INDIMMO BELUX: 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
INDIMMO BELUX
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €857,627+€1.9m
Equity
€12.0m
2024 · €19.0m-€7.1m
Cash
€129,383
2024 · €65,442+€63,941
Balance sheet total
€22.6m
2024 · €31.6m-€9.0m
Largest movements
Assets
- Financial fixed assets -€13.9m
down €13.9m (-99.7%), from €14.0m to €42,319
- Receivables after one year +€3.6m
up €3.6m (+21,627%), from €16,760 to €3.6m
- Receivables within one year +€1.4m
up €1.4m (+408%), from €347,145 to €1.8m
of which Other amounts receivable: +€773,761
Equity and liabilities
- Reserves -€3.5m
down €3.5m (-34.6%), from €10.1m to €6.6m
of which Distributable reserves: -€3.2m
- Revaluation surpluses -€3.0m
no longer reported in 2025 (was €3.0m)
- Debts after one year -€1.5m
down €1.5m (-16.5%), from €9.0m to €7.5m
of which Financial debts: -€1.5m
- Profit (loss) carried forward -€590,954
down €590,954 (-19.6%), from €3.0m to €2.4m
- Tax, wage and social debts -€553,818
down €553,818 (-93.0%), from €595,628 to €41,810
Income statement
- Financial income +€2.4m
up €2.4m (+182%), from €1.3m to €3.7m
of which Non-recurring financial income: +€2.5m
- Gross operating margin -€316,032
down €316,032, from €207,458 to -€108,573
- Taxes -€119,103
down €119,103, from €119,025 to -€78
- Depreciation +€47,780
up €47,780 (+11.8%), from €403,930 to €451,710
- Provisions +€20,530
no longer reported in 2025 (was -€20,530)
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
€857,627
Gross operating margin
-€316,032
Depreciation
-€47,780
Write-downs
+€5,392
Provisions
-€20,530
Other operating charges
+€4,750
Other operating items
-€280,755
Financial income
+€2.4m
Financial charges
-€712
Taxes
+€119,103
Deferred taxes and other
+€37,171
Result 2025
€2.7m
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
-€2.4m
Investment
+€13.7m
Financing
-€11.2m
Cash 2024
€65,442
From operations (derived)
-€2.4m
Net result for the year
+€2.7m
Depreciation
+€451,710
Receivables after one year
-€3.6m
Stocks and contracts
-€108,292
Receivables within one year
-€1.4m
Deferred charges and accrued income
+€64,410
Provisions
-€79,653
Trade debts
+€205,308
Tax, wage and social debts
-€553,818
Other debts
-€119,214
Accrued charges and deferred income
+€37,505
Investment (derived)
+€13.7m
Investment in fixed assets (net)
+€13.7m
Financing
-€11.2m
Debts after one year
-€1.5m
Current portion of long-term debt
+€41,338
Contributions, distributions and other
-€9.8m
Cash 2025
€129,383
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,642,754 | €22,620,457 | -€9.0m | -28.5% |
| Fixed assets | 21/28 | €30,968,601 | €16,797,767 | -€14.2m | -45.8% |
| Tangible fixed assets | 22/27 | €17,001,292 | €16,755,448 | -€245,844 | -1.4% |
| Land and buildings | 22 | €8,989,051 | €16,755,429 | +€7.8m | +86.4% |
| Furniture and vehicles | 24 | €395 | €19 | -€377 | -95.3% |
| Assets under construction and advance payments | 27 | €8,011,845 | - | -€8.0m | |
| Financial fixed assets | 28 | €13,967,309 | €42,319 | -€13.9m | -99.7% |
| Current assets | 29/58 | €674,153 | €5,822,690 | +€5.1m | +764% |
| Amounts receivable after more than one year | 29 | €16,760 | €3,641,497 | +€3.6m | +21,627% |
| Other amounts receivable | 291 | €16,760 | €3,641,497 | +€3.6m | +21,627% |
| Stocks and contracts in progress | 3 | €66,150 | €174,442 | +€108,292 | +164% |
| Stocks | 30/36 | €66,150 | €41,545 | -€24,605 | -37.2% |
| Contracts in progress | 37 | - | €132,897 | +€132,897 | |
| Amounts receivable within one year | 40/41 | €347,145 | €1,763,122 | +€1.4m | +408% |
| Trade receivables | 40 | €8,113 | €650,329 | +€642,216 | +7,916% |
| Other amounts receivable | 41 | €339,032 | €1,112,793 | +€773,761 | +228% |
