IMMECO: what changed
Two fiscal 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.
IMMECO
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+77.1%), from €2.0m to €3.5m
of which Other amounts receivable: +€1.5m
- Financial fixed assets +€949,880
new in 2025: €949,880
- Receivables after one year -€450,000
no longer reported in 2025 (was €450,000)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash -€67,896
down €67,896 (-54.2%), from €125,159 to €57,263
mainly Receivables within one year (-€1.5m) and Investment in fixed assets (net) (-€953,080)
- Other debts +€1.6m
up €1.6m (+98780.6%), from €1,650 to €1.6m
- Reserves +€134,331
up €134,331 (+3.0%), from €4.5m to €4.6m
of which Distributable reserves: +€134,331
- Gross operating margin +€76,141
up €76,141 (+98.7%), from €77,114 to €153,255
- Financial charges +€27,495
up €27,495 (+720.1%), from €3,818 to €31,313
- Financial income +€22,002
up €22,002 (+27.9%), from €78,941 to €100,943
- Taxes +€15,870
up €15,870 (+54.6%), from €29,040 to €44,910
- Depreciation +€4,777
up €4,777 (+16.7%), from €28,644 to €33,421
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.
Cash bridge derived
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 | €4,993,368 | €6,768,090 | +€1.8m | +35.5% |
| Fixed assets | 21/28 | €1,289,211 | €2,208,870 | +€919,659 | +71.3% |
| Tangible fixed assets | 22/27 | €1,289,211 | €1,258,990 | -€30,221 | -2.3% |
| Land and buildings | 22 | €1,289,211 | €1,248,244 | -€40,967 | -3.2% |
| Plant, machinery and equipment | 23 | - | €10,746 | +€10,746 | |
| Financial fixed assets | 28 | - | €949,880 | +€949,880 | |
| Current assets | 29/58 | €3,704,156 | €4,559,220 | +€855,064 | +23.1% |
| Amounts receivable after more than one year | 29 | €450,000 | - | -€450,000 | |
| Other amounts receivable | 291 | €450,000 | - | -€450,000 | |
| Stocks and contracts in progress | 3 | €936,000 | €936,000 | = | 0.0% |
| Stocks | 30/36 | €936,000 | €936,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,970,568 | €3,490,205 | +€1.5m | +77.1% |
| Trade receivables | 40 | €3,458 | €2,398 | -€1,060 | -30.6% |
| Other amounts receivable | 41 | €1,967,110 | €3,487,807 | +€1.5m | +77.3% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €125,159 | €57,263 | -€67,896 | -54.2% |
| Deferred charges and accrued income | 490/1 | €72,429 | €75,752 | +€3,324 | +4.6% |
| Total equity and liabilities | 10/49 | €4,993,368 | €6,768,090 | +€1.8m | +35.5% |
| Equity | 10/15 | €4,777,898 | €4,912,229 | +€134,331 | +2.8% |
| Contributions | 10/11 | €322,262 | €322,262 | = | 0.0% |
| Capital | 10 | €322,262 | €322,262 | = | 0.0% |
| Issued capital | 100 | €322,262 | €322,262 | = | 0.0% |
| Reserves | 13 | €4,455,636 | €4,589,967 | +€134,331 | +3.0% |
| Non-distributable reserves | 130/1 | €32,226 | €32,226 | = | 0.0% |
| Legal reserve | 130 | €32,226 | €32,226 | = | 0.0% |
| Distributable reserves | 133 | €4,423,410 | €4,557,741 | +€134,331 | +3.0% |
| Amounts payable | 17/49 | €215,470 | €1,855,862 | +€1.6m | +761.3% |
| Amounts payable after more than one year | 17 | €178,719 | €151,341 | -€27,378 | -15.3% |
| Financial debts | 170/4 | €178,719 | €151,341 | -€27,378 | -15.3% |
| Amounts payable within one year | 42/48 | €33,016 | €1,674,988 | +€1.6m | +4973.3% |
| Current portion of amounts payable after more than one year | 42 | €26,933 | €27,378 | +€446 | +1.7% |
| Trade debts | 44 | €164 | €14,677 | +€14,513 | +8841.7% |
| Suppliers | 440/4 | €164 | €14,677 | +€14,513 | +8841.7% |
| Taxes, remuneration and social security | 45 | €4,269 | €1,403 | -€2,866 | -67.1% |
| Taxes | 450/3 | €4,269 | €1,403 | -€2,866 | -67.1% |
| Other amounts payable | 47/48 | €1,650 | €1,631,530 | +€1.6m | +98780.6% |
| Accrued charges and deferred income | 492/3 | €3,735 | €29,533 | +€25,798 | +690.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,644 | €33,421 | +€4,777 | +16.7% |
| Other operating charges | 640/8 | €7,433 | €10,223 | +€2,789 | +37.5% |
| Gross operating margin | 9900 | €77,114 | €153,255 | +€76,141 | +98.7% |
| Operating profit (loss) | 9901 | €41,037 | €109,611 | +€68,574 | +167.1% |
| Financial income | 75/76B | €78,941 | €100,943 | +€22,002 | +27.9% |
| Recurring financial income | 75 | €78,941 | €100,943 | +€22,002 | +27.9% |
| Financial charges | 65/66B | €3,818 | €31,313 | +€27,495 | +720.1% |
| Recurring financial charges | 65 | €3,818 | €31,313 | +€27,495 | +720.1% |
| Profit (loss) for the period before taxes | 9903 | €116,160 | €179,240 | +€63,081 | +54.3% |
| Income taxes | 67/77 | €29,040 | €44,910 | +€15,870 | +54.6% |
| Profit (loss) for the period | 9904 | €87,120 | €134,331 | +€47,211 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,120 | €134,331 | +€47,211 | +54.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.