IFAGO: 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.
What changed
IFAGO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€128,365
2024 · -€102,392-€25,973
Equity
€777,044
2024 · -€19,057+€796,101
Cash
€369
2024 · €43,286-€42,917
Balance sheet total
€4.3m
2024 · €3.4m+€877,106
Largest movements
Assets
- Tangible fixed assets +€921,768
up €921,768 (+28.2%), from €3.3m to €4.2m
of which Land and buildings: +€932,400
Equity and liabilities
- Revaluation surpluses +€908,191
new in 2025: €908,191
- Other debts +€241,991
up €241,991 (+13.8%), from €1.8m to €2.0m
- Debts after one year -€185,897
down €185,897 (-13.2%), from €1.4m to €1.2m
of which Financial debts: -€185,897
- Profit (loss) carried forward -€127,735
down €127,735 (-78.3%), from -€163,143 to -€290,878
Income statement
- Financial charges +€33,348
up €33,348 (+74.9%), from €44,510 to €77,858
of which Financial charges: +€29,349
- Gross operating margin +€32,940
up €32,940 (+22.4%), from €147,107 to €180,047
- Depreciation +€24,230
up €24,230 (+14.4%), from €168,444 to €192,674
- Other operating charges +€2,904
up €2,904 (+13.1%), from €22,098 to €25,001
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
-€102,392
Gross operating margin
+€32,940
Depreciation
-€24,230
Other operating charges
-€2,904
Financial income
-€36
Financial charges
-€33,348
Taxes
+€1,606
Result 2025
-€128,365
raises the resultlowers the result
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.
From operations
+€307,476
Investment
-€1.1m
Financing
+€760,049
Cash 2024
€43,286
From operations (derived)
+€307,476
Net result for the year
-€128,365
Depreciation
+€192,674
Smaller working-capital items
-€2,579
Trade debts
-€23,555
Tax, wage and social debts
+€20,545
Advances received
+€6,766
Other debts
+€241,991
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€760,049
Debts after one year
-€185,897
Current portion of long-term debt
+€6,012
Short-term financial debts
+€15,467
Contributions, distributions and other
+€924,466
Cash 2025
€369
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,427,984 | €4,305,090 | +€877,106 | +25.6% |
| Fixed assets | 21/28 | €3,281,183 | €4,198,951 | +€917,768 | +28.0% |
| Intangible fixed assets | 21 | €6,838 | €2,838 | -€4,000 | -58.5% |
| Tangible fixed assets | 22/27 | €3,274,345 | €4,196,113 | +€921,768 | +28.2% |
| Land and buildings | 22 | €3,184,942 | €4,117,341 | +€932,400 | +29.3% |
| Plant, machinery and equipment | 23 | €17,220 | €14,563 | -€2,657 | -15.4% |
| Furniture and vehicles | 24 | €20,296 | €15,843 | -€4,453 | -21.9% |
| Assets under construction and advance payments | 27 | €51,887 | €48,365 | -€3,522 | -6.8% |
| Current assets | 29/58 | €146,801 | €106,139 | -€40,662 | -27.7% |
| Amounts receivable after more than one year | 29 | - | €345 | +€345 | |
| Other amounts receivable | 291 | - | €345 | +€345 | |
| Amounts receivable within one year | 40/41 | €95,429 | €97,289 | +€1,859 | +1.9% |
| Trade receivables | 40 | €91,382 | €96,387 | +€5,004 | +5.5% |
| Other amounts receivable | 41 | €4,047 | €902 | -€3,145 | -77.7% |
| Current investments | 50/53 | €5,894 | €5,894 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,286 | €369 | -€42,917 | -99.1% |
| Deferred charges and accrued income | 490/1 | €2,192 | €2,242 | +€50 | +2.3% |
| Total equity and liabilities | 10/49 | €3,427,984 | €4,305,090 | +€877,106 | +25.6% |
| Equity | 10/15 | -€19,057 | €777,044 | +€796,101 | |
| Contributions | 10/11 | €124,443 | €124,443 | = | 0.0% |
| Revaluation surpluses | 12 | - | €908,191 | +€908,191 | |
| Reserves | 13 | €19,644 | €35,289 | +€15,646 | +79.6% |
| Tax-exempt reserves | 132 | €14,700 | €14,070 | -€630 | -4.3% |
| Distributable reserves | 133 | €4,943 | €21,219 | +€16,276 | +329% |
| Profit (loss) carried forward | 14 | -€163,143 | -€290,878 | -€127,735 | -78.3% |
| Provisions and deferred taxes | 16 | €7,570 | €7,245 | -€324 | -4.3% |
| Deferred taxes | 168 | €7,570 | €7,245 | -€324 | -4.3% |
| Amounts payable | 17/49 | €3,439,471 | €3,520,800 | +€81,329 | +2.4% |
| Amounts payable after more than one year | 17 | €1,410,742 | €1,224,845 | -€185,897 | -13.2% |
| Financial debts | 170/4 | €1,375,180 | €1,189,283 | -€185,897 | -13.5% |
| Other amounts payable | 178/9 | €35,562 | €35,562 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,028,729 | €2,295,955 | +€267,225 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €183,062 | €189,074 | +€6,012 | +3.3% |
| Financial debts | 43 | - | €15,467 | +€15,467 | |
| Credit institutions | 430/8 | - | €15,467 | +€15,467 | |
| Trade debts | 44 | €69,029 | €45,474 | -€23,555 | -34.1% |
| Suppliers | 440/4 | €69,029 | €45,474 | -€23,555 | -34.1% |
| Advances received on contracts in progress | 46 | €24,000 | €30,766 | +€6,766 | +28.2% |
| Taxes, remuneration and social security | 45 | €239 | €20,784 | +€20,545 | +8,580% |
| Taxes | 450/3 | €239 | €20,784 | +€20,545 | +8,580% |
| Other amounts payable | 47/48 | €1,752,399 | €1,994,390 | +€241,991 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,444 | €192,674 | +€24,230 | +14.4% |
| Other operating charges | 640/8 | €22,098 | €25,001 | +€2,904 | +13.1% |
| Gross operating margin | 9900 | €147,107 | €180,047 | +€32,940 | +22.4% |
| Operating profit (loss) | 9901 | -€43,434 | -€37,629 | +€5,805 | +13.4% |
| Financial income | 75/76B | €73 | €36 | -€36 | -49.9% |
| Recurring financial income | 75 | €73 | €36 | -€36 | -49.9% |
| Financial charges | 65/66B | €44,510 | €77,858 | +€33,348 | +74.9% |
| Recurring financial charges | 65 | €44,510 | €73,858 | +€29,349 | +65.9% |
| Non-recurring financial charges | 66B | - | €4,000 | +€4,000 | |
| Profit (loss) for the period before taxes | 9903 | -€87,871 | -€115,450 | -€27,579 | -31.4% |
| Transfer from deferred taxes | 780 | €324 | €324 | = | 0.0% |
| Income taxes | 67/77 | €14,845 | €13,239 | -€1,606 | -10.8% |
| Profit (loss) for the period | 9904 | -€102,392 | -€128,365 | -€25,973 | -25.4% |
| Transfer from tax-exempt reserves | 789 | €630 | €630 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,762 | -€127,735 | -€25,973 | -25.5% |
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 14 October 2026 via checked.be.