IMMO ERGUMA: 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
IMMO ERGUMA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€20,121
2024 · €117,671-€97,550
Equity
€872,244
2024 · €852,124+€20,121
Cash
€131,585
2024 · €49,411+€82,174
Balance sheet total
€4.3m
2024 · €3.9m+€413,838
Largest movements
Assets
- Tangible fixed assets +€218,114
up €218,114 (+8.1%), from €2.7m to €2.9m
- Receivables within one year +€163,309
up €163,309 (+721.3%), from €22,641 to €185,949
of which Other amounts receivable: +€162,501
- Cash +€82,174
up €82,174 (+166.3%), from €49,411 to €131,585
mainly Short-term financial debts (+€700,000) and Depreciation (+€97,559)
Equity and liabilities
- Short-term financial debts +€700,000
up €700,000, from €0 to €700,000
- Debts after one year -€222,766
down €222,766 (-13.3%), from €1.7m to €1.5m
of which Financial debts: -€222,766
- Other debts -€119,081
down €119,081 (-14.9%), from €798,111 to €679,031
Income statement
- Gross operating margin -€150,613
down €150,613 (-37.6%), from €400,437 to €249,824
- Other operating charges +€45,409
up €45,409 (+140.8%), from €32,250 to €77,659
- Write-downs -€38,430
new in 2025: -€38,430
- Taxes -€38,296
down €38,296 (-75.4%), from €50,795 to €12,500
- Provisions -€29,695
down €29,695 (-77.8%), from €38,192 to €8,497
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
€117,671
Gross operating margin
-€150,613
Depreciation
+€12,299
Write-downs
+€38,430
Provisions
+€29,695
Other operating charges
-€45,409
Financial income
-€15,747
Financial charges
-€4,501
Taxes
+€38,296
Result 2025
€20,121
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
-€94,005
Investment
-€305,483
Financing
+€481,662
Cash 2024
€49,411
From operations (derived)
-€94,005
Net result for the year
+€20,121
Depreciation
+€97,559
Receivables after one year
+€40,715
Receivables within one year
-€163,309
Smaller working-capital items
+€1
Trade debts
+€20,179
Advances received
-€3,496
Other debts
-€119,081
Accrued charges and deferred income
+€13,305
Investment (derived)
-€305,483
Investment in fixed assets (net)
-€315,483
Current investments
+€10,000
Financing
+€481,662
Debts after one year
-€222,766
Current portion of long-term debt
+€4,428
Short-term financial debts
+€700,000
Cash 2025
€131,585
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,865,501 | €4,279,338 | +€413,838 | +10.7% |
| Fixed assets | 21/28 | €2,880,823 | €3,098,747 | +€217,925 | +7.6% |
| Tangible fixed assets | 22/27 | €2,679,583 | €2,897,697 | +€218,114 | +8.1% |
| Land and buildings | 22 | €2,679,583 | €2,897,697 | +€218,114 | +8.1% |
| Financial fixed assets | 28 | €201,239 | €201,050 | -€189 | -0.1% |
| Current assets | 29/58 | €984,678 | €1,180,591 | +€195,913 | +19.9% |
| Amounts receivable after more than one year | 29 | €40,715 | €0 | -€40,715 | -100.0% |
| Trade receivables | 290 | €40,715 | €0 | -€40,715 | -100.0% |
| Stocks and contracts in progress | 3 | €861,911 | €861,911 | = | 0.0% |
| Stocks | 30/36 | €861,911 | €861,911 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,641 | €185,949 | +€163,309 | +721.3% |
| Trade receivables | 40 | €12,641 | €13,449 | +€808 | +6.4% |
| Other amounts receivable | 41 | €10,000 | €172,501 | +€162,501 | +1625.0% |
| Current investments | 50/53 | €10,000 | €0 | -€10,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €49,411 | €131,585 | +€82,174 | +166.3% |
