IMMOGEMA: 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.
IMMOGEMA
Largest movements
- Cash +€131,031
up €131,031 (+230.1%), from €56,935 to €187,966
mainly Net result for the year (+€170,874) and Depreciation (+€149,130)
- Tangible fixed assets -€121,635
down €121,635 (-3.8%), from €3.2m to €3.0m
- Stocks and contracts -€108,980
down €108,980 (-100.0%), from €108,980 to €0
- Other debts +€129,892
up €129,892 (+14.8%), from €874,789 to €1.0m
- Debts after one year -€120,192
down €120,192 (-17.6%), from €683,569 to €563,377
of which Financial debts: -€120,192
- Trade debts -€54,168
down €54,168 (-96.9%), from €55,910 to €1,741
- Accrued charges and deferred income -€51,080
down €51,080 (-43.2%), from €118,205 to €67,125
- Gross operating margin +€45,637
up €45,637 (+11.6%), from €394,480 to €440,117
- Other operating charges -€32,964
down €32,964 (-49.8%), from €66,161 to €33,196
- Taxes +€22,980
up €22,980 (+57.0%), from €40,299 to €63,279
- Financial charges -€16,233
down €16,233 (-39.4%), from €41,221 to €24,988
- Depreciation +€7,407
up €7,407 (+5.2%), from €141,723 to €149,130
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 | €3,349,529 | €3,260,256 | -€89,273 | -2.7% |
| Fixed assets | 21/28 | €3,165,093 | €3,043,458 | -€121,635 | -3.8% |
| Tangible fixed assets | 22/27 | €3,165,093 | €3,043,458 | -€121,635 | -3.8% |
| Land and buildings | 22 | €3,165,093 | €3,043,458 | -€121,635 | -3.8% |
| Current assets | 29/58 | €184,436 | €216,798 | +€32,362 | +17.5% |
| Stocks and contracts in progress | 3 | €108,980 | €0 | -€108,980 | -100.0% |
| Stocks | 30/36 | €108,980 | €0 | -€108,980 | -100.0% |
| Amounts receivable within one year | 40/41 | €7,105 | €9,667 | +€2,562 | +36.1% |
| Trade receivables | 40 | €0 | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | €7,105 | €7,247 | +€142 | +2.0% |
| Cash at bank and in hand | 54/58 | €56,935 | €187,966 | +€131,031 | +230.1% |
| Deferred charges and accrued income | 490/1 | €11,416 | €19,165 | +€7,748 | +67.9% |
| Total equity and liabilities | 10/49 | €3,349,529 | €3,260,256 | -€89,273 | -2.7% |
| Equity | 10/15 | €1,288,972 | €1,295,453 | +€6,481 | +0.5% |
| Contributions | 10/11 | €734,000 | €734,000 | = | 0.0% |
| Capital | 10 | €734,000 | €734,000 | = | 0.0% |
| Issued capital | 100 | €734,000 | €734,000 | = | 0.0% |
| Reserves | 13 | €554,972 | €561,453 | +€6,481 | +1.2% |
| Non-distributable reserves | 130/1 | €27,412 | €36,065 | +€8,652 | +31.6% |
| Legal reserve | 130 | €27,412 | €36,065 | +€8,652 | +31.6% |
| Tax-exempt reserves | 132 | €35,465 | €33,294 | -€2,171 | -6.1% |
| Distributable reserves | 133 | €492,094 | €492,094 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €19,097 | €17,927 | -€1,169 | -6.1% |
| Deferred taxes | 168 | €19,097 | €17,927 | -€1,169 | -6.1% |
| Amounts payable | 17/49 | €2,041,461 | €1,946,876 | -€94,585 | -4.6% |
| Amounts payable after more than one year | 17 | €683,569 | €563,377 | -€120,192 | -17.6% |
| Financial debts | 170/4 | €681,919 | €561,727 | -€120,192 | -17.6% |
| Other amounts payable | 178/9 | €1,650 | €1,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,239,687 | €1,316,374 | +€76,687 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €263,905 | €265,623 | +€1,718 | +0.7% |
| Trade debts | 44 | €55,910 | €1,741 | -€54,168 | -96.9% |
| Suppliers | 440/4 | €55,910 | €1,741 | -€54,168 | -96.9% |
| Taxes, remuneration and social security | 45 | €45,083 | €44,329 | -€754 | -1.7% |
| Taxes | 450/3 | €45,083 | €44,329 | -€754 | -1.7% |
| Other amounts payable | 47/48 | €874,789 | €1,004,681 | +€129,892 | +14.8% |
| Accrued charges and deferred income | 492/3 | €118,205 | €67,125 | -€51,080 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,723 | €149,130 | +€7,407 | +5.2% |
| Other operating charges | 640/8 | €66,161 | €33,196 | -€32,964 | -49.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €394,480 | €440,117 | +€45,637 | +11.6% |
| Operating profit (loss) | 9901 | €186,596 | €257,791 | +€71,195 | +38.2% |
| Financial income | 75/76B | €157 | €179 | +€23 | +14.4% |
| Recurring financial income | 75 | €157 | €179 | +€23 | +14.4% |
| Financial charges | 65/66B | €41,221 | €24,988 | -€16,233 | -39.4% |
| Recurring financial charges | 65 | €41,221 | €24,988 | -€16,233 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €145,532 | €232,983 | +€87,451 | +60.1% |
| Transfer from deferred taxes | 780 | €1,169 | €1,169 | = | 0.0% |
| Income taxes | 67/77 | €40,299 | €63,279 | +€22,980 | +57.0% |
| Profit (loss) for the period | 9904 | €106,403 | €170,874 | +€64,471 | +60.6% |
| Transfer from tax-exempt reserves | 789 | €2,171 | €2,171 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €108,574 | €173,045 | +€64,471 | +59.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.