INDUSTRIAL IMMO: 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.
INDUSTRIAL IMMO
Largest movements
- Tangible fixed assets +€3.0m
up €3.0m (+553%), from €541,440 to €3.5m
of which Assets under construction and advance payments: +€3.0m
- Cash +€239,721
up €239,721 (+9.8%), from €2.4m to €2.7m
mainly Debts after one year (+€2.4m) and Trade debts (+€526,882)
- Receivables within one year +€93,919
up €93,919 (+446%), from €21,077 to €114,996
of which Trade receivables: +€91,096
- Debts after one year +€2.4m
up €2.4m (+2,256%), from €106,666 to €2.5m
- Trade debts +€526,882
up €526,882 (+78,141%), from €674 to €527,556
- Current portion of long-term debt +€155,556
up €155,556 (+778%), from €20,000 to €175,556
- Reserves +€142,229
up €142,229 (+9.9%), from €1.4m to €1.6m
of which Distributable reserves: +€142,229
- Gross operating margin +€102,803
up €102,803 (+35.7%), from €288,144 to €390,947
- Other operating charges +€81,310
up €81,310 (+233%), from €34,853 to €116,163
- Depreciation +€76,969
up €76,969 (+497%), from €15,476 to €92,445
- Financial charges +€38,992
up €38,992 (+812%), from €4,805 to €43,797
- Financial income +€34,937
up €34,937 (+216%), from €16,161 to €51,097
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 | €3,076,019 | €6,340,508 | +€3.3m | +106% |
| Fixed assets | 21/28 | €541,440 | €3,533,977 | +€3.0m | +553% |
| Tangible fixed assets | 22/27 | €541,440 | €3,533,977 | +€3.0m | +553% |
| Land and buildings | 22 | €341,853 | €328,093 | -€13,760 | -4.0% |
| Assets under construction and advance payments | 27 | €199,587 | €3,205,884 | +€3.0m | +1,506% |
| Current assets | 29/58 | €2,534,579 | €2,806,531 | +€271,952 | +10.7% |
| Amounts receivable after more than one year | 29 | €56,373 | €0 | -€56,373 | -100% |
| Other amounts receivable | 291 | €56,373 | €0 | -€56,373 | -100% |
| Amounts receivable within one year | 40/41 | €21,077 | €114,996 | +€93,919 | +446% |
| Trade receivables | 40 | €21,077 | €112,173 | +€91,096 | +432% |
| Other amounts receivable | 41 | €0 | €2,823 | +€2,823 | |
| Cash at bank and in hand | 54/58 | €2,444,955 | €2,684,676 | +€239,721 | +9.8% |
| Deferred charges and accrued income | 490/1 | €12,174 | €6,859 | -€5,315 | -43.7% |
| Total equity and liabilities | 10/49 | €3,076,019 | €6,340,508 | +€3.3m | +106% |
| Equity | 10/15 | €2,932,584 | €3,074,813 | +€142,229 | +4.8% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €1,432,584 | €1,574,813 | +€142,229 | +9.9% |
| Tax-exempt reserves | 132 | €32,559 | €32,559 | = | 0.0% |
| Distributable reserves | 133 | €1,400,025 | €1,542,254 | +€142,229 | +10.2% |
| Amounts payable | 17/49 | €143,435 | €3,265,696 | +€3.1m | +2,177% |
| Amounts payable after more than one year | 17 | €106,666 | €2,513,299 | +€2.4m | +2,256% |
| Financial debts | 170/4 | €106,666 | €2,513,299 | +€2.4m | +2,256% |
| Amounts payable within one year | 42/48 | €36,642 | €736,837 | +€700,195 | +1,911% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €175,556 | +€155,556 | +778% |
| Trade debts | 44 | €674 | €527,556 | +€526,882 | +78,141% |
| Suppliers | 440/4 | €674 | €527,556 | +€526,882 | +78,141% |
| Taxes, remuneration and social security | 45 | €3,315 | €33,725 | +€30,410 | +917% |
| Taxes | 450/3 | €3,315 | €33,725 | +€30,410 | +917% |
| Other amounts payable | 47/48 | €12,652 | €0 | -€12,652 | -100% |
| Accrued charges and deferred income | 492/3 | €127 | €15,560 | +€15,433 | +12,198% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,476 | €92,445 | +€76,969 | +497% |
| Other operating charges | 640/8 | €34,853 | €116,163 | +€81,310 | +233% |
| Gross operating margin | 9900 | €288,144 | €390,947 | +€102,803 | +35.7% |
| Operating profit (loss) | 9901 | €237,814 | €182,338 | -€55,476 | -23.3% |
| Financial income | 75/76B | €16,161 | €51,097 | +€34,937 | +216% |
| Recurring financial income | 75 | €16,161 | €51,097 | +€34,937 | +216% |
| Financial charges | 65/66B | €4,805 | €43,797 | +€38,992 | +812% |
| Recurring financial charges | 65 | €4,805 | €43,797 | +€38,992 | +812% |
| Profit (loss) for the period before taxes | 9903 | €249,170 | €189,639 | -€59,531 | -23.9% |
| Income taxes | 67/77 | €61,959 | €47,410 | -€14,549 | -23.5% |
| Profit (loss) for the period | 9904 | €187,211 | €142,229 | -€44,982 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €187,211 | €142,229 | -€44,982 | -24.0% |
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 23 October 2026 via checked.be.