NS 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.
NS IMMO
Largest movements
- Cash -€37,924
down €37,924 (-77.8%), from €48,754 to €10,830
mainly Advances received (-€40,820) and Tax, wage and social debts (-€15,513)
- Receivables within one year -€28,937
down €28,937 (-19.8%), from €145,978 to €117,041
of which Trade receivables: -€22,318
- Tangible fixed assets -€8,178
down €8,178 (-5.9%), from €137,565 to €129,387
- Advances received -€40,820
down €40,820 (-43.8%), from €93,179 to €52,359
- Tax, wage and social debts -€15,513
down €15,513 (-45.9%), from €33,830 to €18,316
of which Taxes: -€8,473
- Trade debts -€9,959
down €9,959 (-48.3%), from €20,627 to €10,668
- Debts after one year -€9,955
down €9,955 (-14.0%), from €71,284 to €61,329
- Reserves +€4,751
up €4,751 (+8.8%), from €53,929 to €58,680
of which Distributable reserves: +€4,751
- Gross operating margin -€49,112
down €49,112 (-40.0%), from €122,845 to €73,733
- Staff costs -€25,256
down €25,256 (-46.7%), from €54,090 to €28,834
- Other operating charges +€5,682
up €5,682 (+40.8%), from €13,926 to €19,607
- Financial charges -€5,278
down €5,278 (-50.9%), from €10,362 to €5,084
of which Non-recurring financial charges: -€2,959
- Taxes +€3,785
up €3,785 (+116%), from €3,260 to €7,046
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 | €332,527 | €257,488 | -€75,038 | -22.6% |
| Fixed assets | 21/28 | €137,795 | €129,617 | -€8,178 | -5.9% |
| Tangible fixed assets | 22/27 | €137,565 | €129,387 | -€8,178 | -5.9% |
| Land and buildings | 22 | €126,364 | €122,424 | -€3,939 | -3.1% |
| Plant, machinery and equipment | 23 | €8,963 | €6,963 | -€2,000 | -22.3% |
| Furniture and vehicles | 24 | €2,238 | - | -€2,238 | |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €194,732 | €127,871 | -€66,861 | -34.3% |
| Amounts receivable within one year | 40/41 | €145,978 | €117,041 | -€28,937 | -19.8% |
| Trade receivables | 40 | €131,246 | €108,928 | -€22,318 | -17.0% |
| Other amounts receivable | 41 | €14,732 | €8,113 | -€6,619 | -44.9% |
| Cash at bank and in hand | 54/58 | €48,754 | €10,830 | -€37,924 | -77.8% |
| Total equity and liabilities | 10/49 | €332,527 | €257,488 | -€75,038 | -22.6% |
| Equity | 10/15 | €72,529 | €77,280 | +€4,751 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,929 | €58,680 | +€4,751 | +8.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €52,069 | €56,820 | +€4,751 | +9.1% |
| Amounts payable | 17/49 | €259,998 | €180,209 | -€79,789 | -30.7% |
| Amounts payable after more than one year | 17 | €71,284 | €61,329 | -€9,955 | -14.0% |
| Financial debts | 170/4 | €71,284 | €61,329 | -€9,955 | -14.0% |
| Amounts payable within one year | 42/48 | €188,713 | €118,880 | -€69,834 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €16,144 | €16,144 | = | 0.0% |
| Trade debts | 44 | €20,627 | €10,668 | -€9,959 | -48.3% |
| Suppliers | 440/4 | €20,627 | €10,668 | -€9,959 | -48.3% |
| Advances received on contracts in progress | 46 | €93,179 | €52,359 | -€40,820 | -43.8% |
| Taxes, remuneration and social security | 45 | €33,830 | €18,316 | -€15,513 | -45.9% |
| Taxes | 450/3 | €14,681 | €6,208 | -€8,473 | -57.7% |
| Remuneration and social security | 454/9 | €19,148 | €12,108 | -€7,040 | -36.8% |
| Other amounts payable | 47/48 | €24,933 | €21,392 | -€3,541 | -14.2% |
| Non-recurring operating income | 76A | €22,556 | €20,000 | -€2,556 | -11.3% |
| Remuneration, social security and pensions | 62 | €54,090 | €28,834 | -€25,256 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,580 | €8,178 | -€2,402 | -22.7% |
| Other operating charges | 640/8 | €13,926 | €19,607 | +€5,682 | +40.8% |
| Non-recurring operating charges | 66A | €322 | €234 | -€88 | -27.2% |
| Gross operating margin | 9900 | €122,845 | €73,733 | -€49,112 | -40.0% |
| Operating profit (loss) | 9901 | €43,927 | €16,880 | -€27,047 | -61.6% |
| Financial income | 75/76B | €3 | €0 | -€3 | -96.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -96.0% |
| Financial charges | 65/66B | €10,362 | €5,084 | -€5,278 | -50.9% |
| Recurring financial charges | 65 | €7,403 | €5,084 | -€2,319 | -31.3% |
| Non-recurring financial charges | 66B | €2,959 | - | -€2,959 | |
| Profit (loss) for the period before taxes | 9903 | €33,568 | €11,796 | -€21,772 | -64.9% |
| Income taxes | 67/77 | €3,260 | €7,046 | +€3,785 | +116% |
| Profit (loss) for the period | 9904 | €30,308 | €4,751 | -€25,557 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,308 | €4,751 | -€25,557 | -84.3% |
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 18 October 2026 via checked.be.