M.D. 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.
M.D. IMMO
Largest movements
- Tangible fixed assets -€122,039
down €122,039 (-17.0%), from €719,259 to €597,221
of which Land and buildings: -€118,879
- Cash -€103,751
down €103,751 (-22.1%), from €470,468 to €366,718
mainly Short-term financial debts (-€150,000) and Debts after one year (-€54,395)
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Debts after one year -€54,395
down €54,395 (-8.6%), from €634,259 to €579,864
- Gross operating margin +€38,854
up €38,854, from -€18,478 to €20,376
- Other operating charges -€12,191
down €12,191 (-81.4%), from €14,978 to €2,787
- Financial charges +€8,463
up €8,463 (+609.7%), from €1,388 to €9,851
- Depreciation -€4,533
down €4,533 (-15.0%), from €30,181 to €25,649
- Financial income -€2,299
down €2,299 (-30.6%), from €7,522 to €5,222
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 | €1,268,108 | €1,054,721 | -€213,388 | -16.8% |
| Fixed assets | 21/28 | €719,259 | €597,221 | -€122,039 | -17.0% |
| Tangible fixed assets | 22/27 | €719,259 | €597,221 | -€122,039 | -17.0% |
| Land and buildings | 22 | €693,719 | €574,840 | -€118,879 | -17.1% |
| Plant, machinery and equipment | 23 | €24,366 | €19,897 | -€4,469 | -18.3% |
| Furniture and vehicles | 24 | €1,174 | €2,483 | +€1,309 | +111.5% |
| Current assets | 29/58 | €548,849 | €457,500 | -€91,349 | -16.6% |
| Amounts receivable within one year | 40/41 | - | €1,231 | +€1,231 | |
| Other amounts receivable | 41 | - | €1,231 | +€1,231 | |
| Current investments | 50/53 | €76,582 | €88,991 | +€12,409 | +16.2% |
| Cash at bank and in hand | 54/58 | €470,468 | €366,718 | -€103,751 | -22.1% |
| Deferred charges and accrued income | 490/1 | €1,799 | €560 | -€1,238 | -68.9% |
| Total equity and liabilities | 10/49 | €1,268,108 | €1,054,721 | -€213,388 | -16.8% |
| Equity | 10/15 | €398,323 | €387,832 | -€10,492 | -2.6% |
| Contributions | 10/11 | €28,400 | €28,400 | = | 0.0% |
| Reserves | 13 | €553,632 | €547,042 | -€6,590 | -1.2% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €246,232 | €239,642 | -€6,590 | -2.7% |
| Distributable reserves | 133 | €298,900 | €298,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€183,709 | -€187,610 | -€3,901 | -2.1% |
| Provisions and deferred taxes | 16 | €82,077 | €79,881 | -€2,197 | -2.7% |
| Deferred taxes | 168 | €82,077 | €79,881 | -€2,197 | -2.7% |
| Amounts payable | 17/49 | €787,708 | €587,008 | -€200,700 | -25.5% |
| Amounts payable after more than one year | 17 | €634,259 | €579,864 | -€54,395 | -8.6% |
| Other amounts payable | 178/9 | €634,259 | €579,864 | -€54,395 | -8.6% |
| Amounts payable within one year | 42/48 | €150,730 | €6,589 | -€144,142 | -95.6% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €730 | €6,589 | +€5,858 | +802.0% |
| Suppliers | 440/4 | €730 | €6,589 | +€5,858 | +802.0% |
| Accrued charges and deferred income | 492/3 | €2,718 | €555 | -€2,163 | -79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,181 | €25,649 | -€4,533 | -15.0% |
| Other operating charges | 640/8 | €14,978 | €2,787 | -€12,191 | -81.4% |
| Gross operating margin | 9900 | -€18,478 | €20,376 | +€38,854 | |
| Operating profit (loss) | 9901 | -€63,637 | -€8,059 | +€55,578 | +87.3% |
| Financial income | 75/76B | €7,522 | €5,222 | -€2,299 | -30.6% |
| Recurring financial income | 75 | €7,522 | €5,222 | -€2,299 | -30.6% |
| Financial charges | 65/66B | €1,388 | €9,851 | +€8,463 | +609.7% |
| Recurring financial charges | 65 | €1,388 | €9,851 | +€8,463 | +609.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,504 | -€12,688 | +€44,815 | +77.9% |
| Transfer from deferred taxes | 780 | €2,197 | €2,197 | = | 0.0% |
| Income taxes | 67/77 | €1,893 | - | -€1,893 | |
| Profit (loss) for the period | 9904 | -€57,200 | -€10,492 | +€46,709 | +81.7% |
| Transfer from tax-exempt reserves | 789 | €6,590 | €6,590 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,610 | -€3,901 | +€46,709 | +92.3% |
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 9 October 2026 via checked.be.