IMMAYER: 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
IMMAYER
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€671,587
2024 · €3.7m-€4.3m
Equity
€19.6m
2024 · €22.0m-€2.4m
Cash
€1.3m
2024 · €1.3m+€7,234
Balance sheet total
€34.3m
2024 · €37.3m-€3.0m
Largest movements
Assets
- Current investments -€1.8m
down €1.8m (-20.8%), from €8.6m to €6.8m
- Tangible fixed assets -€1.3m
down €1.3m (-5.8%), from €22.0m to €20.7m
of which Land and buildings: -€1.3m
Equity and liabilities
- Reserves -€2.4m
down €2.4m (-14.0%), from €17.0m to €14.6m
of which Distributable reserves: -€2.3m
- Debts after one year -€861,887
down €861,887 (-9.1%), from €9.5m to €8.6m
- Other debts +€467,266
up €467,266 (+31.6%), from €1.5m to €1.9m
Income statement
- Financial income -€2.6m
down €2.6m (-89.9%), from €2.8m to €287,996
- Gross operating margin -€2.5m
down €2.5m (-62.1%), from €4.1m to €1.5m
- Financial charges -€100,274
down €100,274 (-27.1%), from €370,105 to €269,831
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
€3.7m
Gross operating margin
-€2.5m
Depreciation
-€6,345
Write-downs
+€4,420
Other operating charges
-€23,480
Other operating items
+€8,346
Financial income
-€2.6m
Financial charges
+€100,274
Taxes
-€17,541
Deferred taxes and other
+€685,112
Result 2025
-€671,587
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
+€1.1m
Investment
+€1.6m
Financing
-€2.7m
Cash 2024
€1.3m
From operations (derived)
+€1.1m
Net result for the year
-€671,587
Depreciation
+€1.6m
Receivables within one year
-€113,210
Deferred charges and accrued income
-€58,364
Provisions
-€36,547
Trade debts
-€51,309
Tax, wage and social debts
-€45,138
Other debts
+€467,266
Accrued charges and deferred income
+€33,692
Investment (derived)
+€1.6m
Investment in fixed assets (net)
-€215,246
Current investments
+€1.8m
Financing
-€2.7m
Debts after one year
-€861,887
Current portion of long-term debt
-€83,915
Contributions, distributions and other
-€1.7m
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,285,188 | €34,321,476 | -€3.0m | -7.9% |
| Fixed assets | 21/28 | €26,687,559 | €25,335,918 | -€1.4m | -5.1% |
| Tangible fixed assets | 22/27 | €22,015,446 | €20,728,766 | -€1.3m | -5.8% |
| Land and buildings | 22 | €21,748,753 | €20,462,074 | -€1.3m | -5.9% |
| Assets under construction and advance payments | 27 | €266,693 | €266,693 | = | 0.0% |
| Financial fixed assets | 28 | €4,672,113 | €4,607,152 | -€64,961 | -1.4% |
| Current assets | 29/58 | €10,597,630 | €8,985,558 | -€1.6m | -15.2% |
| Amounts receivable after more than one year | 29 | €213,138 | €213,138 | = | 0.0% |
| Other amounts receivable | 291 | €213,138 | €213,138 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €215,267 | €328,477 | +€113,210 | +52.6% |
| Trade receivables | 40 | €161,632 | €200,240 | +€38,609 | +23.9% |
| Other amounts receivable | 41 | €53,635 | €128,237 | +€74,602 | +139.1% |
| Current investments | 50/53 | €8,594,555 | €6,803,674 | -€1.8m | -20.8% |
| Cash at bank and in hand | 54/58 | €1,315,800 | €1,323,034 | +€7,234 | +0.5% |
| Deferred charges and accrued income | 490/1 | €258,870 | €317,235 | +€58,364 | +22.5% |
| Total equity and liabilities | 10/49 | €37,285,188 | €34,321,476 | -€3.0m | -7.9% |
| Equity | 10/15 | €22,022,129 | €19,636,256 | -€2.4m | -10.8% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €17,020,972 | €14,635,766 | -€2.4m | -14.0% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,776,972 | €3,667,330 | -€109,642 | -2.9% |
| Distributable reserves | 133 | €12,744,000 | €10,468,436 | -€2.3m | -17.9% |
| Profit (loss) carried forward | 14 | €667 | €0 | -€667 | -100.0% |
| Investment grants | 15 | €490 | €490 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,213,778 | €1,177,230 | -€36,547 | -3.0% |
| Deferred taxes | 168 | €1,213,778 | €1,177,230 | -€36,547 | -3.0% |
| Amounts payable | 17/49 | €14,049,282 | €13,507,990 | -€541,292 | -3.9% |
| Amounts payable after more than one year | 17 | €9,508,663 | €8,646,776 | -€861,887 | -9.1% |
| Financial debts | 170/4 | €9,508,663 | €8,646,776 | -€861,887 | -9.1% |
| Amounts payable within one year | 42/48 | €4,151,706 | €4,438,609 | +€286,903 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €1,128,506 | €1,044,590 | -€83,915 | -7.4% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €347,931 | €296,621 | -€51,309 | -14.7% |
| Suppliers | 440/4 | €347,931 | €296,621 | -€51,309 | -14.7% |
| Taxes, remuneration and social security | 45 | €194,237 | €149,098 | -€45,138 | -23.2% |
| Taxes | 450/3 | €194,237 | €149,098 | -€45,138 | -23.2% |
| Other amounts payable | 47/48 | €1,481,033 | €1,948,300 | +€467,266 | +31.6% |
| Accrued charges and deferred income | 492/3 | €388,913 | €422,605 | +€33,692 | +8.7% |
| Non-recurring operating income | 76A | €2,733,669 | €24,965 | -€2.7m | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,560,541 | €1,566,887 | +€6,345 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€927 | -€5,348 | -€4,420 | -476.6% |
| Other operating charges | 640/8 | €480,360 | €503,841 | +€23,480 | +4.9% |
| Non-recurring operating charges | 66A | €8,346 | €0 | -€8,346 | -100.0% |
| Gross operating margin | 9900 | €4,062,713 | €1,540,334 | -€2.5m | -62.1% |
| Operating profit (loss) | 9901 | €2,014,392 | -€525,045 | -€2.5m | |
| Financial income | 75/76B | €2,849,883 | €287,996 | -€2.6m | -89.9% |
| Recurring financial income | 75 | €2,849,883 | €287,996 | -€2.6m | -89.9% |
| Financial charges | 65/66B | €370,105 | €269,831 | -€100,274 | -27.1% |
| Recurring financial charges | 65 | €370,105 | €269,831 | -€100,274 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €4,494,170 | -€506,880 | -€5.0m | |
| Transfer from deferred taxes | 780 | €34,852 | €36,547 | +€1,695 | +4.9% |
| Transfer to deferred taxes | 680 | €683,417 | €0 | -€683,417 | -100.0% |
| Income taxes | 67/77 | €183,714 | €201,255 | +€17,541 | +9.5% |
| Profit (loss) for the period | 9904 | €3,661,892 | -€671,587 | -€4.3m | |
| Transfer from tax-exempt reserves | 789 | €104,557 | €109,642 | +€5,085 | +4.9% |
| Transfer to tax-exempt reserves | 689 | €2,050,252 | €0 | -€2.1m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,716,197 | -€561,945 | -€2.3m |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.