IMMALO: 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.
What changed
IMMALO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14,177
2024 · €128,084-€113,907
Equity
€880,168
2024 · €865,991+€14,177
Cash
€96,099
2024 · €190,167-€94,068
Balance sheet total
€1.3m
2024 · €1.3m-€40,058
Largest movements
Assets
- Cash -€94,068
down €94,068 (-49.5%), from €190,167 to €96,099
mainly Investment in fixed assets (net) (-€124,443) and Other debts (-€24,347)
- Tangible fixed assets +€53,308
up €53,308 (+7.3%), from €733,587 to €786,894
of which Land and buildings: +€54,092
Equity and liabilities
- Other debts -€24,347
down €24,347 (-7.3%), from €335,746 to €311,399
- Reserves +€14,149
up €14,149 (+3.1%), from €459,228 to €473,378
of which Distributable reserves: +€31,300
- Current portion of long-term debt -€13,736
down €13,736 (-65.8%), from €20,886 to €7,150
Income statement
- Gross operating margin -€143,322
down €143,322 (-52.5%), from €272,807 to €129,485
- Taxes +€5,096
up €5,096 (+53.5%), from €9,520 to €14,616
- Depreciation +€4,141
up €4,141 (+6.2%), from €66,994 to €71,135
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.
Result 2024
€128,084
Gross operating margin
-€143,322
Depreciation
-€4,141
Other operating charges
-€355
Financial income
+€279
Financial charges
-€1,755
Taxes
-€5,096
Deferred taxes and other
+€40,481
Result 2025
€14,177
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€53,920
Investment
-€125,197
Financing
-€22,791
Cash 2024
€190,167
From operations (derived)
+€53,920
Net result for the year
+€14,177
Depreciation
+€71,135
Receivables within one year
-€1,805
Deferred charges and accrued income
+€1,857
Provisions
-€5,717
Smaller working-capital items
-€205
Tax, wage and social debts
-€1,174
Other debts
-€24,347
Investment (derived)
-€125,197
Investment in fixed assets (net)
-€124,443
Current investments
-€754
Financing
-€22,791
Debts after one year
-€9,055
Current portion of long-term debt
-€13,736
Cash 2025
€96,099
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,314,852 | €1,274,794 | -€40,058 | -3.0% |
| Fixed assets | 21/28 | €733,711 | €787,018 | +€53,308 | +7.3% |
| Tangible fixed assets | 22/27 | €733,587 | €786,894 | +€53,308 | +7.3% |
| Land and buildings | 22 | €723,403 | €777,495 | +€54,092 | +7.5% |
| Plant, machinery and equipment | 23 | €10,121 | €9,399 | -€722 | -7.1% |
| Furniture and vehicles | 24 | €63 | - | -€63 | |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €581,141 | €487,775 | -€93,366 | -16.1% |
| Amounts receivable within one year | 40/41 | - | €1,805 | +€1,805 | |
| Other amounts receivable | 41 | - | €1,805 | +€1,805 | |
| Current investments | 50/53 | €388,423 | €389,177 | +€754 | +0.2% |
| Cash at bank and in hand | 54/58 | €190,167 | €96,099 | -€94,068 | -49.5% |
| Deferred charges and accrued income | 490/1 | €2,552 | €694 | -€1,857 | -72.8% |
| Total equity and liabilities | 10/49 | €1,314,852 | €1,274,794 | -€40,058 | -3.0% |
| Equity | 10/15 | €865,991 | €880,168 | +€14,177 | +1.6% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €459,228 | €473,378 | +€14,149 | +3.1% |
| Non-distributable reserves | 130/1 | €27,500 | €27,500 | = | 0.0% |
| Legal reserve | 130 | €27,500 | €27,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,178 | €193,028 | -€17,151 | -8.2% |
| Distributable reserves | 133 | €221,550 | €252,850 | +€31,300 | +14.1% |
| Profit (loss) carried forward | 14 | €131,762 | €131,790 | +€27 | 0.0% |
| Provisions and deferred taxes | 16 | €70,059 | €64,343 | -€5,717 | -8.2% |
| Deferred taxes | 168 | €70,059 | €64,343 | -€5,717 | -8.2% |
| Amounts payable | 17/49 | €378,802 | €330,283 | -€48,518 | -12.8% |
| Amounts payable after more than one year | 17 | €10,575 | €1,520 | -€9,055 | -85.6% |
| Financial debts | 170/4 | €7,150 | - | -€7,150 | |
| Other amounts payable | 178/9 | €3,425 | €1,520 | -€1,905 | -55.6% |
| Amounts payable within one year | 42/48 | €364,879 | €325,404 | -€39,475 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €20,886 | €7,150 | -€13,736 | -65.8% |
| Trade debts | 44 | €257 | €41 | -€216 | -84.1% |
| Suppliers | 440/4 | €257 | €41 | -€216 | -84.1% |
| Taxes, remuneration and social security | 45 | €7,989 | €6,814 | -€1,174 | -14.7% |
| Taxes | 450/3 | €7,989 | €6,814 | -€1,174 | -14.7% |
| Other amounts payable | 47/48 | €335,746 | €311,399 | -€24,347 | -7.3% |
| Accrued charges and deferred income | 492/3 | €3,348 | €3,359 | +€11 | +0.3% |
| Non-recurring operating income | 76A | €157,958 | - | -€157,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,994 | €71,135 | +€4,141 | +6.2% |
| Other operating charges | 640/8 | €15,554 | €15,909 | +€355 | +2.3% |
| Gross operating margin | 9900 | €272,807 | €129,485 | -€143,322 | -52.5% |
| Operating profit (loss) | 9901 | €190,258 | €42,440 | -€147,817 | -77.7% |
| Financial income | 75/76B | €4,456 | €4,736 | +€279 | +6.3% |
| Recurring financial income | 75 | €4,456 | €4,736 | +€279 | +6.3% |
| Financial charges | 65/66B | €22,346 | €24,100 | +€1,755 | +7.9% |
| Recurring financial charges | 65 | €22,346 | €24,100 | +€1,755 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €172,368 | €23,076 | -€149,293 | -86.6% |
| Transfer from deferred taxes | 780 | €4,725 | €5,717 | +€992 | +21.0% |
| Transfer to deferred taxes | 680 | €39,489 | - | -€39,489 | |
| Income taxes | 67/77 | €9,520 | €14,616 | +€5,096 | +53.5% |
| Profit (loss) for the period | 9904 | €128,084 | €14,177 | -€113,907 | -88.9% |
| Transfer from tax-exempt reserves | 789 | €14,175 | €17,151 | +€2,976 | +21.0% |
| Transfer to tax-exempt reserves | 689 | €118,468 | - | -€118,468 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,790 | €31,327 | +€7,537 | +31.7% |
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 14 October 2026 via checked.be.