IMMO BORGMANS: 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.
IMMO BORGMANS
Largest movements
- Tangible fixed assets -€20,249
down €20,249 (-8.4%), from €239,891 to €219,642
of which Land and buildings: -€19,926
- Cash +€5,110
up €5,110 (+88.8%), from €5,755 to €10,865
mainly Depreciation (+€20,249) and Net result for the year (+€15,506)
- Debts after one year -€17,762
down €17,762 (-25.2%), from €70,391 to €52,628
- Reserves +€15,506
up €15,506 (+11.2%), from €138,801 to €154,307
- Other debts -€12,616
no longer reported in 2025 (was €12,616)
- Gross operating margin -€48,028
down €48,028 (-50.4%), from €95,201 to €47,173
- Other operating charges -€8,927
down €8,927 (-74.3%), from €12,016 to €3,089
- Taxes +€2,215
up €2,215 (+61.6%), from €3,594 to €5,809
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 | €245,646 | €230,507 | -€15,139 | -6.2% |
| Fixed assets | 21/28 | €239,891 | €219,642 | -€20,249 | -8.4% |
| Tangible fixed assets | 22/27 | €239,891 | €219,642 | -€20,249 | -8.4% |
| Land and buildings | 22 | €239,149 | €219,223 | -€19,926 | -8.3% |
| Plant, machinery and equipment | 23 | €559 | €419 | -€140 | -25.0% |
| Furniture and vehicles | 24 | €183 | - | -€183 | |
| Current assets | 29/58 | €5,755 | €10,865 | +€5,110 | +88.8% |
| Cash at bank and in hand | 54/58 | €5,755 | €10,865 | +€5,110 | +88.8% |
| Total equity and liabilities | 10/49 | €245,646 | €230,507 | -€15,139 | -6.2% |
| Equity | 10/15 | €138,802 | €154,308 | +€15,506 | +11.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €138,801 | €154,307 | +€15,506 | +11.2% |
| Distributable reserves | 133 | €138,801 | €154,307 | +€15,506 | +11.2% |
| Amounts payable | 17/49 | €106,844 | €76,199 | -€30,645 | -28.7% |
| Amounts payable after more than one year | 17 | €70,391 | €52,628 | -€17,762 | -25.2% |
| Financial debts | 170/4 | €70,391 | €52,628 | -€17,762 | -25.2% |
| Amounts payable within one year | 42/48 | €36,454 | €23,571 | -€12,883 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €18,851 | €17,762 | -€1,089 | -5.8% |
| Trade debts | 44 | €1,392 | - | -€1,392 | |
| Suppliers | 440/4 | €1,392 | - | -€1,392 | |
| Taxes, remuneration and social security | 45 | €3,594 | €5,809 | +€2,215 | +61.6% |
| Taxes | 450/3 | €3,594 | €5,809 | +€2,215 | +61.6% |
| Other amounts payable | 47/48 | €12,616 | - | -€12,616 | |
| Non-recurring operating income | 76A | €69,184 | - | -€69,184 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,831 | €20,249 | -€583 | -2.8% |
| Other operating charges | 640/8 | €12,016 | €3,089 | -€8,927 | -74.3% |
| Gross operating margin | 9900 | €95,201 | €47,173 | -€48,028 | -50.4% |
| Operating profit (loss) | 9901 | €62,354 | €23,835 | -€38,518 | -61.8% |
| Financial charges | 65/66B | €3,340 | €2,520 | -€819 | -24.5% |
| Recurring financial charges | 65 | €3,340 | €2,520 | -€819 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €59,014 | €21,315 | -€37,699 | -63.9% |
| Income taxes | 67/77 | €3,594 | €5,809 | +€2,215 | +61.6% |
| Profit (loss) for the period | 9904 | €55,420 | €15,506 | -€39,914 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,420 | €15,506 | -€39,914 | -72.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.