IMMO MAGTIB: 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 MAGTIB
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€53,621
2024 · €54,390-€108,011
Equity
€8.2m
2024 · €3.1m+€5.1m
Cash
€82,570
2024 · €24,347+€58,223
Balance sheet total
€21.4m
2024 · €17.6m+€3.8m
Largest movements
Assets
- Intangible fixed assets +€2.8m
up €2.8m (+1,584%), from €179,434 to €3.0m
- Tangible fixed assets +€1.0m
up €1.0m (+9.4%), from €10.6m to €11.6m
Equity and liabilities
- Revaluation surpluses +€4.9m
up €4.9m (+267%), from €1.8m to €6.7m
- Other debts -€906,344
down €906,344 (-22.0%), from €4.1m to €3.2m
- Debts after one year -€420,822
down €420,822 (-6.3%), from €6.7m to €6.3m
Income statement
- Gross operating margin -€220,034
down €220,034 (-19.6%), from €1.1m to €903,500
- Depreciation -€93,070
down €93,070 (-14.7%), from €631,504 to €538,433
- Taxes +€62,637
up €62,637 (+755%), from €8,300 to €70,937
- Financial charges -€32,741
down €32,741 (-9.1%), from €358,089 to €325,348
- Other operating charges -€20,049
down €20,049 (-90.5%), from €22,153 to €2,103
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
€54,390
Gross operating margin
-€220,034
Staff costs
-€10,730
Depreciation
+€93,070
Other operating charges
+€20,049
Other operating items
+€21,483
Financial income
+€4,946
Financial charges
+€32,741
Taxes
-€62,637
Deferred taxes and other
+€13,102
Result 2025
-€53,621
raises the resultlowers 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
-€333,609
Investment
-€4.4m
Financing
+€4.8m
Cash 2024
€24,347
From operations (derived)
-€333,609
Net result for the year
-€53,621
Depreciation
+€538,433
Receivables within one year
+€132,102
Smaller working-capital items
-€4,092
Trade debts
-€40,087
Other debts
-€906,344
Investment (derived)
-€4.4m
Investment in fixed assets (net)
-€4.3m
Current investments
-€30,940
Financing
+€4.8m
Debts after one year
-€420,822
Current portion of long-term debt
-€57,720
Short-term financial debts
+€106,669
Contributions, distributions and other
+€5.1m
Cash 2025
€82,570
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,630,388 | €21,381,187 | +€3.8m | +21.3% |
| Fixed assets | 21/28 | €15,341,666 | €19,135,404 | +€3.8m | +24.7% |
| Intangible fixed assets | 21 | €179,434 | €3,022,420 | +€2.8m | +1,584% |
| Tangible fixed assets | 22/27 | €10,621,233 | €11,621,985 | +€1.0m | +9.4% |
| Land and buildings | 22 | €10,621,233 | €11,621,985 | +€1.0m | +9.4% |
| Financial fixed assets | 28 | €4,541,000 | €4,491,000 | -€50,000 | -1.1% |
| Current assets | 29/58 | €2,288,721 | €2,245,783 | -€42,939 | -1.9% |
| Stocks and contracts in progress | 3 | €487,733 | €487,733 | = | 0.0% |
| Stocks | 30/36 | €487,733 | €487,733 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €985,965 | €853,864 | -€132,102 | -13.4% |
| Trade receivables | 40 | €82,794 | €73,438 | -€9,356 | -11.3% |
| Other amounts receivable | 41 | €903,171 | €780,426 | -€122,745 | -13.6% |
| Current investments | 50/53 | €790,676 | €821,616 | +€30,940 | +3.9% |
| Cash at bank and in hand | 54/58 | €24,347 | €82,570 | +€58,223 | +239% |
| Total equity and liabilities | 10/49 | €17,630,388 | €21,381,187 | +€3.8m | +21.3% |
| Equity | 10/15 | €3,098,635 | €8,171,831 | +€5.1m | +164% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,834,883 | €6,736,236 | +€4.9m | +267% |
| Reserves | 13 | €1,493,650 | €1,486,369 | -€7,281 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,487,450 | €1,480,169 | -€7,281 | -0.5% |
| Profit (loss) carried forward | 14 | -€291,897 | -€112,774 | +€179,123 | +61.4% |
| Provisions and deferred taxes | 16 | €512,061 | €509,782 | -€2,279 | -0.4% |
| Deferred taxes | 168 | €512,061 | €509,782 | -€2,279 | -0.4% |
| Amounts payable | 17/49 | €14,019,691 | €12,699,574 | -€1.3m | -9.4% |
| Amounts payable after more than one year | 17 | €6,723,533 | €6,302,711 | -€420,822 | -6.3% |
| Financial debts | 170/4 | €6,723,533 | €6,302,711 | -€420,822 | -6.3% |
| Amounts payable within one year | 42/48 | €7,296,158 | €6,396,863 | -€899,295 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €799,385 | €741,666 | -€57,720 | -7.2% |
| Financial debts | 43 | €2,231,331 | €2,338,000 | +€106,669 | +4.8% |
| Credit institutions | 430/8 | €2,231,331 | €2,338,000 | +€106,669 | +4.8% |
| Trade debts | 44 | €142,639 | €102,551 | -€40,087 | -28.1% |
| Suppliers | 440/4 | €142,639 | €102,551 | -€40,087 | -28.1% |
| Taxes, remuneration and social security | 45 | €6,124 | €4,312 | -€1,813 | -29.6% |
| Remuneration and social security | 454/9 | €6,124 | €4,312 | -€1,813 | -29.6% |
| Other amounts payable | 47/48 | €4,116,679 | €3,210,334 | -€906,344 | -22.0% |
| Non-recurring operating income | 76A | - | €115,725 | +€115,725 | |
| Remuneration, social security and pensions | 62 | €22,063 | €32,793 | +€10,730 | +48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €631,504 | €538,433 | -€93,070 | -14.7% |
| Other operating charges | 640/8 | €22,153 | €2,103 | -€20,049 | -90.5% |
| Non-recurring operating charges | 66A | €21,483 | - | -€21,483 | |
| Gross operating margin | 9900 | €1,123,534 | €903,500 | -€220,034 | -19.6% |
| Operating profit (loss) | 9901 | €426,332 | €330,170 | -€96,162 | -22.6% |
| Financial income | 75/76B | €5,270 | €10,216 | +€4,946 | +93.8% |
| Recurring financial income | 75 | €5,270 | €10,216 | +€4,946 | +93.8% |
| Financial charges | 65/66B | €358,089 | €325,348 | -€32,741 | -9.1% |
| Recurring financial charges | 65 | €358,089 | €325,348 | -€32,741 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €73,513 | €15,038 | -€58,476 | -79.5% |
| Transfer from deferred taxes | 780 | €29,209 | €31,210 | +€2,002 | +6.9% |
| Transfer to deferred taxes | 680 | €40,032 | €28,931 | -€11,101 | -27.7% |
| Income taxes | 67/77 | €8,300 | €70,937 | +€62,637 | +755% |
| Profit (loss) for the period | 9904 | €54,390 | -€53,621 | -€108,011 | |
| Transfer from tax-exempt reserves | 789 | €88,070 | €94,074 | +€6,005 | +6.8% |
| Transfer to tax-exempt reserves | 689 | €120,096 | €86,794 | -€33,303 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,363 | -€46,340 | -€68,703 |
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 23 October 2026 via checked.be.