IMM - HO - TEP: 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.
IMM - HO - TEP
Largest movements
- Cash -€28,691
down €28,691 (-72.0%), from €39,828 to €11,137
mainly Net result for the year (-€87,018) and Investment in fixed assets (net) (-€61,133)
- Tangible fixed assets -€24,866
down €24,866 (-1.6%), from €1.6m to €1.5m
of which Plant, machinery and equipment: -€32,038
- Other debts +€78,118
up €78,118 (+25.5%), from €306,061 to €384,179
- Profit (loss) carried forward -€65,188
down €65,188 (-25.4%), from -€256,522 to -€321,710
- Debts after one year -€26,300
down €26,300 (-6.0%), from €441,009 to €414,708
- Reserves -€21,830
down €21,830 (-4.1%), from €531,674 to €509,844
- Depreciation -€31,003
down €31,003 (-26.5%), from €117,003 to €86,000
- Gross operating margin +€12,253
up €12,253 (+33.8%), from €36,200 to €48,453
- Financial charges -€6,177
down €6,177 (-12.7%), from €48,704 to €42,527
- Other operating charges +€941
up €941 (+7.0%), from €13,462 to €14,403
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,592,916 | €1,539,914 | -€53,003 | -3.3% |
| Fixed assets | 21/28 | €1,550,284 | €1,525,417 | -€24,866 | -1.6% |
| Tangible fixed assets | 22/27 | €1,550,098 | €1,525,231 | -€24,866 | -1.6% |
| Land and buildings | 22 | €1,395,792 | €1,403,467 | +€7,675 | +0.5% |
| Plant, machinery and equipment | 23 | €150,362 | €118,324 | -€32,038 | -21.3% |
| Furniture and vehicles | 24 | €3,943 | €3,440 | -€503 | -12.8% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €42,633 | €14,496 | -€28,136 | -66.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €39,828 | €11,137 | -€28,691 | -72.0% |
| Deferred charges and accrued income | 490/1 | €2,805 | €3,359 | +€555 | +19.8% |
| Total equity and liabilities | 10/49 | €1,592,916 | €1,539,914 | -€53,003 | -3.3% |
| Equity | 10/15 | €589,152 | €502,134 | -€87,018 | -14.8% |
| Contributions | 10/11 | €314,000 | €314,000 | = | 0.0% |
| Reserves | 13 | €531,674 | €509,844 | -€21,830 | -4.1% |
| Tax-exempt reserves | 132 | €531,674 | €509,844 | -€21,830 | -4.1% |
| Profit (loss) carried forward | 14 | -€256,522 | -€321,710 | -€65,188 | -25.4% |
| Provisions and deferred taxes | 16 | €185,637 | €178,360 | -€7,277 | -3.9% |
| Deferred taxes | 168 | €185,637 | €178,360 | -€7,277 | -3.9% |
| Amounts payable | 17/49 | €818,128 | €859,420 | +€41,292 | +5.0% |
| Amounts payable after more than one year | 17 | €441,009 | €414,708 | -€26,300 | -6.0% |
| Financial debts | 170/4 | €441,009 | €414,708 | -€26,300 | -6.0% |
| Amounts payable within one year | 42/48 | €345,941 | €416,859 | +€70,918 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €27,307 | €28,444 | +€1,137 | +4.2% |
| Trade debts | 44 | €12,572 | €4,236 | -€8,337 | -66.3% |
| Suppliers | 440/4 | €12,572 | €4,236 | -€8,337 | -66.3% |
| Other amounts payable | 47/48 | €306,061 | €384,179 | +€78,118 | +25.5% |
| Accrued charges and deferred income | 492/3 | €31,178 | €27,853 | -€3,325 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,003 | €86,000 | -€31,003 | -26.5% |
| Other operating charges | 640/8 | €13,462 | €14,403 | +€941 | +7.0% |
| Gross operating margin | 9900 | €36,200 | €48,453 | +€12,253 | +33.8% |
| Operating profit (loss) | 9901 | -€94,264 | -€51,950 | +€42,315 | +44.9% |
| Financial income | 75/76B | €15 | €182 | +€168 | +1,123% |
| Recurring financial income | 75 | €15 | €182 | +€168 | +1,123% |
| Financial charges | 65/66B | €48,704 | €42,527 | -€6,177 | -12.7% |
| Recurring financial charges | 65 | €48,704 | €42,527 | -€6,177 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | -€142,954 | -€94,295 | +€48,659 | +34.0% |
| Transfer from deferred taxes | 780 | €7,277 | €7,277 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€135,677 | -€87,018 | +€48,659 | +35.9% |
| Transfer from tax-exempt reserves | 789 | €21,830 | €21,830 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€113,847 | -€65,188 | +€48,659 | +42.7% |
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 31 October 2026 via checked.be.