IMMAS: 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.
IMMAS
Largest movements
- Cash -€30,775
down €30,775 (-93.8%), from €32,819 to €2,044
mainly Trade debts (-€65,520) and Net result for the year (-€14,048)
- Tangible fixed assets -€23,915
down €23,915 (-4.1%), from €582,321 to €558,406
of which Land and buildings: -€19,359
- Receivables within one year -€12,000
down €12,000 (-89.3%), from €13,437 to €1,437
- Trade debts -€65,520
down €65,520 (-99.6%), from €65,813 to €294
- Short-term financial debts +€19,577
up €19,577 (+78.0%), from €25,113 to €44,691
- Reserves -€14,048
down €14,048 (-5.9%), from €238,471 to €224,423
of which Tax-exempt reserves: -€14,697
- Gross operating margin -€3,489
down €3,489 (-12.8%), from €27,197 to €23,708
- Depreciation -€3,076
down €3,076 (-8.6%), from €35,691 to €32,615
- Other operating charges +€2,607
up €2,607 (+66.0%), from €3,948 to €6,556
- Financial charges -€588
down €588 (-14.7%), from €4,013 to €3,425
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 | €632,413 | €567,313 | -€65,100 | -10.3% |
| Fixed assets | 21/28 | €582,321 | €558,406 | -€23,915 | -4.1% |
| Tangible fixed assets | 22/27 | €582,321 | €558,406 | -€23,915 | -4.1% |
| Land and buildings | 22 | €563,973 | €544,615 | -€19,359 | -3.4% |
| Plant, machinery and equipment | 23 | €18,347 | €13,791 | -€4,556 | -24.8% |
| Current assets | 29/58 | €50,092 | €8,907 | -€41,185 | -82.2% |
| Amounts receivable within one year | 40/41 | €13,437 | €1,437 | -€12,000 | -89.3% |
| Other amounts receivable | 41 | €13,437 | €1,437 | -€12,000 | -89.3% |
| Cash at bank and in hand | 54/58 | €32,819 | €2,044 | -€30,775 | -93.8% |
| Deferred charges and accrued income | 490/1 | €3,837 | €5,427 | +€1,590 | +41.4% |
| Total equity and liabilities | 10/49 | €632,413 | €567,313 | -€65,100 | -10.3% |
| Equity | 10/15 | €395,971 | €381,923 | -€14,048 | -3.5% |
| Contributions | 10/11 | €157,500 | €157,500 | = | 0.0% |
| Capital | 10 | €157,500 | €157,500 | = | 0.0% |
| Issued capital | 100 | €157,500 | €157,500 | = | 0.0% |
| Reserves | 13 | €238,471 | €224,423 | -€14,048 | -5.9% |
| Non-distributable reserves | 130/1 | €15,750 | €15,750 | = | 0.0% |
| Legal reserve | 130 | €15,750 | €15,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,491 | €203,794 | -€14,697 | -6.7% |
| Distributable reserves | 133 | €4,230 | €4,879 | +€648 | +15.3% |
| Provisions and deferred taxes | 16 | €72,830 | €67,931 | -€4,899 | -6.7% |
| Deferred taxes | 168 | €72,830 | €67,931 | -€4,899 | -6.7% |
| Amounts payable | 17/49 | €163,612 | €117,459 | -€46,153 | -28.2% |
| Amounts payable after more than one year | 17 | €67,000 | €67,000 | = | 0.0% |
| Financial debts | 170/4 | €67,000 | €67,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €96,612 | €50,459 | -€46,153 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25,113 | €44,691 | +€19,577 | +78.0% |
| Credit institutions | 430/8 | €25,113 | €44,691 | +€19,577 | +78.0% |
| Trade debts | 44 | €65,813 | €294 | -€65,520 | -99.6% |
| Suppliers | 440/4 | €65,813 | €294 | -€65,520 | -99.6% |
| Taxes, remuneration and social security | 45 | €350 | €140 | -€210 | -60.0% |
| Taxes | 450/3 | €350 | €140 | -€210 | -60.0% |
| Other amounts payable | 47/48 | €5,335 | €5,335 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,691 | €32,615 | -€3,076 | -8.6% |
| Other operating charges | 640/8 | €3,948 | €6,556 | +€2,607 | +66.0% |
| Gross operating margin | 9900 | €27,197 | €23,708 | -€3,489 | -12.8% |
| Operating profit (loss) | 9901 | -€12,442 | -€15,463 | -€3,020 | -24.3% |
| Financial income | 75/76B | €9 | €0 | -€9 | -100% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -100% |
| Financial charges | 65/66B | €4,013 | €3,425 | -€588 | -14.7% |
| Recurring financial charges | 65 | €4,013 | €3,425 | -€588 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,446 | -€18,887 | -€2,441 | -14.8% |
| Transfer from deferred taxes | 780 | €4,357 | €4,899 | +€542 | +12.4% |
| Income taxes | 67/77 | €80 | €60 | -€20 | -25.0% |
| Profit (loss) for the period | 9904 | -€12,169 | -€14,048 | -€1,879 | -15.4% |
| Transfer from tax-exempt reserves | 789 | €13,070 | €14,697 | +€1,627 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €900 | €648 | -€252 | -28.0% |
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.