L2 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.
L2 IMMO
Largest movements
- Tangible fixed assets +€3.5m
up €3.5m (+144.6%), from €2.4m to €6.0m
of which Land and buildings: +€3.5m
- Current investments -€1.3m
no longer reported in 2025 (was €1.3m)
- Receivables within one year -€98,553
down €98,553 (-32.5%), from €303,149 to €204,596
of which Trade receivables: -€125,392
- Other debts +€1.4m
up €1.4m (+549.9%), from €258,031 to €1.7m
- Debts after one year +€875,810
up €875,810 (+10566.1%), from €8,289 to €884,098
of which Financial debts: +€875,810
- Profit (loss) carried forward -€253,484
new in 2025: -€253,484
- Current portion of long-term debt +€230,140
new in 2025: €230,140
- Depreciation +€529,829
up €529,829 (+466.2%), from €113,651 to €643,480
- Gross operating margin +€146,570
up €146,570 (+42.4%), from €345,809 to €492,379
- Taxes -€61,594
no longer reported in 2025 (was €61,594)
- Financial charges +€7,966
up €7,966 (+62.4%), from €12,769 to €20,735
of which Financial charges: +€20,096
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,097,391 | €6,362,201 | +€2.3m | +55.3% |
| Fixed assets | 21/28 | €2,450,280 | €5,990,371 | +€3.5m | +144.5% |
| Intangible fixed assets | 21 | €855 | €598 | -€257 | -30.1% |
| Tangible fixed assets | 22/27 | €2,449,150 | €5,989,499 | +€3.5m | +144.6% |
| Land and buildings | 22 | €2,448,574 | €5,989,092 | +€3.5m | +144.6% |
| Plant, machinery and equipment | 23 | €576 | €406 | -€170 | -29.4% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €1,647,111 | €371,830 | -€1.3m | -77.4% |
| Amounts receivable within one year | 40/41 | €303,149 | €204,596 | -€98,553 | -32.5% |
| Trade receivables | 40 | €125,439 | €47 | -€125,392 | -100.0% |
| Other amounts receivable | 41 | €177,710 | €204,549 | +€26,840 | +15.1% |
| Current investments | 50/53 | €1,250,000 | - | -€1.3m | |
| Cash at bank and in hand | 54/58 | €93,408 | €104,441 | +€11,033 | +11.8% |
| Deferred charges and accrued income | 490/1 | €553 | €62,793 | +€62,240 | +11248.8% |
| Total equity and liabilities | 10/49 | €4,097,391 | €6,362,201 | +€2.3m | +55.3% |
| Equity | 10/15 | €3,813,252 | €3,559,768 | -€253,484 | -6.6% |
| Contributions | 10/11 | €3,463,867 | €3,463,867 | = | 0.0% |
| Capital | 10 | €3,463,867 | €3,463,867 | = | 0.0% |
| Issued capital | 100 | €3,463,867 | €3,463,867 | = | 0.0% |
| Reserves | 13 | €349,385 | €349,385 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,480 | €100,480 | = | 0.0% |
| Legal reserve | 130 | €100,480 | €100,480 | = | 0.0% |
| Distributable reserves | 133 | €248,905 | €248,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€253,484 | -€253,484 | |
| Amounts payable | 17/49 | €284,139 | €2,802,433 | +€2.5m | +886.3% |
| Amounts payable after more than one year | 17 | €8,289 | €884,098 | +€875,810 | +10566.1% |
| Financial debts | 170/4 | - | €875,810 | +€875,810 | |
| Other amounts payable | 178/9 | €8,289 | €8,289 | = | 0.0% |
| Amounts payable within one year | 42/48 | €269,989 | €1,913,760 | +€1.6m | +608.8% |
| Current portion of amounts payable after more than one year | 42 | - | €230,140 | +€230,140 | |
| Trade debts | 44 | €5,512 | €4,234 | -€1,277 | -23.2% |
| Suppliers | 440/4 | €5,512 | €4,234 | -€1,277 | -23.2% |
| Advances received on contracts in progress | 46 | €531 | - | -€531 | |
| Taxes, remuneration and social security | 45 | €5,915 | €2,429 | -€3,486 | -58.9% |
| Taxes | 450/3 | €3,494 | - | -€3,494 | |
| Remuneration and social security | 454/9 | €2,421 | €2,429 | +€7 | +0.3% |
| Other amounts payable | 47/48 | €258,031 | €1,676,957 | +€1.4m | +549.9% |
| Accrued charges and deferred income | 492/3 | €5,860 | €4,575 | -€1,286 | -21.9% |
| Remuneration, social security and pensions | 62 | €27,461 | €27,449 | -€11 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,651 | €643,480 | +€529,829 | +466.2% |
| Other operating charges | 640/8 | €60,786 | €61,121 | +€334 | +0.6% |
| Gross operating margin | 9900 | €345,809 | €492,379 | +€146,570 | +42.4% |
| Operating profit (loss) | 9901 | €143,911 | -€239,671 | -€383,582 | |
| Financial income | 75/76B | €7,428 | €6,922 | -€506 | -6.8% |
| Recurring financial income | 75 | €7,428 | €6,922 | -€506 | -6.8% |
| Financial charges | 65/66B | €12,769 | €20,735 | +€7,966 | +62.4% |
| Recurring financial charges | 65 | €639 | €20,735 | +€20,096 | +3146.0% |
| Non-recurring financial charges | 66B | €12,131 | - | -€12,131 | |
| Profit (loss) for the period before taxes | 9903 | €138,569 | -€253,484 | -€392,053 | |
| Income taxes | 67/77 | €61,594 | - | -€61,594 | |
| Profit (loss) for the period | 9904 | €76,975 | -€253,484 | -€330,459 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,975 | -€253,484 | -€330,459 |
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 5 October 2026 via checked.be.