IMMAT: 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.
IMMAT
Largest movements
- Tangible fixed assets -€91,470
down €91,470 (-12.0%), from €764,071 to €672,601
of which Land and buildings: -€55,934
- Cash -€60,510
down €60,510 (-51.0%), from €118,758 to €58,248
mainly Net result for the year (-€67,020) and Debts after one year (-€44,257)
- Receivables within one year +€13,333
up €13,333 (+28.4%), from €46,929 to €60,263
of which Other amounts receivable: +€21,745
- Profit (loss) carried forward -€67,048
down €67,048 (-24.8%), from €270,069 to €203,020
- Debts after one year -€44,257
down €44,257 (-7.7%), from €577,544 to €533,287
- Current portion of long-term debt -€14,145
down €14,145 (-24.2%), from €58,402 to €44,257
- Tax, wage and social debts -€10,223
down €10,223 (-64.6%), from €15,826 to €5,603
of which Taxes: -€11,983
- Gross operating margin -€128,526
down €128,526 (-83.6%), from €153,704 to €25,177
- Other operating charges +€6,986
up €6,986 (+456%), from €1,533 to €8,519
- Depreciation -€6,900
down €6,900 (-9.2%), from €75,356 to €68,456
- Taxes -€3,262
down €3,262 (-93.1%), from €3,504 to €242
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 | €929,813 | €791,167 | -€138,646 | -14.9% |
| Fixed assets | 21/28 | €764,126 | €672,656 | -€91,470 | -12.0% |
| Tangible fixed assets | 22/27 | €764,071 | €672,601 | -€91,470 | -12.0% |
| Land and buildings | 22 | €721,094 | €665,161 | -€55,934 | -7.8% |
| Plant, machinery and equipment | 23 | €1,227 | €530 | -€697 | -56.8% |
| Furniture and vehicles | 24 | €41,749 | €6,910 | -€34,839 | -83.4% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €165,687 | €118,511 | -€47,176 | -28.5% |
| Amounts receivable within one year | 40/41 | €46,929 | €60,263 | +€13,333 | +28.4% |
| Trade receivables | 40 | €8,412 | €0 | -€8,412 | -100% |
| Other amounts receivable | 41 | €38,517 | €60,263 | +€21,745 | +56.5% |
| Cash at bank and in hand | 54/58 | €118,758 | €58,248 | -€60,510 | -51.0% |
| Total equity and liabilities | 10/49 | €929,813 | €791,167 | -€138,646 | -14.9% |
| Equity | 10/15 | €273,069 | €206,020 | -€67,048 | -24.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,069 | €203,020 | -€67,048 | -24.8% |
| Amounts payable | 17/49 | €656,745 | €585,147 | -€71,598 | -10.9% |
| Amounts payable after more than one year | 17 | €577,544 | €533,287 | -€44,257 | -7.7% |
| Financial debts | 170/4 | €577,544 | €533,287 | -€44,257 | -7.7% |
| Amounts payable within one year | 42/48 | €79,201 | €51,860 | -€27,341 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €58,402 | €44,257 | -€14,145 | -24.2% |
| Financial debts | 43 | €768 | €0 | -€768 | -100% |
| Other loans | 439 | €768 | €0 | -€768 | -100% |
| Trade debts | 44 | €4,206 | €2,000 | -€2,205 | -52.4% |
| Suppliers | 440/4 | €4,206 | €2,000 | -€2,205 | -52.4% |
| Taxes, remuneration and social security | 45 | €15,826 | €5,603 | -€10,223 | -64.6% |
| Taxes | 450/3 | €13,426 | €1,443 | -€11,983 | -89.3% |
| Remuneration and social security | 454/9 | €2,400 | €4,160 | +€1,760 | +73.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,356 | €68,456 | -€6,900 | -9.2% |
| Other operating charges | 640/8 | €1,533 | €8,519 | +€6,986 | +456% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €153,704 | €25,177 | -€128,526 | -83.6% |
| Operating profit (loss) | 9901 | €76,815 | -€51,798 | -€128,612 | |
| Financial income | 75/76B | €1,491 | €2 | -€1,489 | -99.9% |
| Recurring financial income | 75 | €1,491 | €2 | -€1,489 | -99.9% |
| Financial charges | 65/66B | €15,739 | €14,982 | -€757 | -4.8% |
| Recurring financial charges | 65 | €15,739 | €14,982 | -€757 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €62,566 | -€66,778 | -€129,344 | |
| Income taxes | 67/77 | €3,504 | €242 | -€3,262 | -93.1% |
| Profit (loss) for the period | 9904 | €59,062 | -€67,020 | -€126,082 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,062 | -€67,020 | -€126,082 |
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 18 October 2026 via checked.be.