IMMOREC: what changed
What changed
IMMOREC
filed annual accounts (NBB)
Net result for the year
€3,422
2024 · €15,433-€12,010
Equity
€535,690
2024 · €532,268+€3,422
Cash
€9,599
2024 · €79,617-€70,018
Balance sheet total
€892,532
2024 · €751,080+€141,451
Largest movements
Assets
- Tangible fixed assets +€210,888
up €210,888 (+31.5%), from €668,540 to €879,428
of which Land and buildings: +€180,648
- Cash -€70,018
down €70,018 (-87.9%), from €79,617 to €9,599
mainly Investment in fixed assets (net) (-€262,239) and Provisions (-€3,822)
Equity and liabilities
- Debts after one year +€95,128
new in 2025: €95,128
- Trade debts +€40,887
up €40,887 (+154%), from €26,610 to €67,497
- Profit (loss) carried forward +€12,367
up €12,367 (+10.5%), from €117,783 to €130,149
- Reserves -€8,944
down €8,944 (-6.0%), from €149,485 to €140,541
of which Non-distributable reserves: -€17,500
Income statement
- Taxes +€6,946
up €6,946 (+589%), from €1,179 to €8,125
- Depreciation -€4,657
down €4,657 (-8.3%), from €56,008 to €51,351
- Gross operating margin -€3,222
down €3,222 (-3.8%), from €84,515 to €81,293
- Other operating charges +€1,108
up €1,108 (+6.9%), from €16,049 to €17,157
- Financial charges +€1,057
up €1,057 (+112%), from €944 to €2,000
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€15,433
Gross operating margin
-€3,222
Depreciation
+€4,657
Other operating charges
-€1,108
Other operating items
-€3,066
Financial income
+€6
Financial charges
-€1,057
Taxes
-€6,946
Deferred taxes and other
-€1,275
Result 2025
€3,422
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€99,785
Investment
-€262,239
Financing
+€92,436
Cash 2024
€79,617
From operations (derived)
+€99,785
Net result for the year
+€3,422
Depreciation
+€51,351
Deferred charges and accrued income
-€582
Provisions
-€3,822
Trade debts
+€40,887
Tax, wage and social debts
+€5,125
Other debts
+€3,403
Investment (derived)
-€262,239
Investment in fixed assets (net)
-€262,239
Financing
+€92,436
Debts after one year
+€95,128
Current portion of long-term debt
-€2,692
Cash 2025
€9,599
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €751,080 | €892,532 | +€141,451 | +18.8% |
| Fixed assets | 21/28 | €668,540 | €879,428 | +€210,888 | +31.5% |
| Tangible fixed assets | 22/27 | €668,540 | €879,428 | +€210,888 | +31.5% |
| Land and buildings | 22 | €664,900 | €845,548 | +€180,648 | +27.2% |
| Plant, machinery and equipment | 23 | €2,415 | €1,700 | -€715 | -29.6% |
| Furniture and vehicles | 24 | €1,225 | €32,180 | +€30,955 | +2,527% |
| Current assets | 29/58 | €82,540 | €13,104 | -€69,437 | -84.1% |
| Cash at bank and in hand | 54/58 | €79,617 | €9,599 | -€70,018 | -87.9% |
| Deferred charges and accrued income | 490/1 | €2,923 | €3,505 | +€582 | +19.9% |
| Total equity and liabilities | 10/49 | €751,080 | €892,532 | +€141,451 | +18.8% |
| Equity | 10/15 | €532,268 | €535,690 | +€3,422 | +0.6% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €149,485 | €140,541 | -€8,944 | -6.0% |
| Non-distributable reserves | 130/1 | €17,500 | - | -€17,500 | |
| Reserves not available under the articles | 1311 | €17,500 | - | -€17,500 | |
| Tax-exempt reserves | 132 | €79,985 | €71,041 | -€8,944 | -11.2% |
| Distributable reserves | 133 | €52,000 | €69,500 | +€17,500 | +33.7% |
| Profit (loss) carried forward | 14 | €117,783 | €130,149 | +€12,367 | +10.5% |
| Provisions and deferred taxes | 16 | €30,456 | €26,634 | -€3,822 | -12.6% |
| Deferred taxes | 168 | €30,456 | €26,634 | -€3,822 | -12.6% |
| Amounts payable | 17/49 | €188,356 | €330,208 | +€141,851 | +75.3% |
| Amounts payable after more than one year | 17 | - | €95,128 | +€95,128 | |
| Financial debts | 170/4 | - | €95,128 | +€95,128 | |
| Amounts payable within one year | 42/48 | €188,356 | €235,080 | +€46,724 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €2,692 | - | -€2,692 | |
| Trade debts | 44 | €26,610 | €67,497 | +€40,887 | +154% |
| Suppliers | 440/4 | €26,610 | €67,497 | +€40,887 | +154% |
| Taxes, remuneration and social security | 45 | €22,423 | €27,548 | +€5,125 | +22.9% |
| Taxes | 450/3 | €22,423 | €27,548 | +€5,125 | +22.9% |
| Other amounts payable | 47/48 | €136,632 | €140,035 | +€3,403 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,008 | €51,351 | -€4,657 | -8.3% |
| Other operating charges | 640/8 | €16,049 | €17,157 | +€1,108 | +6.9% |
| Non-recurring operating charges | 66A | - | €3,066 | +€3,066 | |
| Gross operating margin | 9900 | €84,515 | €81,293 | -€3,222 | -3.8% |
| Operating profit (loss) | 9901 | €12,458 | €9,720 | -€2,738 | -22.0% |
| Financial income | 75/76B | €0 | €6 | +€6 | +9,900% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +9,900% |
| Financial charges | 65/66B | €944 | €2,000 | +€1,057 | +112% |
| Recurring financial charges | 65 | €944 | €2,000 | +€1,057 | +112% |
| Profit (loss) for the period before taxes | 9903 | €11,514 | €7,725 | -€3,789 | -32.9% |
| Transfer from deferred taxes | 780 | €5,097 | €3,822 | -€1,275 | -25.0% |
| Income taxes | 67/77 | €1,179 | €8,125 | +€6,946 | +589% |
| Profit (loss) for the period | 9904 | €15,433 | €3,422 | -€12,010 | -77.8% |
| Transfer from tax-exempt reserves | 789 | €11,420 | €8,944 | -€2,476 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,852 | €12,367 | -€14,486 | -53.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.