IMMODEG: what changed
Two fiscal 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
IMMODEG
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.0m
2024 · €29,173+€6.0m
Equity
€7.8m
2024 · €1.8m+€6.0m
Cash
€186,904
2024 · €799,177-€612,273
Balance sheet total
€8.6m
2024 · €2.7m+€5.8m
Largest movements
Assets
- Financial fixed assets +€7.0m
new in 2025: €7.0m
- Cash -€612,273
down €612,273 (-76.6%), from €799,177 to €186,904
mainly Investment in fixed assets (net) (-€6.8m) and Trade debts (-€75,306)
- Tangible fixed assets -€522,686
down €522,686 (-29.8%), from €1.8m to €1.2m
of which Land and buildings: -€464,925
Equity and liabilities
- Profit (loss) carried forward +€6.0m
up €6.0m (+353.7%), from €1.7m to €7.7m
Income statement
- Gross operating margin +€7.7m
up €7.7m (+986.3%), from €778,330 to €8.5m
- Taxes +€2.0m
up €2.0m (+18293.8%), from €10,867 to €2.0m
- Write-downs -€284,320
down €284,320, from €17,129 to -€267,191
- Other operating charges +€131,277
up €131,277 (+112.2%), from €117,027 to €248,304
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
€29,173
Gross operating margin
+€7.7m
Staff costs
-€20,584
Depreciation
+€74,472
Write-downs
+€284,320
Other operating charges
-€131,277
Other operating items
-€8,400
Financial income
+€33,448
Financial charges
+€51,915
Taxes
-€2.0m
Result 2025
€6.0m
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.
From operations
+€6.2m
Investment
-€6.8m
Financing
-€91,916
Cash 2024
€799,177
From operations (derived)
+€6.2m
Net result for the year
+€6.0m
Depreciation
+€260,692
Receivables within one year
+€52,359
Smaller working-capital items
+€2,177
Trade debts
-€75,306
Investment (derived)
-€6.8m
Investment in fixed assets (net)
-€6.8m
Financing
-€91,916
Debts after one year
-€56,778
Current portion of long-term debt
-€35,138
Cash 2025
€186,904
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,715,943 | €8,551,073 | +€5.8m | +214.8% |
| Fixed assets | 21/28 | €1,764,931 | €8,266,066 | +€6.5m | +368.4% |
| Intangible fixed assets | 21 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Tangible fixed assets | 22/27 | €1,754,931 | €1,232,245 | -€522,686 | -29.8% |
| Land and buildings | 22 | €1,044,373 | €579,448 | -€464,925 | -44.5% |
| Plant, machinery and equipment | 23 | €18,730 | €40,301 | +€21,571 | +115.2% |
| Furniture and vehicles | 24 | €1,664 | €1,248 | -€416 | -25.0% |
| Leasing and similar rights | 25 | €16,065 | €12,049 | -€4,016 | -25.0% |
| Other tangible fixed assets | 26 | €674,100 | €599,200 | -€74,900 | -11.1% |
| Financial fixed assets | 28 | - | €7,028,820 | +€7.0m | |
| Current assets | 29/58 | €951,012 | €285,007 | -€666,005 | -70.0% |
| Amounts receivable within one year | 40/41 | €142,622 | €90,262 | -€52,359 | -36.7% |
| Trade receivables | 40 | €104,072 | €86,861 | -€17,212 | -16.5% |
| Other amounts receivable | 41 | €38,549 | €3,402 | -€35,148 | -91.2% |
| Cash at bank and in hand | 54/58 | €799,177 | €186,904 | -€612,273 | -76.6% |
| Deferred charges and accrued income | 490/1 | €9,214 | €7,841 | -€1,373 | -14.9% |
| Total equity and liabilities | 10/49 | €2,715,943 | €8,551,073 | +€5.8m | +214.8% |
| Equity | 10/15 | €1,839,446 | €7,840,994 | +€6.0m | +326.3% |
| Contributions | 10/11 | €62,891 | €62,891 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €891 | €891 | = | 0.0% |
| Share premium | 1100/10 | €891 | €891 | = | 0.0% |
| Reserves | 13 | €79,600 | €79,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,131 | €8,131 | = | 0.0% |
| Distributable reserves | 133 | €65,269 | €65,269 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,696,955 | €7,698,503 | +€6.0m | +353.7% |
| Amounts payable | 17/49 | €876,497 | €710,079 | -€166,418 | -19.0% |
| Amounts payable after more than one year | 17 | €188,486 | €131,708 | -€56,778 | -30.1% |
| Financial debts | 170/4 | €188,486 | €131,708 | -€56,778 | -30.1% |
| Amounts payable within one year | 42/48 | €687,996 | €578,371 | -€109,626 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €91,916 | €56,778 | -€35,138 | -38.2% |
| Trade debts | 44 | €550,135 | €474,829 | -€75,306 | -13.7% |
| Suppliers | 440/4 | €550,135 | €474,829 | -€75,306 | -13.7% |
| Taxes, remuneration and social security | 45 | €45,945 | €46,764 | +€819 | +1.8% |
| Taxes | 450/3 | €30,087 | €27,482 | -€2,605 | -8.7% |
| Remuneration and social security | 454/9 | €15,859 | €19,282 | +€3,424 | +21.6% |
| Accrued charges and deferred income | 492/3 | €15 | - | -€15 | |
| Non-recurring operating income | 76A | - | €7,831,891 | +€7.8m | |
| Remuneration, social security and pensions | 62 | €212,783 | €233,367 | +€20,584 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,164 | €260,692 | -€74,472 | -22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,129 | -€267,191 | -€284,320 | |
| Other operating charges | 640/8 | €117,027 | €248,304 | +€131,277 | +112.2% |
| Non-recurring operating charges | 66A | - | €8,400 | +€8,400 | |
| Gross operating margin | 9900 | €778,330 | €8,454,800 | +€7.7m | +986.3% |
| Operating profit (loss) | 9901 | €96,228 | €7,971,228 | +€7.9m | +8183.7% |
| Financial income | 75/76B | €3,253 | €36,701 | +€33,448 | +1028.2% |
| Recurring financial income | 75 | €3,253 | €36,701 | +€33,448 | +1028.2% |
| Financial charges | 65/66B | €59,441 | €7,526 | -€51,915 | -87.3% |
| Recurring financial charges | 65 | €59,441 | €7,526 | -€51,915 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | €40,040 | €8,000,403 | +€8.0m | +19881.2% |
| Income taxes | 67/77 | €10,867 | €1,998,856 | +€2.0m | +18293.8% |
| Profit (loss) for the period | 9904 | €29,173 | €6,001,548 | +€6.0m | +20472.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,173 | €6,001,548 | +€6.0m | +20472.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.