IMMO - B: 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 - B
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+130%), from €1.2m to €2.7m
of which Other amounts receivable: +€1.5m
- Tangible fixed assets -€438,038
down €438,038 (-12.8%), from €3.4m to €3.0m
of which Land and buildings: -€525,353
- Stocks and contracts -€71,870
down €71,870 (-16.1%), from €446,344 to €374,473
- Short-term financial debts +€623,637
up €623,637 (+174%), from €358,973 to €982,610
of which Other loans: +€621,483
- Reserves +€337,618
up €337,618 (+19.8%), from €1.7m to €2.0m
of which Tax-exempt reserves: +€393,115
- Provisions +€124,535
up €124,535 (+174%), from €71,513 to €196,048
- Debts after one year -€114,377
down €114,377 (-5.8%), from €2.0m to €1.9m
of which Financial debts: -€101,187
- Gross operating margin +€542,713
up €542,713 (+123%), from €442,774 to €985,487
- Taxes +€37,366
up €37,366, from -€17,366 to €20,000
- Financial charges -€30,000
down €30,000 (-23.3%), from €128,525 to €98,524
- Depreciation -€10,899
down €10,899 (-5.6%), from €193,267 to €182,369
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 | €5,074,264 | €6,068,563 | +€994,299 | +19.6% |
| Fixed assets | 21/28 | €3,459,517 | €3,018,983 | -€440,534 | -12.7% |
| Intangible fixed assets | 21 | €41,259 | €38,762 | -€2,496 | -6.1% |
| Tangible fixed assets | 22/27 | €3,415,858 | €2,977,820 | -€438,038 | -12.8% |
| Land and buildings | 22 | €3,166,851 | €2,641,499 | -€525,353 | -16.6% |
| Plant, machinery and equipment | 23 | €249,007 | €336,322 | +€87,315 | +35.1% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €1,614,747 | €3,049,580 | +€1.4m | +88.9% |
| Stocks and contracts in progress | 3 | €446,344 | €374,473 | -€71,870 | -16.1% |
| Stocks | 30/36 | €446,344 | €374,473 | -€71,870 | -16.1% |
| Amounts receivable within one year | 40/41 | €1,157,808 | €2,661,661 | +€1.5m | +130% |
| Trade receivables | 40 | €13,627 | €6,444 | -€7,183 | -52.7% |
| Other amounts receivable | 41 | €1,144,181 | €2,655,217 | +€1.5m | +132% |
| Cash at bank and in hand | 54/58 | €10,596 | €13,446 | +€2,850 | +26.9% |
| Total equity and liabilities | 10/49 | €5,074,264 | €6,068,563 | +€994,299 | +19.6% |
| Equity | 10/15 | €2,294,176 | €2,631,794 | +€337,618 | +14.7% |
| Contributions | 10/11 | €591,000 | €591,000 | = | 0.0% |
| Capital | 10 | €591,000 | €591,000 | = | 0.0% |
| Issued capital | 100 | €591,000 | €591,000 | = | 0.0% |
| Reserves | 13 | €1,703,176 | €2,040,794 | +€337,618 | +19.8% |
| Non-distributable reserves | 130/1 | €59,100 | €59,100 | = | 0.0% |
| Legal reserve | 130 | €59,100 | €59,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €155,830 | €548,945 | +€393,115 | +252% |
| Distributable reserves | 133 | €1,488,246 | €1,432,748 | -€55,497 | -3.7% |
| Provisions and deferred taxes | 16 | €71,513 | €196,048 | +€124,535 | +174% |
| Deferred taxes | 168 | €71,513 | €196,048 | +€124,535 | +174% |
| Amounts payable | 17/49 | €2,708,575 | €3,240,721 | +€532,146 | +19.6% |
| Amounts payable after more than one year | 17 | €1,968,138 | €1,853,761 | -€114,377 | -5.8% |
| Financial debts | 170/4 | €1,952,788 | €1,851,601 | -€101,187 | -5.2% |
| Other amounts payable | 178/9 | €15,350 | €2,160 | -€13,190 | -85.9% |
| Amounts payable within one year | 42/48 | €740,437 | €1,382,567 | +€642,130 | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €211,506 | €260,388 | +€48,882 | +23.1% |
| Financial debts | 43 | €358,973 | €982,610 | +€623,637 | +174% |
| Credit institutions | 430/8 | €2,780 | €4,934 | +€2,154 | +77.5% |
| Other loans | 439 | €356,193 | €977,676 | +€621,483 | +174% |
| Trade debts | 44 | €110,884 | €88,161 | -€22,722 | -20.5% |
| Suppliers | 440/4 | €110,884 | €88,161 | -€22,722 | -20.5% |
| Taxes, remuneration and social security | 45 | €59,075 | €51,407 | -€7,667 | -13.0% |
| Taxes | 450/3 | €59,075 | €51,407 | -€7,667 | -13.0% |
| Accrued charges and deferred income | 492/3 | - | €4,393 | +€4,393 | |
| Non-recurring operating income | 76A | €177,135 | €666,652 | +€489,517 | +276% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,267 | €182,369 | -€10,899 | -5.6% |
| Other operating charges | 640/8 | €66,445 | €73,975 | +€7,531 | +11.3% |
| Gross operating margin | 9900 | €442,774 | €985,487 | +€542,713 | +123% |
| Operating profit (loss) | 9901 | €183,061 | €729,143 | +€546,081 | +298% |
| Financial income | 75/76B | €8,409 | €1,534 | -€6,875 | -81.8% |
| Recurring financial income | 75 | €8,409 | €1,534 | -€6,875 | -81.8% |
| Financial charges | 65/66B | €128,525 | €98,524 | -€30,000 | -23.3% |
| Recurring financial charges | 65 | €128,525 | €98,524 | -€30,000 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €62,946 | €632,153 | +€569,207 | +904% |
| Transfer from deferred taxes | 780 | €16,803 | €16,803 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €141,338 | +€141,338 | |
| Income taxes | 67/77 | -€17,366 | €20,000 | +€37,366 | |
| Profit (loss) for the period | 9904 | €97,115 | €487,618 | +€390,503 | +402% |
| Transfer from tax-exempt reserves | 789 | €40,762 | €30,898 | -€9,863 | -24.2% |
| Transfer to tax-exempt reserves | 689 | - | €424,014 | +€424,014 | |
| Profit (loss) for the period to be appropriated | 9905 | €137,877 | €94,503 | -€43,374 | -31.5% |
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.