Immobaral: 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.
Immobaral
Largest movements
- Tangible fixed assets +€2.6m
up €2.6m (+224.3%), from €1.2m to €3.8m
- Cash -€227,805
down €227,805 (-88.7%), from €256,853 to €29,048
mainly Investment in fixed assets (net) (-€2.8m) and Receivables within one year (-€191,054)
- Receivables within one year +€191,054
up €191,054 (+12.7%), from €1.5m to €1.7m
- Deferred charges and accrued income +€99,266
up €99,266 (+49.4%), from €201,043 to €300,309
- Debts after one year +€1.8m
up €1.8m (+390.3%), from €452,953 to €2.2m
- Other debts +€775,000
up €775,000 (+4945.4%), from €15,671 to €790,671
- Current portion of long-term debt +€122,039
up €122,039 (+7.4%), from €1.6m to €1.8m
- Depreciation +€122,226
up €122,226 (+166.3%), from €73,488 to €195,714
- Gross operating margin +€23,571
up €23,571 (+9.1%), from €259,424 to €282,995
- Taxes +€14,054
up €14,054 (+29.7%), from €47,262 to €61,316
- Financial income +€9,559
up €9,559 (+12.2%), from €78,481 to €88,040
- Financial charges +€4,075
up €4,075 (+5.4%), from €75,156 to €79,231
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 | €5,671,992 | €8,364,305 | +€2.7m | +47.5% |
| Fixed assets | 21/28 | €3,712,788 | €6,342,586 | +€2.6m | +70.8% |
| Tangible fixed assets | 22/27 | €1,172,324 | €3,802,122 | +€2.6m | +224.3% |
| Land and buildings | 22 | €1,172,324 | €3,802,122 | +€2.6m | +224.3% |
| Financial fixed assets | 28 | €2,540,464 | €2,540,464 | = | 0.0% |
| Current assets | 29/58 | €1,959,204 | €2,021,719 | +€62,515 | +3.2% |
| Amounts receivable within one year | 40/41 | €1,501,308 | €1,692,362 | +€191,054 | +12.7% |
| Other amounts receivable | 41 | €1,501,308 | €1,692,362 | +€191,054 | +12.7% |
| Cash at bank and in hand | 54/58 | €256,853 | €29,048 | -€227,805 | -88.7% |
| Deferred charges and accrued income | 490/1 | €201,043 | €300,309 | +€99,266 | +49.4% |
| Total equity and liabilities | 10/49 | €5,671,992 | €8,364,305 | +€2.7m | +47.5% |
| Equity | 10/15 | €3,504,845 | €3,466,452 | -€38,393 | -1.1% |
| Contributions | 10/11 | €1,115,521 | €1,115,521 | = | 0.0% |
| Capital | 10 | €1,115,521 | €1,115,521 | = | 0.0% |
| Issued capital | 100 | €1,115,521 | €1,115,521 | = | 0.0% |
| Reserves | 13 | €2,221,202 | €2,161,705 | -€59,497 | -2.7% |
| Non-distributable reserves | 130/1 | €41,169 | €42,279 | +€1,110 | +2.7% |
| Legal reserve | 130 | €41,169 | €42,279 | +€1,110 | +2.7% |
| Tax-exempt reserves | 132 | €2,000,033 | €1,939,426 | -€60,607 | -3.0% |
| Distributable reserves | 133 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,122 | €189,226 | +€21,104 | +12.6% |
| Amounts payable | 17/49 | €2,167,147 | €4,897,853 | +€2.7m | +126.0% |
| Amounts payable after more than one year | 17 | €452,953 | €2,220,808 | +€1.8m | +390.3% |
| Financial debts | 170/4 | €452,953 | €2,220,808 | +€1.8m | +390.3% |
| Amounts payable within one year | 42/48 | €1,713,866 | €2,657,864 | +€943,998 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €1,642,023 | €1,764,062 | +€122,039 | +7.4% |
| Trade debts | 44 | €2,205 | €33,754 | +€31,549 | +1430.8% |
| Suppliers | 440/4 | €2,205 | €33,754 | +€31,549 | +1430.8% |
| Taxes, remuneration and social security | 45 | €53,967 | €69,377 | +€15,410 | +28.6% |
| Taxes | 450/3 | €53,967 | €69,377 | +€15,410 | +28.6% |
| Other amounts payable | 47/48 | €15,671 | €790,671 | +€775,000 | +4945.4% |
| Accrued charges and deferred income | 492/3 | €328 | €19,181 | +€18,853 | +5747.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,488 | €195,714 | +€122,226 | +166.3% |
| Other operating charges | 640/8 | €41,375 | €42,101 | +€726 | +1.8% |
| Non-recurring operating charges | 66A | - | €31,066 | +€31,066 | |
| Gross operating margin | 9900 | €259,424 | €282,995 | +€23,571 | +9.1% |
| Operating profit (loss) | 9901 | €144,561 | €14,114 | -€130,447 | -90.2% |
| Financial income | 75/76B | €78,481 | €88,040 | +€9,559 | +12.2% |
| Recurring financial income | 75 | €78,481 | €88,040 | +€9,559 | +12.2% |
| Financial charges | 65/66B | €75,156 | €79,231 | +€4,075 | +5.4% |
| Recurring financial charges | 65 | €75,156 | €79,231 | +€4,075 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €147,886 | €22,923 | -€124,963 | -84.5% |
| Income taxes | 67/77 | €47,262 | €61,316 | +€14,054 | +29.7% |
| Profit (loss) for the period | 9904 | €100,624 | -€38,393 | -€139,017 | |
| Transfer from tax-exempt reserves | 789 | - | €60,607 | +€60,607 | |
| Profit (loss) for the period to be appropriated | 9905 | €100,624 | €22,214 | -€78,410 | -77.9% |
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 10 October 2026 via checked.be.