M&A 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.
M&A IMMO
Largest movements
- Tangible fixed assets -€241,176
down €241,176 (-30.7%), from €786,119 to €544,943
of which Land and buildings: -€256,457
- Stocks and contracts +€107,561
new in 2025: €107,561
- Cash +€16,505
up €16,505 (+7434.7%), from €222 to €16,727
mainly Investment in fixed assets (net) (+€209,101) and Other debts (+€92,200)
- Debts after one year -€233,988
down €233,988 (-47.7%), from €491,040 to €257,052
of which Financial debts: -€232,688
- Other debts +€92,200
up €92,200 (+28.3%), from €326,156 to €418,356
- Profit (loss) carried forward +€25,387
up €25,387 (+45.8%), from -€55,387 to -€30,000
- Gross operating margin +€34,665
up €34,665 (+57.5%), from €60,238 to €94,903
- Financial charges +€3,135
up €3,135 (+10.3%), from €30,402 to €33,537
- Other operating charges -€2,340
down €2,340 (-37.5%), from €6,244 to €3,904
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 | €788,199 | €670,037 | -€118,162 | -15.0% |
| Fixed assets | 21/28 | €786,119 | €544,943 | -€241,176 | -30.7% |
| Tangible fixed assets | 22/27 | €786,119 | €544,943 | -€241,176 | -30.7% |
| Land and buildings | 22 | €758,325 | €501,868 | -€256,457 | -33.8% |
| Plant, machinery and equipment | 23 | €27,794 | €43,075 | +€15,281 | +55.0% |
| Current assets | 29/58 | €2,080 | €125,094 | +€123,014 | +5914.1% |
| Stocks and contracts in progress | 3 | - | €107,561 | +€107,561 | |
| Stocks | 30/36 | - | €107,561 | +€107,561 | |
| Amounts receivable within one year | 40/41 | €1,058 | - | -€1,058 | |
| Trade receivables | 40 | €1,058 | - | -€1,058 | |
| Cash at bank and in hand | 54/58 | €222 | €16,727 | +€16,505 | +7434.7% |
| Deferred charges and accrued income | 490/1 | €800 | €806 | +€6 | +0.8% |
| Total equity and liabilities | 10/49 | €788,199 | €670,037 | -€118,162 | -15.0% |
| Equity | 10/15 | -€45,387 | -€20,000 | +€25,387 | +55.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,387 | -€30,000 | +€25,387 | +45.8% |
| Amounts payable | 17/49 | €833,586 | €690,037 | -€143,549 | -17.2% |
| Amounts payable after more than one year | 17 | €491,040 | €257,052 | -€233,988 | -47.7% |
| Financial debts | 170/4 | €483,740 | €251,052 | -€232,688 | -48.1% |
| Other amounts payable | 178/9 | €7,300 | €6,000 | -€1,300 | -17.8% |
| Amounts payable within one year | 42/48 | €342,546 | €432,985 | +€90,439 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €16,390 | €13,823 | -€2,567 | -15.7% |
| Trade debts | 44 | - | €806 | +€806 | |
| Suppliers | 440/4 | - | €806 | +€806 | |
| Other amounts payable | 47/48 | €326,156 | €418,356 | +€92,200 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,910 | €32,075 | +€165 | +0.5% |
| Other operating charges | 640/8 | €6,244 | €3,904 | -€2,340 | -37.5% |
| Gross operating margin | 9900 | €60,238 | €94,903 | +€34,665 | +57.5% |
| Operating profit (loss) | 9901 | €22,084 | €58,924 | +€36,840 | +166.8% |
| Financial charges | 65/66B | €30,402 | €33,537 | +€3,135 | +10.3% |
| Recurring financial charges | 65 | €30,402 | €33,537 | +€3,135 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,318 | €25,387 | +€33,705 | |
| Profit (loss) for the period | 9904 | -€8,318 | €25,387 | +€33,705 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,318 | €25,387 | +€33,705 |
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 1 October 2026 via checked.be.