IMMO TGC: 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 TGC
Largest movements
- Stocks and contracts +€2.1m
up €2.1m (+245%), from €873,348 to €3.0m
- Receivables within one year +€370,679
up €370,679 (+785%), from €47,234 to €417,914
of which Trade receivables: +€370,605
- Tangible fixed assets -€283,882
down €283,882 (-41.6%), from €682,218 to €398,336
of which Land and buildings: -€234,599
- Cash -€78,017
down €78,017 (-20.2%), from €386,593 to €308,576
mainly Stocks and contracts (-€2.1m) and Receivables within one year (-€370,679)
- Debts after one year +€2.0m
up €2.0m (+318%), from €630,996 to €2.6m
- Current portion of long-term debt -€160,265
down €160,265 (-80.6%), from €198,819 to €38,555
- Other debts +€154,723
up €154,723 (+497%), from €31,104 to €185,827
- Accrued charges and deferred income +€128,821
new in 2025: €128,821
- Profit (loss) carried forward -€115,577
down €115,577 (-12.4%), from €930,998 to €815,422
- Gross operating margin -€396,125
down €396,125 (-43.2%), from €917,362 to €521,237
- Taxes -€91,472
down €91,472 (-59.0%), from €154,929 to €63,457
- Depreciation -€75,269
down €75,269 (-50.1%), from €150,115 to €74,845
- Other operating charges -€58,951
down €58,951 (-88.0%), from €67,000 to €8,049
- Financial charges +€44,476
up €44,476 (+40.5%), from €109,696 to €154,171
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 | €2,022,957 | €4,173,242 | +€2.2m | +106% |
| Fixed assets | 21/28 | €683,352 | €399,178 | -€284,174 | -41.6% |
| Tangible fixed assets | 22/27 | €682,218 | €398,336 | -€283,882 | -41.6% |
| Land and buildings | 22 | €569,146 | €334,547 | -€234,599 | -41.2% |
| Plant, machinery and equipment | 23 | €18,826 | €9,458 | -€9,368 | -49.8% |
| Furniture and vehicles | 24 | €94,246 | €54,331 | -€39,916 | -42.4% |
| Financial fixed assets | 28 | €1,134 | €842 | -€292 | -25.8% |
| Current assets | 29/58 | €1,339,605 | €3,774,064 | +€2.4m | +182% |
| Stocks and contracts in progress | 3 | €873,348 | €3,009,883 | +€2.1m | +245% |
| Stocks | 30/36 | €873,348 | €3,009,883 | +€2.1m | +245% |
| Amounts receivable within one year | 40/41 | €47,234 | €417,914 | +€370,679 | +785% |
| Trade receivables | 40 | €47,191 | €417,796 | +€370,605 | +785% |
| Other amounts receivable | 41 | €44 | €118 | +€74 | +170% |
| Cash at bank and in hand | 54/58 | €386,593 | €308,576 | -€78,017 | -20.2% |
| Deferred charges and accrued income | 490/1 | €32,430 | €37,691 | +€5,262 | +16.2% |
| Total equity and liabilities | 10/49 | €2,022,957 | €4,173,242 | +€2.2m | +106% |
| Equity | 10/15 | €933,498 | €817,922 | -€115,577 | -12.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €930,998 | €815,422 | -€115,577 | -12.4% |
| Amounts payable | 17/49 | €1,089,459 | €3,355,320 | +€2.3m | +208% |
| Amounts payable after more than one year | 17 | €630,996 | €2,635,040 | +€2.0m | +318% |
| Financial debts | 170/4 | €630,996 | €2,635,040 | +€2.0m | +318% |
| Amounts payable within one year | 42/48 | €458,463 | €591,460 | +€132,997 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €198,819 | €38,555 | -€160,265 | -80.6% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €70,197 | €53,215 | -€16,981 | -24.2% |
| Suppliers | 440/4 | €70,197 | €53,215 | -€16,981 | -24.2% |
| Taxes, remuneration and social security | 45 | €158,343 | €263,863 | +€105,520 | +66.6% |
| Taxes | 450/3 | €156,825 | €262,381 | +€105,556 | +67.3% |
| Remuneration and social security | 454/9 | €1,518 | €1,482 | -€36 | -2.4% |
| Other amounts payable | 47/48 | €31,104 | €185,827 | +€154,723 | +497% |
| Accrued charges and deferred income | 492/3 | - | €128,821 | +€128,821 | |
| Remuneration, social security and pensions | 62 | €29,027 | €36,291 | +€7,265 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,115 | €74,845 | -€75,269 | -50.1% |
| Other operating charges | 640/8 | €67,000 | €8,049 | -€58,951 | -88.0% |
| Gross operating margin | 9900 | €917,362 | €521,237 | -€396,125 | -43.2% |
| Operating profit (loss) | 9901 | €671,221 | €402,051 | -€269,170 | -40.1% |
| Financial income | 75/76B | €148 | - | -€148 | |
| Recurring financial income | 75 | €148 | - | -€148 | |
| Financial charges | 65/66B | €109,696 | €154,171 | +€44,476 | +40.5% |
| Recurring financial charges | 65 | €109,696 | €154,171 | +€44,476 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €561,674 | €247,880 | -€313,794 | -55.9% |
| Income taxes | 67/77 | €154,929 | €63,457 | -€91,472 | -59.0% |
| Profit (loss) for the period | 9904 | €406,745 | €184,423 | -€222,322 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €406,745 | €184,423 | -€222,322 | -54.7% |
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 18 October 2026 via checked.be.