INESU-IMMO: what changed
Two fiscal 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
INESU-IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€368,434
2024 · €237,269+€131,165
Equity
€4.7m
2024 · €4.4m+€368,434
Cash
€939,216
2024 · €1.1m-€126,819
Balance sheet total
€7.3m
2024 · €6.8m+€467,229
Largest movements
Assets
- Receivables within one year +€539,568
up €539,568 (+51.3%), from €1.1m to €1.6m
of which Trade receivables: +€398,612
- Current investments +€386,648
up €386,648 (+25.1%), from €1.5m to €1.9m
- Tangible fixed assets -€372,760
down €372,760 (-13.2%), from €2.8m to €2.5m
of which Land and buildings: -€355,865
- Cash -€126,819
down €126,819 (-11.9%), from €1.1m to €939,216
mainly Receivables within one year (-€539,568) and Current investments (-€386,648)
Equity and liabilities
- Profit (loss) carried forward +€405,555
up €405,555 (+119.0%), from €340,900 to €746,455
- Debts after one year -€195,413
down €195,413 (-38.3%), from €510,544 to €315,131
- Other debts +€108,072
up €108,072 (+32.3%), from €334,479 to €442,551
- Trade debts +€91,868
up €91,868 (+9.2%), from €999,904 to €1.1m
Income statement
- Gross operating margin +€429,027
up €429,027 (+19.6%), from €2.2m to €2.6m
- Provisions +€90,762
up €90,762, from -€18,343 to €72,419
- Staff costs +€81,847
up €81,847 (+8.2%), from €994,801 to €1.1m
- Taxes +€72,444
up €72,444 (+89.7%), from €80,806 to €153,250
- Other operating charges +€54,937
up €54,937 (+15.4%), from €357,511 to €412,448
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
€237,269
Gross operating margin
+€429,027
Staff costs
-€81,847
Depreciation
+€13,640
Write-downs
-€12,996
Provisions
-€90,762
Other operating charges
-€54,937
Financial income
-€7,851
Financial charges
+€9,335
Taxes
-€72,444
Result 2025
€368,434
Cash bridge derived
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
+€630,344
Investment
-€570,339
Financing
-€186,824
Cash 2024
€1.1m
From operations (derived)
+€630,344
Net result for the year
+€368,434
Depreciation
+€532,597
Receivables within one year
-€539,568
Deferred charges and accrued income
-€16,738
Provisions
+€60,046
Trade debts
+€91,868
Tax, wage and social debts
+€8,288
Other debts
+€108,072
Accrued charges and deferred income
+€17,345
Investment (derived)
-€570,339
Investment in fixed assets (net)
-€183,691
Current investments
-€386,648
Financing
-€186,824
Debts after one year
-€195,413
Current portion of long-term debt
+€8,589
Cash 2025
€939,216
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,837,512 | €7,304,741 | +€467,229 | +6.8% |
| Fixed assets | 21/28 | €3,053,020 | €2,704,114 | -€348,906 | -11.4% |
| Intangible fixed assets | 21 | €83,240 | €99,025 | +€15,785 | +19.0% |
| Tangible fixed assets | 22/27 | €2,826,137 | €2,453,377 | -€372,760 | -13.2% |
| Land and buildings | 22 | €2,492,598 | €2,136,733 | -€355,865 | -14.3% |
| Plant, machinery and equipment | 23 | €5,109 | €4,368 | -€741 | -14.5% |
| Furniture and vehicles | 24 | €19,555 | €17,219 | -€2,336 | -11.9% |
| Other tangible fixed assets | 26 | €284,317 | €264,137 | -€20,180 | -7.1% |
| Assets under construction and advance payments | 27 | €24,558 | €30,920 | +€6,362 | +25.9% |
| Financial fixed assets | 28 | €143,643 | €151,712 | +€8,069 | +5.6% |
| Current assets | 29/58 | €3,784,492 | €4,600,627 | +€816,135 | +21.6% |
| Amounts receivable within one year | 40/41 | €1,051,428 | €1,590,996 | +€539,568 | +51.3% |
| Trade receivables | 40 | €669,334 | €1,067,946 | +€398,612 | +59.6% |
