income | 490/1 | €0 | €9,469 | +€9,469 | |
| Total equity and liabilities | 10/49 | €14,079,725 | €13,491,977 | -€587,748 | -4.2% |
| Equity | 10/15 | €10,953,194 | €10,981,882 | +€28,689 | +0.3% |
| Contributions | 10/11 | €5,175,673 | €5,175,673 | = | 0.0% |
| Capital | 10 | €5,175,673 | €5,175,673 | = | 0.0% |
| Issued capital | 100 | €5,175,673 | €5,175,673 | = | 0.0% |
| Reserves | 13 | €5,753,469 | €5,806,209 | +€52,740 | +0.9% |
| Non-distributable reserves | 130/1 | €8,736 | €8,736 | = | 0.0% |
| Legal reserve | 130 | €8,736 | €8,736 | = | 0.0% |
| Distributable reserves | 133 | €5,744,733 | €5,797,473 | +€52,740 | +0.9% |
| Profit (loss) carried forward | 14 | €24,051 | €0 | -€24,051 | -100% |
| Amounts payable | 17/49 | €3,126,531 | €2,510,094 | -€616,437 | -19.7% |
| Amounts payable after more than one year | 17 | €127,192 | €127,192 | = | 0.0% |
| Financial debts | 170/4 | €127,192 | €127,192 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,987,125 | €2,368,309 | -€618,816 | -20.7% |
| Financial debts | 43 | €49,705 | €44,921 | -€4,785 | -9.6% |
| Credit institutions | 430/8 | €49,705 | €44,921 | -€4,785 | -9.6% |
| Trade debts | 44 | €6,479 | €38,296 | +€31,817 | +491% |
| Suppliers | 440/4 | €6,479 | €38,296 | +€31,817 | +491% |
| Taxes, remuneration and social security | 45 | €89,786 | €15,505 | -€74,282 | -82.7% |
| Taxes | 450/3 | €57,747 | €829 | -€56,918 | -98.6% |
| Remuneration and social security | 454/9 | €32,039 | €14,675 | -€17,364 | -54.2% |
| Other amounts payable | 47/48 | €2,841,154 | €2,269,588 | -€571,567 | -20.1% |
| Accrued charges and deferred income | 492/3 | €12,215 | €14,594 | +€2,379 | +19.5% |
| Remuneration, social security and pensions | 62 | €270,837 | €201,863 | -€68,973 | -25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €698 | €224 | -€474 | -67.9% |
| Other operating charges | 640/8 | €25,536 | €1,533 | -€24,003 | -94.0% |
| Non-recurring operating charges | 66A | €7,625 | €0 | -€7,625 | -100% |
| Gross operating margin | 9900 | €493,474 | €263,097 | -€230,378 | -46.7% |
| Operating profit (loss) | 9901 | €188,779 | €59,476 | -€129,302 | -68.5% |
| Financial income | 75/76B | €44,794 | €49,546 | +€4,752 | +10.6% |
| Recurring financial income | 75 | €44,794 | €49,546 | +€4,752 | +10.6% |
| Financial charges | 65/66B | €139,691 | €79,342 | -€60,349 | -43.2% |
| Recurring financial charges | 65 | €139,691 | €73,467 | -€66,224 | -47.4% |
| Non-recurring financial charges | 66B | - | €5,875 | +€5,875 | |
| Profit (loss) for the period before taxes | 9903 | €93,882 | €29,680 | -€64,201 | -68.4% |
| Income taxes | 67/77 | €412 | €991 | +€579 | +141% |
| Profit (loss) for the period | 9904 | €93,470 | €28,689 | -€64,781 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €93,470 | €28,689 | -€64,781 | -69.3% |
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 28 October 2026 via checked.be.