M. 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. IMMO
Largest movements
- Cash +€27,096
up €27,096 (+62.1%), from €43,630 to €70,725
mainly Other debts (+€178,008) and Net result for the year (+€16,825)
- Current investments +€18,000
up €18,000 (+11.5%), from €156,511 to €174,510
- Other debts +€178,008
up €178,008 (+105.9%), from €168,099 to €346,108
- Reserves -€141,175
down €141,175 (-59.8%), from €236,151 to €94,976
of which Distributable reserves: -€141,175
- Tax, wage and social debts +€10,021
up €10,021 (+111.6%), from €8,976 to €18,997
of which Taxes: +€9,067
- Financial charges +€19,633
up €19,633 (+72.0%), from €27,271 to €46,904
- Gross operating margin +€18,475
up €18,475 (+68.1%), from €27,144 to €45,619
- Staff costs +€1,201
up €1,201 (+3.5%), from €33,953 to €35,154
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 | €717,480 | €758,693 | +€41,213 | +5.7% |
| Fixed assets | 21/28 | €507,525 | €505,025 | -€2,500 | -0.5% |
| Tangible fixed assets | 22/27 | €6,415 | €3,915 | -€2,500 | -39.0% |
| Land and buildings | 22 | €6,415 | €3,915 | -€2,500 | -39.0% |
| Financial fixed assets | 28 | €501,110 | €501,110 | = | 0.0% |
| Current assets | 29/58 | €209,955 | €253,668 | +€43,713 | +20.8% |
| Amounts receivable within one year | 40/41 | €6,909 | €5,355 | -€1,554 | -22.5% |
| Trade receivables | 40 | €4,905 | €4,921 | +€16 | +0.3% |
| Other amounts receivable | 41 | €2,004 | €434 | -€1,569 | -78.3% |
| Current investments | 50/53 | €156,511 | €174,510 | +€18,000 | +11.5% |
| Cash at bank and in hand | 54/58 | €43,630 | €70,725 | +€27,096 | +62.1% |
| Deferred charges and accrued income | 490/1 | €2,905 | €3,077 | +€172 | +5.9% |
| Total equity and liabilities | 10/49 | €717,480 | €758,693 | +€41,213 | +5.7% |
| Equity | 10/15 | €532,748 | €391,573 | -€141,175 | -26.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €236,151 | €94,976 | -€141,175 | -59.8% |
| Tax-exempt reserves | 132 | €59,591 | €59,591 | = | 0.0% |
| Distributable reserves | 133 | €176,560 | €35,385 | -€141,175 | -80.0% |
| Profit (loss) carried forward | 14 | €288,537 | €288,537 | +€0 | 0.0% |
| Amounts payable | 17/49 | €184,732 | €367,120 | +€182,388 | +98.7% |
| Amounts payable within one year | 42/48 | €184,732 | €367,120 | +€182,388 | +98.7% |
| Financial debts | 43 | €2,823 | - | -€2,823 | |
| Credit institutions | 430/8 | €2,823 | - | -€2,823 | |
| Trade debts | 44 | €4,833 | €2,016 | -€2,818 | -58.3% |
| Suppliers | 440/4 | €4,833 | €2,016 | -€2,818 | -58.3% |
| Taxes, remuneration and social security | 45 | €8,976 | €18,997 | +€10,021 | +111.6% |
| Taxes | 450/3 | - | €9,067 | +€9,067 | |
| Remuneration and social security | 454/9 | €8,976 | €9,930 | +€954 | +10.6% |
| Other amounts payable | 47/48 | €168,099 | €346,108 | +€178,008 | +105.9% |
| Remuneration, social security and pensions | 62 | €33,953 | €35,154 | +€1,201 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,500 | €2,500 | = | 0.0% |
| Other operating charges | 640/8 | €3,109 | €2,943 | -€166 | -5.3% |
| Gross operating margin | 9900 | €27,144 | €45,619 | +€18,475 | +68.1% |
| Operating profit (loss) | 9901 | -€12,418 | €5,022 | +€17,440 | |
| Financial income | 75/76B | €60,108 | €60,390 | +€282 | +0.5% |
| Recurring financial income | 75 | €60,108 | €60,390 | +€282 | +0.5% |
| Financial charges | 65/66B | €27,271 | €46,904 | +€19,633 | +72.0% |
| Recurring financial charges | 65 | €27,271 | €46,904 | +€19,633 | +72.0% |
| Profit (loss) for the period before taxes | 9903 | €20,419 | €18,508 | -€1,911 | -9.4% |
| Income taxes | 67/77 | €1,856 | €1,683 | -€174 | -9.3% |
| Profit (loss) for the period | 9904 | €18,563 | €16,825 | -€1,738 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,563 | €16,825 | -€1,738 | -9.4% |
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 2 October 2026 via checked.be.