S-K 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.
S-K IMMO
Largest movements
- Tangible fixed assets -€57,138
down €57,138 (-14.4%), from €396,253 to €339,115
- Current investments +€34,802
new in 2025: €34,802
- Cash +€13,837
up €13,837 (+118.7%), from €11,659 to €25,495
mainly Depreciation (+€57,138) and Net result for the year (+€35,827)
- Debts after one year -€50,000
down €50,000 (-44.4%), from €112,500 to €62,500
- Reserves +€35,827
up €35,827 (+23.7%), from €150,899 to €186,726
of which Distributable reserves: +€35,827
- Gross operating margin -€15,904
down €15,904 (-12.2%), from €130,897 to €114,992
- Other operating charges -€9,279
down €9,279 (-53.9%), from €17,211 to €7,931
- Depreciation -€3,606
down €3,606 (-5.9%), from €60,744 to €57,138
- Financial income -€2,203
down €2,203 (-100.0%), from €2,203 to €0
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 | €418,312 | €407,225 | -€11,087 | -2.7% |
| Fixed assets | 21/28 | €396,253 | €339,115 | -€57,138 | -14.4% |
| Tangible fixed assets | 22/27 | €396,253 | €339,115 | -€57,138 | -14.4% |
| Land and buildings | 22 | €396,253 | €339,115 | -€57,138 | -14.4% |
| Current assets | 29/58 | €22,058 | €68,110 | +€46,051 | +208.8% |
| Amounts receivable within one year | 40/41 | €7,260 | €7,260 | = | 0.0% |
| Trade receivables | 40 | €7,260 | €7,260 | = | 0.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €34,802 | +€34,802 | |
| Cash at bank and in hand | 54/58 | €11,659 | €25,495 | +€13,837 | +118.7% |
| Deferred charges and accrued income | 490/1 | €3,139 | €552 | -€2,587 | -82.4% |
| Total equity and liabilities | 10/49 | €418,312 | €407,225 | -€11,087 | -2.7% |
| Equity | 10/15 | €155,746 | €191,573 | +€35,827 | +23.0% |
| Contributions | 10/11 | €4,847 | €4,847 | = | 0.0% |
| Reserves | 13 | €150,899 | €186,726 | +€35,827 | +23.7% |
| Non-distributable reserves | 130/1 | €11,275 | €11,275 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,275 | €11,275 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,102 | €2,102 | = | 0.0% |
| Distributable reserves | 133 | €137,521 | €173,348 | +€35,827 | +26.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €262,566 | €215,652 | -€46,914 | -17.9% |
| Amounts payable after more than one year | 17 | €112,500 | €62,500 | -€50,000 | -44.4% |
| Financial debts | 170/4 | €112,500 | €62,500 | -€50,000 | -44.4% |
| Amounts payable within one year | 42/48 | €150,066 | €153,153 | +€3,086 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €1,257 | €2,478 | +€1,221 | +97.1% |
| Suppliers | 440/4 | €1,257 | €2,478 | +€1,221 | +97.1% |
| Taxes, remuneration and social security | 45 | €2,918 | €5,821 | +€2,903 | +99.5% |
| Taxes | 450/3 | €2,918 | €5,821 | +€2,903 | +99.5% |
| Other amounts payable | 47/48 | €95,891 | €94,853 | -€1,038 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,744 | €57,138 | -€3,606 | -5.9% |
| Other operating charges | 640/8 | €17,211 | €7,931 | -€9,279 | -53.9% |
| Gross operating margin | 9900 | €130,897 | €114,992 | -€15,904 | -12.2% |
| Operating profit (loss) | 9901 | €52,942 | €49,923 | -€3,019 | -5.7% |
| Financial income | 75/76B | €2,203 | €0 | -€2,203 | -100.0% |
| Recurring financial income | 75 | €2,203 | €0 | -€2,203 | -100.0% |
| Financial charges | 65/66B | €2,364 | €1,975 | -€389 | -16.4% |
| Recurring financial charges | 65 | €2,364 | €1,975 | -€389 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €52,782 | €47,948 | -€4,834 | -9.2% |
| Income taxes | 67/77 | €13,144 | €12,121 | -€1,023 | -7.8% |
| Profit (loss) for the period | 9904 | €39,638 | €35,827 | -€3,811 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €39,638 | €35,827 | -€3,811 | -9.6% |
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 4 October 2026 via checked.be.