IMMOGRADA: 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.
What changed
IMMOGRADA
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€831,590
2024 · -€2.0m+€1.2m
Equity
€2.7m
2024 · €3.5m-€831,590
Cash
€205,225
2024 · €237,738-€32,513
Balance sheet total
€47.4m
2024 · €24.6m+€22.7m
Largest movements
Assets
- Stocks and contracts +€15.0m
up €15.0m (+74.8%), from €20.1m to €35.1m
of which Stocks: +€35.1m
- Receivables after one year +€8.6m
new in 2025: €8.6m
- Receivables within one year -€533,444
down €533,444 (-27.2%), from €2.0m to €1.4m
of which Other amounts receivable: -€626,284
Equity and liabilities
- Short-term financial debts +€11.0m
new in 2025: €11.0m
- Debts after one year +€9.3m
up €9.3m (+58.5%), from €15.9m to €25.2m
- Advances received +€3.2m
up €3.2m (+406.4%), from €790,888 to €4.0m
- Profit (loss) carried forward -€831,590
down €831,590 (-27.3%), from €3.0m to €2.2m
Income statement
- Goods and materials +€764,705
up €764,705 (+5.7%), from €13.4m to €14.2m
- Turnover -€564,258
down €564,258 (-47.1%), from €1.2m to €633,353
- Services and other goods -€263,786
down €263,786 (-10.0%), from €2.6m to €2.4m
- Other operating income +€199,595
up €199,595 (+22.2%), from €898,812 to €1.1m
- Financial income +€171,046
up €171,046 (+190.2%), from €89,914 to €260,960
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
-€2.0m
Turnover
-€564,258
Other operating income
+€199,595
Goods and materials
-€764,705
Services and other goods
+€263,786
Staff costs
+€5,187
Depreciation
-€2,828
Other operating charges
+€533
Other operating items
+€1.9m
Financial income
+€171,046
Financial charges
-€22,019
Taxes
+€1,638
Result 2025
-€831,590
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.
From operations
-€20.7m
Investment
+€338,560
Financing
+€20.3m
Cash 2024
€237,738
From operations (derived)
-€20.7m
Net result for the year
-€831,590
Depreciation
+€108,401
Receivables after one year
-€8.6m
Stocks and contracts
-€15.0m
Receivables within one year
+€533,444
Deferred charges and accrued income
-€135,492
Trade debts
-€354,360
Advances received
+€3.2m
Other debts
-€12,522
Accrued charges and deferred income
+€418,030
Investment (derived)
+€338,560
Investment in fixed assets (net)
+€338,560
Financing
+€20.3m
Debts after one year
+€9.3m
Short-term financial debts
+€11.0m
Cash 2025
€205,225
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,638,589 | €47,362,588 | +€22.7m | +92.2% |
| Fixed assets | 21/28 | €2,261,679 | €1,814,717 | -€446,961 | -19.8% |
| Intangible fixed assets | 21 | €190,676 | €113,663 | -€77,013 | -40.4% |
| Tangible fixed assets | 22/27 | €118,610 | €98,663 | -€19,948 | -16.8% |
| Plant, machinery and equipment | 23 | €2,171 | €940 | -€1,231 | -56.7% |
| Furniture and vehicles | 24 | €100,048 | €80,771 | -€19,277 | -19.3% |
| Other tangible fixed assets | 26 | €16,391 | €16,952 | +€560 | +3.4% |
| Financial fixed assets | 28 | €1,952,392 | €1,602,392 | -€350,000 | -17.9% |
| Companies linked by participating interests | 282/3 | €1,946,700 | €1,596,700 | -€350,000 | -18.0% |
| Participating interests | 282 | €21,700 | €21,700 | = | 0.0% |
| Amounts receivable | 283 | €1,925,000 | €1,575,000 | -€350,000 | -18.2% |
| Other financial fixed assets | 284/8 | €5,692 | €5,692 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,692 | €5,692 | = | 0.0% |
| Current assets | 29/58 | €22,376,911 | €45,547,871 | +€23.2m | +103.5% |
| Amounts receivable after more than one year | 29 | - | €8,585,195 | +€8.6m | |
| Other amounts receivable | 291 | - | €8,585,195 | +€8.6m | |
| Stocks and contracts in progress | 3 | €20,073,050 | €35,089,280 | +€15.0m | +74.8% |
| Stocks | 30/36 | - | €35,089,280 | +€35.1m | |
| Property held for sale | 35 | - | €35,089,280 | +€35.1m | |
| Contracts in progress | 37 | €20,073,050 | - | -€20.1m | |
| Amounts receivable within one year | 40/41 | €1,963,034 | €1,429,590 | -€533,444 | -27.2% |
