IMMBEL: 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.
IMMBEL
Largest movements
- Cash +€984,294
up €984,294 (+315%), from €312,754 to €1.3m
mainly Short-term financial debts (+€1.2m) and Stocks and contracts (+€797,904)
- Stocks and contracts -€797,904
down €797,904 (-38.1%), from €2.1m to €1.3m
of which Contracts in progress: -€797,904
- Receivables within one year +€555,339
up €555,339 (+187%), from €297,154 to €852,492
of which Trade receivables: +€414,274
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Debts after one year -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Tax, wage and social debts +€415,176
up €415,176 (+668%), from €62,183 to €477,359
of which Taxes: +€408,030
- Other debts -€200,508
down €200,508 (-16.4%), from €1.2m to €1.0m
- Profit (loss) carried forward +€171,177
up €171,177 (+49.6%), from €345,344 to €516,520
- Gross operating margin +€390,449
up €390,449 (+654%), from €59,734 to €450,183
- Staff costs +€66,039
up €66,039 (+97.6%), from €67,650 to €133,689
- Taxes +€20,297
up €20,297 (+9,619%), from €211 to €20,508
- Financial charges +€14,102
up €14,102 (+11.2%), from €126,271 to €140,373
- Financial income +€6,278
up €6,278 (+12.6%), from €49,688 to €55,966
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 | €2,819,648 | €3,535,964 | +€716,315 | +25.4% |
| Fixed assets | 21/28 | €114,048 | €80,022 | -€34,025 | -29.8% |
| Intangible fixed assets | 21 | €27,646 | €17,399 | -€10,247 | -37.1% |
| Tangible fixed assets | 22/27 | €86,402 | €62,623 | -€23,778 | -27.5% |
| Land and buildings | 22 | €402 | €319 | -€82 | -20.5% |
| Plant, machinery and equipment | 23 | €47,833 | €34,821 | -€13,012 | -27.2% |
| Furniture and vehicles | 24 | €25,742 | €18,544 | -€7,198 | -28.0% |
| Other tangible fixed assets | 26 | €12,426 | €8,939 | -€3,486 | -28.1% |
| Current assets | 29/58 | €2,705,601 | €3,455,941 | +€750,341 | +27.7% |
| Stocks and contracts in progress | 3 | €2,093,116 | €1,295,212 | -€797,904 | -38.1% |
| Stocks | 30/36 | €20,000 | €20,000 | = | 0.0% |
| Contracts in progress | 37 | €2,073,116 | €1,275,212 | -€797,904 | -38.5% |
| Amounts receivable within one year | 40/41 | €297,154 | €852,492 | +€555,339 | +187% |
| Trade receivables | 40 | €145,260 | €559,533 | +€414,274 | +285% |
| Other amounts receivable | 41 | €151,894 | €292,959 | +€141,065 | +92.9% |
| Cash at bank and in hand | 54/58 | €312,754 | €1,297,048 | +€984,294 | +315% |
| Deferred charges and accrued income | 490/1 | €2,577 | €11,188 | +€8,611 | +334% |
| Total equity and liabilities | 10/49 | €2,819,648 | €3,535,964 | +€716,315 | +25.4% |
| Equity | 10/15 | €367,344 | €538,520 | +€171,177 | +46.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Distributable reserves | 133 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | €345,344 | €516,520 | +€171,177 | +49.6% |
| Amounts payable | 17/49 | €2,452,304 | €2,997,443 | +€545,139 | +22.2% |
| Amounts payable after more than one year | 17 | €1,115,748 | €0 | -€1.1m | -100% |
| Financial debts | 170/4 | €1,115,748 | €0 | -€1.1m | -100% |
| Amounts payable within one year | 42/48 | €1,326,347 | €2,945,213 | +€1.6m | +122% |
| Financial debts | 43 | - | €1,245,132 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,245,132 | +€1.2m | |
| Trade debts | 44 | €43,862 | €202,928 | +€159,066 | +363% |
| Suppliers | 440/4 | €43,862 | €202,928 | +€159,066 | +363% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €62,183 | €477,359 | +€415,176 | +668% |
| Taxes | 450/3 | €51,518 | €459,549 | +€408,030 | +792% |
| Remuneration and social security | 454/9 | €10,664 | €17,810 | +€7,146 | +67.0% |
| Other amounts payable | 47/48 | €1,220,302 | €1,019,794 | -€200,508 | -16.4% |
| Accrued charges and deferred income | 492/3 | €10,209 | €52,230 | +€42,022 | +412% |
| Non-recurring operating income | 76A | €460 | €0 | -€460 | -100% |
| Remuneration, social security and pensions | 62 | €67,650 | €133,689 | +€66,039 | +97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,454 | €38,233 | +€5,779 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41 | €0 | -€41 | -100% |
| Other operating charges | 640/8 | €1,529 | €2,170 | +€641 | +41.9% |
| Gross operating margin | 9900 | €59,734 | €450,183 | +€390,449 | +654% |
| Operating profit (loss) | 9901 | -€41,940 | €276,092 | +€318,032 | |
| Financial income | 75/76B | €49,688 | €55,966 | +€6,278 | +12.6% |
| Recurring financial income | 75 | €49,688 | €55,966 | +€6,278 | +12.6% |
| Financial charges | 65/66B | €126,271 | €140,373 | +€14,102 | +11.2% |
| Recurring financial charges | 65 | €126,271 | €140,373 | +€14,102 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | -€118,523 | €191,685 | +€310,208 | |
| Income taxes | 67/77 | €211 | €20,508 | +€20,297 | +9,619% |
| Profit (loss) for the period | 9904 | -€118,734 | €171,177 | +€289,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€118,734 | €171,177 | +€289,911 |
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 16 October 2026 via checked.be.