REZ - 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.
What changed
REZ - IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€375,387
2024 · €54,296+€321,091
Equity
€252,449
2024 · -€122,938+€375,387
Cash
€2,314
2024 · €3,515-€1,201
Balance sheet total
€6.3m
2024 · €6.4m-€63,252
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€418,406
down €418,406 (-6.6%), from €6.4m to €6.0m
- Profit (loss) carried forward +€310,804
no longer reported in 2025 (was -€310,804)
- Reserves +€64,584
up €64,584 (+51.3%), from €125,865 to €190,449
Income statement
- Gross operating margin +€362,837
up €362,837 (+208%), from €174,214 to €537,050
- Taxes +€37,039
up €37,039 (+3,455%), from €1,072 to €38,111
- Depreciation +€7,387
up €7,387 (+15.4%), from €48,092 to €55,478
- Financial charges +€5,668
up €5,668 (+14.0%), from €40,437 to €46,104
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
€54,296
Gross operating margin
+€362,837
Depreciation
-€7,387
Write-downs
+€4,791
Other operating charges
+€3,501
Financial income
+€56
Financial charges
-€5,668
Taxes
-€37,039
Result 2025
€375,387
raises the resultlowers the result
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.
From operations
+€26,242
Investment
-€20,553
Financing
-€6,890
Cash 2024
€3,515
From operations (derived)
+€26,242
Net result for the year
+€375,387
Depreciation
+€55,478
Stocks and contracts
+€7,500
Receivables within one year
+€19,971
Deferred charges and accrued income
-€346
Trade debts
-€10,195
Tax, wage and social debts
+€9,255
Other debts
-€418,406
Accrued charges and deferred income
-€12,404
Investment (derived)
-€20,553
Investment in fixed assets (net)
-€20,553
Financing
-€6,890
Debts after one year
-€8,209
Current portion of long-term debt
+€1,319
Cash 2025
€2,314
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,355,988 | €6,292,736 | -€63,252 | -1.0% |
| Fixed assets | 21/28 | €4,984,506 | €4,949,581 | -€34,925 | -0.7% |
| Tangible fixed assets | 22/27 | €669,149 | €634,223 | -€34,925 | -5.2% |
| Land and buildings | 22 | €645,327 | €614,051 | -€31,276 | -4.8% |
| Plant, machinery and equipment | 23 | €3,447 | €15,037 | +€11,590 | +336% |
| Furniture and vehicles | 24 | €20,375 | €5,136 | -€15,240 | -74.8% |
| Financial fixed assets | 28 | €4,315,358 | €4,315,358 | = | 0.0% |
| Current assets | 29/58 | €1,371,482 | €1,343,155 | -€28,327 | -2.1% |
| Stocks and contracts in progress | 3 | €1,316,849 | €1,309,349 | -€7,500 | -0.6% |
| Stocks | 30/36 | €1,316,849 | €1,309,349 | -€7,500 | -0.6% |
| Amounts receivable within one year | 40/41 | €48,326 | €28,355 | -€19,971 | -41.3% |
| Trade receivables | 40 | €25,060 | €28,355 | +€3,294 | +13.1% |
| Other amounts receivable | 41 | €23,266 | - | -€23,266 | |
| Cash at bank and in hand | 54/58 | €3,515 | €2,314 | -€1,201 | -34.2% |
| Deferred charges and accrued income | 490/1 | €2,792 | €3,138 | +€346 | +12.4% |
| Total equity and liabilities | 10/49 | €6,355,988 | €6,292,736 | -€63,252 | -1.0% |
| Equity | 10/15 | -€122,938 | €252,449 | +€375,387 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €125,865 | €190,449 | +€64,584 | +51.3% |
| Non-distributable reserves | 130/1 | €125,865 | €190,449 | +€64,584 | +51.3% |
| Legal reserve | 130 | €1,972 | €6,200 | +€4,228 | +214% |
| Reserves not available under the articles | 1311 | €123,894 | €184,249 | +€60,355 | +48.7% |
| Profit (loss) carried forward | 14 | -€310,804 | - | +€310,804 | |
| Amounts payable | 17/49 | €6,478,926 | €6,040,287 | -€438,639 | -6.8% |
| Amounts payable after more than one year | 17 | €21,220 | €13,011 | -€8,209 | -38.7% |
| Financial debts | 170/4 | €21,220 | €13,011 | -€8,209 | -38.7% |
| Amounts payable within one year | 42/48 | €6,445,303 | €6,027,276 | -€418,027 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €16,034 | €17,353 | +€1,319 | +8.2% |
| Trade debts | 44 | €51,283 | €41,088 | -€10,195 | -19.9% |
| Suppliers | 440/4 | €51,283 | €41,088 | -€10,195 | -19.9% |
| Taxes, remuneration and social security | 45 | €1,113 | €10,367 | +€9,255 | +832% |
| Taxes | 450/3 | €1,113 | €10,367 | +€9,255 | +832% |
| Other amounts payable | 47/48 | €6,376,873 | €5,958,468 | -€418,406 | -6.6% |
| Accrued charges and deferred income | 492/3 | €12,404 | - | -€12,404 | |
| Non-recurring operating income | 76A | - | €388,695 | +€388,695 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,092 | €55,478 | +€7,387 | +15.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,791 | - | -€4,791 | |
| Other operating charges | 640/8 | €25,643 | €22,142 | -€3,501 | -13.7% |
| Gross operating margin | 9900 | €174,214 | €537,050 | +€362,837 | +208% |
| Operating profit (loss) | 9901 | €95,688 | €459,430 | +€363,742 | +380% |
| Financial income | 75/76B | €117 | €173 | +€56 | +47.8% |
| Recurring financial income | 75 | €117 | €173 | +€56 | +47.8% |
| Financial charges | 65/66B | €40,437 | €46,104 | +€5,668 | +14.0% |
| Recurring financial charges | 65 | €40,437 | €46,104 | +€5,668 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €55,368 | €413,499 | +€358,130 | +647% |
| Income taxes | 67/77 | €1,072 | €38,111 | +€37,039 | +3,455% |
| Profit (loss) for the period | 9904 | €54,296 | €375,387 | +€321,091 | +591% |
| Profit (loss) for the period to be appropriated | 9905 | €54,296 | €375,387 | +€321,091 | +591% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.