IMMOGOV: 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.
What changed
IMMOGOV
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€16,415
2024 · -€3,091-€13,323
Equity
€310,903
2024 · €327,317-€16,415
Cash
€27,142
2024 · €20,437+€6,705
Balance sheet total
€2.9m
2024 · €2.6m+€250,798
Largest movements
Assets
- Tangible fixed assets +€243,651
up €243,651 (+9.3%), from €2.6m to €2.9m
of which Assets under construction and advance payments: +€316,002
Equity and liabilities
- Debts after one year +€189,529
up €189,529 (+22.2%), from €854,969 to €1.0m
of which Financial debts: +€189,529
- Other debts +€98,333
up €98,333 (+8.5%), from €1.2m to €1.3m
Income statement
- Depreciation +€29,160
up €29,160 (+67.5%), from €43,190 to €72,350
- Other operating charges -€20,184
down €20,184 (-49.8%), from €40,522 to €20,338
- Financial charges +€8,114
up €8,114 (+10.5%), from €77,013 to €85,126
- Gross operating margin +€3,767
up €3,767 (+2.5%), from €151,748 to €155,514
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
-€3,091
Gross operating margin
+€3,767
Depreciation
-€29,160
Other operating charges
+€20,184
Financial charges
-€8,114
Result 2025
-€16,415
raises the resultlowers the result
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.
From operations
+€155,221
Investment
-€316,002
Financing
+€167,485
Cash 2024
€20,437
From operations (derived)
+€155,221
Net result for the year
-€16,415
Depreciation
+€72,350
Smaller working-capital items
-€807
Provisions
-€5,886
Trade debts
-€4,052
Tax, wage and social debts
+€2,535
Advances received
+€9,162
Other debts
+€98,333
Investment (derived)
-€316,002
Investment in fixed assets (net)
-€316,002
Financing
+€167,485
Debts after one year
+€189,529
Current portion of long-term debt
-€22,044
Cash 2025
€27,142
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,648,699 | €2,899,497 | +€250,798 | +9.5% |
| Fixed assets | 21/28 | €2,624,995 | €2,868,646 | +€243,651 | +9.3% |
| Tangible fixed assets | 22/27 | €2,623,745 | €2,867,396 | +€243,651 | +9.3% |
| Land and buildings | 22 | €2,498,150 | €2,425,899 | -€72,251 | -2.9% |
| Furniture and vehicles | 24 | €249 | €149 | -€100 | -40.1% |
| Assets under construction and advance payments | 27 | €125,347 | €441,348 | +€316,002 | +252% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €23,704 | €30,851 | +€7,147 | +30.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,437 | €27,142 | +€6,705 | +32.8% |
| Deferred charges and accrued income | 490/1 | €3,267 | €3,709 | +€442 | +13.5% |
| Total equity and liabilities | 10/49 | €2,648,699 | €2,899,497 | +€250,798 | +9.5% |
| Equity | 10/15 | €327,317 | €310,903 | -€16,415 | -5.0% |
| 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 | €369,129 | €351,470 | -€17,659 | -4.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €327,929 | €310,270 | -€17,659 | -5.4% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,812 | -€102,568 | +€1,244 | +1.2% |
| Provisions and deferred taxes | 16 | €109,310 | €103,423 | -€5,886 | -5.4% |
| Deferred taxes | 168 | €109,310 | €103,423 | -€5,886 | -5.4% |
| Amounts payable | 17/49 | €2,212,073 | €2,485,172 | +€273,099 | +12.3% |
| Amounts payable after more than one year | 17 | €854,969 | €1,044,498 | +€189,529 | +22.2% |
| Financial debts | 170/4 | €849,125 | €1,038,654 | +€189,529 | +22.3% |
| Other amounts payable | 178/9 | €5,844 | €5,844 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,353,666 | €1,437,601 | +€83,935 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €155,838 | €133,794 | -€22,044 | -14.1% |
| Trade debts | 44 | €12,031 | €7,979 | -€4,052 | -33.7% |
| Suppliers | 440/4 | €12,031 | €7,979 | -€4,052 | -33.7% |
| Advances received on contracts in progress | 46 | €18,552 | €27,714 | +€9,162 | +49.4% |
| Taxes, remuneration and social security | 45 | €6,196 | €8,732 | +€2,535 | +40.9% |
| Taxes | 450/3 | €6,196 | €8,732 | +€2,535 | +40.9% |
| Other amounts payable | 47/48 | €1,161,049 | €1,259,382 | +€98,333 | +8.5% |
| Accrued charges and deferred income | 492/3 | €3,438 | €3,073 | -€365 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,190 | €72,350 | +€29,160 | +67.5% |
| Other operating charges | 640/8 | €40,522 | €20,338 | -€20,184 | -49.8% |
| Gross operating margin | 9900 | €151,748 | €155,514 | +€3,767 | +2.5% |
| Operating profit (loss) | 9901 | €68,035 | €62,826 | -€5,209 | -7.7% |
| Financial charges | 65/66B | €77,013 | €85,126 | +€8,114 | +10.5% |
| Recurring financial charges | 65 | €77,013 | €85,126 | +€8,114 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,978 | -€22,301 | -€13,323 | -148% |
| Transfer from deferred taxes | 780 | €5,886 | €5,886 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€3,091 | -€16,415 | -€13,323 | -431% |
| Transfer from tax-exempt reserves | 789 | €17,659 | €17,659 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,567 | €1,244 | -€13,323 | -91.5% |
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 18 October 2026 via checked.be.