IMMOGAM: 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.
IMMOGAM
Largest movements
- Current investments +€154,000
up €154,000, from €0 to €154,000
- Cash -€138,476
down €138,476 (-81.9%), from €168,991 to €30,515
mainly Current investments (-€154,000) and Debts after one year (-€72,970)
- Tangible fixed assets -€85,054
down €85,054 (-3.6%), from €2.4m to €2.3m
of which Land and buildings: -€69,824
- Debts after one year -€72,970
down €72,970 (-10.4%), from €702,970 to €630,000
of which Financial debts: -€70,000
- Gross operating margin -€45,474
down €45,474 (-27.4%), from €166,101 to €120,627
- Taxes -€11,862
down €11,862 (-58.2%), from €20,390 to €8,528
- Other operating charges +€1,970
up €1,970 (+18.6%), from €10,578 to €12,549
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,561,833 | €2,497,243 | -€64,589 | -2.5% |
| Fixed assets | 21/28 | €2,386,667 | €2,301,613 | -€85,054 | -3.6% |
| Tangible fixed assets | 22/27 | €2,386,667 | €2,301,613 | -€85,054 | -3.6% |
| Land and buildings | 22 | €2,323,120 | €2,253,295 | -€69,824 | -3.0% |
| Furniture and vehicles | 24 | €63,548 | €48,318 | -€15,230 | -24.0% |
| Current assets | 29/58 | €175,165 | €195,630 | +€20,465 | +11.7% |
| Amounts receivable within one year | 40/41 | €4,788 | €4,304 | -€483 | -10.1% |
| Trade receivables | 40 | €3,654 | €0 | -€3,654 | -100.0% |
| Other amounts receivable | 41 | €1,134 | €4,304 | +€3,170 | +279.6% |
| Current investments | 50/53 | €0 | €154,000 | +€154,000 | |
| Cash at bank and in hand | 54/58 | €168,991 | €30,515 | -€138,476 | -81.9% |
| Deferred charges and accrued income | 490/1 | €1,386 | €6,811 | +€5,425 | +391.4% |
| Total equity and liabilities | 10/49 | €2,561,833 | €2,497,243 | -€64,589 | -2.5% |
| Equity | 10/15 | €1,302,264 | €1,295,458 | -€6,807 | -0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,240,264 | €1,233,458 | -€6,807 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €689,343 | €659,818 | -€29,526 | -4.3% |
| Distributable reserves | 133 | €544,721 | €567,440 | +€22,719 | +4.2% |
| Provisions and deferred taxes | 16 | €229,781 | €219,939 | -€9,842 | -4.3% |
| Deferred taxes | 168 | €229,781 | €219,939 | -€9,842 | -4.3% |
| Amounts payable | 17/49 | €1,029,787 | €981,846 | -€47,941 | -4.7% |
| Amounts payable after more than one year | 17 | €702,970 | €630,000 | -€72,970 | -10.4% |
| Financial debts | 170/4 | €700,000 | €630,000 | -€70,000 | -10.0% |
| Other amounts payable | 178/9 | €2,970 | €0 | -€2,970 | -100.0% |
| Amounts payable within one year | 42/48 | €325,277 | €330,522 | +€5,245 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €1,305 | €5,666 | +€4,361 | +334.2% |
| Suppliers | 440/4 | €1,305 | €5,666 | +€4,361 | +334.2% |
| Taxes, remuneration and social security | 45 | €0 | €3,281 | +€3,281 | |
| Taxes | 450/3 | €0 | €3,281 | +€3,281 | |
| Other amounts payable | 47/48 | €253,972 | €251,575 | -€2,397 | -0.9% |
| Accrued charges and deferred income | 492/3 | €1,540 | €21,324 | +€19,785 | +1285.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,044 | €85,848 | -€196 | -0.2% |
| Other operating charges | 640/8 | €10,578 | €12,549 | +€1,970 | +18.6% |
| Gross operating margin | 9900 | €166,101 | €120,627 | -€45,474 | -27.4% |
| Operating profit (loss) | 9901 | €69,478 | €22,230 | -€47,248 | -68.0% |
| Financial income | 75/76B | €1,960 | €2,753 | +€793 | +40.5% |
| Recurring financial income | 75 | €1,960 | €2,753 | +€793 | +40.5% |
| Financial charges | 65/66B | €32,678 | €33,104 | +€426 | +1.3% |
| Recurring financial charges | 65 | €32,678 | €33,104 | +€426 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €38,760 | -€8,121 | -€46,881 | |
| Transfer from deferred taxes | 780 | €9,842 | €9,842 | = | 0.0% |
| Income taxes | 67/77 | €20,390 | €8,528 | -€11,862 | -58.2% |
| Profit (loss) for the period | 9904 | €28,212 | -€6,807 | -€35,019 | |
| Transfer from tax-exempt reserves | 789 | €29,526 | €29,526 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,738 | €22,719 | -€35,019 | -60.7% |
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 12 October 2026 via checked.be.