| Other amounts receivable | 41 | €382,094 | €523,050 | +€140,956 | +36.9% |
| Current investments | 50/53 | €1,543,392 | €1,930,040 | +€386,648 | +25.1% |
| Cash at bank and in hand | 54/58 | €1,066,035 | €939,216 | -€126,819 | -11.9% |
| Deferred charges and accrued income | 490/1 | €123,637 | €140,375 | +€16,738 | +13.5% |
| Total equity and liabilities | 10/49 | €6,837,512 | €7,304,741 | +€467,229 | +6.8% |
| Equity | 10/15 | €4,358,345 | €4,726,779 | +€368,434 | +8.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €3,867,445 | €3,830,324 | -€37,121 | -1.0% |
| Non-distributable reserves | 130/1 | €3,644,717 | €3,644,717 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Other | 1319 | €3,629,717 | €3,629,717 | = | 0.0% |
| Tax-exempt reserves | 132 | €222,728 | €185,607 | -€37,121 | -16.7% |
| Profit (loss) carried forward | 14 | €340,900 | €746,455 | +€405,555 | +119.0% |
| Provisions and deferred taxes | 16 | €265,672 | €325,718 | +€60,046 | +22.6% |
| Provisions for liabilities and charges | 160/5 | €191,430 | €263,849 | +€72,419 | +37.8% |
| Major repairs and maintenance | 162 | €191,430 | €263,849 | +€72,419 | +37.8% |
| Deferred taxes | 168 | €74,242 | €61,869 | -€12,373 | -16.7% |
| Amounts payable | 17/49 | €2,213,495 | €2,252,244 | +€38,749 | +1.8% |
| Amounts payable after more than one year | 17 | €510,544 | €315,131 | -€195,413 | -38.3% |
| Financial debts | 170/4 | €510,544 | €315,131 | -€195,413 | -38.3% |
| Amounts payable within one year | 42/48 | €1,678,819 | €1,895,636 | +€216,817 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €186,824 | €195,413 | +€8,589 | +4.6% |
| Trade debts | 44 | €999,904 | €1,091,772 | +€91,868 | +9.2% |
| Suppliers | 440/4 | €999,904 | €1,091,772 | +€91,868 | +9.2% |
| Taxes, remuneration and social security | 45 | €157,612 | €165,900 | +€8,288 | +5.3% |
| Taxes | 450/3 | €23,423 | €42,988 | +€19,565 | +83.5% |
| Remuneration and social security | 454/9 | €134,189 | €122,912 | -€11,277 | -8.4% |
| Other amounts payable | 47/48 | €334,479 | €442,551 | +€108,072 | +32.3% |
| Accrued charges and deferred income | 492/3 | €24,132 | €41,477 | +€17,345 | +71.9% |
| Remuneration, social security and pensions | 62 | €994,801 | €1,076,648 | +€81,847 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546,237 | €532,597 | -€13,640 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,510 | €10,486 | +€12,996 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€18,343 | €72,419 | +€90,762 | |
| Other operating charges | 640/8 | €357,511 | €412,448 | +€54,937 | +15.4% |
| Gross operating margin | 9900 | €2,186,732 | €2,615,759 | +€429,027 | +19.6% |
| Operating profit (loss) | 9901 | €309,036 | €511,161 | +€202,125 | +65.4% |
| Financial income | 75/76B | €34,184 | €26,333 | -€7,851 | -23.0% |
| Recurring financial income | 75 | €34,184 | €26,333 | -€7,851 | -23.0% |
| Financial charges | 65/66B | €37,519 | €28,184 | -€9,335 | -24.9% |
| Recurring financial charges | 65 | €37,519 | €28,184 | -€9,335 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €305,701 | €509,310 | +€203,609 | +66.6% |
| Transfer from deferred taxes | 780 | €12,374 | €12,374 | = | 0.0% |
| Income taxes | 67/77 | €80,806 | €153,250 | +€72,444 | +89.7% |
| Profit (loss) for the period | 9904 | €237,269 | €368,434 | +€131,165 | +55.3% |
| Transfer from tax-exempt reserves | 789 | €37,121 | €37,121 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €274,390 | €405,555 | +€131,165 | +47.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.