M2B 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
M2B IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€406,936
2024 · €149,431+€257,505
Equity
€5.1m
2024 · €4.8m+€273,814
Cash
€877,377
2024 · €428,336+€449,041
Balance sheet total
€10.6m
2024 · €11.2m-€606,624
Largest movements
Assets
- Receivables within one year -€621,574
down €621,574 (-58.9%), from €1.1m to €433,247
of which Other amounts receivable: -€615,546
- Cash +€449,041
up €449,041 (+104.8%), from €428,336 to €877,377
mainly Depreciation (+€697,085) and Receivables within one year (+€621,574)
- Tangible fixed assets -€430,684
down €430,684 (-4.5%), from €9.6m to €9.2m
of which Leasing and similar rights: -€474,720
Equity and liabilities
- Debts after one year -€921,729
down €921,729 (-18.2%), from €5.1m to €4.1m
of which Financial debts: -€921,729
- Profit (loss) carried forward +€475,011
up €475,011 (+22.6%), from €2.1m to €2.6m
- Investment grants -€133,122
down €133,122 (-21.6%), from €616,900 to €483,778
Income statement
- Financial charges -€201,745
down €201,745 (-47.2%), from €427,252 to €225,507
of which Non-recurring financial charges: -€157,516
- Depreciation -€56,698
down €56,698 (-7.5%), from €753,783 to €697,085
- Taxes +€29,095
up €29,095 (+34.0%), from €85,539 to €114,635
- Financial income +€17,868
up €17,868 (+14.4%), from €124,140 to €142,008
of which Financial income: +€131,734
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
€149,431
Turnover
+€15,659
Services and other goods
-€8,761
Depreciation
+€56,698
Other operating charges
+€3,110
Financial income
+€17,868
Financial charges
+€201,745
Taxes
-€29,095
Deferred taxes and other
+€282
Result 2025
€406,936
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
+€1.7m
Investment
-€266,401
Financing
-€1.0m
Cash 2024
€428,336
From operations (derived)
+€1.7m
Net result for the year
+€406,936
Depreciation
+€697,085
Receivables within one year
+€621,574
Deferred charges and accrued income
+€3,407
Provisions
-€22,691
Trade debts
-€917
Tax, wage and social debts
+€24,095
Accrued charges and deferred income
-€5,281
Investment (derived)
-€266,401
Investment in fixed assets (net)
-€266,401
Financing
-€1.0m
Debts after one year
-€921,729
Current portion of long-term debt
+€46,085
Contributions, distributions and other
-€133,122
Cash 2025
€877,377
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,161,603 | €10,554,979 | -€606,624 | -5.4% |
| Fixed assets | 21/28 | €9,617,612 | €9,186,928 | -€430,684 | -4.5% |
| Tangible fixed assets | 22/27 | €9,612,662 | €9,181,978 | -€430,684 | -4.5% |
| Land and buildings | 22 | €1,372,872 | €1,355,086 | -€17,786 | -1.3% |
| Leasing and similar rights | 25 | €5,778,332 | €5,303,612 | -€474,720 | -8.2% |
| Other tangible fixed assets | 26 | €2,461,458 | €2,523,280 | +€61,822 | +2.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €4,950 | €4,950 | = | 0.0% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €4,950 | €4,950 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,950 | €4,950 | = | 0.0% |
| Current assets | 29/58 | €1,543,991 | €1,368,051 | -€175,940 | -11.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,054,821 | €433,247 | -€621,574 | -58.9% |
| Trade receivables | 40 | €66,411 | €60,383 | -€6,028 | -9.1% |
| Other amounts receivable | 41 | €988,410 | €372,864 | -€615,546 | -62.3% |
| Cash at bank and in hand | 54/58 | €428,336 | €877,377 | +€449,041 | +104.8% |
| Deferred charges and accrued income | 490/1 | €60,834 | €57,427 | -€3,407 | -5.6% |
| Total equity and liabilities | 10/49 | €11,161,603 | €10,554,979 | -€606,624 | -5.4% |
| Equity | 10/15 | €4,841,574 | €5,115,388 | +€273,814 | +5.7% |
| Contributions | 10/11 | €408,661 | €408,661 | = | 0.0% |
| Capital | 10 | €408,661 | €408,661 | = | 0.0% |
