IMMA: 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.
IMMA
Largest movements
- Tangible fixed assets -€44,463
down €44,463 (-4.4%), from €1.0m to €970,989
of which Land and buildings: -€42,492
- Receivables within one year -€22,482
down €22,482 (-39.1%), from €57,559 to €35,077
of which Trade receivables: -€20,249
- Receivables after one year -€12,000
down €12,000 (-28.6%), from €42,000 to €30,000
- Reserves -€45,692
down €45,692 (-6.2%), from €739,977 to €694,285
of which Tax-exempt reserves: -€67,486
- Provisions -€22,495
down €22,495 (-17.1%), from €131,424 to €108,929
- Gross operating margin -€30,666
down €30,666, from €28,955 to -€1,711
- Other operating charges +€9,864
up €9,864 (+175.2%), from €5,632 to €15,496
- Financial charges +€2,161
up €2,161 (+130.5%), from €1,656 to €3,817
- Depreciation +€571
up €571 (+1.2%), from €46,287 to €46,859
- Taxes +€341
up €341 (+445.2%), from €77 to €417
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 | €1,185,937 | €1,113,436 | -€72,501 | -6.1% |
| Fixed assets | 21/28 | €1,015,452 | €970,989 | -€44,463 | -4.4% |
| Tangible fixed assets | 22/27 | €1,015,452 | €970,989 | -€44,463 | -4.4% |
| Land and buildings | 22 | €989,225 | €946,733 | -€42,492 | -4.3% |
| Plant, machinery and equipment | 23 | €332 | €1,199 | +€867 | +261.6% |
| Furniture and vehicles | 24 | €1,670 | €2,000 | +€329 | +19.7% |
| Other tangible fixed assets | 26 | €24,225 | €21,057 | -€3,168 | -13.1% |
| Current assets | 29/58 | €170,485 | €142,447 | -€28,038 | -16.4% |
| Amounts receivable after more than one year | 29 | €42,000 | €30,000 | -€12,000 | -28.6% |
| Other amounts receivable | 291 | €42,000 | €30,000 | -€12,000 | -28.6% |
| Amounts receivable within one year | 40/41 | €57,559 | €35,077 | -€22,482 | -39.1% |
| Trade receivables | 40 | €30,046 | €9,797 | -€20,249 | -67.4% |
| Other amounts receivable | 41 | €27,513 | €25,280 | -€2,233 | -8.1% |
| Cash at bank and in hand | 54/58 | €70,030 | €72,977 | +€2,946 | +4.2% |
| Deferred charges and accrued income | 490/1 | €896 | €4,393 | +€3,498 | +390.5% |
| Total equity and liabilities | 10/49 | €1,185,937 | €1,113,436 | -€72,501 | -6.1% |
| Equity | 10/15 | €952,386 | €906,694 | -€45,692 | -4.8% |
| Contributions | 10/11 | €212,409 | €212,409 | = | 0.0% |
| Capital | 10 | €212,409 | €212,409 | = | 0.0% |
| Issued capital | 100 | €212,409 | €212,409 | = | 0.0% |
| Reserves | 13 | €739,977 | €694,285 | -€45,692 | -6.2% |
| Non-distributable reserves | 130/1 | €21,241 | €21,241 | = | 0.0% |
| Legal reserve | 130 | €21,241 | €21,241 | = | 0.0% |
| Tax-exempt reserves | 132 | €394,272 | €326,786 | -€67,486 | -17.1% |
| Distributable reserves | 133 | €324,464 | €346,258 | +€21,794 | +6.7% |
| Provisions and deferred taxes | 16 | €131,424 | €108,929 | -€22,495 | -17.1% |
| Deferred taxes | 168 | €131,424 | €108,929 | -€22,495 | -17.1% |
| Amounts payable | 17/49 | €102,127 | €97,813 | -€4,314 | -4.2% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €27,127 | €21,885 | -€5,242 | -19.3% |
| Trade debts | 44 | €12,941 | €3,907 | -€9,034 | -69.8% |
| Suppliers | 440/4 | €12,941 | €3,907 | -€9,034 | -69.8% |
| Taxes, remuneration and social security | 45 | €373 | €1,836 | +€1,463 | +391.8% |
| Taxes | 450/3 | €373 | €1,836 | +€1,463 | +391.8% |
| Other amounts payable | 47/48 | €13,812 | €16,142 | +€2,330 | +16.9% |
| Accrued charges and deferred income | 492/3 | - | €928 | +€928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,287 | €46,859 | +€571 | +1.2% |
| Other operating charges | 640/8 | €5,632 | €15,496 | +€9,864 | +175.2% |
| Gross operating margin | 9900 | €28,955 | -€1,711 | -€30,666 | |
| Operating profit (loss) | 9901 | -€22,964 | -€64,066 | -€41,102 | -179.0% |
| Financial income | 75/76B | €136 | €113 | -€23 | -16.8% |
| Recurring financial income | 75 | €136 | €113 | -€23 | -16.8% |
| Financial charges | 65/66B | €1,656 | €3,817 | +€2,161 | +130.5% |
| Recurring financial charges | 65 | €1,656 | €3,817 | +€2,161 | +130.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,485 | -€67,770 | -€43,285 | -176.8% |
| Transfer from deferred taxes | 780 | €7,277 | €22,495 | +€15,219 | +209.1% |
| Income taxes | 67/77 | €77 | €417 | +€341 | +445.2% |
| Profit (loss) for the period | 9904 | -€17,285 | -€45,692 | -€28,407 | -164.4% |
| Transfer from tax-exempt reserves | 789 | €21,830 | €67,486 | +€45,656 | +209.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,545 | €21,794 | +€17,249 | +379.5% |
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 10 October 2026 via checked.be.