Immo Galmaarden: 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.
Immo Galmaarden
Largest movements
- Cash -€1.1m
down €1.1m (-94.8%), from €1.1m to €58,421
mainly Current portion of long-term debt (-€691,646) and Current investments (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Receivables within one year +€189,000
up €189,000 (+64.9%), from €291,000 to €480,000
of which Other amounts receivable: +€189,000
- Tangible fixed assets -€157,069
down €157,069 (-5.2%), from €3.0m to €2.8m
- Current portion of long-term debt -€691,646
down €691,646 (-89.4%), from €773,264 to €81,619
- Debts after one year -€81,619
down €81,619 (-4.0%), from €2.0m to €2.0m
- Accrued charges and deferred income -€56,447
down €56,447 (-3.7%), from €1.5m to €1.5m
- Gross operating margin +€216,537
up €216,537 (+504%), from €42,981 to €259,517
- Depreciation +€137,816
up €137,816 (+716%), from €19,254 to €157,069
- Financial charges +€47,137
up €47,137 (+176%), from €26,755 to €73,892
- Other operating charges +€13,805
up €13,805 (+331%), from €4,168 to €17,973
- Financial income +€3,425
new in 2025: €3,425
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,420,867 | €3,584,882 | -€835,985 | -18.9% |
| Fixed assets | 21/28 | €2,997,716 | €2,840,647 | -€157,069 | -5.2% |
| Tangible fixed assets | 22/27 | €2,997,716 | €2,840,647 | -€157,069 | -5.2% |
| Land and buildings | 22 | €2,997,716 | €2,840,647 | -€157,069 | -5.2% |
| Current assets | 29/58 | €1,423,150 | €744,235 | -€678,916 | -47.7% |
| Amounts receivable within one year | 40/41 | €291,000 | €480,000 | +€189,000 | +64.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €291,000 | €480,000 | +€189,000 | +64.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €1,124,153 | €58,421 | -€1.1m | -94.8% |
| Deferred charges and accrued income | 490/1 | €7,998 | €5,814 | -€2,183 | -27.3% |
| Total equity and liabilities | 10/49 | €4,420,867 | €3,584,882 | -€835,985 | -18.9% |
| Equity | 10/15 | €59,570 | €71,801 | +€12,230 | +20.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €39,500 | €51,500 | +€12,000 | +30.4% |
| Distributable reserves | 133 | €39,500 | €51,500 | +€12,000 | +30.4% |
| Profit (loss) carried forward | 14 | €70 | €301 | +€230 | +327% |
| Amounts payable | 17/49 | €4,361,296 | €3,513,081 | -€848,215 | -19.4% |
| Amounts payable after more than one year | 17 | €2,036,134 | €1,954,515 | -€81,619 | -4.0% |
| Financial debts | 170/4 | €2,036,134 | €1,954,515 | -€81,619 | -4.0% |
| Amounts payable within one year | 42/48 | €802,328 | €92,178 | -€710,150 | -88.5% |
| Current portion of amounts payable after more than one year | 42 | €773,264 | €81,619 | -€691,646 | -89.4% |
| Trade debts | 44 | €2,813 | €6,810 | +€3,996 | +142% |
| Suppliers | 440/4 | €2,813 | €6,810 | +€3,996 | +142% |
| Taxes, remuneration and social security | 45 | €0 | €750 | +€750 | |
| Taxes | 450/3 | €0 | €750 | +€750 | |
| Other amounts payable | 47/48 | €26,250 | €3,000 | -€23,250 | -88.6% |
| Accrued charges and deferred income | 492/3 | €1,522,835 | €1,466,388 | -€56,447 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,254 | €157,069 | +€137,816 | +716% |
| Other operating charges | 640/8 | €4,168 | €17,973 | +€13,805 | +331% |
| Gross operating margin | 9900 | €42,981 | €259,517 | +€216,537 | +504% |
| Operating profit (loss) | 9901 | €19,559 | €84,475 | +€64,916 | +332% |
| Financial income | 75/76B | - | €3,425 | +€3,425 | |
| Recurring financial income | 75 | - | €3,425 | +€3,425 | |
| Financial charges | 65/66B | €26,755 | €73,892 | +€47,137 | +176% |
| Recurring financial charges | 65 | €26,755 | €73,892 | +€47,137 | +176% |
| Profit (loss) for the period before taxes | 9903 | -€7,196 | €14,008 | +€21,203 | |
| Income taxes | 67/77 | -€9 | €1,777 | +€1,786 | |
| Profit (loss) for the period | 9904 | -€7,187 | €12,230 | +€19,417 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,187 | €12,230 | +€19,417 |
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 24 October 2026 via checked.be.