Immofak: 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.
Immofak
Largest movements
- Cash +€487,004
up €487,004 (+2,500%), from €19,481 to €506,485
mainly Other debts (+€1.2m) and Net result for the year (+€606,156)
- Tangible fixed assets -€90,828
down €90,828 (-3.8%), from €2.4m to €2.3m
- Other debts +€1.2m
up €1.2m (+228%), from €533,385 to €1.8m
- Accrued charges and deferred income -€583,328
down €583,328 (-100%), from €583,328 to €0
- Debts after one year -€278,000
down €278,000 (-13.9%), from €2.0m to €1.7m
of which Financial debts: -€278,000
- Tax, wage and social debts +€152,615
up €152,615 (+10,712%), from €1,425 to €154,040
- Reserves -€97,769
down €97,769 (-4.7%), from €2.1m to €2.0m
of which Distributable reserves: -€266,169
- Gross operating margin -€1.3m
down €1.3m (-58.0%), from €2.3m to €965,572
- Taxes +€192,839
up €192,839 (+910,047%), from €21 to €192,860
- Financial charges +€30,395
up €30,395 (+50.5%), from €60,171 to €90,567
of which Financial charges: +€30,395
- Depreciation +€23,072
up €23,072 (+17.5%), from €131,821 to €154,893
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 | €5,895,988 | €6,323,020 | +€427,031 | +7.2% |
| Fixed assets | 21/28 | €2,405,852 | €2,315,024 | -€90,828 | -3.8% |
| Tangible fixed assets | 22/27 | €2,404,290 | €2,313,462 | -€90,828 | -3.8% |
| Land and buildings | 22 | €2,404,290 | €2,313,462 | -€90,828 | -3.8% |
| Financial fixed assets | 28 | €1,562 | €1,562 | = | 0.0% |
| Current assets | 29/58 | €3,490,136 | €4,007,995 | +€517,859 | +14.8% |
| Amounts receivable within one year | 40/41 | €3,470,656 | €3,501,511 | +€30,855 | +0.9% |
| Other amounts receivable | 41 | €3,470,656 | €3,501,511 | +€30,855 | +0.9% |
| Cash at bank and in hand | 54/58 | €19,481 | €506,485 | +€487,004 | +2,500% |
| Total equity and liabilities | 10/49 | €5,895,988 | €6,323,020 | +€427,031 | +7.2% |
| Equity | 10/15 | €2,197,644 | €2,099,875 | -€97,769 | -4.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,097,644 | €1,999,875 | -€97,769 | -4.7% |
| Non-distributable reserves | 130/1 | €61,973 | €61,973 | = | 0.0% |
| Legal reserve | 130 | €61,973 | €61,973 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,722,588 | €1,890,988 | +€168,400 | +9.8% |
| Distributable reserves | 133 | €313,083 | €46,914 | -€266,169 | -85.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €574,196 | €574,196 | = | 0.0% |
| Deferred taxes | 168 | €574,196 | €574,196 | = | 0.0% |
| Amounts payable | 17/49 | €3,124,148 | €3,648,949 | +€524,801 | +16.8% |
| Amounts payable after more than one year | 17 | €2,000,892 | €1,722,892 | -€278,000 | -13.9% |
| Financial debts | 170/4 | €2,000,000 | €1,722,000 | -€278,000 | -13.9% |
| Other amounts payable | 178/9 | €892 | €892 | = | 0.0% |
| Amounts payable within one year | 42/48 | €539,928 | €1,926,056 | +€1.4m | +257% |
| Trade debts | 44 | €5,118 | €19,986 | +€14,868 | +290% |
| Suppliers | 440/4 | €5,118 | €19,986 | +€14,868 | +290% |
| Taxes, remuneration and social security | 45 | €1,425 | €154,040 | +€152,615 | +10,712% |
| Taxes | 450/3 | €1,425 | €154,040 | +€152,615 | +10,712% |
| Other amounts payable | 47/48 | €533,385 | €1,752,030 | +€1.2m | +228% |
| Accrued charges and deferred income | 492/3 | €583,328 | €0 | -€583,328 | -100% |
| Non-recurring operating income | 76A | €300 | €924,267 | +€923,967 | +307,989% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,821 | €154,893 | +€23,072 | +17.5% |
| Other operating charges | 640/8 | €11,280 | €15,408 | +€4,128 | +36.6% |
| Non-recurring operating charges | 66A | - | €15,000 | +€15,000 | |
| Gross operating margin | 9900 | €2,297,942 | €965,572 | -€1.3m | -58.0% |
| Operating profit (loss) | 9901 | €2,154,841 | €780,272 | -€1.4m | -63.8% |
| Financial income | 75/76B | €101,117 | €109,311 | +€8,194 | +8.1% |
| Recurring financial income | 75 | €101,117 | €109,311 | +€8,194 | +8.1% |
| Financial charges | 65/66B | €60,171 | €90,567 | +€30,395 | +50.5% |
| Recurring financial charges | 65 | €60,171 | €90,567 | +€30,395 | +50.5% |
| Non-recurring financial charges | 66B | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period before taxes | 9903 | €2,195,786 | €799,016 | -€1.4m | -63.6% |
| Transfer from deferred taxes | 780 | €14,040 | €0 | -€14,040 | -100% |
| Transfer to deferred taxes | 680 | €574,196 | €0 | -€574,196 | -100% |
| Income taxes | 67/77 | €21 | €192,860 | +€192,839 | +910,047% |
| Profit (loss) for the period | 9904 | €1,635,609 | €606,156 | -€1.0m | -62.9% |
| Transfer from tax-exempt reserves | 789 | €27,267 | €0 | -€27,267 | -100% |
| Transfer to tax-exempt reserves | 689 | €1,722,588 | €168,400 | -€1.6m | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,712 | €437,756 | +€497,467 |
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 31 October 2026 via checked.be.