N2R 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.
N2R IMMO
Largest movements
- Cash -€21,628
down €21,628 (-41.1%), from €52,647 to €31,019
mainly Contributions, distributions and other (-€44,459) and Debts after one year (-€36,362)
- Tangible fixed assets -€21,570
down €21,570 (-4.8%), from €448,065 to €426,495
- Debts after one year -€36,362
down €36,362 (-10.0%), from €362,860 to €326,498
- Profit (loss) carried forward -€28,650
down €28,650 (-100%), from €28,650 to €0
- Other debts +€19,810
up €19,810 (+89.5%), from €22,128 to €41,938
- Gross operating margin +€742
up €742 (+1.6%), from €46,195 to €46,937
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.
Derived cash bridge
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 | €503,050 | €458,276 | -€44,774 | -8.9% |
| Fixed assets | 21/28 | €448,065 | €426,495 | -€21,570 | -4.8% |
| Tangible fixed assets | 22/27 | €448,065 | €426,495 | -€21,570 | -4.8% |
| Land and buildings | 22 | €448,065 | €426,495 | -€21,570 | -4.8% |
| Current assets | 29/58 | €54,985 | €31,782 | -€23,204 | -42.2% |
| Amounts receivable within one year | 40/41 | €1,581 | €0 | -€1,581 | -100% |
| Other amounts receivable | 41 | €1,581 | €0 | -€1,581 | -100% |
| Cash at bank and in hand | 54/58 | €52,647 | €31,019 | -€21,628 | -41.1% |
| Deferred charges and accrued income | 490/1 | €757 | €763 | +€5 | +0.7% |
| Total equity and liabilities | 10/49 | €503,050 | €458,276 | -€44,774 | -8.9% |
| Equity | 10/15 | €78,650 | €50,000 | -€28,650 | -36.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,650 | €0 | -€28,650 | -100% |
| Amounts payable | 17/49 | €424,401 | €408,276 | -€16,124 | -3.8% |
| Amounts payable after more than one year | 17 | €362,860 | €326,498 | -€36,362 | -10.0% |
| Financial debts | 170/4 | €362,860 | €326,498 | -€36,362 | -10.0% |
| Amounts payable within one year | 42/48 | €61,541 | €81,778 | +€20,237 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €36,023 | €36,362 | +€339 | +0.9% |
| Trade debts | 44 | €197 | €0 | -€197 | -100% |
| Suppliers | 440/4 | €197 | €0 | -€197 | -100% |
| Taxes, remuneration and social security | 45 | €3,192 | €3,478 | +€286 | +8.9% |
| Taxes | 450/3 | €3,192 | €3,478 | +€286 | +8.9% |
| Other amounts payable | 47/48 | €22,128 | €41,938 | +€19,810 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,578 | €21,570 | -€7 | 0.0% |
| Other operating charges | 640/8 | €451 | €649 | +€198 | +43.8% |
| Gross operating margin | 9900 | €46,195 | €46,937 | +€742 | +1.6% |
| Operating profit (loss) | 9901 | €24,166 | €24,718 | +€552 | +2.3% |
| Financial charges | 65/66B | €3,974 | €3,639 | -€335 | -8.4% |
| Recurring financial charges | 65 | €3,974 | €3,639 | -€335 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €20,192 | €21,080 | +€887 | +4.4% |
| Income taxes | 67/77 | €5,048 | €5,270 | +€222 | +4.4% |
| Profit (loss) for the period | 9904 | €15,144 | €15,810 | +€666 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,144 | €15,810 | +€666 | +4.4% |
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 23 October 2026 via checked.be.