IMMASSO: 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.
IMMASSO
Largest movements
- Tangible fixed assets +€3.0m
up €3.0m (+44.6%), from €6.8m to €9.9m
- Debts after one year +€5.8m
up €5.8m (+1,518%), from €380,000 to €6.1m
of which Other amounts payable: +€4.2m
- Other debts -€3.6m
down €3.6m (-100%), from €3.6m to €0
- Contributions +€643,400
up €643,400 (+25.2%), from €2.6m to €3.2m
- Current portion of long-term debt +€195,000
up €195,000 (+163%), from €120,000 to €315,000
- Gross operating margin +€134,224
up €134,224 (+52.0%), from €257,881 to €392,105
- Depreciation +€97,139
up €97,139 (+70.5%), from €137,843 to €234,982
- Financial charges +€38,859
up €38,859 (+60.6%), from €64,150 to €103,009
- Other operating charges +€4,272
up €4,272 (+20.9%), from €20,432 to €24,704
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 | €6,893,951 | €9,975,677 | +€3.1m | +44.7% |
| Fixed assets | 21/28 | €6,812,125 | €9,852,877 | +€3.0m | +44.6% |
| Tangible fixed assets | 22/27 | €6,812,125 | €9,852,877 | +€3.0m | +44.6% |
| Land and buildings | 22 | €6,812,125 | €9,852,877 | +€3.0m | +44.6% |
| Current assets | 29/58 | €81,826 | €122,801 | +€40,975 | +50.1% |
| Amounts receivable within one year | 40/41 | €39,226 | €72,438 | +€33,212 | +84.7% |
| Trade receivables | 40 | €38,090 | €68,655 | +€30,565 | +80.2% |
| Other amounts receivable | 41 | €1,136 | €3,783 | +€2,647 | +233% |
| Cash at bank and in hand | 54/58 | €42,600 | €31,885 | -€10,715 | -25.2% |
| Deferred charges and accrued income | 490/1 | - | €18,478 | +€18,478 | |
| Total equity and liabilities | 10/49 | €6,893,951 | €9,975,677 | +€3.1m | +44.7% |
| Equity | 10/15 | €2,816,669 | €3,482,127 | +€665,458 | +23.6% |
| Contributions | 10/11 | €2,554,343 | €3,197,743 | +€643,400 | +25.2% |
| Reserves | 13 | €2,702 | €2,702 | = | 0.0% |
| Tax-exempt reserves | 132 | €50 | €50 | +€0 | +0.2% |
| Distributable reserves | 133 | €2,652 | €2,652 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €259,624 | €281,681 | +€22,057 | +8.5% |
| Amounts payable | 17/49 | €4,077,282 | €6,493,551 | +€2.4m | +59.3% |
| Amounts payable after more than one year | 17 | €380,000 | €6,148,146 | +€5.8m | +1,518% |
| Financial debts | 170/4 | €380,000 | €1,950,000 | +€1.6m | +413% |
| Other amounts payable | 178/9 | - | €4,198,146 | +€4.2m | |
| Amounts payable within one year | 42/48 | €3,695,732 | €329,338 | -€3.4m | -91.1% |
| Current portion of amounts payable after more than one year | 42 | €120,000 | €315,000 | +€195,000 | +163% |
| Trade debts | 44 | €0 | €14 | +€14 | |
| Suppliers | 440/4 | €0 | €14 | +€14 | |
| Taxes, remuneration and social security | 45 | €12,363 | €14,323 | +€1,960 | +15.9% |
| Taxes | 450/3 | €12,363 | €14,323 | +€1,960 | +15.9% |
| Other amounts payable | 47/48 | €3,563,370 | €0 | -€3.6m | -100% |
| Accrued charges and deferred income | 492/3 | €1,550 | €16,067 | +€14,517 | +937% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,843 | €234,982 | +€97,139 | +70.5% |
| Other operating charges | 640/8 | €20,432 | €24,704 | +€4,272 | +20.9% |
| Gross operating margin | 9900 | €257,881 | €392,105 | +€134,224 | +52.0% |
| Operating profit (loss) | 9901 | €99,605 | €132,420 | +€32,815 | +32.9% |
| Financial charges | 65/66B | €64,150 | €103,009 | +€38,859 | +60.6% |
| Recurring financial charges | 65 | €64,150 | €103,009 | +€38,859 | +60.6% |
| Profit (loss) for the period before taxes | 9903 | €35,456 | €29,411 | -€6,045 | -17.1% |
| Income taxes | 67/77 | €8,864 | €7,353 | -€1,511 | -17.1% |
| Profit (loss) for the period | 9904 | €26,592 | €22,058 | -€4,534 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,592 | €22,058 | -€4,534 | -17.1% |
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.