IMMAL: 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.
IMMAL
Largest movements
- Cash +€41,552
up €41,552 (+77.2%), from €53,792 to €95,344
mainly Net result for the year (+€76,026) and Depreciation (+€29,611)
- Tangible fixed assets -€29,611
down €29,611 (-7.0%), from €425,058 to €395,448
of which Land and buildings: -€26,817
- Deferred charges and accrued income -€13,333
down €13,333 (-15.6%), from €85,556 to €72,222
- Other debts -€11,756
down €11,756 (-11.9%), from €98,980 to €87,224
- Profit (loss) carried forward +€8,648
up €8,648, from -€8,469 to €179
- Trade debts -€7,261
down €7,261 (-26.3%), from €27,606 to €20,344
- Gross operating margin -€64,313
down €64,313 (-31.8%), from €202,231 to €137,918
- Taxes +€13,696
new in 2025: €13,696
- Financial charges -€5,955
down €5,955 (-53.6%), from €11,111 to €5,156
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 | €570,799 | €569,745 | -€1,054 | -0.2% |
| Fixed assets | 21/28 | €425,058 | €395,448 | -€29,611 | -7.0% |
| Tangible fixed assets | 22/27 | €425,058 | €395,448 | -€29,611 | -7.0% |
| Land and buildings | 22 | €417,411 | €390,594 | -€26,817 | -6.4% |
| Plant, machinery and equipment | 23 | €7,647 | €4,854 | -€2,794 | -36.5% |
| Current assets | 29/58 | €145,740 | €174,297 | +€28,557 | +19.6% |
| Amounts receivable within one year | 40/41 | €6,392 | €6,731 | +€338 | +5.3% |
| Trade receivables | 40 | €6,392 | €6,731 | +€338 | +5.3% |
| Cash at bank and in hand | 54/58 | €53,792 | €95,344 | +€41,552 | +77.2% |
| Deferred charges and accrued income | 490/1 | €85,556 | €72,222 | -€13,333 | -15.6% |
| Total equity and liabilities | 10/49 | €570,799 | €569,745 | -€1,054 | -0.2% |
| Equity | 10/15 | €420,006 | €432,032 | +€12,026 | +2.9% |
| Contributions | 10/11 | €399,901 | €399,901 | = | 0.0% |
| Capital | 10 | €399,901 | €399,901 | = | 0.0% |
| Issued capital | 100 | €399,901 | €399,901 | = | 0.0% |
| Reserves | 13 | €28,574 | €31,952 | +€3,378 | +11.8% |
| Non-distributable reserves | 130/1 | €2,776 | €6,154 | +€3,378 | +121.7% |
| Legal reserve | 130 | €2,776 | €6,154 | +€3,378 | +121.7% |
| Distributable reserves | 133 | €25,798 | €25,798 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,469 | €179 | +€8,648 | |
| Amounts payable | 17/49 | €150,792 | €137,713 | -€13,079 | -8.7% |
| Amounts payable within one year | 42/48 | €128,557 | €114,950 | -€13,607 | -10.6% |
| Trade debts | 44 | €27,606 | €20,344 | -€7,261 | -26.3% |
| Suppliers | 440/4 | €27,606 | €20,344 | -€7,261 | -26.3% |
| Advances received on contracts in progress | 46 | €1,972 | €1,686 | -€285 | -14.5% |
| Taxes, remuneration and social security | 45 | €0 | €5,696 | +€5,696 | |
| Taxes | 450/3 | €0 | €5,696 | +€5,696 | |
| Other amounts payable | 47/48 | €98,980 | €87,224 | -€11,756 | -11.9% |
| Accrued charges and deferred income | 492/3 | €22,235 | €22,763 | +€528 | +2.4% |
| Non-recurring operating income | 76A | €68,970 | €0 | -€68,970 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,573 | €29,611 | +€38 | +0.1% |
| Other operating charges | 640/8 | €13,020 | €13,429 | +€409 | +3.1% |
| Gross operating margin | 9900 | €202,231 | €137,918 | -€64,313 | -31.8% |
| Operating profit (loss) | 9901 | €159,638 | €94,878 | -€64,760 | -40.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €11,111 | €5,156 | -€5,955 | -53.6% |
| Recurring financial charges | 65 | €11,111 | €5,156 | -€5,955 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €148,527 | €89,722 | -€58,805 | -39.6% |
| Income taxes | 67/77 | - | €13,696 | +€13,696 | |
| Profit (loss) for the period | 9904 | €148,527 | €76,026 | -€72,501 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €148,527 | €76,026 | -€72,501 | -48.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.