IMMO MARGARETHA: 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 MARGARETHA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,906
2024 · €48,698-€16,791
Equity
€391,096
2024 · €359,190+€31,906
Cash
€12,747
2024 · €12,177+€570
Balance sheet total
€2.3m
2024 · €2.3m-€91,818
Largest movements
Assets
- Tangible fixed assets -€87,897
down €87,897 (-3.8%), from €2.3m to €2.2m
of which Land and buildings: -€87,395
Equity and liabilities
- Debts after one year -€108,404
down €108,404 (-8.4%), from €1.3m to €1.2m
- Reserves +€31,906
up €31,906 (+12.6%), from €253,389 to €285,295
of which Distributable reserves: +€33,038
Income statement
- Gross operating margin -€34,411
down €34,411 (-14.6%), from €235,899 to €201,488
- Write-downs -€14,641
down €14,641 (-81.3%), from €18,000 to €3,359
- Taxes -€3,045
down €3,045 (-23.3%), from €13,092 to €10,047
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
€48,698
Gross operating margin
-€34,411
Depreciation
-€453
Write-downs
+€14,641
Other operating charges
+€150
Financial income
+€32
Financial charges
+€204
Taxes
+€3,045
Result 2025
€31,906
raises the resultlowers the result
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
+€135,742
Investment
-€19,404
Financing
-€115,767
Cash 2024
€12,177
From operations (derived)
+€135,742
Net result for the year
+€31,906
Depreciation
+€107,301
Stocks and contracts
+€3,359
Receivables within one year
+€1,662
Deferred charges and accrued income
-€529
Provisions
-€583
Smaller working-capital items
+€208
Tax, wage and social debts
+€12,908
Accrued charges and deferred income
-€20,490
Investment (derived)
-€19,404
Investment in fixed assets (net)
-€19,404
Financing
-€115,767
Debts after one year
-€108,404
Current portion of long-term debt
+€1,586
Short-term financial debts
-€8,950
Cash 2025
€12,747
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,345,464 | €2,253,646 | -€91,818 | -3.9% |
| Fixed assets | 21/28 | €2,306,444 | €2,218,547 | -€87,897 | -3.8% |
| Tangible fixed assets | 22/27 | €2,306,444 | €2,218,547 | -€87,897 | -3.8% |
| Land and buildings | 22 | €2,305,072 | €2,217,677 | -€87,395 | -3.8% |
| Furniture and vehicles | 24 | €1,371 | €870 | -€501 | -36.6% |
| Current assets | 29/58 | €39,020 | €35,099 | -€3,921 | -10.0% |
| Stocks and contracts in progress | 3 | €3,359 | €0 | -€3,359 | -100% |
| Stocks | 30/36 | €3,359 | €0 | -€3,359 | -100% |
| Amounts receivable within one year | 40/41 | €9,744 | €8,082 | -€1,662 | -17.1% |
| Trade receivables | 40 | €7,836 | €8,082 | +€246 | +3.1% |
| Other amounts receivable | 41 | €1,908 | €0 | -€1,908 | -100% |
| Cash at bank and in hand | 54/58 | €12,177 | €12,747 | +€570 | +4.7% |
| Deferred charges and accrued income | 490/1 | €13,741 | €14,270 | +€529 | +3.9% |
| Total equity and liabilities | 10/49 | €2,345,464 | €2,253,646 | -€91,818 | -3.9% |
| Equity | 10/15 | €359,190 | €391,096 | +€31,906 | +8.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €253,389 | €285,295 | +€31,906 | +12.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €27,158 | €26,027 | -€1,132 | -4.2% |
| Distributable reserves | 133 | €226,230 | €259,268 | +€33,038 | +14.6% |
| Profit (loss) carried forward | 14 | €86,801 | €86,801 | = | 0.0% |
| Provisions and deferred taxes | 16 | €327,752 | €327,169 | -€583 | -0.2% |
| Provisions for liabilities and charges | 160/5 | €313,767 | €313,767 | = | 0.0% |
| Pensions and similar obligations | 160 | €313,767 | €313,767 | = | 0.0% |
| Deferred taxes | 168 | €13,984 | €13,402 | -€583 | -4.2% |
| Amounts payable | 17/49 | €1,658,522 | €1,535,381 | -€123,142 | -7.4% |
| Amounts payable after more than one year | 17 | €1,286,978 | €1,178,574 | -€108,404 | -8.4% |
| Financial debts | 170/4 | €1,286,978 | €1,178,574 | -€108,404 | -8.4% |
| Amounts payable within one year | 42/48 | €341,747 | €347,499 | +€5,752 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €106,818 | €108,404 | +€1,586 | +1.5% |
| Financial debts | 43 | €8,950 | €0 | -€8,950 | -100% |
| Credit institutions | 430/8 | €8,950 | €0 | -€8,950 | -100% |
| Trade debts | 44 | €1,969 | €2,234 | +€265 | +13.5% |
| Suppliers | 440/4 | €1,969 | €2,234 | +€265 | +13.5% |
| Taxes, remuneration and social security | 45 | €6,775 | €19,683 | +€12,908 | +191% |
| Taxes | 450/3 | €4,725 | €17,633 | +€12,908 | +273% |
| Remuneration and social security | 454/9 | €2,050 | €2,050 | = | 0.0% |
| Other amounts payable | 47/48 | €217,236 | €217,178 | -€58 | 0.0% |
| Accrued charges and deferred income | 492/3 | €29,797 | €9,308 | -€20,490 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,848 | €107,301 | +€453 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,000 | €3,359 | -€14,641 | -81.3% |
| Other operating charges | 640/8 | €19,727 | €19,578 | -€150 | -0.8% |
| Gross operating margin | 9900 | €235,899 | €201,488 | -€34,411 | -14.6% |
| Operating profit (loss) | 9901 | €91,323 | €71,250 | -€20,073 | -22.0% |
| Financial income | 75/76B | €71 | €103 | +€32 | +44.7% |
| Recurring financial income | 75 | €71 | €103 | +€32 | +44.7% |
| Financial charges | 65/66B | €30,187 | €29,982 | -€204 | -0.7% |
| Recurring financial charges | 65 | €30,187 | €29,982 | -€204 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €61,208 | €41,371 | -€19,837 | -32.4% |
| Transfer from deferred taxes | 780 | €583 | €583 | = | 0.0% |
| Income taxes | 67/77 | €13,092 | €10,047 | -€3,045 | -23.3% |
| Profit (loss) for the period | 9904 | €48,698 | €31,906 | -€16,791 | -34.5% |
| Transfer from tax-exempt reserves | 789 | €1,132 | €1,132 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,829 | €33,038 | -€16,791 | -33.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.