VISIBLE 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.
VISIBLE IMMO
Largest movements
- Tangible fixed assets -€18,689
down €18,689 (-5.8%), from €324,960 to €306,271
- Cash +€9,278
up €9,278 (+2.5%), from €372,974 to €382,252
mainly Net result for the year (+€24,353) and Depreciation (+€18,689)
- Debts after one year -€42,643
down €42,643 (-39.6%), from €107,589 to €64,947
- Profit (loss) carried forward +€24,353
up €24,353 (+69.8%), from €34,896 to €59,249
- Taxes -€3,301
down €3,301 (-28.6%), from €11,555 to €8,254
- Financial income -€3,109
down €3,109 (-37.3%), from €8,339 to €5,231
- Financial charges -€1,359
down €1,359 (-23.0%), from €5,903 to €4,544
- Gross operating margin +€906
up €906 (+1.6%), from €57,509 to €58,415
- Other operating charges +€728
up €728 (+10.3%), from €7,078 to €7,806
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 | €708,843 | €693,523 | -€15,320 | -2.2% |
| Fixed assets | 21/28 | €324,960 | €306,271 | -€18,689 | -5.8% |
| Tangible fixed assets | 22/27 | €324,960 | €306,271 | -€18,689 | -5.8% |
| Land and buildings | 22 | €324,960 | €306,271 | -€18,689 | -5.8% |
| Current assets | 29/58 | €383,883 | €387,252 | +€3,369 | +0.9% |
| Amounts receivable within one year | 40/41 | €10,909 | €5,000 | -€5,909 | -54.2% |
| Other amounts receivable | 41 | €10,909 | €5,000 | -€5,909 | -54.2% |
| Cash at bank and in hand | 54/58 | €372,974 | €382,252 | +€9,278 | +2.5% |
| Total equity and liabilities | 10/49 | €708,843 | €693,523 | -€15,320 | -2.2% |
| Equity | 10/15 | €483,806 | €507,291 | +€23,484 | +4.9% |
| Contributions | 10/11 | €5,246 | €5,246 | = | 0.0% |
| Reserves | 13 | €428,557 | €428,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €525 | €525 | = | 0.0% |
| Reserves not available under the articles | 1311 | €525 | €525 | = | 0.0% |
| Tax-exempt reserves | 132 | €174,824 | €174,824 | = | 0.0% |
| Distributable reserves | 133 | €253,208 | €253,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,896 | €59,249 | +€24,353 | +69.8% |
| Investment grants | 15 | €15,107 | €14,238 | -€869 | -5.8% |
| Provisions and deferred taxes | 16 | €58,275 | €58,275 | = | 0.0% |
| Deferred taxes | 168 | €58,275 | €58,275 | = | 0.0% |
| Amounts payable | 17/49 | €166,762 | €127,957 | -€38,804 | -23.3% |
| Amounts payable after more than one year | 17 | €107,589 | €64,947 | -€42,643 | -39.6% |
| Financial debts | 170/4 | €107,589 | €64,947 | -€42,643 | -39.6% |
| Amounts payable within one year | 42/48 | €59,172 | €63,011 | +€3,838 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €41,285 | €42,643 | +€1,358 | +3.3% |
| Trade debts | 44 | €1,884 | €1,078 | -€806 | -42.8% |
| Suppliers | 440/4 | €1,884 | €1,078 | -€806 | -42.8% |
| Taxes, remuneration and social security | 45 | €16,004 | €19,290 | +€3,286 | +20.5% |
| Taxes | 450/3 | €16,004 | €19,290 | +€3,286 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,689 | €18,689 | = | 0.0% |
| Other operating charges | 640/8 | €7,078 | €7,806 | +€728 | +10.3% |
| Gross operating margin | 9900 | €57,509 | €58,415 | +€906 | +1.6% |
| Operating profit (loss) | 9901 | €31,741 | €31,920 | +€179 | +0.6% |
| Financial income | 75/76B | €8,339 | €5,231 | -€3,109 | -37.3% |
| Recurring financial income | 75 | €8,339 | €5,231 | -€3,109 | -37.3% |
| Financial charges | 65/66B | €5,903 | €4,544 | -€1,359 | -23.0% |
| Recurring financial charges | 65 | €5,903 | €4,544 | -€1,359 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €34,178 | €32,607 | -€1,571 | -4.6% |
| Income taxes | 67/77 | €11,555 | €8,254 | -€3,301 | -28.6% |
| Profit (loss) for the period | 9904 | €22,623 | €24,353 | +€1,730 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,623 | €24,353 | +€1,730 | +7.6% |
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 6 October 2026 via checked.be.