IMOGES: 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
IMOGES
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€386,002
2024 · €20,410+€365,593
Equity
€1.1m
2024 · €685,655+€386,002
Cash
€290,555
2024 · €254,771+€35,784
Balance sheet total
€5.6m
2024 · €7.7m-€2.1m
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-59.3%), from €2.8m to €1.1m
of which Trade receivables: -€1.7m
- Stocks and contracts -€500,789
down €500,789 (-21.2%), from €2.4m to €1.9m
Equity and liabilities
- Trade debts -€1.8m
down €1.8m (-57.7%), from €3.2m to €1.3m
- Short-term financial debts -€1.2m
down €1.2m (-79.9%), from €1.5m to €300,000
- Reserves +€385,888
up €385,888 (+66.0%), from €585,000 to €970,888
of which Distributable reserves: +€269,000
- Accrued charges and deferred income +€345,000
new in 2025: €345,000
- Other debts +€92,505
up €92,505 (+15.9%), from €583,450 to €675,955
Income statement
- Gross operating margin +€579,808
up €579,808 (+163%), from €355,344 to €935,153
- Financial income -€208,814
down €208,814 (-99.0%), from €210,846 to €2,032
- Financial charges -€132,029
down €132,029 (-55.8%), from €236,512 to €104,483
- Taxes +€45,383
up €45,383 (+9,321%), from €487 to €45,870
- Provisions +€39,310
new in 2025: €39,310
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
€20,410
Gross operating margin
+€579,808
Staff costs
+€10,742
Depreciation
-€19,312
Provisions
-€39,310
Other operating charges
-€930
Other operating items
-€4,275
Financial income
-€208,814
Financial charges
+€132,029
Taxes
-€45,383
Deferred taxes and other
-€38,963
Result 2025
€386,002
raises the resultlowers the resultnot broken down further in the accounts
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
+€1.3m
Investment
-€90,432
Financing
-€1.2m
Cash 2024
€254,771
From operations (derived)
+€1.3m
Net result for the year
+€386,002
Depreciation
+€111,152
Receivables after one year
-€31,630
Stocks and contracts
+€500,789
Receivables within one year
+€1.7m
Deferred charges and accrued income
-€810
Provisions
+€78,273
Trade debts
-€1.8m
Tax, wage and social debts
-€8,811
Other debts
+€92,505
Accrued charges and deferred income
+€345,000
Investment (derived)
-€90,432
Investment in fixed assets (net)
-€90,432
Financing
-€1.2m
Debts after one year
+€56,077
Current portion of long-term debt
-€14,971
Short-term financial debts
-€1.2m
Cash 2025
€290,555
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,655,079 | €5,550,880 | -€2.1m | -27.5% |
| Fixed assets | 21/28 | €2,253,492 | €2,232,772 | -€20,720 | -0.9% |
| Intangible fixed assets | 21 | €19,222 | €11,222 | -€8,000 | -41.6% |
| Tangible fixed assets | 22/27 | €984,270 | €971,550 | -€12,720 | -1.3% |
| Land and buildings | 22 | €814,538 | €714,461 | -€100,078 | -12.3% |
| Plant, machinery and equipment | 23 | €56,717 | €106,566 | +€49,849 | +87.9% |
| Furniture and vehicles | 24 | €83,719 | €122,833 | +€39,113 | +46.7% |
| Other tangible fixed assets | 26 | €29,296 | €27,690 | -€1,605 | -5.5% |
| Financial fixed assets | 28 | €1,250,000 | €1,250,000 | = | 0.0% |
| Current assets | 29/58 | €5,401,587 | €3,318,108 | -€2.1m | -38.6% |
| Amounts receivable after more than one year | 29 | - | €31,630 | +€31,630 | |
| Trade receivables | 290 | - | €31,630 | +€31,630 | |
| Stocks and contracts in progress | 3 | €2,362,906 | €1,862,117 | -€500,789 | -21.2% |
| Stocks | 30/36 | €2,362,906 | €1,862,117 | -€500,789 | -21.2% |
| Amounts receivable within one year | 40/41 | €2,783,846 | €1,132,932 | -€1.7m | -59.3% |
