IMOVAN: 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
IMOVAN
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
-€108,070
2024 · €204,012-€312,082
Equity
€3.6m
2024 · €3.7m-€52,549
Cash
€289,745
2024 · €425,424-€135,680
Balance sheet total
€9.9m
2024 · €10.4m-€488,367
Largest movements
Assets
- Tangible fixed assets -€333,606
down €333,606 (-3.4%), from €9.9m to €9.6m
of which Land and buildings: -€337,014
- Cash -€135,680
down €135,680 (-31.9%), from €425,424 to €289,745
mainly Debts after one year (-€332,913) and Investment in fixed assets (net) (-€122,625)
Equity and liabilities
- Debts after one year -€332,913
down €332,913 (-7.2%), from €4.7m to €4.3m
of which Financial debts: -€332,913
- Reserves -€107,914
down €107,914 (-4.6%), from €2.3m to €2.2m
of which Tax-exempt reserves: -€107,914
Income statement
- Gross operating margin -€555,238
down €555,238 (-50.3%), from €1.1m to €547,662
- Depreciation -€77,815
down €77,815 (-14.6%), from €534,047 to €456,231
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
€204,012
Gross operating margin
-€555,238
Depreciation
+€77,815
Other operating charges
-€3,354
Financial income
+€3,226
Financial charges
+€1,286
Deferred taxes and other
+€164,182
Result 2025
-€108,070
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
+€256,602
Investment
-€111,013
Financing
-€281,269
Cash 2024
€425,424
From operations (derived)
+€256,602
Net result for the year
-€108,070
Depreciation
+€456,231
Receivables within one year
-€2,402
Deferred charges and accrued income
+€9,870
Provisions
-€41,195
Trade debts
-€1,884
Tax, wage and social debts
-€4,169
Advances received
+€84
Other debts
-€42,449
Accrued charges and deferred income
-€9,414
Investment (derived)
-€111,013
Investment in fixed assets (net)
-€122,625
Current investments
+€11,612
Financing
-€281,269
Debts after one year
-€332,913
Current portion of long-term debt
-€3,877
Contributions, distributions and other
+€55,521
Cash 2025
€289,745
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,357,022 | €9,868,655 | -€488,367 | -4.7% |
| Fixed assets | 21/28 | €9,894,925 | €9,561,319 | -€333,606 | -3.4% |
| Tangible fixed assets | 22/27 | €9,883,800 | €9,550,194 | -€333,606 | -3.4% |
| Land and buildings | 22 | €9,877,208 | €9,540,194 | -€337,014 | -3.4% |
| Furniture and vehicles | 24 | €6,592 | €10,000 | +€3,408 | +51.7% |
| Financial fixed assets | 28 | €11,125 | €11,125 | = | 0.0% |
| Current assets | 29/58 | €462,097 | €307,336 | -€154,760 | -33.5% |
| Amounts receivable within one year | 40/41 | €1,006 | €3,407 | +€2,402 | +239% |
| Trade receivables | 40 | €198 | €2,246 | +€2,048 | +1,032% |
| Other amounts receivable | 41 | €807 | €1,161 | +€354 | +43.8% |
| Current investments | 50/53 | €13,992 | €2,380 | -€11,612 | -83.0% |
| Cash at bank and in hand | 54/58 | €425,424 | €289,745 | -€135,680 | -31.9% |
| Deferred charges and accrued income | 490/1 | €21,674 | €11,804 | -€9,870 | -45.5% |
| Total equity and liabilities | 10/49 | €10,357,022 | €9,868,655 | -€488,367 | -4.7% |
| Equity | 10/15 | €3,655,847 | €3,603,298 | -€52,549 | -1.4% |
| Contributions | 10/11 | €1,670,155 | €1,670,155 | = | 0.0% |
| Revaluation surpluses | 12 | €257,241 | €312,763 | +€55,521 | +21.6% |
| Reserves | 13 | €2,347,438 | €2,239,524 | -€107,914 | -4.6% |
| Non-distributable reserves | 130/1 | €133,612 | €133,612 | = | 0.0% |
| Reserves not available under the articles | 1311 | €133,612 | €133,612 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,069,005 | €1,961,091 | -€107,914 | -5.2% |
| Distributable reserves | 133 | €144,821 | €144,821 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€618,988 | -€619,144 | -€156 | 0.0% |
| Provisions and deferred taxes | 16 | €777,517 | €736,322 | -€41,195 | -5.3% |
| Deferred taxes | 168 | €777,517 | €736,322 | -€41,195 | -5.3% |
| Amounts payable | 17/49 | €5,923,658 | €5,529,035 | -€394,623 | -6.7% |
| Amounts payable after more than one year | 17 | €4,654,465 | €4,321,551 | -€332,913 | -7.2% |
| Financial debts | 170/4 | €4,294,465 | €3,961,551 | -€332,913 | -7.8% |
| Other amounts payable | 178/9 | €360,000 | €360,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,178,391 | €1,126,095 | -€52,295 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €336,790 | €332,913 | -€3,877 | -1.2% |
| Trade debts | 44 | €9,542 | €7,658 | -€1,884 | -19.7% |
| Suppliers | 440/4 | €9,542 | €7,658 | -€1,884 | -19.7% |
| Advances received on contracts in progress | 46 | €80 | €164 | +€84 | +105% |
| Taxes, remuneration and social security | 45 | €10,160 | €5,991 | -€4,169 | -41.0% |
| Taxes | 450/3 | €10,160 | €5,991 | -€4,169 | -41.0% |
| Other amounts payable | 47/48 | €821,818 | €779,369 | -€42,449 | -5.2% |
| Accrued charges and deferred income | 492/3 | €90,803 | €81,388 | -€9,414 | -10.4% |
| Non-recurring operating income | 76A | €635,961 | €0 | -€635,961 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €534,047 | €456,231 | -€77,815 | -14.6% |
| Other operating charges | 640/8 | €42,938 | €46,291 | +€3,354 | +7.8% |
| Gross operating margin | 9900 | €1,102,900 | €547,662 | -€555,238 | -50.3% |
| Operating profit (loss) | 9901 | €525,916 | €45,139 | -€480,776 | -91.4% |
| Financial income | 75/76B | €3,464 | €6,690 | +€3,226 | +93.1% |
| Recurring financial income | 75 | €3,464 | €6,690 | +€3,226 | +93.1% |
| Financial charges | 65/66B | €202,381 | €201,095 | -€1,286 | -0.6% |
| Recurring financial charges | 65 | €202,381 | €201,095 | -€1,286 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €326,999 | -€149,265 | -€476,264 | |
| Transfer from deferred taxes | 780 | €36,003 | €41,195 | +€5,191 | +14.4% |
| Transfer to deferred taxes | 680 | €158,990 | €0 | -€158,990 | -100% |
| Profit (loss) for the period | 9904 | €204,012 | -€108,070 | -€312,082 | |
| Transfer from tax-exempt reserves | 789 | €92,341 | €107,914 | +€15,574 | +16.9% |
| Transfer to tax-exempt reserves | 689 | €476,971 | €0 | -€476,971 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€180,619 | -€156 | +€180,463 | +99.9% |
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 25 October 2026 via checked.be.