IMMAGRO: 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.
IMMAGRO
Largest movements
- Receivables within one year -€225,063
down €225,063 (-63.5%), from €354,602 to €129,539
of which Trade receivables: -€247,158
- Cash -€68,019
down €68,019 (-57.5%), from €118,278 to €50,259
mainly Trade debts (-€206,987) and Debts after one year (-€48,750)
- Deferred charges and accrued income +€39,409
up €39,409 (+161.5%), from €24,402 to €63,811
- Trade debts -€206,987
down €206,987 (-36.7%), from €563,504 to €356,517
- Reserves +€60,188
up €60,188 (+18.7%), from €321,137 to €381,325
of which Distributable reserves: +€60,188
- Debts after one year -€48,750
down €48,750 (-9.2%), from €532,188 to €483,438
- Tax, wage and social debts -€41,994
down €41,994 (-74.5%), from €56,377 to €14,383
- Gross operating margin -€7,098
down €7,098 (-5.3%), from €132,783 to €125,685
- Financial charges -€2,658
down €2,658 (-21.5%), from €12,349 to €9,691
- Other operating charges -€2,133
down €2,133 (-24.9%), from €8,581 to €6,448
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 | €1,682,993 | €1,433,688 | -€249,305 | -14.8% |
| Fixed assets | 21/28 | €974,150 | €978,068 | +€3,917 | +0.4% |
| Intangible fixed assets | 21 | €3,401 | €1,590 | -€1,811 | -53.3% |
| Tangible fixed assets | 22/27 | €970,749 | €976,478 | +€5,728 | +0.6% |
| Land and buildings | 22 | €952,249 | €941,469 | -€10,779 | -1.1% |
| Plant, machinery and equipment | 23 | €17,901 | €13,689 | -€4,212 | -23.5% |
| Furniture and vehicles | 24 | €599 | €21,319 | +€20,719 | +3457.0% |
| Current assets | 29/58 | €708,842 | €455,621 | -€253,222 | -35.7% |
| Stocks and contracts in progress | 3 | €211,561 | €212,012 | +€452 | +0.2% |
| Stocks | 30/36 | €211,561 | €212,012 | +€452 | +0.2% |
| Amounts receivable within one year | 40/41 | €354,602 | €129,539 | -€225,063 | -63.5% |
| Trade receivables | 40 | €354,602 | €107,444 | -€247,158 | -69.7% |
| Other amounts receivable | 41 | €0 | €22,094 | +€22,094 | |
| Cash at bank and in hand | 54/58 | €118,278 | €50,259 | -€68,019 | -57.5% |
| Deferred charges and accrued income | 490/1 | €24,402 | €63,811 | +€39,409 | +161.5% |
| Total equity and liabilities | 10/49 | €1,682,993 | €1,433,688 | -€249,305 | -14.8% |
| Equity | 10/15 | €424,388 | €484,576 | +€60,188 | +14.2% |
| Contributions | 10/11 | €74,000 | €74,000 | = | 0.0% |
| Reserves | 13 | €321,137 | €381,325 | +€60,188 | +18.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €321,137 | €381,325 | +€60,188 | +18.7% |
| Profit (loss) carried forward | 14 | €29,251 | €29,251 | = | 0.0% |
| Amounts payable | 17/49 | €1,258,604 | €949,112 | -€309,492 | -24.6% |
| Amounts payable after more than one year | 17 | €532,188 | €483,438 | -€48,750 | -9.2% |
| Financial debts | 170/4 | €532,188 | €483,438 | -€48,750 | -9.2% |
| Amounts payable within one year | 42/48 | €724,016 | €465,025 | -€258,991 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €48,750 | €48,750 | = | 0.0% |
| Trade debts | 44 | €563,504 | €356,517 | -€206,987 | -36.7% |
| Suppliers | 440/4 | €563,504 | €356,517 | -€206,987 | -36.7% |
| Advances received on contracts in progress | 46 | €36,999 | €36,300 | -€699 | -1.9% |
| Taxes, remuneration and social security | 45 | €56,377 | €14,383 | -€41,994 | -74.5% |
| Taxes | 450/3 | €56,377 | €14,383 | -€41,994 | -74.5% |
| Other amounts payable | 47/48 | €18,387 | €9,076 | -€9,311 | -50.6% |
| Accrued charges and deferred income | 492/3 | €2,401 | €649 | -€1,751 | -73.0% |
| Non-recurring operating income | 76A | €1,729 | €0 | -€1,729 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,011 | €18,182 | +€1,171 | +6.9% |
| Other operating charges | 640/8 | €8,581 | €6,448 | -€2,133 | -24.9% |
| Gross operating margin | 9900 | €132,783 | €125,685 | -€7,098 | -5.3% |
| Operating profit (loss) | 9901 | €107,191 | €101,055 | -€6,136 | -5.7% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €12,349 | €9,691 | -€2,658 | -21.5% |
| Recurring financial charges | 65 | €12,349 | €9,691 | -€2,658 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €94,847 | €91,364 | -€3,483 | -3.7% |
| Income taxes | 67/77 | €32,182 | €31,176 | -€1,006 | -3.1% |
| Profit (loss) for the period | 9904 | €62,665 | €60,188 | -€2,477 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,665 | €60,188 | -€2,477 | -4.0% |
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 12 October 2026 via checked.be.