IMMAFRA: 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
IMMAFRA
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€62,248
2024 · -€396,227+€458,474
Equity
-€1.6m
2024 · -€1.6m+€62,248
Cash
€629,613
2024 · €353,351+€276,262
Balance sheet total
€21.2m
2024 · €15.3m+€5.9m
Largest movements
Assets
- Stocks and contracts +€5.7m
up €5.7m (+43.2%), from €13.2m to €18.9m
- Cash +€276,262
up €276,262 (+78.2%), from €353,351 to €629,613
mainly Advances received (+€6.0m) and Trade debts (+€133,785)
Equity and liabilities
- Advances received +€6.0m
up €6.0m (+51.0%), from €11.8m to €17.8m
- Other debts -€299,586
down €299,586 (-15.8%), from €1.9m to €1.6m
Income statement
- Gross operating margin +€373,621
up €373,621, from -€139,449 to €234,173
- Staff costs -€66,108
down €66,108 (-58.3%), from €113,302 to €47,195
- Financial charges -€42,406
down €42,406 (-28.9%), from €146,484 to €104,079
- Financial income -€17,476
down €17,476 (-71.7%), from €24,363 to €6,887
- Depreciation +€6,346
up €6,346 (+35.4%), from €17,918 to €24,265
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
-€396,227
Gross operating margin
+€373,621
Staff costs
+€66,108
Depreciation
-€6,346
Other operating charges
-€1,053
Financial income
-€17,476
Financial charges
+€42,406
Taxes
+€1,215
Result 2025
€62,248
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
+€255,839
Investment
-€24,148
Financing
+€44,571
Cash 2024
€353,351
From operations (derived)
+€255,839
Net result for the year
+€62,248
Depreciation
+€24,265
Stocks and contracts
-€5.7m
Receivables within one year
+€99,091
Smaller working-capital items
+€9,384
Trade debts
+€133,785
Tax, wage and social debts
-€70,330
Advances received
+€6.0m
Other debts
-€299,586
Investment (derived)
-€24,148
Investment in fixed assets (net)
-€24,148
Financing
+€44,571
Debts after one year
-€7,256
Current portion of long-term debt
+€51,827
Cash 2025
€629,613
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,277,247 | €21,155,748 | +€5.9m | +38.5% |
| Fixed assets | 21/28 | €60,836 | €60,720 | -€117 | -0.2% |
| Intangible fixed assets | 21 | €4,000 | €2,000 | -€2,000 | -50.0% |
| Tangible fixed assets | 22/27 | €50,336 | €58,419 | +€8,083 | +16.1% |
| Land and buildings | 22 | €9,014 | €6,842 | -€2,172 | -24.1% |
| Plant, machinery and equipment | 23 | €10,967 | €8,948 | -€2,018 | -18.4% |
| Furniture and vehicles | 24 | €30,356 | €42,629 | +€12,273 | +40.4% |
| Financial fixed assets | 28 | €6,500 | €300 | -€6,200 | -95.4% |
| Current assets | 29/58 | €15,216,410 | €21,095,029 | +€5.9m | +38.6% |
| Stocks and contracts in progress | 3 | €13,232,665 | €18,945,654 | +€5.7m | +43.2% |
| Contracts in progress | 37 | €13,232,665 | €18,945,654 | +€5.7m | +43.2% |
| Amounts receivable within one year | 40/41 | €1,587,817 | €1,488,726 | -€99,091 | -6.2% |
| Trade receivables | 40 | €1,047,569 | €561,573 | -€485,997 | -46.4% |
| Other amounts receivable | 41 | €540,248 | €927,154 | +€386,906 | +71.6% |
| Cash at bank and in hand | 54/58 | €353,351 | €629,613 | +€276,262 | +78.2% |
| Deferred charges and accrued income | 490/1 | €42,577 | €31,035 | -€11,542 | -27.1% |
| Total equity and liabilities | 10/49 | €15,277,247 | €21,155,748 | +€5.9m | +38.5% |
| Equity | 10/15 | -€1,619,256 | -€1,557,008 | +€62,248 | +3.8% |
| Contributions | 10/11 | €437,000 | €437,000 | = | 0.0% |
| Capital | 10 | €437,000 | €437,000 | = | 0.0% |
| Issued capital | 100 | €437,000 | €437,000 | = | 0.0% |
| Reserves | 13 | €61,970 | €61,970 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €55,770 | €55,770 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,118,226 | -€2,055,979 | +€62,248 | +2.9% |
| Amounts payable | 17/49 | €16,896,503 | €22,712,757 | +€5.8m | +34.4% |
| Amounts payable after more than one year | 17 | €772,206 | €764,950 | -€7,256 | -0.9% |
| Financial debts | 170/4 | €772,206 | €764,950 | -€7,256 | -0.9% |
| Amounts payable within one year | 42/48 | €16,080,247 | €21,905,916 | +€5.8m | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €1,465,647 | €1,517,474 | +€51,827 | +3.5% |
| Trade debts | 44 | €845,252 | €979,037 | +€133,785 | +15.8% |
| Suppliers | 440/4 | €845,252 | €979,037 | +€133,785 | +15.8% |
| Advances received on contracts in progress | 46 | €11,788,303 | €17,798,275 | +€6.0m | +51.0% |
| Taxes, remuneration and social security | 45 | €79,434 | €9,104 | -€70,330 | -88.5% |
| Taxes | 450/3 | €78,901 | €1,445 | -€77,456 | -98.2% |
| Remuneration and social security | 454/9 | €532 | €7,659 | +€7,126 | +1,338% |
| Other amounts payable | 47/48 | €1,901,612 | €1,602,026 | -€299,586 | -15.8% |
| Accrued charges and deferred income | 492/3 | €44,049 | €41,891 | -€2,158 | -4.9% |
| Non-recurring operating income | 76A | €97,384 | €130,065 | +€32,681 | +33.6% |
| Remuneration, social security and pensions | 62 | €113,302 | €47,195 | -€66,108 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,918 | €24,265 | +€6,346 | +35.4% |
| Other operating charges | 640/8 | €2,088 | €3,141 | +€1,053 | +50.4% |
| Gross operating margin | 9900 | -€139,449 | €234,173 | +€373,621 | |
| Operating profit (loss) | 9901 | -€272,757 | €159,573 | +€432,330 | |
| Financial income | 75/76B | €24,363 | €6,887 | -€17,476 | -71.7% |
| Recurring financial income | 75 | €24,363 | €6,887 | -€17,476 | -71.7% |
| Financial charges | 65/66B | €146,484 | €104,079 | -€42,406 | -28.9% |
| Recurring financial charges | 65 | €146,484 | €104,079 | -€42,406 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | -€394,879 | €62,381 | +€457,260 | |
| Income taxes | 67/77 | €1,348 | €133 | -€1,215 | -90.1% |
| Profit (loss) for the period | 9904 | -€396,227 | €62,248 | +€458,474 | |
| Profit (loss) for the period to be appropriated | 9905 | -€396,227 | €62,248 | +€458,474 |
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 17 October 2026 via checked.be.