IMMO GK: 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 GK
Largest movements
- Tangible fixed assets +€63,989
up €63,989 (+6.8%), from €934,994 to €998,982
of which Assets under construction and advance payments: +€77,350
- Cash +€35,594
up €35,594 (+494%), from €7,212 to €42,806
mainly Net result for the year (+€74,805) and Debts after one year (+€60,430)
- Debts after one year +€60,430
up €60,430 (+14.4%), from €419,994 to €480,424
- Reserves +€54,805
up €54,805 (+15.0%), from €364,512 to €419,317
of which Distributable reserves: +€57,629
- Current portion of long-term debt -€19,559
down €19,559 (-18.8%), from €104,108 to €84,549
- Other debts +€19,201
up €19,201 (+2,403%), from €799 to €20,000
- Gross operating margin -€4,547
down €4,547 (-2.6%), from €176,584 to €172,037
- Depreciation +€3,362
up €3,362 (+6.5%), from €51,554 to €54,915
- Financial charges -€2,230
down €2,230 (-12.8%), from €17,382 to €15,152
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 | €949,358 | €1,052,720 | +€103,362 | +10.9% |
| Fixed assets | 21/28 | €934,994 | €998,982 | +€63,989 | +6.8% |
| Tangible fixed assets | 22/27 | €934,994 | €998,982 | +€63,989 | +6.8% |
| Land and buildings | 22 | €924,306 | €912,986 | -€11,319 | -1.2% |
| Furniture and vehicles | 24 | €3,685 | €1,643 | -€2,042 | -55.4% |
| Assets under construction and advance payments | 27 | €7,003 | €84,353 | +€77,350 | +1,105% |
| Current assets | 29/58 | €14,365 | €53,738 | +€39,373 | +274% |
| Amounts receivable within one year | 40/41 | €6,713 | €10,413 | +€3,699 | +55.1% |
| Trade receivables | 40 | €6,713 | €3,476 | -€3,237 | -48.2% |
| Other amounts receivable | 41 | - | €6,937 | +€6,937 | |
| Cash at bank and in hand | 54/58 | €7,212 | €42,806 | +€35,594 | +494% |
| Deferred charges and accrued income | 490/1 | €439 | €519 | +€79 | +18.1% |
| Total equity and liabilities | 10/49 | €949,358 | €1,052,720 | +€103,362 | +10.9% |
| Equity | 10/15 | €383,112 | €437,917 | +€54,805 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €364,512 | €419,317 | +€54,805 | +15.0% |
| Tax-exempt reserves | 132 | €65,715 | €62,891 | -€2,824 | -4.3% |
| Distributable reserves | 133 | €298,797 | €356,426 | +€57,629 | +19.3% |
| Provisions and deferred taxes | 16 | €21,396 | €20,455 | -€941 | -4.4% |
| Deferred taxes | 168 | €21,396 | €20,455 | -€941 | -4.4% |
| Amounts payable | 17/49 | €544,850 | €594,348 | +€49,498 | +9.1% |
| Amounts payable after more than one year | 17 | €419,994 | €480,424 | +€60,430 | +14.4% |
| Financial debts | 170/4 | €419,994 | €480,424 | +€60,430 | +14.4% |
| Amounts payable within one year | 42/48 | €122,988 | €111,601 | -€11,387 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €104,108 | €84,549 | -€19,559 | -18.8% |
| Financial debts | 43 | €6,760 | €6,730 | -€30 | -0.4% |
| Credit institutions | 430/8 | €6,760 | €6,730 | -€30 | -0.4% |
| Trade debts | 44 | €10,194 | €19 | -€10,175 | -99.8% |
| Suppliers | 440/4 | €10,194 | €19 | -€10,175 | -99.8% |
| Taxes, remuneration and social security | 45 | €1,127 | €303 | -€824 | -73.1% |
| Taxes | 450/3 | €1,127 | €303 | -€824 | -73.1% |
| Other amounts payable | 47/48 | €799 | €20,000 | +€19,201 | +2,403% |
| Accrued charges and deferred income | 492/3 | €1,868 | €2,323 | +€455 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,554 | €54,915 | +€3,362 | +6.5% |
| Other operating charges | 640/8 | €8,033 | €8,991 | +€959 | +11.9% |
| Gross operating margin | 9900 | €176,584 | €172,037 | -€4,547 | -2.6% |
| Operating profit (loss) | 9901 | €116,997 | €108,130 | -€8,867 | -7.6% |
| Financial income | 75/76B | €1 | €131 | +€130 | +16,309% |
| Recurring financial income | 75 | €1 | €131 | +€130 | +16,309% |
| Financial charges | 65/66B | €17,382 | €15,152 | -€2,230 | -12.8% |
| Recurring financial charges | 65 | €17,382 | €15,152 | -€2,230 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €99,616 | €93,109 | -€6,507 | -6.5% |
| Transfer from deferred taxes | 780 | €2,339 | €941 | -€1,397 | -59.8% |
| Transfer to deferred taxes | 680 | €6,624 | - | -€6,624 | |
| Income taxes | 67/77 | €20,642 | €19,245 | -€1,397 | -6.8% |
| Profit (loss) for the period | 9904 | €74,689 | €74,805 | +€116 | +0.2% |
| Transfer from tax-exempt reserves | 789 | €7,016 | €2,824 | -€4,192 | -59.8% |
| Transfer to tax-exempt reserves | 689 | €19,871 | - | -€19,871 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,834 | €77,629 | +€15,795 | +25.5% |
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 19 October 2026 via checked.be.