Immogar: 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.
Immogar
Largest movements
- Receivables within one year +€359,396
up €359,396 (+1569.6%), from €22,898 to €382,294
of which Trade receivables: +€381,257
- Tangible fixed assets -€298,315
down €298,315 (-21.7%), from €1.4m to €1.1m
of which Land and buildings: -€242,006
- Reserves +€86,612
up €86,612 (+11.7%), from €741,823 to €828,435
of which Distributable reserves: +€84,104
- Debts after one year -€48,346
down €48,346 (-33.1%), from €145,880 to €97,534
of which Financial debts: -€45,796
- Gross operating margin +€195,614
up €195,614 (+85.5%), from €228,891 to €424,505
- Taxes +€53,783
up €53,783 (+1297.6%), from €4,145 to €57,928
- Depreciation -€22,189
down €22,189 (-15.8%), from €140,240 to €118,051
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 | €1,641,016 | €1,683,730 | +€42,714 | +2.6% |
| Fixed assets | 21/28 | €1,373,970 | €1,075,655 | -€298,315 | -21.7% |
| Tangible fixed assets | 22/27 | €1,373,970 | €1,075,655 | -€298,315 | -21.7% |
| Land and buildings | 22 | €910,509 | €668,503 | -€242,006 | -26.6% |
| Plant, machinery and equipment | 23 | €135,852 | €100,777 | -€35,075 | -25.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €327,609 | €306,375 | -€21,234 | -6.5% |
| Current assets | 29/58 | €267,046 | €608,075 | +€341,029 | +127.7% |
| Amounts receivable within one year | 40/41 | €22,898 | €382,294 | +€359,396 | +1569.6% |
| Trade receivables | 40 | €1,036 | €382,294 | +€381,257 | +36799.5% |
| Other amounts receivable | 41 | €21,862 | €0 | -€21,862 | -100.0% |
| Cash at bank and in hand | 54/58 | €239,399 | €225,460 | -€13,939 | -5.8% |
| Deferred charges and accrued income | 490/1 | €4,749 | €321 | -€4,428 | -93.2% |
| Total equity and liabilities | 10/49 | €1,641,016 | €1,683,730 | +€42,714 | +2.6% |
| Equity | 10/15 | €1,411,135 | €1,497,748 | +€86,612 | +6.1% |
| Contributions | 10/11 | €669,313 | €669,313 | = | 0.0% |
| Capital | 10 | €669,313 | €669,313 | = | 0.0% |
| Issued capital | 100 | €669,313 | €669,313 | = | 0.0% |
| Reserves | 13 | €741,823 | €828,435 | +€86,612 | +11.7% |
| Non-distributable reserves | 130/1 | €64,423 | €66,931 | +€2,508 | +3.9% |
| Legal reserve | 130 | €64,423 | €66,931 | +€2,508 | +3.9% |
| Distributable reserves | 133 | €677,400 | €761,504 | +€84,104 | +12.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,880 | €185,982 | -€43,898 | -19.1% |
| Amounts payable after more than one year | 17 | €145,880 | €97,534 | -€48,346 | -33.1% |
| Financial debts | 170/4 | €143,330 | €97,534 | -€45,796 | -32.0% |
| Other amounts payable | 178/9 | €2,550 | €0 | -€2,550 | -100.0% |
| Amounts payable within one year | 42/48 | €65,278 | €70,752 | +€5,474 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €45,796 | €45,796 | = | 0.0% |
| Trade debts | 44 | €12,906 | €3,267 | -€9,638 | -74.7% |
| Suppliers | 440/4 | €12,906 | €3,267 | -€9,638 | -74.7% |
| Taxes, remuneration and social security | 45 | - | €7,514 | +€7,514 | |
| Taxes | 450/3 | - | €7,514 | +€7,514 | |
| Other amounts payable | 47/48 | €6,577 | €14,175 | +€7,598 | +115.5% |
| Accrued charges and deferred income | 492/3 | €18,723 | €17,696 | -€1,026 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,240 | €118,051 | -€22,189 | -15.8% |
| Other operating charges | 640/8 | €75,200 | €77,625 | +€2,425 | +3.2% |
| Gross operating margin | 9900 | €228,891 | €424,505 | +€195,614 | +85.5% |
| Operating profit (loss) | 9901 | €13,451 | €228,830 | +€215,378 | +1601.2% |
| Financial income | 75/76B | €3,356 | €1,378 | -€1,978 | -58.9% |
| Recurring financial income | 75 | €3,356 | €1,378 | -€1,978 | -58.9% |
| Financial charges | 65/66B | €7,568 | €6,792 | -€776 | -10.3% |
| Recurring financial charges | 65 | €7,568 | €6,792 | -€776 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €9,240 | €223,416 | +€214,176 | +2318.0% |
| Income taxes | 67/77 | €4,145 | €57,928 | +€53,783 | +1297.6% |
| Profit (loss) for the period | 9904 | €5,095 | €165,488 | +€160,393 | +3148.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,095 | €165,488 | +€160,393 | +3148.1% |
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 7 October 2026 via checked.be.