IMMO GFH: 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 GFH
Largest movements
- Tangible fixed assets +€936,256
up €936,256 (+14.7%), from €6.4m to €7.3m
of which Land and buildings: +€998,639
- Receivables within one year -€201,738
down €201,738 (-48.7%), from €414,518 to €212,780
of which Other amounts receivable: -€202,244
- Debts after one year +€838,269
up €838,269 (+19.8%), from €4.2m to €5.1m
of which Financial debts: +€838,269
- Revaluation surpluses -€182,069
down €182,069 (-27.3%), from €667,358 to €485,289
- Trade debts -€104,812
down €104,812 (-76.5%), from €137,078 to €32,266
- Financial charges +€89,613
up €89,613 (+58.3%), from €153,829 to €243,442
- Depreciation -€44,484
down €44,484 (-9.4%), from €472,585 to €428,100
- Gross operating margin -€18,650
down €18,650 (-2.9%), from €653,740 to €635,090
- Other operating charges +€13,992
up €13,992 (+32.7%), from €42,832 to €56,824
- Write-downs +€6,657
up €6,657 (+86.9%), from -€7,657 to -€1,000
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 | €6,933,834 | €7,618,400 | +€684,566 | +9.9% |
| Fixed assets | 21/28 | €6,464,674 | €7,375,829 | +€911,155 | +14.1% |
| Intangible fixed assets | 21 | €87,751 | €62,650 | -€25,101 | -28.6% |
| Tangible fixed assets | 22/27 | €6,376,923 | €7,313,179 | +€936,256 | +14.7% |
| Land and buildings | 22 | €5,870,860 | €6,869,499 | +€998,639 | +17.0% |
| Leasing and similar rights | 25 | €506,064 | €443,680 | -€62,384 | -12.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €469,160 | €242,571 | -€226,589 | -48.3% |
| Amounts receivable within one year | 40/41 | €414,518 | €212,780 | -€201,738 | -48.7% |
| Trade receivables | 40 | - | €505 | +€505 | |
| Other amounts receivable | 41 | €414,518 | €212,274 | -€202,244 | -48.8% |
| Cash at bank and in hand | 54/58 | €53,923 | €27,987 | -€25,936 | -48.1% |
| Deferred charges and accrued income | 490/1 | €718 | €1,804 | +€1,086 | +151.1% |
| Total equity and liabilities | 10/49 | €6,933,834 | €7,618,400 | +€684,566 | +9.9% |
| Equity | 10/15 | €1,644,431 | €1,490,502 | -€153,929 | -9.4% |
| Contributions | 10/11 | €123,324 | €123,324 | = | 0.0% |
| Revaluation surpluses | 12 | €667,358 | €485,289 | -€182,069 | -27.3% |
| Reserves | 13 | €853,749 | €881,889 | +€28,140 | +3.3% |
| Tax-exempt reserves | 132 | €34,750 | €31,021 | -€3,729 | -10.7% |
| Distributable reserves | 133 | €818,999 | €850,869 | +€31,869 | +3.9% |
| Amounts payable | 17/49 | €5,289,403 | €6,127,898 | +€838,495 | +15.9% |
| Amounts payable after more than one year | 17 | €4,230,482 | €5,068,751 | +€838,269 | +19.8% |
| Financial debts | 170/4 | €3,955,482 | €4,793,751 | +€838,269 | +21.2% |
| Other amounts payable | 178/9 | €275,000 | €275,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,023,197 | €1,059,147 | +€35,949 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €308,990 | €384,806 | +€75,816 | +24.5% |
| Financial debts | 43 | €150,000 | €172,945 | +€22,945 | +15.3% |
| Credit institutions | 430/8 | €150,000 | €172,945 | +€22,945 | +15.3% |
| Trade debts | 44 | €137,078 | €32,266 | -€104,812 | -76.5% |
| Suppliers | 440/4 | €137,078 | €32,266 | -€104,812 | -76.5% |
| Taxes, remuneration and social security | 45 | €0 | €40,000 | +€40,000 | |
| Taxes | 450/3 | €0 | €40,000 | +€40,000 | |
| Other amounts payable | 47/48 | €427,130 | €429,130 | +€2,000 | +0.5% |
| Accrued charges and deferred income | 492/3 | €35,723 | €0 | -€35,723 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €472,585 | €428,100 | -€44,484 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,657 | -€1,000 | +€6,657 | +86.9% |
| Other operating charges | 640/8 | €42,832 | €56,824 | +€13,992 | +32.7% |
| Gross operating margin | 9900 | €653,740 | €635,090 | -€18,650 | -2.9% |
| Operating profit (loss) | 9901 | €145,981 | €151,166 | +€5,185 | +3.6% |
| Financial charges | 65/66B | €153,829 | €243,442 | +€89,613 | +58.3% |
| Recurring financial charges | 65 | €153,829 | €243,442 | +€89,613 | +58.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,849 | -€92,277 | -€84,428 | -1075.7% |
| Income taxes | 67/77 | €60,155 | €61,652 | +€1,497 | +2.5% |
| Profit (loss) for the period | 9904 | -€68,004 | -€153,929 | -€85,925 | -126.4% |
| Transfer from tax-exempt reserves | 789 | €24,190 | €3,729 | -€20,461 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,814 | -€150,200 | -€106,386 | -242.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.