IMMAZEL: 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.
IMMAZEL
Largest movements
- Cash +€890,974
up €890,974 (+684%), from €130,169 to €1.0m
mainly Stocks and contracts (+€838,886) and Other debts (+€439,321)
- Stocks and contracts -€838,886
down €838,886 (-100%), from €838,886 to €0
- Receivables within one year -€359,176
down €359,176 (-82.9%), from €433,075 to €73,899
- Tangible fixed assets +€79,890
up €79,890 (+8.1%), from €990,323 to €1.1m
of which Land and buildings: +€753,998
- Other debts +€439,321
up €439,321 (+68.0%), from €646,436 to €1.1m
- Current portion of long-term debt -€400,062
down €400,062 (-86.2%), from €464,229 to €64,167
- Trade debts -€224,716
down €224,716 (-87.5%), from €256,933 to €32,217
- Reserves +€150,186
up €150,186 (+285%), from €52,714 to €202,900
of which Distributable reserves: +€201,577
- Profit (loss) carried forward -€70,990
down €70,990 (-100%), from €70,990 to €0
- Gross operating margin +€208,296
up €208,296 (+325%), from €64,016 to €272,312
- Financial charges +€90,429
up €90,429 (+364%), from €24,818 to €115,247
- Other operating charges +€21,142
up €21,142 (+12,892%), from €164 to €21,306
- Taxes +€19,237
up €19,237 (+3,627%), from €530 to €19,768
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 | €2,401,577 | €2,175,509 | -€226,068 | -9.4% |
| Fixed assets | 21/28 | €999,446 | €1,079,336 | +€79,890 | +8.0% |
| Tangible fixed assets | 22/27 | €990,323 | €1,070,213 | +€79,890 | +8.1% |
| Land and buildings | 22 | €315,279 | €1,069,276 | +€753,998 | +239% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,825 | €937 | -€888 | -48.7% |
| Other tangible fixed assets | 26 | €673,220 | - | -€673,220 | |
| Financial fixed assets | 28 | €9,123 | €9,123 | = | 0.0% |
| Current assets | 29/58 | €1,402,131 | €1,096,173 | -€305,958 | -21.8% |
| Stocks and contracts in progress | 3 | €838,886 | €0 | -€838,886 | -100% |
| Stocks | 30/36 | €838,886 | €0 | -€838,886 | -100% |
| Amounts receivable within one year | 40/41 | €433,075 | €73,899 | -€359,176 | -82.9% |
| Other amounts receivable | 41 | €433,075 | €73,899 | -€359,176 | -82.9% |
| Cash at bank and in hand | 54/58 | €130,169 | €1,021,143 | +€890,974 | +684% |
| Deferred charges and accrued income | 490/1 | €0 | €1,130 | +€1,130 | |
| Total equity and liabilities | 10/49 | €2,401,577 | €2,175,509 | -€226,068 | -9.4% |
| Equity | 10/15 | €154,691 | €233,887 | +€79,196 | +51.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Contributions outside capital | 11 | €30,987 | €30,987 | = | 0.0% |
| Other | 1109/19 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €52,714 | €202,900 | +€150,186 | +285% |
| Tax-exempt reserves | 132 | €51,391 | €0 | -€51,391 | -100% |
| Distributable reserves | 133 | €1,323 | €202,900 | +€201,577 | +15,235% |
| Profit (loss) carried forward | 14 | €70,990 | €0 | -€70,990 | -100% |
| Provisions and deferred taxes | 16 | €24,524 | €0 | -€24,524 | -100% |
| Deferred taxes | 168 | €24,524 | €0 | -€24,524 | -100% |
| Amounts payable | 17/49 | €2,222,362 | €1,941,622 | -€280,740 | -12.6% |
| Amounts payable after more than one year | 17 | €783,601 | €739,712 | -€43,888 | -5.6% |
| Financial debts | 170/4 | €783,601 | €719,433 | -€64,167 | -8.2% |
| Other amounts payable | 178/9 | - | €20,279 | +€20,279 | |
| Amounts payable within one year | 42/48 | €1,438,762 | €1,201,909 | -€236,852 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €464,229 | €64,167 | -€400,062 | -86.2% |
| Trade debts | 44 | €256,933 | €32,217 | -€224,716 | -87.5% |
| Suppliers | 440/4 | €256,933 | €32,217 | -€224,716 | -87.5% |
| Taxes, remuneration and social security | 45 | €71,163 | €19,768 | -€51,396 | -72.2% |
| Taxes | 450/3 | €809 | €19,768 | +€18,958 | +2,343% |
| Remuneration and social security | 454/9 | €70,354 | €0 | -€70,354 | -100% |
| Other amounts payable | 47/48 | €646,436 | €1,085,757 | +€439,321 | +68.0% |
| Remuneration, social security and pensions | 62 | €10,241 | €10,311 | +€70 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,935 | €51,127 | -€808 | -1.6% |
| Other operating charges | 640/8 | €164 | €21,306 | +€21,142 | +12,892% |
| Gross operating margin | 9900 | €64,016 | €272,312 | +€208,296 | +325% |
| Operating profit (loss) | 9901 | €1,676 | €189,568 | +€187,892 | +11,213% |
| Financial income | 75/76B | €1,420 | €119 | -€1,301 | -91.6% |
| Recurring financial income | 75 | €1,420 | €119 | -€1,301 | -91.6% |
| Financial charges | 65/66B | €24,818 | €115,247 | +€90,429 | +364% |
| Recurring financial charges | 65 | €24,818 | €115,247 | +€90,429 | +364% |
| Profit (loss) for the period before taxes | 9903 | -€21,722 | €74,440 | +€96,162 | |
| Transfer from deferred taxes | 780 | €0 | €24,524 | +€24,524 | |
| Income taxes | 67/77 | €530 | €19,768 | +€19,237 | +3,627% |
| Profit (loss) for the period | 9904 | -€22,252 | €79,196 | +€101,449 | |
| Transfer from tax-exempt reserves | 789 | €0 | €51,391 | +€51,391 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,252 | €130,587 | +€152,840 |
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.