NORTH 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
NORTH 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
€680,114
2024 · €660,528+€19,586
Equity
€5.7m
2024 · €5.1m+€671,614
Cash
€236,771
2024 · €59,270+€177,502
Balance sheet total
€12.2m
2024 · €10.8m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+12.5%), from €9.0m to €10.1m
of which Plant, machinery and equipment: +€742,053
- Cash +€177,502
up €177,502 (+299.5%), from €59,270 to €236,771
mainly Debts after one year (+€1.1m) and Net result for the year (+€680,114)
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+40.8%), from €2.8m to €4.0m
of which Financial debts: +€1.1m
- Reserves +€671,381
up €671,381 (+22.4%), from €3.0m to €3.7m
of which Distributable reserves: +€509,000
- Other debts -€305,300
down €305,300 (-21.7%), from €1.4m to €1.1m
- Trade debts -€236,967
down €236,967 (-45.6%), from €519,219 to €282,252
- Current portion of long-term debt +€127,650
up €127,650 (+33.4%), from €382,600 to €510,249
Income statement
- Taxes -€139,306
down €139,306 (-57.4%), from €242,902 to €103,596
- Gross operating margin -€70,494
down €70,494 (-4.2%), from €1.7m to €1.6m
- Write-downs +€20,350
up €20,350 (+42.5%), from €47,850 to €68,200
- Financial charges -€19,107
down €19,107 (-19.0%), from €100,423 to €81,316
- Financial income -€16,949
down €16,949 (-32.3%), from €52,408 to €35,459
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
€660,528
Gross operating margin
-€70,494
Staff costs
-€7
Depreciation
-€16,843
Write-downs
-€20,350
Other operating charges
-€11,524
Financial income
-€16,949
Financial charges
+€19,107
Taxes
+€139,306
Deferred taxes and other
-€2,660
Result 2025
€680,114
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
+€473,601
Investment
-€1.7m
Financing
+€1.4m
Cash 2024
€59,270
From operations (derived)
+€473,601
Net result for the year
+€680,114
Depreciation
+€563,529
Stocks and contracts
+€4,000
Receivables within one year
-€72,120
Provisions
-€24,678
Trade debts
-€236,967
Tax, wage and social debts
-€121,385
Other debts
-€305,300
Accrued charges and deferred income
-€13,591
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
+€1.4m
Debts after one year
+€1.1m
Current portion of long-term debt
+€127,650
Short-term financial debts
+€125,000
Contributions, distributions and other
-€8,500
Cash 2025
€236,771
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,786,053 | €12,158,277 | +€1.4m | +12.7% |
| Fixed assets | 21/28 | €9,130,896 | €10,257,498 | +€1.1m | +12.3% |
| Tangible fixed assets | 22/27 | €9,013,631 | €10,140,233 | +€1.1m | +12.5% |
| Land and buildings | 22 | €8,926,852 | €9,281,953 | +€355,100 | +4.0% |
| Plant, machinery and equipment | 23 | €56,643 | €798,697 | +€742,053 | +1310.0% |
| Furniture and vehicles | 24 | €30,136 | €59,584 | +€29,448 | +97.7% |
| Financial fixed assets | 28 | €117,265 | €117,265 | = | 0.0% |
| Current assets | 29/58 | €1,655,157 | €1,900,779 | +€245,622 | +14.8% |
| Stocks and contracts in progress | 3 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Stocks | 30/36 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €597,944 | €670,065 | +€72,120 | +12.1% |
| Trade receivables | 40 | €334,492 | €350,962 | +€16,470 | +4.9% |
| Other amounts receivable | 41 | €263,453 | €319,103 | +€55,650 | +21.1% |
| Current investments | 50/53 | €989,943 | €989,943 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,270 | €236,771 | +€177,502 | +299.5% |
