Immo Nelson: 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.
Immo Nelson
Largest movements
- Cash +€95,989
up €95,989 (+118%), from €81,276 to €177,265
mainly Net result for the year (+€61,526) and Receivables within one year (+€55,433)
- Receivables within one year -€55,433
down €55,433 (-99.3%), from €55,834 to €401
of which Trade receivables: -€52,243
- Tangible fixed assets -€37,874
down €37,874 (-11.5%), from €330,498 to €292,624
- Stocks and contracts -€9,813
down €9,813 (-100%), from €9,813 to €0
- Reserves +€61,526
up €61,526 (+24.5%), from €251,114 to €312,640
of which Distributable reserves: +€61,526
- Debts after one year -€45,083
down €45,083 (-48.3%), from €93,331 to €48,248
- Trade debts -€12,600
down €12,600 (-64.9%), from €19,428 to €6,828
- Other debts -€12,279
down €12,279 (-58.9%), from €20,863 to €8,584
- Staff costs -€37,624
down €37,624 (-74.2%), from €50,713 to €13,089
- Gross operating margin -€37,269
down €37,269 (-19.8%), from €187,910 to €150,641
- Taxes +€25,586
up €25,586 (+486%), from €5,264 to €30,849
- Depreciation -€14,195
down €14,195 (-31.0%), from €45,771 to €31,576
- Financial charges -€2,307
down €2,307 (-25.5%), from €9,041 to €6,735
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 | €482,797 | €472,448 | -€10,349 | -2.1% |
| Fixed assets | 21/28 | €330,498 | €292,624 | -€37,874 | -11.5% |
| Tangible fixed assets | 22/27 | €330,498 | €292,624 | -€37,874 | -11.5% |
| Land and buildings | 22 | €302,026 | €285,679 | -€16,347 | -5.4% |
| Plant, machinery and equipment | 23 | €19,844 | €6,945 | -€12,899 | -65.0% |
| Furniture and vehicles | 24 | €2,789 | €0 | -€2,789 | -100% |
| Leasing and similar rights | 25 | €5,839 | €0 | -€5,839 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €152,299 | €179,824 | +€27,525 | +18.1% |
| Stocks and contracts in progress | 3 | €9,813 | €0 | -€9,813 | -100% |
| Stocks | 30/36 | €9,813 | €0 | -€9,813 | -100% |
| Amounts receivable within one year | 40/41 | €55,834 | €401 | -€55,433 | -99.3% |
| Trade receivables | 40 | €52,645 | €401 | -€52,243 | -99.2% |
| Other amounts receivable | 41 | €3,190 | €0 | -€3,190 | -100% |
| Cash at bank and in hand | 54/58 | €81,276 | €177,265 | +€95,989 | +118% |
| Deferred charges and accrued income | 490/1 | €5,376 | €2,157 | -€3,218 | -59.9% |
| Total equity and liabilities | 10/49 | €482,797 | €472,448 | -€10,349 | -2.1% |
| Equity | 10/15 | €269,706 | €331,232 | +€61,526 | +22.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €251,114 | €312,640 | +€61,526 | +24.5% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €251,114 | €312,640 | +€61,526 | +24.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €213,091 | €141,216 | -€71,875 | -33.7% |
| Amounts payable after more than one year | 17 | €93,331 | €48,248 | -€45,083 | -48.3% |
| Financial debts | 170/4 | €93,331 | €48,248 | -€45,083 | -48.3% |
| Amounts payable within one year | 42/48 | €119,760 | €92,143 | -€27,617 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €49,290 | €45,083 | -€4,207 | -8.5% |
| Trade debts | 44 | €19,428 | €6,828 | -€12,600 | -64.9% |
| Suppliers | 440/4 | €19,428 | €6,828 | -€12,600 | -64.9% |
| Taxes, remuneration and social security | 45 | €30,179 | €31,648 | +€1,469 | +4.9% |
| Taxes | 450/3 | €18,792 | €31,648 | +€12,856 | +68.4% |
| Remuneration and social security | 454/9 | €11,387 | €0 | -€11,387 | -100% |
| Other amounts payable | 47/48 | €20,863 | €8,584 | -€12,279 | -58.9% |
| Accrued charges and deferred income | 492/3 | €0 | €825 | +€825 | |
| Remuneration, social security and pensions | 62 | €50,713 | €13,089 | -€37,624 | -74.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,771 | €31,576 | -€14,195 | -31.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€472 | €0 | +€472 | |
| Other operating charges | 640/8 | €7,015 | €6,878 | -€136 | -1.9% |
| Non-recurring operating charges | 66A | €41,872 | €0 | -€41,872 | -100% |
| Gross operating margin | 9900 | €187,910 | €150,641 | -€37,269 | -19.8% |
| Operating profit (loss) | 9901 | €43,012 | €99,098 | +€56,086 | +130% |
| Financial income | 75/76B | €651 | €11 | -€639 | -98.2% |
| Recurring financial income | 75 | €651 | €11 | -€639 | -98.2% |
| Financial charges | 65/66B | €9,041 | €6,735 | -€2,307 | -25.5% |
| Recurring financial charges | 65 | €9,041 | €6,735 | -€2,307 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €34,621 | €92,375 | +€57,754 | +167% |
| Income taxes | 67/77 | €5,264 | €30,849 | +€25,586 | +486% |
| Profit (loss) for the period | 9904 | €29,357 | €61,526 | +€32,169 | +110% |
| Transfer from tax-exempt reserves | 789 | €264 | €0 | -€264 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €29,621 | €61,526 | +€31,905 | +108% |
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 23 October 2026 via checked.be.