IMMARJO: 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.
IMMARJO
Largest movements
- Tangible fixed assets -€31,041
down €31,041 (-7.2%), from €428,696 to €397,655
of which Land and buildings: -€30,041
- Cash +€15,824
up €15,824 (+23.4%), from €67,639 to €83,463
mainly Net result for the year (+€36,968) and Depreciation (+€31,041)
- Other debts -€43,490
down €43,490 (-86.4%), from €50,312 to €6,821
- Reserves +€36,968
up €36,968 (+9.9%), from €371,700 to €408,668
of which Distributable reserves: +€36,968
- Tax, wage and social debts -€6,409
down €6,409 (-63.0%), from €10,173 to €3,765
of which Taxes: -€5,909
- Gross operating margin +€21,885
up €21,885 (+27.2%), from €80,436 to €102,321
- Taxes +€5,341
up €5,341 (+44.8%), from €11,924 to €17,265
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 | €506,966 | €489,915 | -€17,051 | -3.4% |
| Fixed assets | 21/28 | €428,696 | €397,655 | -€31,041 | -7.2% |
| Tangible fixed assets | 22/27 | €428,696 | €397,655 | -€31,041 | -7.2% |
| Land and buildings | 22 | €424,284 | €394,243 | -€30,041 | -7.1% |
| Furniture and vehicles | 24 | €4,413 | €3,413 | -€1,000 | -22.7% |
| Current assets | 29/58 | €78,270 | €92,260 | +€13,990 | +17.9% |
| Amounts receivable within one year | 40/41 | €6,952 | €5,072 | -€1,880 | -27.0% |
| Trade receivables | 40 | €6,952 | €5,072 | -€1,880 | -27.0% |
| Cash at bank and in hand | 54/58 | €67,639 | €83,463 | +€15,824 | +23.4% |
| Deferred charges and accrued income | 490/1 | €3,679 | €3,725 | +€46 | +1.3% |
| Total equity and liabilities | 10/49 | €506,966 | €489,915 | -€17,051 | -3.4% |
| Equity | 10/15 | €433,673 | €470,641 | +€36,968 | +8.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €371,700 | €408,668 | +€36,968 | +9.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €365,502 | €402,471 | +€36,968 | +10.1% |
| Amounts payable | 17/49 | €73,293 | €19,274 | -€54,019 | -73.7% |
| Amounts payable within one year | 42/48 | €69,967 | €16,194 | -€53,773 | -76.9% |
| Financial debts | 43 | €1,615 | €2,529 | +€913 | +56.5% |
| Credit institutions | 430/8 | €1,615 | €2,529 | +€913 | +56.5% |
| Trade debts | 44 | €7,867 | €3,079 | -€4,787 | -60.9% |
| Suppliers | 440/4 | €7,867 | €3,079 | -€4,787 | -60.9% |
| Taxes, remuneration and social security | 45 | €10,173 | €3,765 | -€6,409 | -63.0% |
| Taxes | 450/3 | €8,173 | €2,265 | -€5,909 | -72.3% |
| Remuneration and social security | 454/9 | €2,000 | €1,500 | -€500 | -25.0% |
| Other amounts payable | 47/48 | €50,312 | €6,821 | -€43,490 | -86.4% |
| Accrued charges and deferred income | 492/3 | €3,327 | €3,080 | -€246 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,670 | €31,041 | -€629 | -2.0% |
| Other operating charges | 640/8 | €16,235 | €16,047 | -€188 | -1.2% |
| Gross operating margin | 9900 | €80,436 | €102,321 | +€21,885 | +27.2% |
| Operating profit (loss) | 9901 | €32,531 | €55,233 | +€22,702 | +69.8% |
| Financial income | 75/76B | €0 | €38 | +€38 | |
| Recurring financial income | 75 | €0 | €38 | +€38 | |
| Financial charges | 65/66B | €799 | €1,038 | +€239 | +29.9% |
| Recurring financial charges | 65 | €799 | €1,038 | +€239 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €31,732 | €54,233 | +€22,501 | +70.9% |
| Income taxes | 67/77 | €11,924 | €17,265 | +€5,341 | +44.8% |
| Profit (loss) for the period | 9904 | €19,808 | €36,968 | +€17,160 | +86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,808 | €36,968 | +€17,160 | +86.6% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.