| Trade receivables | 40 | €2,748,759 | €1,085,496 | -€1.7m | -60.5% |
| Other amounts receivable | 41 | €35,087 | €47,436 | +€12,348 | +35.2% |
| Cash at bank and in hand | 54/58 | €254,771 | €290,555 | +€35,784 | +14.0% |
| Deferred charges and accrued income | 490/1 | €64 | €874 | +€810 | +1,257% |
| Total equity and liabilities | 10/49 | €7,655,079 | €5,550,880 | -€2.1m | -27.5% |
| Equity | 10/15 | €685,655 | €1,071,657 | +€386,002 | +56.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €585,000 | €970,888 | +€385,888 | +66.0% |
| Tax-exempt reserves | 132 | - | €116,888 | +€116,888 | |
| Distributable reserves | 133 | €585,000 | €854,000 | +€269,000 | +46.0% |
| Profit (loss) carried forward | 14 | €655 | €768 | +€114 | +17.4% |
| Provisions and deferred taxes | 16 | - | €78,273 | +€78,273 | |
| Provisions for liabilities and charges | 160/5 | - | €39,310 | +€39,310 | |
| Other liabilities and charges | 164/5 | - | €39,310 | +€39,310 | |
| Deferred taxes | 168 | - | €38,963 | +€38,963 | |
| Amounts payable | 17/49 | €6,969,425 | €4,400,951 | -€2.6m | -36.9% |
| Amounts payable after more than one year | 17 | €1,497,204 | €1,553,282 | +€56,077 | +3.7% |
| Financial debts | 170/4 | €1,497,204 | €1,553,282 | +€56,077 | +3.7% |
| Amounts payable within one year | 42/48 | €5,472,220 | €2,502,669 | -€3.0m | -54.3% |
| Current portion of amounts payable after more than one year | 42 | €126,260 | €111,289 | -€14,971 | -11.9% |
| Financial debts | 43 | €1,494,824 | €300,000 | -€1.2m | -79.9% |
| Credit institutions | 430/8 | €1,494,824 | €300,000 | -€1.2m | -79.9% |
| Trade debts | 44 | €3,192,411 | €1,348,961 | -€1.8m | -57.7% |
| Suppliers | 440/4 | €3,192,411 | €1,348,961 | -€1.8m | -57.7% |
| Taxes, remuneration and social security | 45 | €75,276 | €66,464 | -€8,811 | -11.7% |
| Taxes | 450/3 | €49,199 | €45,936 | -€3,263 | -6.6% |
| Remuneration and social security | 454/9 | €26,076 | €20,528 | -€5,548 | -21.3% |
| Other amounts payable | 47/48 | €583,450 | €675,955 | +€92,505 | +15.9% |
| Accrued charges and deferred income | 492/3 | - | €345,000 | +€345,000 | |
| Non-recurring operating income | 76A | €106,377 | - | -€106,377 | |
| Remuneration, social security and pensions | 62 | €204,491 | €193,749 | -€10,742 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,840 | €111,152 | +€19,312 | +21.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €39,310 | +€39,310 | |
| Other operating charges | 640/8 | €12,450 | €13,381 | +€930 | +7.5% |
| Non-recurring operating charges | 66A | - | €4,275 | +€4,275 | |
| Gross operating margin | 9900 | €355,344 | €935,153 | +€579,808 | +163% |
| Operating profit (loss) | 9901 | €46,562 | €573,285 | +€526,722 | +1,131% |
| Financial income | 75/76B | €210,846 | €2,032 | -€208,814 | -99.0% |
| Recurring financial income | 75 | €210,846 | €2,032 | -€208,814 | -99.0% |
| Financial charges | 65/66B | €236,512 | €104,483 | -€132,029 | -55.8% |
| Recurring financial charges | 65 | €236,512 | €104,483 | -€132,029 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €20,896 | €470,834 | +€449,938 | +2,153% |
| Transfer to deferred taxes | 680 | - | €38,963 | +€38,963 | |
| Income taxes | 67/77 | €487 | €45,870 | +€45,383 | +9,321% |
| Profit (loss) for the period | 9904 | €20,410 | €386,002 | +€365,593 | +1,791% |
| Transfer to tax-exempt reserves | 689 | - | €116,888 | +€116,888 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,410 | €269,114 | +€248,704 | +1,219% |
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 17 October 2026 via checked.be.