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.
What changed
M-IMMO
NACE 77.394, Rental and leasing activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€214,004
2024 · -€1,289+€215,292
Equity
€619,017
2024 · €410,695+€208,322
Cash
€54,515
2024 · €55,427-€912
Balance sheet total
€2.3m
2024 · €1.9m+€357,054
Largest movements
Assets
- Tangible fixed assets +€349,957
up €349,957 (+31.4%), from €1.1m to €1.5m
of which Land and buildings: +€316,169
Equity and liabilities
- Reserves +€208,322
up €208,322 (+53.1%), from €392,095 to €600,417
of which Distributable reserves: +€217,856
- Debts after one year +€176,849
up €176,849 (+24.5%), from €723,247 to €900,096
- Other debts -€71,257
down €71,257 (-10.4%), from €683,257 to €612,000
Income statement
- Financial income +€199,572
up €199,572 (+21729.9%), from €918 to €200,490
- Gross operating margin +€25,239
up €25,239 (+26.2%), from €96,441 to €121,680
- Other operating charges +€11,939
up €11,939 (+211.1%), from €5,656 to €17,594
- Depreciation -€10,507
down €10,507 (-14.9%), from €70,742 to €60,235
- Financial charges +€6,698
up €6,698 (+28.8%), from €23,278 to €29,976
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
-€1,289
Gross operating margin
+€25,239
Depreciation
+€10,507
Other operating charges
-€11,939
Financial income
+€199,572
Financial charges
-€6,698
Taxes
-€1,645
Deferred taxes and other
+€257
Result 2025
€214,004
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
+€225,960
Investment
-€412,592
Financing
+€185,720
Cash 2024
€55,427
From operations (derived)
+€225,960
Net result for the year
+€214,004
Depreciation
+€60,235
Receivables within one year
-€4,100
Deferred charges and accrued income
-€1,509
Provisions
+€4,398
Trade debts
+€22,693
Tax, wage and social debts
-€2,384
Other debts
-€71,257
Accrued charges and deferred income
+€3,880
Investment (derived)
-€412,592
Investment in fixed assets (net)
-€412,592
Financing
+€185,720
Debts after one year
+€176,849
Current portion of long-term debt
+€14,553
Contributions, distributions and other
-€5,682
Cash 2025
€54,515
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,929,039 | €2,286,093 | +€357,054 | +18.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,659,204 | €2,011,561 | +€352,357 | +21.2% |
| Tangible fixed assets | 22/27 | €1,113,663 | €1,463,620 | +€349,957 | +31.4% |
| Land and buildings | 22 | €1,027,553 | €1,343,721 | +€316,169 | +30.8% |
| Plant, machinery and equipment | 23 | €60,129 | €90,322 | +€30,192 | +50.2% |
| Furniture and vehicles | 24 | €25,981 | €29,577 | +€3,596 | +13.8% |
| Financial fixed assets | 28 | €545,541 | €547,941 | +€2,400 | +0.4% |
| Current assets | 29/58 | €269,835 | €274,532 | +€4,697 | +1.7% |
| Amounts receivable within one year | 40/41 | €212,980 | €217,079 | +€4,100 | +1.9% |
| Trade receivables | 40 | €108,589 | €16,222 | -€92,367 | -85.1% |
| Other amounts receivable | 41 | €104,391 | €200,858 | +€96,467 | +92.4% |
| Cash at bank and in hand | 54/58 | €55,427 | €54,515 | -€912 | -1.6% |
| Deferred charges and accrued income | 490/1 | €1,428 | €2,937 | +€1,509 | +105.7% |
| Total equity and liabilities | 10/49 | €1,929,039 | €2,286,093 | +€357,054 | +18.5% |
| Equity | 10/15 | €410,695 | €619,017 | +€208,322 | +50.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €392,095 | €600,417 | +€208,322 | +53.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €78,581 | €69,047 | -€9,534 | -12.1% |
| Distributable reserves | 133 | €311,654 | €529,510 | +€217,856 | +69.9% |
| Provisions and deferred taxes | 16 | €19,645 | €24,043 | +€4,398 | +22.4% |
| Deferred taxes | 168 | €19,645 | €24,043 | +€4,398 | +22.4% |
| Amounts payable | 17/49 | €1,498,699 | €1,643,033 | +€144,334 | +9.6% |
| Amounts payable after more than one year | 17 | €723,247 | €900,096 | +€176,849 | +24.5% |
| Financial debts | 170/4 | €723,247 | €900,096 | +€176,849 | +24.5% |
| Amounts payable within one year | 42/48 | €773,852 | €737,457 | -€36,395 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €54,915 | €69,468 | +€14,553 | +26.5% |
| Trade debts | 44 | €27,314 | €50,008 | +€22,693 | +83.1% |
| Suppliers | 440/4 | €27,314 | €50,008 | +€22,693 | +83.1% |
| Taxes, remuneration and social security | 45 | €8,366 | €5,981 | -€2,384 | -28.5% |
| Taxes | 450/3 | €8,366 | €5,981 | -€2,384 | -28.5% |
| Other amounts payable | 47/48 | €683,257 | €612,000 | -€71,257 | -10.4% |
| Accrued charges and deferred income | 492/3 | €1,600 | €5,480 | +€3,880 | +242.5% |
| Non-recurring operating income | 76A | €3,664 | - | -€3,664 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,742 | €60,235 | -€10,507 | -14.9% |
| Other operating charges | 640/8 | €5,656 | €17,594 | +€11,939 | +211.1% |
| Gross operating margin | 9900 | €96,441 | €121,680 | +€25,239 | +26.2% |
| Operating profit (loss) | 9901 | €20,044 | €43,851 | +€23,808 | +118.8% |
| Financial income | 75/76B | €918 | €200,490 | +€199,572 | +21729.9% |
| Recurring financial income | 75 | €918 | €200,490 | +€199,572 | +21729.9% |
| Financial charges | 65/66B | €23,278 | €29,976 | +€6,698 | +28.8% |
| Recurring financial charges | 65 | €23,278 | €29,976 | +€6,698 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,316 | €214,365 | +€216,681 | |
| Transfer from deferred taxes | 780 | €1,027 | €1,284 | +€257 | +25.0% |
| Income taxes | 67/77 | - | €1,645 | +€1,645 | |
| Profit (loss) for the period | 9904 | -€1,289 | €214,004 | +€215,292 | |
| Transfer from tax-exempt reserves | 789 | €4,109 | €3,852 | -€257 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,821 | €217,856 | +€215,036 | +7623.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.