REAL - IM: 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.
REAL - IM
Largest movements
- Cash -€22,333
down €22,333 (-17.5%), from €127,880 to €105,547
mainly Debts after one year (-€20,392) and Investment in fixed assets (net) (-€17,215)
- Tangible fixed assets -€13,603
down €13,603 (-3.3%), from €417,971 to €404,368
of which Land and buildings: -€12,703
- Debts after one year -€20,392
down €20,392 (-14.2%), from €143,704 to €123,313
of which Financial debts: -€22,032
- Profit (loss) carried forward -€12,000
down €12,000 (-11.0%), from -€109,292 to -€121,292
- Gross operating margin -€8,406
down €8,406 (-18.8%), from €44,688 to €36,282
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €547,143 | €511,582 | -€35,561 | -6.5% |
| Fixed assets | 21/28 | €417,971 | €404,368 | -€13,603 | -3.3% |
| Tangible fixed assets | 22/27 | €417,971 | €404,368 | -€13,603 | -3.3% |
| Land and buildings | 22 | €416,129 | €403,426 | -€12,703 | -3.1% |
| Furniture and vehicles | 24 | €1,842 | €942 | -€900 | -48.8% |
| Current assets | 29/58 | €129,173 | €107,214 | -€21,958 | -17.0% |
| Amounts receivable within one year | 40/41 | €1,220 | €1,590 | +€370 | +30.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,220 | €1,590 | +€370 | +30.3% |
| Cash at bank and in hand | 54/58 | €127,880 | €105,547 | -€22,333 | -17.5% |
| Deferred charges and accrued income | 490/1 | €73 | €78 | +€5 | +6.7% |
| Total equity and liabilities | 10/49 | €547,143 | €511,582 | -€35,561 | -6.5% |
| Equity | 10/15 | €371,710 | €359,710 | -€12,000 | -3.2% |
| Contributions | 10/11 | €421,419 | €421,419 | = | 0.0% |
| Capital | 10 | €421,419 | €421,419 | = | 0.0% |
| Issued capital | 100 | €421,419 | €421,419 | = | 0.0% |
| Reserves | 13 | €59,583 | €59,583 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,583 | €2,583 | = | 0.0% |
| Legal reserve | 130 | €2,583 | €2,583 | = | 0.0% |
| Distributable reserves | 133 | €57,000 | €57,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,292 | -€121,292 | -€12,000 | -11.0% |
| Amounts payable | 17/49 | €175,434 | €151,873 | -€23,561 | -13.4% |
| Amounts payable after more than one year | 17 | €143,704 | €123,313 | -€20,392 | -14.2% |
| Financial debts | 170/4 | €140,524 | €118,493 | -€22,032 | -15.7% |
| Other amounts payable | 178/9 | €3,180 | €4,820 | +€1,640 | +51.6% |
| Amounts payable within one year | 42/48 | €30,264 | €27,315 | -€2,949 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €21,629 | €22,032 | +€403 | +1.9% |
| Trade debts | 44 | €5,053 | €3,748 | -€1,305 | -25.8% |
| Suppliers | 440/4 | €5,053 | €3,748 | -€1,305 | -25.8% |
| Other amounts payable | 47/48 | €3,582 | €1,535 | -€2,046 | -57.1% |
| Accrued charges and deferred income | 492/3 | €1,465 | €1,245 | -€220 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,901 | €30,817 | -€84 | -0.3% |
| Other operating charges | 640/8 | €14,230 | €14,301 | +€71 | +0.5% |
| Gross operating margin | 9900 | €44,688 | €36,282 | -€8,406 | -18.8% |
| Operating profit (loss) | 9901 | -€443 | -€8,837 | -€8,393 | -1893.5% |
| Financial charges | 65/66B | €3,474 | €3,163 | -€311 | -8.9% |
| Recurring financial charges | 65 | €3,474 | €3,163 | -€311 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,917 | -€12,000 | -€8,083 | -206.3% |
| Profit (loss) for the period | 9904 | -€3,917 | -€12,000 | -€8,083 | -206.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,917 | -€12,000 | -€8,083 | -206.3% |
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 6 October 2026 via checked.be.