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.
IMMALO
Largest movements
- Tangible fixed assets +€272,964
up €272,964 (+6.8%), from €4.0m to €4.3m
of which Land and buildings: +€264,825
- Cash +€251,290
up €251,290 (+389%), from €64,572 to €315,862
mainly Other debts (+€406,593) and Depreciation (+€170,997)
- Other debts +€406,593
up €406,593 (+29.1%), from €1.4m to €1.8m
- Profit (loss) carried forward +€114,877
up €114,877, from -€114,877 to €0
- Gross operating margin +€67,111
up €67,111 (+25.2%), from €266,836 to €333,947
- Depreciation +€24,428
up €24,428 (+16.7%), from €146,569 to €170,997
- Taxes +€19,712
up €19,712 (+94.5%), from €20,857 to €40,569
- Other operating charges -€12,080
down €12,080 (-36.9%), from €32,740 to €20,660
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 | €4,068,493 | €4,592,151 | +€523,658 | +12.9% |
| Fixed assets | 21/28 | €4,003,249 | €4,276,213 | +€272,964 | +6.8% |
| Tangible fixed assets | 22/27 | €4,003,249 | €4,276,213 | +€272,964 | +6.8% |
| Land and buildings | 22 | €3,972,075 | €4,236,899 | +€264,825 | +6.7% |
| Plant, machinery and equipment | 23 | €31,174 | €39,314 | +€8,139 | +26.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €65,244 | €315,938 | +€250,694 | +384% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €64,572 | €315,862 | +€251,290 | +389% |
| Deferred charges and accrued income | 490/1 | €672 | €76 | -€596 | -88.7% |
| Total equity and liabilities | 10/49 | €4,068,493 | €4,592,151 | +€523,658 | +12.9% |
| Equity | 10/15 | €2,554,801 | €2,661,353 | +€106,552 | +4.2% |
| Contributions | 10/11 | €1,736,500 | €1,736,500 | = | 0.0% |
| Capital | 10 | €1,736,500 | €1,736,500 | = | 0.0% |
| Issued capital | 100 | €1,736,500 | €1,736,500 | = | 0.0% |
| Revaluation surpluses | 12 | €101,641 | €101,641 | = | 0.0% |
| Reserves | 13 | €831,537 | €823,212 | -€8,325 | -1.0% |
| Non-distributable reserves | 130/1 | €173,650 | €173,650 | = | 0.0% |
| Legal reserve | 130 | €173,650 | €173,650 | = | 0.0% |
| Tax-exempt reserves | 132 | €344,242 | €329,992 | -€14,249 | -4.1% |
| Distributable reserves | 133 | €313,645 | €319,569 | +€5,924 | +1.9% |
| Profit (loss) carried forward | 14 | -€114,877 | €0 | +€114,877 | |
| Provisions and deferred taxes | 16 | €114,911 | €110,161 | -€4,750 | -4.1% |
| Deferred taxes | 168 | €114,911 | €110,161 | -€4,750 | -4.1% |
| Amounts payable | 17/49 | €1,398,781 | €1,820,637 | +€421,856 | +30.2% |
| Amounts payable within one year | 42/48 | €1,396,931 | €1,820,637 | +€423,706 | +30.3% |
| Trade debts | 44 | - | €7,400 | +€7,400 | |
| Suppliers | 440/4 | - | €7,400 | +€7,400 | |
| Taxes, remuneration and social security | 45 | €857 | €10,569 | +€9,712 | +1,134% |
| Taxes | 450/3 | €857 | €10,569 | +€9,712 | +1,134% |
| Other amounts payable | 47/48 | €1,396,074 | €1,802,668 | +€406,593 | +29.1% |
| Accrued charges and deferred income | 492/3 | €1,850 | €0 | -€1,850 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,569 | €170,997 | +€24,428 | +16.7% |
| Other operating charges | 640/8 | €32,740 | €20,660 | -€12,080 | -36.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €266,836 | €333,947 | +€67,111 | +25.2% |
| Operating profit (loss) | 9901 | €87,527 | €142,290 | +€54,763 | +62.6% |
| Financial income | 75/76B | €3,424 | €127 | -€3,297 | -96.3% |
| Recurring financial income | 75 | €3,424 | €127 | -€3,297 | -96.3% |
| Financial charges | 65/66B | €150 | €46 | -€104 | -69.4% |
| Recurring financial charges | 65 | €150 | €46 | -€104 | -69.4% |
| Profit (loss) for the period before taxes | 9903 | €90,801 | €142,371 | +€51,570 | +56.8% |
| Transfer from deferred taxes | 780 | €4,750 | €4,750 | = | 0.0% |
| Income taxes | 67/77 | €20,857 | €40,569 | +€19,712 | +94.5% |
| Profit (loss) for the period | 9904 | €74,694 | €106,552 | +€31,858 | +42.7% |
| Transfer from tax-exempt reserves | 789 | €14,249 | €14,249 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,943 | €120,801 | +€31,858 | +35.8% |
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.