| Issued capital | 100 | €596,161 | €596,161 | = | 0.0% |
| Uncalled capital | 101 | €187,500 | €187,500 | = | 0.0% |
| Reserves | 13 | €1,710,501 | €1,642,427 | -€68,074 | -4.0% |
| Non-distributable reserves | 130/1 | €59,616 | €59,616 | = | 0.0% |
| Legal reserve | 130 | €59,616 | €59,616 | = | 0.0% |
| Tax-exempt reserves | 132 | €877,883 | €809,809 | -€68,074 | -7.8% |
| Distributable reserves | 133 | €773,002 | €773,002 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,105,512 | €2,580,523 | +€475,011 | +22.6% |
| Investment grants | 15 | €616,900 | €483,778 | -€133,122 | -21.6% |
| Provisions and deferred taxes | 16 | €287,550 | €264,858 | -€22,691 | -7.9% |
| Deferred taxes | 168 | €287,550 | €264,858 | -€22,691 | -7.9% |
| Amounts payable | 17/49 | €6,032,479 | €5,174,732 | -€857,747 | -14.2% |
| Amounts payable after more than one year | 17 | €5,065,073 | €4,143,344 | -€921,729 | -18.2% |
| Financial debts | 170/4 | €5,046,323 | €4,124,594 | -€921,729 | -18.3% |
| Leasing and similar obligations | 172 | €3,223,738 | €2,430,931 | -€792,806 | -24.6% |
| Credit institutions | 173 | €1,822,585 | €1,693,662 | -€128,923 | -7.1% |
| Other amounts payable | 178/9 | €18,750 | €18,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €890,906 | €960,169 | +€69,263 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €875,644 | €921,729 | +€46,085 | +5.3% |
| Trade debts | 44 | €4,723 | €3,805 | -€917 | -19.4% |
| Suppliers | 440/4 | €4,723 | €3,805 | -€917 | -19.4% |
| Taxes, remuneration and social security | 45 | €10,539 | €34,635 | +€24,095 | +228.6% |
| Taxes | 450/3 | €10,539 | €34,635 | +€24,095 | +228.6% |
| Accrued charges and deferred income | 492/3 | €76,500 | €71,220 | -€5,281 | -6.9% |
| Operating income | 70/76A | €1,626,458 | €1,642,117 | +€15,659 | +1.0% |
| Turnover | 70 | €1,626,458 | €1,642,117 | +€15,659 | +1.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,110,785 | €1,059,739 | -€51,046 | -4.6% |
| Services and other goods | 61 | €169,702 | €178,463 | +€8,761 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €753,783 | €697,085 | -€56,698 | -7.5% |
| Other operating charges | 640/8 | €187,301 | €184,191 | -€3,110 | -1.7% |
| Operating profit (loss) | 9901 | €515,673 | €582,379 | +€66,706 | +12.9% |
| Financial income | 75/76B | €124,140 | €142,008 | +€17,868 | +14.4% |
| Recurring financial income | 75 | €10,274 | €142,008 | +€131,734 | +1282.2% |
| Income from financial fixed assets | 750 | €6,582 | €8,886 | +€2,304 | +35.0% |
| Other financial income | 752/9 | €3,692 | €133,122 | +€129,430 | +3505.7% |
| Non-recurring financial income | 76B | €113,865 | €0 | -€113,865 | -100.0% |
| Financial charges | 65/66B | €427,252 | €225,507 | -€201,745 | -47.2% |
| Recurring financial charges | 65 | €269,735 | €225,507 | -€44,229 | -16.4% |
| Debt charges | 650 | €267,863 | €222,874 | -€44,989 | -16.8% |
| Other financial charges | 652/9 | €1,872 | €2,632 | +€760 | +40.6% |
| Non-recurring financial charges | 66B | €157,516 | €0 | -€157,516 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €212,561 | €498,880 | +€286,319 | +134.7% |
| Transfer from deferred taxes | 780 | €22,409 | €22,691 | +€282 | +1.3% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €85,539 | €114,635 | +€29,095 | +34.0% |
| Taxes | 670/3 | €85,539 | €114,635 | +€29,095 | +34.0% |
| Profit (loss) for the period | 9904 | €149,431 | €406,936 | +€257,505 | +172.3% |
| Transfer from tax-exempt reserves | 789 | €67,228 | €68,074 | +€846 | +1.3% |
| Transfer to tax-exempt reserves | 689 | €14,594 | €0 | -€14,594 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €202,065 | €475,011 | +€272,946 | +135.1% |
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 4 October 2026 via checked.be.