NAXHELET 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.
NAXHELET IMMO
Largest movements
- Financial fixed assets -€6.7m
down €6.7m (-99.9%), from €6.7m to €6,762
- Stocks and contracts +€871,823
up €871,823 (+22.9%), from €3.8m to €4.7m
- Receivables within one year +€122,830
up €122,830 (+124%), from €98,960 to €221,789
of which Trade receivables: +€106,942
- Profit (loss) carried forward -€4.4m
down €4.4m (-144%), from -€3.1m to -€7.5m
- Other debts -€2.5m
down €2.5m (-92.1%), from €2.7m to €210,923
- Advances received +€922,711
up €922,711 (+2,278%), from €40,500 to €963,211
- Accrued charges and deferred income +€143,847
up €143,847 (+20.4%), from €706,413 to €850,261
- Short-term financial debts +€120,000
up €120,000 (+54.5%), from €220,000 to €340,000
- Financial charges +€4.3m
up €4.3m (+2,484%), from €171,999 to €4.4m
of which Non-recurring financial charges: +€4.2m
- Gross operating margin +€339,931
up €339,931, from -€306,652 to €33,279
- Other operating charges -€9,353
down €9,353 (-65.3%), from €14,317 to €4,964
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 | €10,913,124 | €5,228,484 | -€5.7m | -52.1% |
| Fixed assets | 21/28 | €6,961,103 | €284,577 | -€6.7m | -95.9% |
| Tangible fixed assets | 22/27 | €282,841 | €277,816 | -€5,026 | -1.8% |
| Land and buildings | 22 | €282,841 | €277,816 | -€5,026 | -1.8% |
| Financial fixed assets | 28 | €6,678,262 | €6,762 | -€6.7m | -99.9% |
| Current assets | 29/58 | €3,952,021 | €4,943,907 | +€991,886 | +25.1% |
| Amounts receivable after more than one year | 29 | €17,333 | €17,333 | = | 0.0% |
| Other amounts receivable | 291 | €17,333 | €17,333 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,810,765 | €4,682,588 | +€871,823 | +22.9% |
| Stocks | 30/36 | €3,810,765 | €4,682,588 | +€871,823 | +22.9% |
| Amounts receivable within one year | 40/41 | €98,960 | €221,789 | +€122,830 | +124% |
| Trade receivables | 40 | €41,100 | €148,042 | +€106,942 | +260% |
| Other amounts receivable | 41 | €57,860 | €73,747 | +€15,887 | +27.5% |
| Current investments | 50/53 | €300 | €300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,516 | €19,713 | -€2,803 | -12.4% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,184 | +€36 | +1.7% |
| Total equity and liabilities | 10/49 | €10,913,124 | €5,228,484 | -€5.7m | -52.1% |
| Equity | 10/15 | €1,446,375 | -€2,974,500 | -€4.4m | |
| Contributions | 10/11 | €4,518,231 | €4,518,231 | = | 0.0% |
| Reserves | 13 | €1,957 | €1,957 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,957 | €1,957 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,957 | €1,957 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,073,814 | -€7,494,689 | -€4.4m | -144% |
| Amounts payable | 17/49 | €9,466,750 | €8,202,985 | -€1.3m | -13.3% |
| Amounts payable after more than one year | 17 | €5,702,076 | €5,593,209 | -€108,866 | -1.9% |
| Financial debts | 170/4 | €5,702,076 | €5,593,209 | -€108,866 | -1.9% |
| Amounts payable within one year | 42/48 | €3,058,261 | €1,759,515 | -€1.3m | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €92,507 | €93,866 | +€1,360 | +1.5% |
| Financial debts | 43 | €220,000 | €340,000 | +€120,000 | +54.5% |
| Credit institutions | 430/8 | €220,000 | €340,000 | +€120,000 | +54.5% |
| Trade debts | 44 | €31,308 | €107,121 | +€75,813 | +242% |
| Suppliers | 440/4 | €31,308 | €107,121 | +€75,813 | +242% |
| Advances received on contracts in progress | 46 | €40,500 | €963,211 | +€922,711 | +2,278% |
| Taxes, remuneration and social security | 45 | €1,254 | €44,393 | +€43,139 | +3,441% |
| Taxes | 450/3 | €1,254 | €44,393 | +€43,139 | +3,441% |
| Other amounts payable | 47/48 | €2,672,693 | €210,923 | -€2.5m | -92.1% |
| Accrued charges and deferred income | 492/3 | €706,413 | €850,261 | +€143,847 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,024 | €5,026 | +€1,002 | +24.9% |
| Other operating charges | 640/8 | €14,317 | €4,964 | -€9,353 | -65.3% |
| Gross operating margin | 9900 | -€306,652 | €33,279 | +€339,931 | |
| Operating profit (loss) | 9901 | -€324,993 | €23,289 | +€348,282 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €171,999 | €4,444,164 | +€4.3m | +2,484% |
| Recurring financial charges | 65 | €171,999 | €197,928 | +€25,929 | +15.1% |
| Non-recurring financial charges | 66B | - | €4,246,236 | +€4.2m | |
| Profit (loss) for the period before taxes | 9903 | -€496,991 | -€4,420,875 | -€3.9m | -790% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€496,991 | -€4,420,875 | -€3.9m | -790% |
| Profit (loss) for the period to be appropriated | 9905 | -€496,991 | -€4,420,875 | -€3.9m | -790% |
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 24 October 2026 via checked.be.