IMMO G.H.: 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
IMMO G.H.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€527,823
2024 · -€8,248+€536,071
Equity
€1.5m
2024 · €960,940+€527,823
Cash
€66,102
2024 · €37,584+€28,518
Balance sheet total
€3.2m
2024 · €2.9m+€323,113
Largest movements
Assets
- Current investments +€700,000
new in 2025: €700,000
- Tangible fixed assets -€335,247
down €335,247 (-12.1%), from €2.8m to €2.4m
of which Land and buildings: -€284,770
- Receivables within one year -€70,158
no longer reported in 2025 (was €70,158)
Equity and liabilities
- Reserves +€686,858
up €686,858 (+80.9%), from €849,274 to €1.5m
- Debts after one year -€401,059
down €401,059 (-30.8%), from €1.3m to €899,653
- Provisions +€204,148
up €204,148 (+45.5%), from €449,141 to €653,289
- Profit (loss) carried forward -€159,035
down €159,035 (-122%), from -€130,834 to -€289,869
Income statement
- Gross operating margin +€804,401
up €804,401 (+375%), from €214,690 to €1.0m
- Depreciation -€12,109
down €12,109 (-6.7%), from €180,933 to €168,824
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
-€8,248
Gross operating margin
+€804,401
Depreciation
+€12,109
Other operating charges
+€2,100
Other operating items
-€71,061
Financial income
+€166
Financial charges
+€2,369
Taxes
+€4,118
Deferred taxes and other
-€218,131
Result 2025
€527,823
raises 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
+€962,577
Investment
-€533,577
Financing
-€400,482
Cash 2024
€37,584
From operations (derived)
+€962,577
Net result for the year
+€527,823
Depreciation
+€168,824
Receivables within one year
+€70,158
Provisions
+€204,148
Trade debts
-€10,272
Smaller working-capital items
-€2,111
Other debts
+€4,007
Investment (derived)
-€533,577
Investment in fixed assets (net)
+€166,423
Current investments
-€700,000
Financing
-€400,482
Debts after one year
-€401,059
Current portion of long-term debt
+€577
Cash 2025
€66,102
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,876,870 | €3,199,983 | +€323,113 | +11.2% |
| Fixed assets | 21/28 | €2,769,128 | €2,433,881 | -€335,247 | -12.1% |
| Tangible fixed assets | 22/27 | €2,769,128 | €2,433,881 | -€335,247 | -12.1% |
| Land and buildings | 22 | €2,614,727 | €2,329,957 | -€284,770 | -10.9% |
| Plant, machinery and equipment | 23 | €136 | - | -€136 | |
| Furniture and vehicles | 24 | €47,663 | €33,713 | -€13,950 | -29.3% |
| Other tangible fixed assets | 26 | €106,602 | €70,211 | -€36,391 | -34.1% |
| Current assets | 29/58 | €107,742 | €766,102 | +€658,360 | +611% |
| Amounts receivable within one year | 40/41 | €70,158 | - | -€70,158 | |
| Other amounts receivable | 41 | €70,158 | - | -€70,158 | |
| Current investments | 50/53 | - | €700,000 | +€700,000 | |
| Cash at bank and in hand | 54/58 | €37,584 | €66,102 | +€28,518 | +75.9% |
| Total equity and liabilities | 10/49 | €2,876,870 | €3,199,983 | +€323,113 | +11.2% |
| Equity | 10/15 | €960,940 | €1,488,763 | +€527,823 | +54.9% |
| Contributions | 10/11 | €242,500 | €242,500 | = | 0.0% |
| Capital | 10 | €242,500 | €242,500 | = | 0.0% |
| Issued capital | 100 | €242,500 | €242,500 | = | 0.0% |
| Reserves | 13 | €849,274 | €1,536,132 | +€686,858 | +80.9% |
| Tax-exempt reserves | 132 | €849,274 | €1,536,132 | +€686,858 | +80.9% |
| Profit (loss) carried forward | 14 | -€130,834 | -€289,869 | -€159,035 | -122% |
| Provisions and deferred taxes | 16 | €449,141 | €653,289 | +€204,148 | +45.5% |
| Deferred taxes | 168 | €449,141 | €653,289 | +€204,148 | +45.5% |
| Amounts payable | 17/49 | €1,466,789 | €1,057,931 | -€408,858 | -27.9% |
| Amounts payable after more than one year | 17 | €1,300,712 | €899,653 | -€401,059 | -30.8% |
| Financial debts | 170/4 | €1,300,712 | €899,653 | -€401,059 | -30.8% |
| Amounts payable within one year | 42/48 | €164,280 | €157,175 | -€7,105 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €100,483 | €101,060 | +€577 | +0.6% |
| Trade debts | 44 | €20,647 | €10,375 | -€10,272 | -49.8% |
| Suppliers | 440/4 | €20,647 | €10,375 | -€10,272 | -49.8% |
| Taxes, remuneration and social security | 45 | €10,441 | €9,024 | -€1,417 | -13.6% |
| Taxes | 450/3 | €10,441 | €9,024 | -€1,417 | -13.6% |
| Other amounts payable | 47/48 | €32,709 | €36,716 | +€4,007 | +12.3% |
| Accrued charges and deferred income | 492/3 | €1,797 | €1,103 | -€694 | -38.6% |
| Non-recurring operating income | 76A | €114,477 | €983,576 | +€869,099 | +759% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,933 | €168,824 | -€12,109 | -6.7% |
| Other operating charges | 640/8 | €26,111 | €24,011 | -€2,100 | -8.0% |
| Non-recurring operating charges | 66A | - | €71,061 | +€71,061 | |
| Gross operating margin | 9900 | €214,690 | €1,019,091 | +€804,401 | +375% |
| Operating profit (loss) | 9901 | €7,646 | €755,195 | +€747,549 | +9,777% |
| Financial income | 75/76B | €20 | €186 | +€166 | +830% |
| Recurring financial income | 75 | €20 | €186 | +€166 | +830% |
| Financial charges | 65/66B | €23,820 | €21,451 | -€2,369 | -9.9% |
| Recurring financial charges | 65 | €23,820 | €21,451 | -€2,369 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | -€16,154 | €733,930 | +€750,084 | |
| Transfer from deferred taxes | 780 | €42,602 | €41,746 | -€856 | -2.0% |
| Transfer to deferred taxes | 680 | €28,619 | €245,894 | +€217,275 | +759% |
| Income taxes | 67/77 | €6,077 | €1,959 | -€4,118 | -67.8% |
| Profit (loss) for the period | 9904 | -€8,248 | €527,823 | +€536,071 | |
| Transfer from tax-exempt reserves | 789 | €52,637 | €50,824 | -€1,813 | -3.4% |
| Transfer to tax-exempt reserves | 689 | €85,858 | €737,682 | +€651,824 | +759% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,469 | -€159,035 | -€117,566 | -284% |
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 25 October 2026 via checked.be.