IMMAR: 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.
IMMAR
Largest movements
- Cash -€152,205
down €152,205 (-62.0%), from €245,658 to €93,453
mainly Investment in fixed assets (net) (-€172,111) and Current investments (-€50,413)
- Tangible fixed assets +€141,738
up €141,738 (+27.4%), from €517,949 to €659,687
of which Plant, machinery and equipment: +€161,036
- Current investments +€50,413
up €50,413 (+116.2%), from €43,378 to €93,792
- Reserves +€58,824
up €58,824 (+18.9%), from €311,838 to €370,662
of which Distributable reserves: +€56,000
- Tax, wage and social debts -€22,356
down €22,356 (-62.3%), from €35,903 to €13,548
- Gross operating margin +€13,382
up €13,382 (+12.4%), from €108,111 to €121,492
- Depreciation +€4,156
up €4,156 (+15.9%), from €26,217 to €30,373
- Taxes +€3,274
up €3,274 (+13.5%), from €24,177 to €27,451
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 | €1,062,946 | €1,101,959 | +€39,013 | +3.7% |
| Fixed assets | 21/28 | €765,843 | €907,581 | +€141,738 | +18.5% |
| Tangible fixed assets | 22/27 | €517,949 | €659,687 | +€141,738 | +27.4% |
| Land and buildings | 22 | €353,365 | €353,365 | = | 0.0% |
| Plant, machinery and equipment | 23 | €106,258 | €267,294 | +€161,036 | +151.6% |
| Furniture and vehicles | 24 | €36,150 | €39,028 | +€2,879 | +8.0% |
| Assets under construction and advance payments | 27 | €22,177 | - | -€22,177 | |
| Financial fixed assets | 28 | €247,894 | €247,894 | = | 0.0% |
| Current assets | 29/58 | €297,103 | €194,378 | -€102,725 | -34.6% |
| Amounts receivable within one year | 40/41 | €5,903 | €7,133 | +€1,230 | +20.8% |
| Trade receivables | 40 | - | €800 | +€800 | |
| Other amounts receivable | 41 | €5,903 | €6,333 | +€430 | +7.3% |
| Current investments | 50/53 | €43,378 | €93,792 | +€50,413 | +116.2% |
| Cash at bank and in hand | 54/58 | €245,658 | €93,453 | -€152,205 | -62.0% |
| Deferred charges and accrued income | 490/1 | €2,164 | - | -€2,164 | |
| Total equity and liabilities | 10/49 | €1,062,946 | €1,101,959 | +€39,013 | +3.7% |
| Equity | 10/15 | €1,025,123 | €1,081,588 | +€56,465 | +5.5% |
| Contributions | 10/11 | €520,576 | €520,576 | = | 0.0% |
| Capital | 10 | €520,576 | €520,576 | = | 0.0% |
| Issued capital | 100 | €520,576 | €520,576 | = | 0.0% |
| Reserves | 13 | €311,838 | €370,662 | +€58,824 | +18.9% |
| Non-distributable reserves | 130/1 | €48,238 | €51,062 | +€2,824 | +5.9% |
| Legal reserve | 130 | €48,238 | €51,062 | +€2,824 | +5.9% |
| Distributable reserves | 133 | €263,600 | €319,600 | +€56,000 | +21.2% |
| Profit (loss) carried forward | 14 | €192,708 | €190,349 | -€2,359 | -1.2% |
| Amounts payable | 17/49 | €37,823 | €20,371 | -€17,452 | -46.1% |
| Amounts payable within one year | 42/48 | €37,823 | €20,371 | -€17,452 | -46.1% |
| Trade debts | 44 | €1,920 | €6,823 | +€4,903 | +255.4% |
| Suppliers | 440/4 | €1,920 | €6,823 | +€4,903 | +255.4% |
| Taxes, remuneration and social security | 45 | €35,903 | €13,548 | -€22,356 | -62.3% |
| Taxes | 450/3 | €35,903 | €13,548 | -€22,356 | -62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,217 | €30,373 | +€4,156 | +15.9% |
| Other operating charges | 640/8 | €7,722 | €7,965 | +€243 | +3.1% |
| Gross operating margin | 9900 | €108,111 | €121,492 | +€13,382 | +12.4% |
| Operating profit (loss) | 9901 | €74,172 | €83,155 | +€8,982 | +12.1% |
| Financial income | 75/76B | €1,325 | €916 | -€409 | -30.9% |
| Recurring financial income | 75 | €1,325 | €916 | -€409 | -30.9% |
| Financial charges | 65/66B | €303 | €155 | -€148 | -48.8% |
| Recurring financial charges | 65 | €303 | €155 | -€148 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €75,194 | €83,916 | +€8,722 | +11.6% |
| Income taxes | 67/77 | €24,177 | €27,451 | +€3,274 | +13.5% |
| Profit (loss) for the period | 9904 | €51,017 | €56,465 | +€5,448 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,017 | €56,465 | +€5,448 | +10.7% |
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 5 October 2026 via checked.be.