IMMO NACHTERGAELE: 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 NACHTERGAELE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,385
2024 · €18,148-€22,533
Equity
€1.7m
2024 · €1.7m-€4,385
Cash
€158,127
2024 · €130,520+€27,607
Balance sheet total
€2.9m
2024 · €2.5m+€421,325
Largest movements
Assets
- Tangible fixed assets +€391,498
up €391,498 (+16.6%), from €2.4m to €2.7m
Equity and liabilities
- Other debts +€525,575
up €525,575 (+490%), from €107,288 to €632,863
- Debts after one year -€82,834
down €82,834 (-33.8%), from €244,827 to €161,993
Income statement
- Financial charges +€27,962
up €27,962 (+215%), from €12,977 to €40,939
- Depreciation +€9,049
up €9,049 (+9.1%), from €99,182 to €108,231
- Gross operating margin +€8,086
up €8,086 (+5.6%), from €143,698 to €151,784
- Taxes -€6,454
down €6,454 (-29.7%), from €21,733 to €15,279
- Other operating charges +€1,860
up €1,860 (+27.2%), from €6,829 to €8,689
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
€18,148
Gross operating margin
+€8,086
Depreciation
-€9,049
Other operating charges
-€1,860
Financial income
-€191
Financial charges
-€27,962
Taxes
+€6,454
Deferred taxes and other
+€1,990
Result 2025
-€4,385
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
+€609,036
Investment
-€499,729
Financing
-€81,701
Cash 2024
€130,520
From operations (derived)
+€609,036
Net result for the year
-€4,385
Depreciation
+€108,231
Receivables within one year
-€2,221
Provisions
-€16,741
Tax, wage and social debts
-€1,423
Other debts
+€525,575
Investment (derived)
-€499,729
Investment in fixed assets (net)
-€499,729
Financing
-€81,701
Debts after one year
-€82,834
Current portion of long-term debt
+€1,133
Cash 2025
€158,127
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,485,540 | €2,906,866 | +€421,325 | +17.0% |
| Fixed assets | 21/28 | €2,355,020 | €2,746,518 | +€391,498 | +16.6% |
| Tangible fixed assets | 22/27 | €2,355,020 | €2,746,518 | +€391,498 | +16.6% |
| Land and buildings | 22 | €2,355,020 | €2,746,518 | +€391,498 | +16.6% |
| Current assets | 29/58 | €130,520 | €160,348 | +€29,827 | +22.9% |
| Amounts receivable within one year | 40/41 | - | €2,221 | +€2,221 | |
| Other amounts receivable | 41 | - | €2,221 | +€2,221 | |
| Cash at bank and in hand | 54/58 | €130,520 | €158,127 | +€27,607 | +21.2% |
| Total equity and liabilities | 10/49 | €2,485,540 | €2,906,866 | +€421,325 | +17.0% |
| Equity | 10/15 | €1,682,570 | €1,678,185 | -€4,385 | -0.3% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Capital | 10 | €210,000 | €210,000 | = | 0.0% |
| Issued capital | 100 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €1,472,570 | €1,468,185 | -€4,385 | -0.3% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Legal reserve | 130 | €21,000 | €21,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,062,063 | €1,011,841 | -€50,222 | -4.7% |
| Distributable reserves | 133 | €389,507 | €435,345 | +€45,837 | +11.8% |
| Provisions and deferred taxes | 16 | €354,021 | €337,280 | -€16,741 | -4.7% |
| Deferred taxes | 168 | €354,021 | €337,280 | -€16,741 | -4.7% |
| Amounts payable | 17/49 | €448,949 | €891,400 | +€442,451 | +98.6% |
| Amounts payable after more than one year | 17 | €244,827 | €161,993 | -€82,834 | -33.8% |
| Financial debts | 170/4 | €244,827 | €161,993 | -€82,834 | -33.8% |
| Amounts payable within one year | 42/48 | €201,372 | €726,657 | +€525,285 | +261% |
| Current portion of amounts payable after more than one year | 42 | €81,701 | €82,834 | +€1,133 | +1.4% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €12,383 | €10,961 | -€1,423 | -11.5% |
| Taxes | 450/3 | €12,383 | €10,961 | -€1,423 | -11.5% |
| Other amounts payable | 47/48 | €107,288 | €632,863 | +€525,575 | +490% |
| Accrued charges and deferred income | 492/3 | €2,750 | €2,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,182 | €108,231 | +€9,049 | +9.1% |
| Other operating charges | 640/8 | €6,829 | €8,689 | +€1,860 | +27.2% |
| Gross operating margin | 9900 | €143,698 | €151,784 | +€8,086 | +5.6% |
| Operating profit (loss) | 9901 | €37,687 | €34,864 | -€2,823 | -7.5% |
| Financial income | 75/76B | €420 | €228 | -€191 | -45.6% |
| Recurring financial income | 75 | €420 | €228 | -€191 | -45.6% |
| Financial charges | 65/66B | €12,977 | €40,939 | +€27,962 | +215% |
| Recurring financial charges | 65 | €12,977 | €40,939 | +€27,962 | +215% |
| Profit (loss) for the period before taxes | 9903 | €25,130 | -€5,847 | -€30,977 | |
| Transfer from deferred taxes | 780 | €14,751 | €16,741 | +€1,990 | +13.5% |
| Income taxes | 67/77 | €21,733 | €15,279 | -€6,454 | -29.7% |
| Profit (loss) for the period | 9904 | €18,148 | -€4,385 | -€22,533 | |
| Transfer from tax-exempt reserves | 789 | €44,253 | €50,222 | +€5,970 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €62,400 | €45,837 | -€16,563 | -26.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.