| Trade receivables | 40 | €1,268,609 | €1,361,449 | +€92,840 | +7.3% |
| Other amounts receivable | 41 | €694,425 | €68,141 | -€626,284 | -90.2% |
| Cash at bank and in hand | 54/58 | €237,738 | €205,225 | -€32,513 | -13.7% |
| Deferred charges and accrued income | 490/1 | €103,089 | €238,581 | +€135,492 | +131.4% |
| Total equity and liabilities | 10/49 | €24,638,589 | €47,362,588 | +€22.7m | +92.2% |
| Equity | 10/15 | €3,512,583 | €2,680,994 | -€831,590 | -23.7% |
| Contributions | 10/11 | €428,000 | €428,000 | = | 0.0% |
| Capital | 10 | €428,000 | €428,000 | = | 0.0% |
| Issued capital | 100 | €428,000 | €428,000 | = | 0.0% |
| Reserves | 13 | €42,800 | €42,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,800 | €42,800 | = | 0.0% |
| Legal reserve | 130 | €42,800 | €42,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,041,783 | €2,210,194 | -€831,590 | -27.3% |
| Amounts payable | 17/49 | €21,126,006 | €44,681,595 | +€23.6m | +111.5% |
| Amounts payable after more than one year | 17 | €15,876,000 | €25,156,075 | +€9.3m | +58.5% |
| Other amounts payable | 178/9 | €15,876,000 | €25,156,075 | +€9.3m | +58.5% |
| Amounts payable within one year | 42/48 | €4,064,026 | €17,921,510 | +€13.9m | +341.0% |
| Financial debts | 43 | - | €11,010,273 | +€11.0m | |
| Credit institutions | 430/8 | - | €11,010,273 | +€11.0m | |
| Trade debts | 44 | €3,075,407 | €2,721,047 | -€354,360 | -11.5% |
| Suppliers | 440/4 | €3,075,407 | €2,721,047 | -€354,360 | -11.5% |
| Advances received on contracts in progress | 46 | €790,888 | €4,004,981 | +€3.2m | +406.4% |
| Other amounts payable | 47/48 | €197,730 | €185,208 | -€12,522 | -6.3% |
| Accrued charges and deferred income | 492/3 | €1,185,980 | €1,604,010 | +€418,030 | +35.2% |
| Operating income | 70/76A | €14,765,212 | €16,318,505 | +€1.6m | +10.5% |
| Turnover | 70 | €1,197,611 | €633,353 | -€564,258 | -47.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €12,668,788 | €14,586,745 | +€1.9m | +15.1% |
| Other operating income | 74 | €898,812 | €1,098,407 | +€199,595 | +22.2% |
| Operating charges | 60/66A | €16,173,376 | €16,671,403 | +€498,027 | +3.1% |
| Goods for resale, raw materials and consumables | 60 | €13,409,865 | €14,174,570 | +€764,705 | +5.7% |
| Purchases | 600/8 | €13,409,865 | €14,174,570 | +€764,705 | +5.7% |
| Services and other goods | 61 | €2,646,300 | €2,382,514 | -€263,786 | -10.0% |
| Remuneration, social security and pensions | 62 | €9,733 | €4,546 | -€5,187 | -53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,573 | €108,401 | +€2,828 | +2.7% |
| Other operating charges | 640/8 | €1,905 | €1,373 | -€533 | -28.0% |
| Operating profit (loss) | 9901 | -€1,408,164 | -€352,898 | +€1.1m | +74.9% |
| Financial income | 75/76B | €89,914 | €260,960 | +€171,046 | +190.2% |
| Recurring financial income | 75 | €89,914 | €260,960 | +€171,046 | +190.2% |
| Income from financial fixed assets | 750 | €59,404 | €260,930 | +€201,526 | +339.2% |
| Income from current assets | 751 | €2,847 | €29 | -€2,818 | -99.0% |
| Other financial income | 752/9 | €27,662 | €1 | -€27,662 | -100.0% |
| Financial charges | 65/66B | €717,633 | €739,652 | +€22,019 | +3.1% |
| Recurring financial charges | 65 | €717,633 | €739,652 | +€22,019 | +3.1% |
| Debt charges | 650 | €622,247 | €674,135 | +€51,888 | +8.3% |
| Other financial charges | 652/9 | €95,386 | €65,517 | -€29,870 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,035,884 | -€831,590 | +€1.2m | +59.2% |
| Income taxes | 67/77 | €1,638 | €0 | -€1,638 | -100.0% |
| Taxes | 670/3 | €354,434 | €0 | -€354,434 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | €352,796 | €0 | -€352,796 | -100.0% |
| Profit (loss) for the period | 9904 | -€2,037,522 | -€831,590 | +€1.2m | +59.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,037,522 | -€831,590 | +€1.2m | +59.2% |
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 8 October 2026 via checked.be.