| Deferred charges and accrued income | 490/1 | €0 | €1,145 | +€1,145 | |
| Total equity and liabilities | 10/49 | €3,865,501 | €4,279,338 | +€413,838 | +10.7% |
| Equity | 10/15 | €852,124 | €872,244 | +€20,121 | +2.4% |
| Contributions | 10/11 | €523,485 | €523,485 | = | 0.0% |
| Capital | 10 | €523,485 | €523,485 | = | 0.0% |
| Issued capital | 100 | €523,485 | €523,485 | = | 0.0% |
| Reserves | 13 | €328,639 | €348,760 | +€20,121 | +6.1% |
| Non-distributable reserves | 130/1 | €52,348 | €52,348 | = | 0.0% |
| Legal reserve | 130 | €52,348 | €52,348 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,540 | €58,042 | -€17,498 | -23.2% |
| Distributable reserves | 133 | €200,750 | €238,369 | +€37,619 | +18.7% |
| Provisions and deferred taxes | 16 | €237,786 | €238,932 | +€1,147 | +0.5% |
| Provisions for liabilities and charges | 160/5 | €46,689 | €55,185 | +€8,497 | +18.2% |
| Other liabilities and charges | 164/5 | €46,689 | €55,185 | +€8,497 | +18.2% |
| Deferred taxes | 168 | €191,097 | €183,747 | -€7,350 | -3.8% |
| Amounts payable | 17/49 | €2,775,592 | €3,168,162 | +€392,570 | +14.1% |
| Amounts payable after more than one year | 17 | €1,674,760 | €1,451,994 | -€222,766 | -13.3% |
| Financial debts | 170/4 | €1,659,880 | €1,437,114 | -€222,766 | -13.4% |
| Other amounts payable | 178/9 | €14,880 | €14,880 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,069,754 | €1,671,785 | +€602,031 | +56.3% |
| Current portion of amounts payable after more than one year | 42 | €218,338 | €222,766 | +€4,428 | +2.0% |
| Financial debts | 43 | €0 | €700,000 | +€700,000 | |
| Credit institutions | 430/8 | €0 | €700,000 | +€700,000 | |
| Trade debts | 44 | €10,288 | €30,467 | +€20,179 | +196.1% |
| Suppliers | 440/4 | €10,288 | €30,467 | +€20,179 | +196.1% |
| Advances received on contracts in progress | 46 | €5,608 | €2,112 | -€3,496 | -62.3% |
| Taxes, remuneration and social security | 45 | €37,410 | €37,410 | = | 0.0% |
| Taxes | 450/3 | €37,410 | €37,410 | = | 0.0% |
| Other amounts payable | 47/48 | €798,111 | €679,031 | -€119,081 | -14.9% |
| Accrued charges and deferred income | 492/3 | €31,078 | €44,383 | +€13,305 | +42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,858 | €97,559 | -€12,299 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€38,430 | -€38,430 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €38,192 | €8,497 | -€29,695 | -77.8% |
| Other operating charges | 640/8 | €32,250 | €77,659 | +€45,409 | +140.8% |
| Gross operating margin | 9900 | €400,437 | €249,824 | -€150,613 | -37.6% |
| Operating profit (loss) | 9901 | €220,138 | €104,540 | -€115,598 | -52.5% |
| Financial income | 75/76B | €15,757 | €10 | -€15,747 | -99.9% |
| Recurring financial income | 75 | €15,757 | €10 | -€15,747 | -99.9% |
| Financial charges | 65/66B | €74,779 | €79,280 | +€4,501 | +6.0% |
| Recurring financial charges | 65 | €74,779 | €79,280 | +€4,501 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €161,116 | €25,270 | -€135,846 | -84.3% |
| Transfer from deferred taxes | 780 | €7,350 | €7,350 | = | 0.0% |
| Income taxes | 67/77 | €50,795 | €12,500 | -€38,296 | -75.4% |
| Profit (loss) for the period | 9904 | €117,671 | €20,121 | -€97,550 | -82.9% |
| Transfer from tax-exempt reserves | 789 | €17,498 | €17,498 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €135,169 | €37,619 | -€97,550 | -72.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.