IMOCOBEL: 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
IMOCOBEL
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€127.1m
2024 · -€1.8m+€128.9m
Equity
€274.3m
2024 · €154.7m+€119.6m
Cash
€16.0m
2024 · €4.3m+€11.7m
Balance sheet total
€383.3m
2024 · €385.3m-€2.0m
Largest movements
Assets
- Financial fixed assets -€40.8m
down €40.8m (-15.2%), from €268.4m to €227.6m
of which Affiliated companies: -€50.4m
- Current investments +€14.8m
up €14.8m (+18.7%), from €79.6m to €94.4m
- Cash +€11.7m
up €11.7m (+274%), from €4.3m to €16.0m
mainly Net result for the year (+€127.1m) and Investment in fixed assets (net) (+€40.7m)
- Receivables after one year +€6.6m
up €6.6m (+36.6%), from €18.1m to €24.7m
- Receivables within one year +€4.6m
up €4.6m (+35.1%), from €13.2m to €17.8m
of which Other amounts receivable: +€4.6m
Equity and liabilities
- Profit (loss) carried forward +€119.6m
up €119.6m (+144%), from €83.3m to €202.8m
- Other debts -€106.6m
down €106.6m (-92.5%), from €115.2m to €8.6m
- Debts after one year -€13.7m
down €13.7m (-12.1%), from €113.3m to €99.6m
Income statement
- Financial income +€134.2m
up €134.2m (+2,742%), from €4.9m to €139.1m
of which Financial income: +€133.8m
- Financial charges +€3.4m
up €3.4m (+63.0%), from €5.4m to €8.8m
of which Financial charges: +€4.4m
- Services and other goods +€1.8m
up €1.8m (+174%), from €1.0m to €2.8m
- Turnover +€92,741
up €92,741 (+271%), from €34,262 to €127,004
- Staff costs +€72,862
up €72,862 (+35.4%), from €205,569 to €278,431
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
-€1.8m
Turnover
+€92,741
Other operating income
-€270
Services and other goods
-€1.8m
Staff costs
-€72,862
Depreciation
+€3,776
Other operating charges
-€54,154
Financial income
+€134.2m
Financial charges
-€3.4m
Taxes
+€4,890
Result 2025
€127.1m
raises the resultlowers the result
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
+€7.9m
Investment
+€25.9m
Financing
-€22.1m
Cash 2024
€4.3m
From operations (derived)
+€7.9m
Net result for the year
+€127.1m
Depreciation
+€102,655
Receivables after one year
-€6.6m
Receivables within one year
-€4.6m
Deferred charges and accrued income
-€1.0m
Smaller working-capital items
-€3,224
Other debts
-€106.6m
Accrued charges and deferred income
-€411,104
Investment (derived)
+€25.9m
Investment in fixed assets (net)
+€40.7m
Current investments
-€14.8m
Financing
-€22.1m
Debts after one year
-€13.7m
Current portion of long-term debt
-€715,000
Short-term financial debts
-€184,787
Contributions, distributions and other
-€7.5m
Cash 2025
€16.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €385,261,604 | €383,284,158 | -€2.0m | -0.5% |
| Fixed assets | 21/28 | €270,044,467 | €229,221,440 | -€40.8m | -15.1% |
| Tangible fixed assets | 22/27 | €1,641,766 | €1,583,575 | -€58,190 | -3.5% |
| Land and buildings | 22 | €1,568,143 | €1,529,130 | -€39,013 | -2.5% |
| Furniture and vehicles | 24 | €51,276 | €32,099 | -€19,178 | -37.4% |
| Other tangible fixed assets | 26 | €22,347 | €22,347 | = | 0.0% |
| Financial fixed assets | 28 | €268,402,701 | €227,637,865 | -€40.8m | -15.2% |
| Affiliated companies | 280/1 | €231,156,209 | €180,787,194 | -€50.4m | -21.8% |
| Participating interests | 280 | €204,277,970 | €144,286,538 | -€60.0m | -29.4% |
| Amounts receivable | 281 | €26,878,239 | €36,500,655 | +€9.6m | +35.8% |
| Companies linked by participating interests | 282/3 | €10,221,418 | €39,983,881 | +€29.8m | +291% |
| Participating interests | 282 | €7,073,778 | €25,374,803 | +€18.3m | +259% |
| Amounts receivable | 283 | €3,147,640 | €14,609,078 | +€11.5m | +364% |
| Other financial fixed assets | 284/8 | €27,025,074 | €6,866,790 | -€20.2m | -74.6% |
| Shares | 284 | €16,532,026 | €6,864,407 | -€9.7m | -58.5% |
| Amounts receivable and cash guarantees | 285/8 | €10,493,048 | €2,383 | -€10.5m | -100.0% |
| Current assets | 29/58 | €115,217,137 | €154,062,717 | +€38.8m | +33.7% |
| Amounts receivable after more than one year | 29 | €18,097,849 | €24,713,572 | +€6.6m | +36.6% |
| Other amounts receivable | 291 | €18,097,849 | €24,713,572 | +€6.6m | +36.6% |
| Amounts receivable within one year | 40/41 | €13,203,965 | €17,838,748 | +€4.6m | +35.1% |
| Trade receivables | 40 | €46,047 | €43,044 | -€3,004 | -6.5% |
| Other amounts receivable | 41 | €13,157,918 | €17,795,704 | +€4.6m | +35.2% |
