IMETAM: 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
IMETAM
NACE 68.121, Development of residential building projects
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€195,502
2025 · €109,600+€85,902
Equity
€11.2m
2025 · €11.0m+€195,502
Cash
€413,382
2025 · €489,939-€76,557
Balance sheet total
€19.2m
2025 · €19.2m+€28,414
Largest movements
Assets
- Financial fixed assets +€312,893
up €312,893 (+5.3%), from €5.9m to €6.2m
- Current investments -€250,000
no longer reported in 2026 (was €250,000)
- Receivables within one year -€244,920
down €244,920 (-16.0%), from €1.5m to €1.3m
of which Trade receivables: -€261,550
- Tangible fixed assets +€220,581
up €220,581 (+2.0%), from €10.9m to €11.1m
of which Plant, machinery and equipment: +€519,011
Equity and liabilities
- Debts after one year -€312,607
down €312,607 (-4.5%), from €6.9m to €6.6m
- Profit (loss) carried forward +€228,682
up €228,682 (+2.1%), from €10.7m to €10.9m
Income statement
- Gross operating margin +€171,236
up €171,236 (+10.7%), from €1.6m to €1.8m
- Depreciation +€151,779
up €151,779 (+19.5%), from €776,751 to €928,530
- Other operating charges -€140,678
down €140,678 (-79.1%), from €177,945 to €37,268
- Staff costs +€35,577
up €35,577 (+15.7%), from €226,232 to €261,809
- Provisions +€35,000
up €35,000, from -€25,000 to €10,000
From the 2025 result to the 2026 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 2025
€109,600
Gross operating margin
+€171,236
Staff costs
-€35,577
Depreciation
-€151,779
Provisions
-€35,000
Other operating charges
+€140,678
Financial income
-€11,969
Financial charges
-€6,128
Taxes
+€15,560
Deferred taxes and other
-€1,117
Result 2026
€195,502
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.3m
Investment
-€1.2m
Financing
-€169,567
Cash 2025
€489,939
From operations (derived)
+€1.3m
Net result for the year
+€195,502
Depreciation
+€928,530
Receivables within one year
+€244,920
Deferred charges and accrued income
-€68,639
Smaller working-capital items
-€1,054
Trade debts
-€7,537
Tax, wage and social debts
+€11,069
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.5m
Current investments
+€250,000
Financing
-€169,567
Debts after one year
-€312,607
Current portion of long-term debt
+€143,039
Cash 2026
€413,382
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,170,689 | €19,199,103 | +€28,414 | +0.1% |
| Fixed assets | 21/28 | €16,847,175 | €17,378,426 | +€531,252 | +3.2% |
| Intangible fixed assets | 21 | €28,848 | €26,626 | -€2,222 | -7.7% |
| Tangible fixed assets | 22/27 | €10,913,230 | €11,133,811 | +€220,581 | +2.0% |
| Land and buildings | 22 | €9,203,119 | €9,286,107 | +€82,987 | +0.9% |
| Plant, machinery and equipment | 23 | €381,772 | €900,783 | +€519,011 | +135.9% |
| Furniture and vehicles | 24 | €38,642 | €30,675 | -€7,967 | -20.6% |
| Leasing and similar rights | 25 | €1,289,696 | €916,246 | -€373,450 | -29.0% |
| Financial fixed assets | 28 | €5,905,097 | €6,217,990 | +€312,893 | +5.3% |
| Current assets | 29/58 | €2,323,514 | €1,820,676 | -€502,838 | -21.6% |
| Amounts receivable after more than one year | 29 | €43,400 | €43,400 | = | 0.0% |
| Other amounts receivable | 291 | €43,400 | €43,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,531,389 | €1,286,469 | -€244,920 | -16.0% |
| Trade receivables | 40 | €541,775 | €280,225 | -€261,550 | -48.3% |
| Other amounts receivable | 41 | €989,614 | €1,006,244 | +€16,629 | +1.7% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €489,939 | €413,382 | -€76,557 | -15.6% |
| Deferred charges and accrued income | 490/1 | €8,786 | €77,425 | +€68,639 | +781.2% |
| Total equity and liabilities | 10/49 | €19,170,689 | €19,199,103 | +€28,414 | +0.1% |
| Equity | 10/15 | €11,028,602 | €11,224,104 | +€195,502 | +1.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €277,274 | €244,095 | -€33,179 | -12.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,274 | €39,095 | -€33,179 | -45.9% |
| Distributable reserves | 133 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,651,327 | €10,880,009 | +€228,682 | +2.1% |
| Provisions and deferred taxes | 16 | €304,092 | €303,032 | -€1,060 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €280,000 | €290,000 | +€10,000 | +3.6% |
| Major repairs and maintenance | 162 | €280,000 | €280,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | - | €10,000 | +€10,000 | |
| Deferred taxes | 168 | €24,092 | €13,032 | -€11,060 | -45.9% |
| Amounts payable | 17/49 | €7,837,996 | €7,671,967 | -€166,029 | -2.1% |
| Amounts payable after more than one year | 17 | €6,919,954 | €6,607,347 | -€312,607 | -4.5% |
| Financial debts | 170/4 | €6,919,954 | €6,607,347 | -€312,607 | -4.5% |
| Amounts payable within one year | 42/48 | €917,835 | €1,064,407 | +€146,572 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €702,782 | €845,821 | +€143,039 | +20.4% |
| Trade debts | 44 | €79,654 | €72,117 | -€7,537 | -9.5% |
| Suppliers | 440/4 | €79,654 | €72,117 | -€7,537 | -9.5% |
| Taxes, remuneration and social security | 45 | €45,400 | €56,469 | +€11,069 | +24.4% |
| Taxes | 450/3 | €2,643 | €31,737 | +€29,094 | +1100.8% |
| Remuneration and social security | 454/9 | €42,757 | €24,732 | -€18,024 | -42.2% |
| Other amounts payable | 47/48 | €90,000 | €90,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €206 | €212 | +€6 | +3.0% |
| Non-recurring operating income | 76A | €10,295 | €64,370 | +€54,075 | +525.3% |
| Remuneration, social security and pensions | 62 | €226,232 | €261,809 | +€35,577 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €776,751 | €928,530 | +€151,779 | +19.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,000 | €10,000 | +€35,000 | |
| Other operating charges | 640/8 | €177,945 | €37,268 | -€140,678 | -79.1% |
| Gross operating margin | 9900 | €1,598,013 | €1,769,248 | +€171,236 | +10.7% |
| Operating profit (loss) | 9901 | €442,085 | €531,642 | +€89,557 | +20.3% |
| Financial income | 75/76B | €12,734 | €765 | -€11,969 | -94.0% |
| Recurring financial income | 75 | €12,734 | €765 | -€11,969 | -94.0% |
| Financial charges | 65/66B | €249,026 | €255,155 | +€6,128 | +2.5% |
| Recurring financial charges | 65 | €249,026 | €255,155 | +€6,128 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €205,793 | €277,252 | +€71,459 | +34.7% |
| Transfer from deferred taxes | 780 | €12,177 | €11,060 | -€1,117 | -9.2% |
| Income taxes | 67/77 | €108,370 | €92,810 | -€15,560 | -14.4% |
| Profit (loss) for the period | 9904 | €109,600 | €195,502 | +€85,902 | +78.4% |
| Transfer from tax-exempt reserves | 789 | €36,532 | €33,179 | -€3,352 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €146,132 | €228,682 | +€82,550 | +56.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.