IMMALEF: 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.
IMMALEF
Largest movements
- Cash +€42,191
up €42,191 (+18.4%), from €229,859 to €272,051
mainly Net result for the year (+€59,373) and Trade debts (+€14,404)
- Reserves +€59,373
up €59,373 (+7.4%), from €799,508 to €858,881
of which Distributable reserves: +€59,373
- Trade debts +€14,404
up €14,404 (+82.5%), from €17,458 to €31,862
- Tax, wage and social debts -€13,621
down €13,621 (-75.4%), from €18,066 to €4,444
- Gross operating margin -€13,914
down €13,914 (-12.9%), from €107,725 to €93,811
- Taxes -€4,989
down €4,989 (-15.3%), from €32,703 to €27,713
- Depreciation +€1,921
up €1,921 (+92.5%), from €2,076 to €3,997
- Financial income +€1,328
up €1,328 (+28.5%), from €4,661 to €5,988
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 | €958,338 | €1,020,344 | +€62,006 | +6.5% |
| Fixed assets | 21/28 | €314,798 | €321,834 | +€7,036 | +2.2% |
| Tangible fixed assets | 22/27 | €314,548 | €321,584 | +€7,036 | +2.2% |
| Land and buildings | 22 | €305,606 | €308,481 | +€2,875 | +0.9% |
| Plant, machinery and equipment | 23 | €8,942 | €13,103 | +€4,161 | +46.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €643,540 | €698,510 | +€54,970 | +8.5% |
| Amounts receivable within one year | 40/41 | €122,420 | €125,158 | +€2,738 | +2.2% |
| Trade receivables | 40 | €122,420 | €125,158 | +€2,738 | +2.2% |
| Current investments | 50/53 | €290,000 | €300,000 | +€10,000 | +3.4% |
| Cash at bank and in hand | 54/58 | €229,859 | €272,051 | +€42,191 | +18.4% |
| Deferred charges and accrued income | 490/1 | €1,261 | €1,302 | +€41 | +3.3% |
| Total equity and liabilities | 10/49 | €958,338 | €1,020,344 | +€62,006 | +6.5% |
| Equity | 10/15 | €876,196 | €935,569 | +€59,373 | +6.8% |
| Contributions | 10/11 | €76,688 | €76,688 | = | 0.0% |
| Capital | 10 | €76,688 | €76,688 | = | 0.0% |
| Issued capital | 100 | €76,688 | €76,688 | = | 0.0% |
| Reserves | 13 | €799,508 | €858,881 | +€59,373 | +7.4% |
| Non-distributable reserves | 130/1 | €7,669 | €7,669 | = | 0.0% |
| Legal reserve | 130 | €7,669 | €7,669 | = | 0.0% |
| Distributable reserves | 133 | €791,839 | €851,212 | +€59,373 | +7.5% |
| Provisions and deferred taxes | 16 | €46,618 | €46,618 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €46,618 | €46,618 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,000 | €40,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €6,618 | €6,618 | = | 0.0% |
| Amounts payable | 17/49 | €35,523 | €38,156 | +€2,633 | +7.4% |
| Amounts payable within one year | 42/48 | €35,523 | €36,306 | +€783 | +2.2% |
| Trade debts | 44 | €17,458 | €31,862 | +€14,404 | +82.5% |
| Suppliers | 440/4 | €17,458 | €31,862 | +€14,404 | +82.5% |
| Taxes, remuneration and social security | 45 | €18,066 | €4,444 | -€13,621 | -75.4% |
| Taxes | 450/3 | €18,066 | €4,444 | -€13,621 | -75.4% |
| Accrued charges and deferred income | 492/3 | - | €1,850 | +€1,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,076 | €3,997 | +€1,921 | +92.5% |
| Other operating charges | 640/8 | €7,771 | €7,922 | +€151 | +1.9% |
| Gross operating margin | 9900 | €107,725 | €93,811 | -€13,914 | -12.9% |
| Operating profit (loss) | 9901 | €97,877 | €81,892 | -€15,986 | -16.3% |
| Financial income | 75/76B | €4,661 | €5,988 | +€1,328 | +28.5% |
| Recurring financial income | 75 | €4,661 | €5,988 | +€1,328 | +28.5% |
| Financial charges | 65/66B | €870 | €794 | -€76 | -8.8% |
| Recurring financial charges | 65 | €870 | €794 | -€76 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €101,668 | €87,086 | -€14,582 | -14.3% |
| Income taxes | 67/77 | €32,703 | €27,713 | -€4,989 | -15.3% |
| Profit (loss) for the period | 9904 | €68,966 | €59,373 | -€9,593 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,966 | €59,373 | -€9,593 | -13.9% |
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 16 October 2026 via checked.be.