IMMAGO: 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.
IMMAGO
Largest movements
- Tangible fixed assets -€383,276
down €383,276 (-33.5%), from €1.1m to €759,267
of which Land and buildings: -€387,951
- Cash +€264,244
up €264,244 (+146.5%), from €180,408 to €444,652
mainly Investment in fixed assets (net) (+€319,940) and Depreciation (+€63,336)
- Provisions -€81,179
down €81,179 (-57.6%), from €141,055 to €59,876
- Debts after one year -€45,950
down €45,950 (-14.2%), from €324,139 to €278,190
of which Financial debts: -€45,950
- Other debts -€23,897
down €23,897 (-100.0%), from €23,897 to €0
- Tax, wage and social debts +€17,514
up €17,514 (+200.4%), from €8,739 to €26,254
- Taxes +€93,996
up €93,996 (+420.1%), from €22,374 to €116,369
- Depreciation +€13,723
up €13,723 (+27.7%), from €49,613 to €63,336
- Gross operating margin +€3,371
up €3,371 (+2.8%), from €120,167 to €123,538
- Financial charges -€2,305
down €2,305 (-26.7%), from €8,628 to €6,323
- Other operating charges +€1,753
up €1,753 (+13.8%), from €12,702 to €14,455
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 | €1,341,520 | €1,215,630 | -€125,890 | -9.4% |
| Fixed assets | 21/28 | €1,142,643 | €759,367 | -€383,276 | -33.5% |
| Tangible fixed assets | 22/27 | €1,142,543 | €759,267 | -€383,276 | -33.5% |
| Land and buildings | 22 | €1,141,798 | €753,848 | -€387,951 | -34.0% |
| Plant, machinery and equipment | 23 | €745 | €580 | -€165 | -22.2% |
| Furniture and vehicles | 24 | €0 | €4,840 | +€4,840 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €198,877 | €456,263 | +€257,386 | +129.4% |
| Amounts receivable within one year | 40/41 | €17,235 | €10,442 | -€6,793 | -39.4% |
| Trade receivables | 40 | €8,635 | €10,399 | +€1,763 | +20.4% |
| Other amounts receivable | 41 | €8,600 | €44 | -€8,556 | -99.5% |
| Cash at bank and in hand | 54/58 | €180,408 | €444,652 | +€264,244 | +146.5% |
| Deferred charges and accrued income | 490/1 | €1,234 | €1,169 | -€65 | -5.3% |
| Total equity and liabilities | 10/49 | €1,341,520 | €1,215,630 | -€125,890 | -9.4% |
| Equity | 10/15 | €784,604 | €790,431 | +€5,827 | +0.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €714,604 | €720,431 | +€5,827 | +0.8% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €423,165 | €179,629 | -€243,536 | -57.6% |
| Distributable reserves | 133 | €284,439 | €533,802 | +€249,363 | +87.7% |
| Provisions and deferred taxes | 16 | €141,055 | €59,876 | -€81,179 | -57.6% |
| Deferred taxes | 168 | €141,055 | €59,876 | -€81,179 | -57.6% |
| Amounts payable | 17/49 | €415,861 | €365,323 | -€50,538 | -12.2% |
| Amounts payable after more than one year | 17 | €324,139 | €278,190 | -€45,950 | -14.2% |
| Financial debts | 170/4 | €315,604 | €269,655 | -€45,950 | -14.6% |
| Other amounts payable | 178/9 | €8,535 | €8,535 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,705 | €80,730 | -€3,975 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €45,227 | €45,950 | +€723 | +1.6% |
| Trade debts | 44 | €5,685 | €7,371 | +€1,685 | +29.6% |
| Suppliers | 440/4 | €5,685 | €7,371 | +€1,685 | +29.6% |
| Advances received on contracts in progress | 46 | €1,156 | €1,156 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €8,739 | €26,254 | +€17,514 | +200.4% |
| Taxes | 450/3 | €8,739 | €26,254 | +€17,514 | +200.4% |
| Other amounts payable | 47/48 | €23,897 | €0 | -€23,897 | -100.0% |
| Accrued charges and deferred income | 492/3 | €7,017 | €6,403 | -€614 | -8.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,613 | €63,336 | +€13,723 | +27.7% |
| Other operating charges | 640/8 | €12,702 | €14,455 | +€1,753 | +13.8% |
| Gross operating margin | 9900 | €120,167 | €123,538 | +€3,371 | +2.8% |
| Operating profit (loss) | 9901 | €57,852 | €45,747 | -€12,105 | -20.9% |
| Financial income | 75/76B | €448 | €1,594 | +€1,146 | +255.4% |
| Recurring financial income | 75 | €448 | €1,594 | +€1,146 | +255.4% |
| Financial charges | 65/66B | €8,628 | €6,323 | -€2,305 | -26.7% |
| Recurring financial charges | 65 | €8,628 | €6,323 | -€2,305 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €49,672 | €41,018 | -€8,654 | -17.4% |
| Transfer from deferred taxes | 780 | €5,359 | €81,179 | +€75,820 | +1414.9% |
| Income taxes | 67/77 | €22,374 | €116,369 | +€93,996 | +420.1% |
| Profit (loss) for the period | 9904 | €32,657 | €5,827 | -€26,830 | -82.2% |
| Transfer from tax-exempt reserves | 789 | €16,076 | €243,536 | +€227,459 | +1414.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,734 | €249,363 | +€200,629 | +411.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.