Immocel: 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.
Immocel
Largest movements
- Tangible fixed assets +€526,657
up €526,657 (+6.3%), from €8.4m to €8.9m
of which Land and buildings: +€530,921
- Cash +€120,209
up €120,209 (+140.8%), from €85,370 to €205,579
mainly Debts after one year (+€533,068) and Depreciation (+€345,325)
- Debts after one year +€533,068
up €533,068 (+67.7%), from €787,955 to €1.3m
- Reserves +€146,541
up €146,541 (+15.7%), from €933,566 to €1.1m
of which Distributable reserves: +€165,364
- Current portion of long-term debt +€123,745
up €123,745, from €0 to €123,745
- Other debts -€116,142
down €116,142 (-4.7%), from €2.5m to €2.4m
- Gross operating margin +€426,991
up €426,991 (+147.4%), from €289,694 to €716,685
- Depreciation +€122,953
up €122,953 (+55.3%), from €222,371 to €345,325
- Taxes +€75,144
up €75,144 (+3606.5%), from €2,084 to €77,228
- Financial charges +€43,678
up €43,678 (+162.5%), from €26,882 to €70,560
- Staff costs +€22,131
up €22,131 (+269.9%), from €8,198 to €30,329
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 | €9,817,990 | €10,464,507 | +€646,517 | +6.6% |
| Fixed assets | 21/28 | €9,694,354 | €10,221,011 | +€526,657 | +5.4% |
| Tangible fixed assets | 22/27 | €8,373,192 | €8,899,849 | +€526,657 | +6.3% |
| Land and buildings | 22 | €7,898,803 | €8,429,725 | +€530,921 | +6.7% |
| Plant, machinery and equipment | 23 | €11,744 | €8,722 | -€3,022 | -25.7% |
| Furniture and vehicles | 24 | €2,321 | €1,078 | -€1,243 | -53.5% |
| Other tangible fixed assets | 26 | €460,324 | €460,324 | = | 0.0% |
| Financial fixed assets | 28 | €1,321,162 | €1,321,162 | = | 0.0% |
| Current assets | 29/58 | €123,636 | €243,496 | +€119,860 | +96.9% |
| Amounts receivable within one year | 40/41 | €37,916 | €37,916 | = | 0.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €37,916 | €37,916 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,370 | €205,579 | +€120,209 | +140.8% |
| Deferred charges and accrued income | 490/1 | €349 | €0 | -€349 | -100.0% |
| Total equity and liabilities | 10/49 | €9,817,990 | €10,464,507 | +€646,517 | +6.6% |
| Equity | 10/15 | €6,321,691 | €6,468,232 | +€146,541 | +2.3% |
| Contributions | 10/11 | €5,388,125 | €5,388,125 | = | 0.0% |
| Capital | 10 | €5,388,125 | €5,388,125 | = | 0.0% |
| Issued capital | 100 | €5,388,125 | €5,388,125 | = | 0.0% |
| Reserves | 13 | €933,566 | €1,080,107 | +€146,541 | +15.7% |
| Non-distributable reserves | 130/1 | €7,813 | €7,813 | = | 0.0% |
| Legal reserve | 130 | €7,813 | €7,813 | = | 0.0% |
| Tax-exempt reserves | 132 | €537,932 | €519,109 | -€18,823 | -3.5% |
| Distributable reserves | 133 | €387,822 | €553,185 | +€165,364 | +42.6% |
| Provisions and deferred taxes | 16 | €106,662 | €100,387 | -€6,274 | -5.9% |
| Deferred taxes | 168 | €106,662 | €100,387 | -€6,274 | -5.9% |
| Amounts payable | 17/49 | €3,389,637 | €3,895,887 | +€506,250 | +14.9% |
| Amounts payable after more than one year | 17 | €787,955 | €1,321,023 | +€533,068 | +67.7% |
| Financial debts | 170/4 | €787,955 | €1,321,023 | +€533,068 | +67.7% |
| Amounts payable within one year | 42/48 | €2,601,682 | €2,574,864 | -€26,818 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €123,745 | +€123,745 | |
| Financial debts | 43 | €6,830 | €8,429 | +€1,599 | +23.4% |
| Credit institutions | 430/8 | €6,830 | €8,429 | +€1,599 | +23.4% |
| Trade debts | 44 | €118,843 | €59,406 | -€59,437 | -50.0% |
| Suppliers | 440/4 | €118,843 | €59,406 | -€59,437 | -50.0% |
| Taxes, remuneration and social security | 45 | €8,811 | €32,228 | +€23,417 | +265.8% |
| Taxes | 450/3 | €8,327 | €32,228 | +€23,901 | +287.0% |
| Remuneration and social security | 454/9 | €484 | €0 | -€484 | -100.0% |
| Other amounts payable | 47/48 | €2,467,198 | €2,351,056 | -€116,142 | -4.7% |
| Non-recurring operating income | 76A | - | €345,000 | +€345,000 | |
| Remuneration, social security and pensions | 62 | €8,198 | €30,329 | +€22,131 | +269.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,371 | €345,325 | +€122,953 | +55.3% |
| Other operating charges | 640/8 | €50,790 | €52,976 | +€2,186 | +4.3% |
| Gross operating margin | 9900 | €289,694 | €716,685 | +€426,991 | +147.4% |
| Operating profit (loss) | 9901 | €8,334 | €288,055 | +€279,721 | +3356.4% |
| Financial charges | 65/66B | €26,882 | €70,560 | +€43,678 | +162.5% |
| Recurring financial charges | 65 | €26,882 | €70,560 | +€43,678 | +162.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,548 | €217,495 | +€236,043 | |
| Transfer from deferred taxes | 780 | €6,274 | €6,274 | = | 0.0% |
| Income taxes | 67/77 | €2,084 | €77,228 | +€75,144 | +3606.5% |
| Profit (loss) for the period | 9904 | -€14,358 | €146,541 | +€160,899 | |
| Transfer from tax-exempt reserves | 789 | €18,823 | €18,823 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,465 | €165,364 | +€160,899 | +3603.7% |
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 1 October 2026 via checked.be.