SELECT 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.
SELECT IMMO
Largest movements
- Receivables within one year -€126,499
down €126,499 (-22.6%), from €559,934 to €433,436
of which Other amounts receivable: -€115,925
- Cash +€81,528
up €81,528 (+15.0%), from €543,820 to €625,348
mainly Receivables within one year (+€126,499) and Tax, wage and social debts (+€63,179)
- Reserves -€179,091
down €179,091 (-18.9%), from €948,475 to €769,384
of which Distributable reserves: -€179,091
- Tax, wage and social debts +€63,179
up €63,179 (+93.7%), from €67,451 to €130,630
of which Remuneration and social security: +€50,510
- Profit (loss) carried forward +€59,207
up €59,207 (+126%), from €47,057 to €106,265
- Gross operating margin +€94,637
up €94,637 (+46.4%), from €204,137 to €298,774
- Financial income -€54,305
down €54,305 (-95.0%), from €57,155 to €2,851
of which Financial income: -€54,411
- Staff costs +€20,934
up €20,934 (+12.6%), from €165,527 to €186,462
- Taxes +€15,590
up €15,590 (+56.2%), from €27,741 to €43,331
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 | €1,137,363 | €1,081,659 | -€55,704 | -4.9% |
| Fixed assets | 21/28 | €33,289 | €22,875 | -€10,414 | -31.3% |
| Tangible fixed assets | 22/27 | €32,409 | €22,069 | -€10,340 | -31.9% |
| Plant, machinery and equipment | 23 | €10,945 | €8,500 | -€2,445 | -22.3% |
| Furniture and vehicles | 24 | €21,464 | €13,568 | -€7,896 | -36.8% |
| Financial fixed assets | 28 | €880 | €807 | -€74 | -8.4% |
| Current assets | 29/58 | €1,104,074 | €1,058,784 | -€45,290 | -4.1% |
| Amounts receivable within one year | 40/41 | €559,934 | €433,436 | -€126,499 | -22.6% |
| Trade receivables | 40 | €59,442 | €48,869 | -€10,573 | -17.8% |
| Other amounts receivable | 41 | €500,492 | €384,567 | -€115,925 | -23.2% |
| Cash at bank and in hand | 54/58 | €543,820 | €625,348 | +€81,528 | +15.0% |
| Deferred charges and accrued income | 490/1 | €320 | - | -€320 | |
| Total equity and liabilities | 10/49 | €1,137,363 | €1,081,659 | -€55,704 | -4.9% |
| Equity | 10/15 | €1,014,124 | €894,240 | -€119,884 | -11.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €948,475 | €769,384 | -€179,091 | -18.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €921,615 | €742,525 | -€179,091 | -19.4% |
| Profit (loss) carried forward | 14 | €47,057 | €106,265 | +€59,207 | +126% |
| Amounts payable | 17/49 | €123,239 | €187,419 | +€64,180 | +52.1% |
| Amounts payable within one year | 42/48 | €115,856 | €180,114 | +€64,259 | +55.5% |
| Trade debts | 44 | €27,600 | €27,280 | -€320 | -1.2% |
| Suppliers | 440/4 | €27,600 | €27,280 | -€320 | -1.2% |
| Taxes, remuneration and social security | 45 | €67,451 | €130,630 | +€63,179 | +93.7% |
| Taxes | 450/3 | €20,164 | €32,833 | +€12,669 | +62.8% |
| Remuneration and social security | 454/9 | €47,288 | €97,798 | +€50,510 | +107% |
| Other amounts payable | 47/48 | €20,804 | €22,204 | +€1,400 | +6.7% |
| Accrued charges and deferred income | 492/3 | €7,383 | €7,304 | -€79 | -1.1% |
| Remuneration, social security and pensions | 62 | €165,527 | €186,462 | +€20,934 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,595 | €10,340 | -€2,254 | -17.9% |
| Other operating charges | 640/8 | €1,040 | €1,774 | +€734 | +70.6% |
| Gross operating margin | 9900 | €204,137 | €298,774 | +€94,637 | +46.4% |
| Operating profit (loss) | 9901 | €24,975 | €100,198 | +€75,223 | +301% |
| Financial income | 75/76B | €57,155 | €2,851 | -€54,305 | -95.0% |
| Recurring financial income | 75 | €56,365 | €1,953 | -€54,411 | -96.5% |
| Non-recurring financial income | 76B | €791 | €897 | +€107 | +13.5% |
| Financial charges | 65/66B | €542 | €511 | -€31 | -5.7% |
| Recurring financial charges | 65 | €542 | €511 | -€31 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €81,589 | €102,538 | +€20,949 | +25.7% |
| Income taxes | 67/77 | €27,741 | €43,331 | +€15,590 | +56.2% |
| Profit (loss) for the period | 9904 | €53,848 | €59,207 | +€5,359 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,848 | €59,207 | +€5,359 | +10.0% |
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 28 October 2026 via checked.be.