| Current investments | 50/53 | €79,574,619 | €94,418,108 | +€14.8m | +18.7% |
| Other investments | 51/53 | €79,574,619 | €94,418,108 | +€14.8m | +18.7% |
| Cash at bank and in hand | 54/58 | €4,270,321 | €15,982,195 | +€11.7m | +274% |
| Deferred charges and accrued income | 490/1 | €70,383 | €1,110,095 | +€1.0m | +1,477% |
| Total equity and liabilities | 10/49 | €385,261,604 | €383,284,158 | -€2.0m | -0.5% |
| Equity | 10/15 | €154,731,251 | €274,335,880 | +€119.6m | +77.3% |
| Contributions | 10/11 | €65,000,000 | €65,000,000 | = | 0.0% |
| Capital | 10 | €65,000,000 | €65,000,000 | = | 0.0% |
| Issued capital | 100 | €65,000,000 | €65,000,000 | = | 0.0% |
| Reserves | 13 | €6,450,893 | €6,500,000 | +€49,107 | +0.8% |
| Non-distributable reserves | 130/1 | €6,450,893 | €6,500,000 | +€49,107 | +0.8% |
| Legal reserve | 130 | €6,450,893 | €6,500,000 | +€49,107 | +0.8% |
| Profit (loss) carried forward | 14 | €83,280,358 | €202,835,880 | +€119.6m | +144% |
| Amounts payable | 17/49 | €230,530,352 | €108,948,277 | -€121.6m | -52.7% |
| Amounts payable after more than one year | 17 | €113,284,087 | €99,596,355 | -€13.7m | -12.1% |
| Financial debts | 170/4 | €113,284,087 | €99,596,355 | -€13.7m | -12.1% |
| Credit institutions | 173 | €35,000,000 | €35,000,000 | = | 0.0% |
| Other loans | 174 | €78,284,087 | €64,596,355 | -€13.7m | -17.5% |
| Amounts payable within one year | 42/48 | €116,733,101 | €9,249,861 | -€107.5m | -92.1% |
| Current portion of amounts payable after more than one year | 42 | €715,000 | - | -€715,000 | |
| Financial debts | 43 | €684,582 | €499,795 | -€184,787 | -27.0% |
| Other loans | 439 | €684,582 | €499,795 | -€184,787 | -27.0% |
| Trade debts | 44 | €128,124 | €41,195 | -€86,929 | -67.8% |
| Suppliers | 440/4 | €128,124 | €41,195 | -€86,929 | -67.8% |
| Taxes, remuneration and social security | 45 | €26,352 | €110,058 | +€83,705 | +318% |
| Taxes | 450/3 | €10,386 | €77,329 | +€66,944 | +645% |
| Remuneration and social security | 454/9 | €15,967 | €32,728 | +€16,761 | +105% |
| Other amounts payable | 47/48 | €115,179,043 | €8,598,814 | -€106.6m | -92.5% |
| Accrued charges and deferred income | 492/3 | €513,164 | €102,061 | -€411,104 | -80.1% |
| Operating income | 70/76A | €39,272 | €131,743 | +€92,471 | +235% |
| Turnover | 70 | €34,262 | €127,004 | +€92,741 | +271% |
| Other operating income | 74 | €5,010 | €4,739 | -€270 | -5.4% |
| Operating charges | 60/66A | €1,396,303 | €3,329,195 | +€1.9m | +138% |
| Services and other goods | 61 | €1,038,706 | €2,848,358 | +€1.8m | +174% |
| Remuneration, social security and pensions | 62 | €205,569 | €278,431 | +€72,862 | +35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,431 | €102,655 | -€3,776 | -3.5% |
| Other operating charges | 640/8 | €45,598 | €99,751 | +€54,154 | +119% |
| Operating profit (loss) | 9901 | -€1,357,031 | -€3,197,451 | -€1.8m | -136% |
| Financial income | 75/76B | €4,893,471 | €139,057,881 | +€134.2m | +2,742% |
| Recurring financial income | 75 | €4,893,471 | €138,681,453 | +€133.8m | +2,734% |
| Income from financial fixed assets | 750 | €276,000 | €128,507,295 | +€128.2m | +46,461% |
| Income from current assets | 751 | €3,745,606 | €8,784,049 | +€5.0m | +135% |
| Other financial income | 752/9 | €871,865 | €1,390,110 | +€518,245 | +59.4% |
| Non-recurring financial income | 76B | - | €376,428 | +€376,428 | |
| Financial charges | 65/66B | €5,371,942 | €8,754,603 | +€3.4m | +63.0% |
| Recurring financial charges | 65 | €4,339,962 | €8,754,603 | +€4.4m | +102% |
| Debt charges | 650 | €4,105,407 | €6,024,812 | +€1.9m | +46.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€225,040 | €153,575 | +€378,616 | |
| Other financial charges | 652/9 | €459,595 | €2,576,216 | +€2.1m | +461% |
| Non-recurring financial charges | 66B | €1,031,980 | - | -€1.0m | |
| Profit (loss) for the period before taxes | 9903 | -€1,835,502 | €127,105,827 | +€128.9m | |
| Income taxes | 67/77 | €6,087 | €1,197 | -€4,890 | -80.3% |
| Taxes | 670/3 | €6,087 | €1,197 | -€4,890 | -80.3% |
| Profit (loss) for the period | 9904 | -€1,841,590 | €127,104,629 | +€128.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,841,590 | €127,104,629 | +€128.9m |
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 21 October 2026 via checked.be.