| Total equity and liabilities | 10/49 | €10,786,053 | €12,158,277 | +€1.4m | +12.7% |
| Equity | 10/15 | €5,078,128 | €5,749,742 | +€671,614 | +13.2% |
| Contributions | 10/11 | €261,032 | €261,032 | = | 0.0% |
| Capital | 10 | €143,530 | €143,530 | = | 0.0% |
| Issued capital | 100 | €143,530 | €143,530 | = | 0.0% |
| Outside capital | 11 | €117,502 | €117,502 | = | 0.0% |
| Share premium | 1100/10 | €117,502 | €117,502 | = | 0.0% |
| Revaluation surpluses | 12 | €1,813,837 | €1,813,837 | = | 0.0% |
| Reserves | 13 | €3,003,039 | €3,674,419 | +€671,381 | +22.4% |
| Non-distributable reserves | 130/1 | €14,353 | €14,353 | = | 0.0% |
| Legal reserve | 130 | €14,353 | €14,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €225,686 | €388,066 | +€162,381 | +72.0% |
| Distributable reserves | 133 | €2,763,000 | €3,272,000 | +€509,000 | +18.4% |
| Profit (loss) carried forward | 14 | €220 | €454 | +€233 | +105.8% |
| Provisions and deferred taxes | 16 | €115,745 | €91,067 | -€24,678 | -21.3% |
| Deferred taxes | 168 | €115,745 | €91,067 | -€24,678 | -21.3% |
| Amounts payable | 17/49 | €5,592,180 | €6,317,468 | +€725,288 | +13.0% |
| Amounts payable after more than one year | 17 | €2,821,712 | €3,971,593 | +€1.1m | +40.8% |
| Financial debts | 170/4 | €2,754,316 | €3,904,077 | +€1.1m | +41.7% |
| Other amounts payable | 178/9 | €67,396 | €67,516 | +€120 | +0.2% |
| Amounts payable within one year | 42/48 | €2,733,011 | €2,322,009 | -€411,002 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €382,600 | €510,249 | +€127,650 | +33.4% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €519,219 | €282,252 | -€236,967 | -45.6% |
| Suppliers | 440/4 | €519,219 | €282,252 | -€236,967 | -45.6% |
| Taxes, remuneration and social security | 45 | €422,387 | €301,002 | -€121,385 | -28.7% |
| Taxes | 450/3 | €416,987 | €295,602 | -€121,385 | -29.1% |
| Remuneration and social security | 454/9 | €5,400 | €5,400 | = | 0.0% |
| Other amounts payable | 47/48 | €1,408,806 | €1,103,506 | -€305,300 | -21.7% |
| Accrued charges and deferred income | 492/3 | €37,457 | €23,866 | -€13,591 | -36.3% |
| Remuneration, social security and pensions | 62 | €163 | €170 | +€7 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546,686 | €563,529 | +€16,843 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €47,850 | €68,200 | +€20,350 | +42.5% |
| Other operating charges | 640/8 | €154,414 | €165,938 | +€11,524 | +7.5% |
| Gross operating margin | 9900 | €1,673,219 | €1,602,724 | -€70,494 | -4.2% |
| Operating profit (loss) | 9901 | €924,106 | €804,888 | -€119,218 | -12.9% |
| Financial income | 75/76B | €52,408 | €35,459 | -€16,949 | -32.3% |
| Recurring financial income | 75 | €52,408 | €35,459 | -€16,949 | -32.3% |
| Financial charges | 65/66B | €100,423 | €81,316 | -€19,107 | -19.0% |
| Recurring financial charges | 65 | €100,423 | €81,316 | -€19,107 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €876,091 | €759,031 | -€117,060 | -13.4% |
| Transfer from deferred taxes | 780 | €27,338 | €24,678 | -€2,660 | -9.7% |
| Income taxes | 67/77 | €242,902 | €103,596 | -€139,306 | -57.4% |
| Profit (loss) for the period | 9904 | €660,528 | €680,114 | +€19,586 | +3.0% |
| Transfer from tax-exempt reserves | 789 | €53,306 | €48,119 | -€5,187 | -9.7% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €713,834 | €517,733 | -€196,101 | -27.5% |
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 5 October 2026 via checked.be.