IMMAX: 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
IMMAX
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€57,860
2024 · €77,168-€19,307
Equity
€3.1m
2024 · €3.0m+€57,860
Cash
€329,360
2024 · €294,737+€34,623
Balance sheet total
€4.8m
2024 · €4.7m+€52,759
Largest movements
Assets
- Receivables within one year +€53,130
up €53,130 (+40.1%), from €132,436 to €185,565
of which Trade receivables: +€26,660
Equity and liabilities
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Other debts +€74,143
up €74,143 (+5.1%), from €1.5m to €1.5m
- Profit (loss) carried forward +€57,860
up €57,860 (+10.5%), from €551,161 to €609,021
Income statement
- Gross operating margin -€71,988
down €71,988 (-16.8%), from €429,492 to €357,504
- Financial charges -€30,020
down €30,020 (-22.2%), from €135,171 to €105,151
- Other operating charges -€16,490
down €16,490 (-54.4%), from €30,335 to €13,845
- Depreciation +€5,321
up €5,321 (+6.4%), from €82,614 to €87,935
- Taxes -€5,037
down €5,037 (-18.5%), from €27,229 to €22,192
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
€77,168
Gross operating margin
-€71,988
Staff costs
+€4,781
Depreciation
-€5,321
Other operating charges
+€16,490
Other operating items
-€24
Financial income
+€1,697
Financial charges
+€30,020
Taxes
+€5,037
Result 2025
€57,860
raises the resultlowers the resultnot broken down further in the accounts
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
+€183,974
Investment
-€49,351
Financing
-€100,000
Cash 2024
€294,737
From operations (derived)
+€183,974
Net result for the year
+€57,860
Depreciation
+€87,935
Stocks and contracts
-€4,338
Receivables within one year
-€53,130
Deferred charges and accrued income
+€749
Trade debts
+€18,856
Tax, wage and social debts
+€12,561
Other debts
+€74,143
Accrued charges and deferred income
-€10,662
Investment (derived)
-€49,351
Investment in fixed assets (net)
-€49,351
Financing
-€100,000
Short-term financial debts
-€100,000
Cash 2025
€329,360
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,737,613 | €4,790,372 | +€52,759 | +1.1% |
| Fixed assets | 21/28 | €510,308 | €471,724 | -€38,584 | -7.6% |
| Intangible fixed assets | 21 | €9,321 | €7,199 | -€2,121 | -22.8% |
| Tangible fixed assets | 22/27 | €500,938 | €464,475 | -€36,462 | -7.3% |
| Land and buildings | 22 | €337,459 | €294,714 | -€42,744 | -12.7% |
| Plant, machinery and equipment | 23 | €12,496 | €11,075 | -€1,420 | -11.4% |
| Furniture and vehicles | 24 | €150,983 | €158,685 | +€7,702 | +5.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €4,227,305 | €4,318,648 | +€91,343 | +2.2% |
| Stocks and contracts in progress | 3 | €3,794,655 | €3,798,994 | +€4,338 | +0.1% |
| Stocks | 30/36 | €3,794,655 | €3,798,994 | +€4,338 | +0.1% |
| Amounts receivable within one year | 40/41 | €132,436 | €185,565 | +€53,130 | +40.1% |
| Trade receivables | 40 | €89,083 | €115,742 | +€26,660 | +29.9% |
| Other amounts receivable | 41 | €43,353 | €69,823 | +€26,470 | +61.1% |
| Cash at bank and in hand | 54/58 | €294,737 | €329,360 | +€34,623 | +11.7% |
| Deferred charges and accrued income | 490/1 | €5,477 | €4,728 | -€749 | -13.7% |
| Total equity and liabilities | 10/49 | €4,737,613 | €4,790,372 | +€52,759 | +1.1% |
| Equity | 10/15 | €3,001,110 | €3,058,970 | +€57,860 | +1.9% |
| Contributions | 10/11 | €834,925 | €834,925 | = | 0.0% |
| Revaluation surpluses | 12 | €5,838 | €5,838 | = | 0.0% |
| Reserves | 13 | €1,609,185 | €1,609,185 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,772 | €26,772 | = | 0.0% |
| Distributable reserves | 133 | €1,582,414 | €1,582,414 | = | 0.0% |
| Profit (loss) carried forward | 14 | €551,161 | €609,021 | +€57,860 | +10.5% |
| Amounts payable | 17/49 | €1,736,503 | €1,731,402 | -€5,101 | -0.3% |
| Amounts payable within one year | 42/48 | €1,621,993 | €1,627,554 | +€5,560 | +0.3% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €35,737 | €54,594 | +€18,856 | +52.8% |
| Suppliers | 440/4 | €35,737 | €54,594 | +€18,856 | +52.8% |
| Taxes, remuneration and social security | 45 | €22,734 | €35,295 | +€12,561 | +55.3% |
| Taxes | 450/3 | €17,491 | €26,722 | +€9,231 | +52.8% |
| Remuneration and social security | 454/9 | €5,243 | €8,573 | +€3,330 | +63.5% |
| Other amounts payable | 47/48 | €1,463,522 | €1,537,665 | +€74,143 | +5.1% |
| Accrued charges and deferred income | 492/3 | €114,510 | €103,848 | -€10,662 | -9.3% |
| Non-recurring operating income | 76A | €20,362 | €1,240 | -€19,122 | -93.9% |
| Remuneration, social security and pensions | 62 | €78,187 | €73,407 | -€4,781 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,614 | €87,935 | +€5,321 | +6.4% |
| Other operating charges | 640/8 | €30,335 | €13,845 | -€16,490 | -54.4% |
| Non-recurring operating charges | 66A | - | €24 | +€24 | |
| Gross operating margin | 9900 | €429,492 | €357,504 | -€71,988 | -16.8% |
| Operating profit (loss) | 9901 | €238,355 | €182,293 | -€56,062 | -23.5% |
| Financial income | 75/76B | €1,213 | €2,910 | +€1,697 | +140% |
| Recurring financial income | 75 | €1,213 | €2,910 | +€1,697 | +140% |
| Financial charges | 65/66B | €135,171 | €105,151 | -€30,020 | -22.2% |
| Recurring financial charges | 65 | €135,171 | €105,151 | -€30,020 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €104,397 | €80,052 | -€24,345 | -23.3% |
| Income taxes | 67/77 | €27,229 | €22,192 | -€5,037 | -18.5% |
| Profit (loss) for the period | 9904 | €77,168 | €57,860 | -€19,307 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,168 | €57,860 | -€19,307 | -25.0% |
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 29 October 2026 via checked.be.