| Cash at bank and in hand | 54/58 | €65,442 | €129,383 | +€63,941 | +97.7% |
| Deferred charges and accrued income | 490/1 | €178,656 | €114,246 | -€64,410 | -36.1% |
| Total equity and liabilities | 10/49 | €31,642,754 | €22,620,457 | -€9.0m | -28.5% |
| Equity | 10/15 | €19,037,947 | €11,960,601 | -€7.1m | -37.2% |
| Contributions | 10/11 | €2,958,395 | €2,958,395 | = | 0.0% |
| Capital | 10 | €2,958,395 | €2,958,395 | = | 0.0% |
| Issued capital | 100 | €2,958,395 | €2,958,395 | = | 0.0% |
| Revaluation surpluses | 12 | €3,000,000 | - | -€3.0m | |
| Reserves | 13 | €10,063,303 | €6,576,910 | -€3.5m | -34.6% |
| Non-distributable reserves | 130/1 | €295,840 | €295,840 | = | 0.0% |
| Legal reserve | 130 | €295,840 | €295,840 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,520,029 | €6,281,070 | -€238,959 | -3.7% |
| Distributable reserves | 133 | €3,247,434 | - | -€3.2m | |
| Profit (loss) carried forward | 14 | €3,016,249 | €2,425,295 | -€590,954 | -19.6% |
| Provisions and deferred taxes | 16 | €2,173,328 | €2,093,675 | -€79,653 | -3.7% |
| Deferred taxes | 168 | €2,173,328 | €2,093,675 | -€79,653 | -3.7% |
| Amounts payable | 17/49 | €10,431,478 | €8,566,181 | -€1.9m | -17.9% |
| Amounts payable after more than one year | 17 | €8,972,045 | €7,495,630 | -€1.5m | -16.5% |
| Financial debts | 170/4 | €8,955,285 | €7,406,450 | -€1.5m | -17.3% |
| Other amounts payable | 178/9 | €16,760 | €89,180 | +€72,420 | +432% |
| Amounts payable within one year | 42/48 | €1,447,097 | €1,020,711 | -€426,386 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €480,567 | €521,905 | +€41,338 | +8.6% |
| Trade debts | 44 | €174,576 | €379,885 | +€205,308 | +118% |
| Suppliers | 440/4 | €174,576 | €379,885 | +€205,308 | +118% |
| Taxes, remuneration and social security | 45 | €595,628 | €41,810 | -€553,818 | -93.0% |
| Taxes | 450/3 | €595,628 | €41,810 | -€553,818 | -93.0% |
| Other amounts payable | 47/48 | €196,325 | €77,111 | -€119,214 | -60.7% |
| Accrued charges and deferred income | 492/3 | €12,336 | €49,841 | +€37,505 | +304% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,930 | €451,710 | +€47,780 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€5,392 | -€5,392 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,530 | - | +€20,530 | |
| Other operating charges | 640/8 | €30,030 | €25,281 | -€4,750 | -15.8% |
| Non-recurring operating charges | 66A | - | €280,755 | +€280,755 | |
| Gross operating margin | 9900 | €207,458 | -€108,573 | -€316,032 | |
| Operating profit (loss) | 9901 | -€205,972 | -€860,927 | -€654,955 | -318% |
| Financial income | 75/76B | €1,299,932 | €3,664,351 | +€2.4m | +182% |
| Recurring financial income | 75 | €404,160 | €225,950 | -€178,210 | -44.1% |
| Non-recurring financial income | 76B | €895,772 | €3,438,401 | +€2.5m | +284% |
| Financial charges | 65/66B | €159,790 | €160,502 | +€712 | +0.4% |
| Recurring financial charges | 65 | €159,790 | €160,502 | +€712 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €934,170 | €2,642,923 | +€1.7m | +183% |
| Transfer from deferred taxes | 780 | €82,501 | €127,379 | +€44,878 | +54.4% |
| Transfer to deferred taxes | 680 | €40,020 | €47,726 | +€7,706 | +19.3% |
| Income taxes | 67/77 | €119,025 | -€78 | -€119,103 | |
| Profit (loss) for the period | 9904 | €857,627 | €2,722,653 | +€1.9m | +217% |
| Transfer from tax-exempt reserves | 789 | €247,817 | €382,137 | +€134,320 | +54.2% |
| Transfer to tax-exempt reserves | 689 | €120,059 | €143,178 | +€23,119 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €985,384 | €2,961,612 | +€2.0m | +201% |
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 20 October 2026 via checked.be.