GROUP IMMO S.M.: 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.
What changed
GROUP IMMO S.M.
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€19,317
2024 · -€39,138+€19,821
Equity
-€104,511
2024 · -€85,194-€19,317
Cash
€308,882
2024 · €102,926+€205,956
Balance sheet total
€2.5m
2024 · €4.1m-€1.6m
Largest movements
Assets
- Stocks and contracts -€1.7m
down €1.7m (-45.9%), from €3.8m to €2.1m
- Cash +€205,956
up €205,956 (+200.1%), from €102,926 to €308,882
mainly Stocks and contracts (+€1.7m) and Receivables within one year (+€27,609)
Equity and liabilities
- Short-term financial debts -€1.5m
down €1.5m (-47.8%), from €3.1m to €1.6m
Income statement
- Financial charges -€106,801
down €106,801 (-55.6%), from €192,201 to €85,400
of which Financial charges: -€105,577
- Gross operating margin -€85,385
down €85,385 (-34.1%), from €250,651 to €165,266
- Staff costs +€4,392
up €4,392 (+5.2%), from €85,103 to €89,495
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.
Result 2024
-€39,138
Gross operating margin
-€85,385
Staff costs
-€4,392
Depreciation
+€2,256
Other operating charges
+€1,070
Other operating items
-€342
Financial income
-€187
Financial charges
+€106,801
Result 2025
-€19,317
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.
From operations
+€1.7m
Investment
€0
Financing
-€1.5m
Cash 2024
€102,926
From operations (derived)
+€1.7m
Net result for the year
-€19,317
Depreciation
+€8,261
Stocks and contracts
+€1.7m
Receivables within one year
+€27,609
Deferred charges and accrued income
-€5,754
Trade debts
-€15,797
Tax, wage and social debts
-€737
Other debts
-€34,987
Financing
-€1.5m
Debts after one year
-€3,420
Current portion of long-term debt
-€4,510
Short-term financial debts
-€1.5m
Cash 2025
€308,882
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,095,559 | €2,530,530 | -€1.6m | -38.2% |
| Fixed assets | 21/28 | €18,631 | €10,369 | -€8,261 | -44.3% |
| Tangible fixed assets | 22/27 | €18,342 | €10,081 | -€8,261 | -45.0% |
| Land and buildings | 22 | €896 | €758 | -€138 | -15.4% |
| Plant, machinery and equipment | 23 | €1,165 | €0 | -€1,165 | -100.0% |
| Furniture and vehicles | 24 | €16,281 | €9,323 | -€6,959 | -42.7% |
| Financial fixed assets | 28 | €288 | €288 | = | 0.0% |
| Current assets | 29/58 | €4,076,928 | €2,520,161 | -€1.6m | -38.2% |
| Stocks and contracts in progress | 3 | €3,796,363 | €2,055,494 | -€1.7m | -45.9% |
| Stocks | 30/36 | €3,796,363 | €2,055,494 | -€1.7m | -45.9% |
| Amounts receivable within one year | 40/41 | €161,886 | €134,278 | -€27,609 | -17.1% |
| Trade receivables | 40 | €39,532 | €58,892 | +€19,360 | +49.0% |
| Other amounts receivable | 41 | €122,355 | €75,386 | -€46,968 | -38.4% |
| Cash at bank and in hand | 54/58 | €102,926 | €308,882 | +€205,956 | +200.1% |
| Deferred charges and accrued income | 490/1 | €15,753 | €21,507 | +€5,754 | +36.5% |
| Total equity and liabilities | 10/49 | €4,095,559 | €2,530,530 | -€1.6m | -38.2% |
| Equity | 10/15 | -€85,194 | -€104,511 | -€19,317 | -22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,654 | -€124,971 | -€19,317 | -18.3% |
| Amounts payable | 17/49 | €4,180,753 | €2,635,041 | -€1.5m | -37.0% |
| Amounts payable after more than one year | 17 | €3,420 | €0 | -€3,420 | -100.0% |
| Financial debts | 170/4 | €3,420 | €0 | -€3,420 | -100.0% |
| Amounts payable within one year | 42/48 | €4,177,333 | €2,635,041 | -€1.5m | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €7,930 | €3,420 | -€4,510 | -56.9% |
| Financial debts | 43 | €3,112,179 | €1,625,918 | -€1.5m | -47.8% |
| Credit institutions | 430/8 | €3,112,179 | €1,625,918 | -€1.5m | -47.8% |
| Trade debts | 44 | €31,507 | €15,710 | -€15,797 | -50.1% |
| Suppliers | 440/4 | €31,507 | €15,710 | -€15,797 | -50.1% |
| Taxes, remuneration and social security | 45 | €63,554 | €62,817 | -€737 | -1.2% |
| Taxes | 450/3 | €57,272 | €54,709 | -€2,563 | -4.5% |
| Remuneration and social security | 454/9 | €6,282 | €8,108 | +€1,826 | +29.1% |
| Other amounts payable | 47/48 | €962,163 | €927,176 | -€34,987 | -3.6% |
| Remuneration, social security and pensions | 62 | €85,103 | €89,495 | +€4,392 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,518 | €8,261 | -€2,256 | -21.5% |
| Other operating charges | 640/8 | €2,368 | €1,298 | -€1,070 | -45.2% |
| Non-recurring operating charges | 66A | - | €342 | +€342 | |
| Gross operating margin | 9900 | €250,651 | €165,266 | -€85,385 | -34.1% |
| Operating profit (loss) | 9901 | €152,662 | €65,870 | -€86,793 | -56.9% |
| Financial income | 75/76B | €400 | €213 | -€187 | -46.8% |
| Recurring financial income | 75 | €400 | €213 | -€187 | -46.8% |
| Financial charges | 65/66B | €192,201 | €85,400 | -€106,801 | -55.6% |
| Recurring financial charges | 65 | €190,977 | €85,400 | -€105,577 | -55.3% |
| Non-recurring financial charges | 66B | €1,224 | - | -€1,224 | |
| Profit (loss) for the period before taxes | 9903 | -€39,138 | -€19,317 | +€19,821 | +50.6% |
| Profit (loss) for the period | 9904 | -€39,138 | -€19,317 | +€19,821 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,138 | -€19,317 | +€19,821 | +50.6% |
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 30 September 2026 via checked.be.