IMMO PMS: 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.
IMMO PMS
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-5.1%), from €20.3m to €19.2m
of which Land and buildings: -€920,776
- Short-term financial debts +€1.3m
up €1.3m (+92.6%), from €1.4m to €2.6m
- Debts after one year -€957,136
down €957,136 (-7.0%), from €13.7m to €12.7m
- Other debts -€766,198
down €766,198 (-22.1%), from €3.5m to €2.7m
- Reserves -€264,695
down €264,695 (-81.5%), from €324,695 to €60,000
of which Distributable reserves: -€264,695
- Depreciation +€293,391
up €293,391 (+37.8%), from €775,414 to €1.1m
- Gross operating margin +€147,641
up €147,641 (+11.5%), from €1.3m to €1.4m
- Financial charges +€57,255
up €57,255 (+8.1%), from €702,653 to €759,908
- Financial income +€44,007
up €44,007 (+39.9%), from €110,360 to €154,367
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 | €23,437,590 | €22,440,754 | -€996,836 | -4.3% |
| Fixed assets | 21/28 | €20,288,367 | €19,247,272 | -€1.0m | -5.1% |
| Tangible fixed assets | 22/27 | €20,288,367 | €19,247,272 | -€1.0m | -5.1% |
| Land and buildings | 22 | €20,060,198 | €19,139,422 | -€920,776 | -4.6% |
| Other tangible fixed assets | 26 | €147,541 | €107,850 | -€39,692 | -26.9% |
| Assets under construction and advance payments | 27 | €80,627 | €0 | -€80,627 | -100.0% |
| Current assets | 29/58 | €3,149,223 | €3,193,482 | +€44,259 | +1.4% |
| Amounts receivable within one year | 40/41 | €3,085,962 | €3,099,799 | +€13,837 | +0.4% |
| Trade receivables | 40 | €11,205 | €25,009 | +€13,803 | +123.2% |
| Other amounts receivable | 41 | €3,074,756 | €3,074,790 | +€34 | 0.0% |
| Cash at bank and in hand | 54/58 | €57,662 | €93,683 | +€36,021 | +62.5% |
| Deferred charges and accrued income | 490/1 | €5,599 | €0 | -€5,599 | -100.0% |
| Total equity and liabilities | 10/49 | €23,437,590 | €22,440,754 | -€996,836 | -4.3% |
| Equity | 10/15 | €3,867,467 | €3,412,872 | -€454,595 | -11.8% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €324,695 | €60,000 | -€264,695 | -81.5% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €264,695 | €0 | -€264,695 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€35,532 | -€35,532 | |
| Investment grants | 15 | €2,942,771 | €2,788,404 | -€154,367 | -5.2% |
| Amounts payable | 17/49 | €19,570,123 | €19,027,882 | -€542,241 | -2.8% |
| Amounts payable after more than one year | 17 | €13,667,094 | €12,709,959 | -€957,136 | -7.0% |
| Financial debts | 170/4 | €13,667,094 | €12,709,959 | -€957,136 | -7.0% |
| Amounts payable within one year | 42/48 | €5,889,572 | €6,311,298 | +€421,726 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €969,051 | €984,913 | +€15,862 | +1.6% |
| Financial debts | 43 | €1,350,000 | €2,600,000 | +€1.3m | +92.6% |
| Credit institutions | 430/8 | €1,350,000 | €2,600,000 | +€1.3m | +92.6% |
| Trade debts | 44 | €98,803 | €20,865 | -€77,938 | -78.9% |
| Suppliers | 440/4 | €98,803 | €20,865 | -€77,938 | -78.9% |
| Other amounts payable | 47/48 | €3,471,718 | €2,705,519 | -€766,198 | -22.1% |
| Accrued charges and deferred income | 492/3 | €13,457 | €6,625 | -€6,832 | -50.8% |
| Non-recurring operating income | 76A | €21,626 | €0 | -€21,626 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €775,414 | €1,068,805 | +€293,391 | +37.8% |
| Other operating charges | 640/8 | €53,438 | €55,269 | +€1,831 | +3.4% |
| Gross operating margin | 9900 | €1,281,746 | €1,429,387 | +€147,641 | +11.5% |
| Operating profit (loss) | 9901 | €452,894 | €305,314 | -€147,580 | -32.6% |
| Financial income | 75/76B | €110,360 | €154,367 | +€44,007 | +39.9% |
| Recurring financial income | 75 | €110,360 | €154,367 | +€44,007 | +39.9% |
| Financial charges | 65/66B | €702,653 | €759,908 | +€57,255 | +8.1% |
| Recurring financial charges | 65 | €702,653 | €759,908 | +€57,255 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
| Profit (loss) for the period | 9904 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,400 | -€300,228 | -€160,828 | -115.4% |
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 7 October 2026 via checked.be.