Immo GS: 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 GS
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-41.7%), from €3.0m to €1.8m
of which Other amounts receivable: -€1.2m
- Current investments +€1.0m
new in 2025: €1.0m
- Receivables after one year -€316,389
down €316,389 (-55.9%), from €566,389 to €250,000
- Tangible fixed assets +€254,432
up €254,432 (+10.7%), from €2.4m to €2.6m
- Financial fixed assets -€150,000
down €150,000 (-2.3%), from €6.6m to €6.4m
- Reserves -€1.1m
down €1.1m (-10.9%), from €10.6m to €9.4m
of which Distributable reserves: -€1.1m
- Other debts +€664,200
up €664,200 (+43.7%), from €1.5m to €2.2m
- Financial income -€466,780
down €466,780 (-31.2%), from €1.5m to €1.0m
- Gross operating margin +€57,220
up €57,220 (+10.1%), from €564,590 to €621,809
- Financial charges +€48,325
up €48,325 (+1144.8%), from €4,221 to €52,546
- Taxes -€29,269
down €29,269 (-10.2%), from €287,774 to €258,506
- Depreciation -€12,267
down €12,267 (-9.8%), from €124,977 to €112,710
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 | €13,216,743 | €12,624,179 | -€592,564 | -4.5% |
| Fixed assets | 21/28 | €9,396,870 | €9,424,161 | +€27,290 | +0.3% |
| Intangible fixed assets | 21 | €443,566 | €366,424 | -€77,142 | -17.4% |
| Tangible fixed assets | 22/27 | €2,388,488 | €2,642,921 | +€254,432 | +10.7% |
| Land and buildings | 22 | €2,388,488 | €2,642,921 | +€254,432 | +10.7% |
| Financial fixed assets | 28 | €6,564,816 | €6,414,816 | -€150,000 | -2.3% |
| Current assets | 29/58 | €3,819,873 | €3,200,018 | -€619,854 | -16.2% |
| Amounts receivable after more than one year | 29 | €566,389 | €250,000 | -€316,389 | -55.9% |
| Other amounts receivable | 291 | €566,389 | €250,000 | -€316,389 | -55.9% |
| Amounts receivable within one year | 40/41 | €3,030,364 | €1,767,839 | -€1.3m | -41.7% |
| Trade receivables | 40 | €37,450 | €0 | -€37,450 | -100.0% |
| Other amounts receivable | 41 | €2,992,914 | €1,767,839 | -€1.2m | -40.9% |
| Current investments | 50/53 | - | €1,041,386 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €222,095 | €99,717 | -€122,378 | -55.1% |
| Deferred charges and accrued income | 490/1 | €1,025 | €41,076 | +€40,051 | +3907.6% |
| Total equity and liabilities | 10/49 | €13,216,743 | €12,624,179 | -€592,564 | -4.5% |
| Equity | 10/15 | €11,270,968 | €10,121,641 | -€1.1m | -10.2% |
| Contributions | 10/11 | €263,434 | €263,434 | = | 0.0% |
| Revaluation surpluses | 12 | €432,047 | €432,047 | = | 0.0% |
| Reserves | 13 | €10,575,487 | €9,426,160 | -€1.1m | -10.9% |
| Tax-exempt reserves | 132 | €443,566 | €366,424 | -€77,142 | -17.4% |
| Distributable reserves | 133 | €10,131,921 | €9,059,736 | -€1.1m | -10.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,945,775 | €2,502,538 | +€556,763 | +28.6% |
| Amounts payable after more than one year | 17 | €73,093 | €0 | -€73,093 | -100.0% |
| Financial debts | 170/4 | €73,093 | €0 | -€73,093 | -100.0% |
| Amounts payable within one year | 42/48 | €1,871,597 | €2,501,453 | +€629,856 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €124,331 | €73,093 | -€51,238 | -41.2% |
| Taxes, remuneration and social security | 45 | €227,266 | €244,160 | +€16,894 | +7.4% |
| Taxes | 450/3 | €227,266 | €244,160 | +€16,894 | +7.4% |
| Other amounts payable | 47/48 | €1,520,000 | €2,184,200 | +€664,200 | +43.7% |
| Accrued charges and deferred income | 492/3 | €1,085 | €1,085 | = | 0.0% |
| Non-recurring operating income | 76A | €30,127 | €0 | -€30,127 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,977 | €112,710 | -€12,267 | -9.8% |
| Other operating charges | 640/8 | €20,522 | €20,949 | +€427 | +2.1% |
| Non-recurring operating charges | 66A | - | €35,098 | +€35,098 | |
| Gross operating margin | 9900 | €564,590 | €621,809 | +€57,220 | +10.1% |
| Operating profit (loss) | 9901 | €419,091 | €453,053 | +€33,962 | +8.1% |
| Financial income | 75/76B | €1,495,452 | €1,028,672 | -€466,780 | -31.2% |
| Recurring financial income | 75 | €1,495,452 | €1,028,672 | -€466,780 | -31.2% |
| Financial charges | 65/66B | €4,221 | €52,546 | +€48,325 | +1144.8% |
| Recurring financial charges | 65 | €4,221 | €52,546 | +€48,325 | +1144.8% |
| Profit (loss) for the period before taxes | 9903 | €1,910,322 | €1,429,179 | -€481,143 | -25.2% |
| Income taxes | 67/77 | €287,774 | €258,506 | -€29,269 | -10.2% |
| Profit (loss) for the period | 9904 | €1,622,547 | €1,170,673 | -€451,874 | -27.8% |
| Transfer from tax-exempt reserves | 789 | €77,142 | €77,142 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,699,689 | €1,247,815 | -€451,874 | -26.6% |
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 9 October 2026 via checked.be.