IMMAN L4: 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.
IMMAN L4
Largest movements
- Financial fixed assets +€2.8m
up €2.8m (+62.4%), from €4.5m to €7.4m
- Contributions +€5.0m
up €5.0m (+187%), from €2.7m to €7.7m
- Debts after one year -€1.9m
down €1.9m (-79.5%), from €2.4m to €497,023
- Other debts -€101,140
down €101,140 (-75.1%), from €134,724 to €33,584
- Accrued charges and deferred income -€89,991
down €89,991 (-96.9%), from €92,865 to €2,874
- Financial charges -€46,876
down €46,876 (-42.1%), from €111,234 to €64,358
- Gross operating margin +€34,534
up €34,534 (+385%), from €8,959 to €43,494
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 | €4,861,985 | €7,718,624 | +€2.9m | +58.8% |
| Fixed assets | 21/28 | €4,854,196 | €7,682,648 | +€2.8m | +58.3% |
| Tangible fixed assets | 22/27 | €320,736 | €320,736 | = | 0.0% |
| Land and buildings | 22 | €320,736 | €320,736 | = | 0.0% |
| Financial fixed assets | 28 | €4,533,460 | €7,361,911 | +€2.8m | +62.4% |
| Current assets | 29/58 | €7,788 | €35,976 | +€28,188 | +362% |
| Cash at bank and in hand | 54/58 | €7,788 | €35,976 | +€28,188 | +362% |
| Total equity and liabilities | 10/49 | €4,861,985 | €7,718,624 | +€2.9m | +58.8% |
| Equity | 10/15 | €2,128,046 | €7,102,757 | +€5.0m | +234% |
| Contributions | 10/11 | €2,675,000 | €7,671,932 | +€5.0m | +187% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€548,813 | -€571,034 | -€22,221 | -4.0% |
| Amounts payable | 17/49 | €2,733,939 | €615,867 | -€2.1m | -77.5% |
| Amounts payable after more than one year | 17 | €2,426,393 | €497,023 | -€1.9m | -79.5% |
| Financial debts | 170/4 | €2,426,393 | €497,023 | -€1.9m | -79.5% |
| Amounts payable within one year | 42/48 | €214,681 | €115,970 | -€98,710 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €76,805 | €78,020 | +€1,215 | +1.6% |
| Trade debts | 44 | €3,151 | €4,366 | +€1,215 | +38.6% |
| Suppliers | 440/4 | €3,151 | €4,366 | +€1,215 | +38.6% |
| Other amounts payable | 47/48 | €134,724 | €33,584 | -€101,140 | -75.1% |
| Accrued charges and deferred income | 492/3 | €92,865 | €2,874 | -€89,991 | -96.9% |
| Non-recurring operating income | 76A | - | €28,230 | +€28,230 | |
| Other operating charges | 640/8 | €1,320 | €1,357 | +€37 | +2.8% |
| Gross operating margin | 9900 | €8,959 | €43,494 | +€34,534 | +385% |
| Operating profit (loss) | 9901 | €7,640 | €42,137 | +€34,497 | +452% |
| Financial charges | 65/66B | €111,234 | €64,358 | -€46,876 | -42.1% |
| Recurring financial charges | 65 | €111,234 | €64,358 | -€46,876 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | -€103,595 | -€22,221 | +€81,374 | +78.5% |
| Profit (loss) for the period | 9904 | -€103,595 | -€22,221 | +€81,374 | +78.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,595 | -€22,221 | +€81,374 | +78.5% |
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 22 October 2026 via checked.be.