IMMOTRAGE: 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.
IMMOTRAGE
Largest movements
- Tangible fixed assets -€67,337
down €67,337 (-28.9%), from €233,196 to €165,859
of which Land and buildings: -€35,376
- Receivables within one year +€6,896
up €6,896 (+395.9%), from €1,742 to €8,637
- Cash +€6,113
up €6,113 (+438.2%), from €1,395 to €7,508
mainly Investment in fixed assets (net) (+€42,738) and Depreciation (+€24,599)
- Tax, wage and social debts -€23,826
no longer reported in 2025 (was €23,826)
- Other debts -€20,026
down €20,026 (-67.2%), from €29,786 to €9,760
- Profit (loss) carried forward +€15,569
up €15,569 (+26.8%), from -€58,154 to -€42,585
- Trade debts -€14,233
down €14,233 (-88.7%), from €16,052 to €1,818
- Current portion of long-term debt -€8,325
down €8,325 (-44.5%), from €18,712 to €10,386
- Gross operating margin -€13,409
down €13,409 (-24.4%), from €55,018 to €41,609
- Financial charges -€5,124
down €5,124 (-97.6%), from €5,250 to €126
- Other operating charges +€2,141
up €2,141 (+56.2%), from €3,811 to €5,953
- Taxes -€1,068
new in 2025: -€1,068
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 | €236,332 | €182,004 | -€54,328 | -23.0% |
| Fixed assets | 21/28 | €233,196 | €165,859 | -€67,337 | -28.9% |
| Tangible fixed assets | 22/27 | €233,196 | €165,859 | -€67,337 | -28.9% |
| Land and buildings | 22 | €201,234 | €165,859 | -€35,376 | -17.6% |
| Furniture and vehicles | 24 | €12,809 | - | -€12,809 | |
| Assets under construction and advance payments | 27 | €19,152 | - | -€19,152 | |
| Current assets | 29/58 | €3,137 | €16,145 | +€13,009 | +414.7% |
| Amounts receivable within one year | 40/41 | €1,742 | €8,637 | +€6,896 | +395.9% |
| Other amounts receivable | 41 | €1,742 | €8,637 | +€6,896 | +395.9% |
| Cash at bank and in hand | 54/58 | €1,395 | €7,508 | +€6,113 | +438.2% |
| Total equity and liabilities | 10/49 | €236,332 | €182,004 | -€54,328 | -23.0% |
| Equity | 10/15 | €111,430 | €124,383 | +€12,954 | +11.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €107,611 | €104,995 | -€2,615 | -2.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,155 | €23,539 | -€2,615 | -10.0% |
| Distributable reserves | 133 | €75,256 | €75,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,154 | -€42,585 | +€15,569 | +26.8% |
| Provisions and deferred taxes | 16 | €8,718 | €7,846 | -€872 | -10.0% |
| Deferred taxes | 168 | €8,718 | €7,846 | -€872 | -10.0% |
| Amounts payable | 17/49 | €116,184 | €49,774 | -€66,410 | -57.2% |
| Amounts payable after more than one year | 17 | €27,809 | €27,809 | = | 0.0% |
| Other amounts payable | 178/9 | €27,809 | €27,809 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,375 | €21,965 | -€66,410 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €18,712 | €10,386 | -€8,325 | -44.5% |
| Trade debts | 44 | €16,052 | €1,818 | -€14,233 | -88.7% |
| Suppliers | 440/4 | €16,052 | €1,818 | -€14,233 | -88.7% |
| Taxes, remuneration and social security | 45 | €23,826 | - | -€23,826 | |
| Taxes | 450/3 | €23,826 | - | -€23,826 | |
| Other amounts payable | 47/48 | €29,786 | €9,760 | -€20,026 | -67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,147 | €24,599 | +€451 | +1.9% |
| Other operating charges | 640/8 | €3,811 | €5,953 | +€2,141 | +56.2% |
| Non-recurring operating charges | 66A | €4,995 | - | -€4,995 | |
| Gross operating margin | 9900 | €55,018 | €41,609 | -€13,409 | -24.4% |
| Operating profit (loss) | 9901 | €22,064 | €11,058 | -€11,006 | -49.9% |
| Financial income | 75/76B | - | €82 | +€82 | |
| Recurring financial income | 75 | - | €82 | +€82 | |
| Financial charges | 65/66B | €5,250 | €126 | -€5,124 | -97.6% |
| Recurring financial charges | 65 | €5,250 | €126 | -€5,124 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | €16,814 | €11,014 | -€5,800 | -34.5% |
| Transfer from deferred taxes | 780 | - | €872 | +€872 | |
| Transfer to deferred taxes | 680 | €8,718 | - | -€8,718 | |
| Income taxes | 67/77 | - | -€1,068 | -€1,068 | |
| Profit (loss) for the period | 9904 | €8,096 | €12,954 | +€4,858 | +60.0% |
| Transfer from tax-exempt reserves | 789 | - | €2,615 | +€2,615 | |
| Transfer to tax-exempt reserves | 689 | €26,155 | - | -€26,155 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,059 | €15,569 | +€33,628 |
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 4 October 2026 via checked.be.