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.
What changed
IMMOCEL
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€464,434
2024 · €749,232-€284,798
Equity
€20.1m
2024 · €20.2m-€105,566
Cash
€237,374
2024 · €709,972-€472,598
Balance sheet total
€24.3m
2024 · €25.4m-€1.1m
Largest movements
Assets
- Tangible fixed assets -€791,464
down €791,464 (-3.8%), from €20.8m to €20.0m
of which Land and buildings: -€696,030
- Cash -€472,598
down €472,598 (-66.6%), from €709,972 to €237,374
mainly Debts after one year (-€726,150) and Contributions, distributions and other (-€570,000)
Equity and liabilities
- Debts after one year -€726,150
down €726,150 (-18.9%), from €3.9m to €3.1m
of which Financial debts: -€726,150
Income statement
- Services and other goods -€89,054
down €89,054 (-16.8%), from €529,245 to €440,190
- Depreciation -€79,446
down €79,446 (-8.8%), from €898,605 to €819,159
- Taxes -€73,735
down €73,735 (-29.6%), from €248,960 to €175,225
of which Taxes: -€79,158
- Turnover +€67,722
up €67,722 (+3.7%), from €1.8m to €1.9m
- Financial charges +€62,457
up €62,457 (+132.1%), from €47,263 to €109,719
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.
Result 2024
€749,232
Turnover
+€67,722
Other operating income
-€40,200
Services and other goods
+€89,054
Depreciation
+€79,446
Other operating charges
-€50,131
Other operating items
-€379,582
Financial income
+€1,243
Financial charges
-€62,457
Taxes
+€73,735
Deferred taxes and other
-€63,629
Result 2025
€464,434
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.
From operations
+€1.2m
Investment
-€176,838
Financing
-€1.5m
Cash 2024
€709,972
From operations (derived)
+€1.2m
Net result for the year
+€464,434
Depreciation
+€819,159
Receivables within one year
-€29,862
Provisions
-€19,545
Trade debts
-€19,655
Tax, wage and social debts
-€2,868
Other debts
-€1,265
Investment (derived)
-€176,838
Investment in fixed assets (net)
-€27,695
Current investments
-€149,143
Financing
-€1.5m
Debts after one year
-€726,150
Current portion of long-term debt
-€210,008
Contributions, distributions and other
-€570,000
Cash 2025
€237,374
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,397,297 | €24,312,240 | -€1.1m | -4.3% |
| Fixed assets | 21/28 | €20,764,126 | €19,972,662 | -€791,464 | -3.8% |
| Tangible fixed assets | 22/27 | €20,763,051 | €19,971,587 | -€791,464 | -3.8% |
| Land and buildings | 22 | €19,483,398 | €18,787,368 | -€696,030 | -3.6% |
| Other tangible fixed assets | 26 | €1,279,653 | €1,184,219 | -€95,434 | -7.5% |
| Financial fixed assets | 28 | €1,075 | €1,075 | = | 0.0% |
| Affiliated companies | 280/1 | €75 | €75 | = | 0.0% |
| Participating interests | 280 | €75 | €75 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €4,633,171 | €4,339,578 | -€293,593 | -6.3% |
| Amounts receivable within one year | 40/41 | €2,431,077 | €2,460,939 | +€29,862 | +1.2% |
| Trade receivables | 40 | €81,945 | €43,680 | -€38,265 | -46.7% |
| Other amounts receivable | 41 | €2,349,132 | €2,417,260 | +€68,127 | +2.9% |
| Current investments | 50/53 | €1,492,121 | €1,641,265 | +€149,143 | +10.0% |
| Other investments | 51/53 | €1,492,121 | €1,641,265 | +€149,143 | +10.0% |
| Cash at bank and in hand | 54/58 | €709,972 | €237,374 | -€472,598 | -66.6% |
| Total equity and liabilities | 10/49 | €25,397,297 | €24,312,240 | -€1.1m | -4.3% |
| Equity | 10/15 | €20,208,763 | €20,103,197 | -€105,566 | -0.5% |
| Contributions | 10/11 | €10,898,091 | €10,898,091 | = | 0.0% |
| Capital | 10 | €10,898,091 | €10,898,091 | = | 0.0% |
| Issued capital | 100 | €10,898,091 | €10,898,091 | = | 0.0% |
| Reserves | 13 | €9,310,672 | €9,205,106 | -€105,566 | -1.1% |
| Non-distributable reserves | 130/1 | €630,134 | €656,288 | +€26,153 | +4.2% |
| Legal reserve | 130 | €630,134 | €656,288 | +€26,153 | +4.2% |
| Tax-exempt reserves | 132 | €694,092 | €635,459 | -€58,634 | -8.4% |
| Distributable reserves | 133 | €7,986,445 | €7,913,360 | -€73,086 | -0.9% |
| Provisions and deferred taxes | 16 | €231,364 | €211,820 | -€19,545 | -8.4% |
| Deferred taxes | 168 | €231,364 | €211,820 | -€19,545 | -8.4% |
| Amounts payable | 17/49 | €4,957,170 | €3,997,224 | -€959,946 | -19.4% |
| Amounts payable after more than one year | 17 | €3,850,760 | €3,124,610 | -€726,150 | -18.9% |
| Financial debts | 170/4 | €3,845,760 | €3,119,610 | -€726,150 | -18.9% |
| Credit institutions | 173 | €3,845,760 | €3,119,610 | -€726,150 | -18.9% |
| Other amounts payable | 178/9 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,088,910 | €855,114 | -€233,796 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €936,158 | €726,151 | -€210,008 | -22.4% |
| Trade debts | 44 | €78,624 | €58,970 | -€19,655 | -25.0% |
| Suppliers | 440/4 | €78,624 | €58,970 | -€19,655 | -25.0% |
| Taxes, remuneration and social security | 45 | €72,337 | €69,469 | -€2,868 | -4.0% |
| Taxes | 450/3 | €72,337 | €69,469 | -€2,868 | -4.0% |
| Other amounts payable | 47/48 | €1,790 | €525 | -€1,265 | -70.7% |
| Accrued charges and deferred income | 492/3 | €17,500 | €17,500 | = | 0.0% |
| Operating income | 70/76A | €2,386,496 | €2,034,436 | -€352,060 | -14.8% |
| Turnover | 70 | €1,842,672 | €1,910,394 | +€67,722 | +3.7% |
| Other operating income | 74 | €164,243 | €124,042 | -€40,200 | -24.5% |
| Non-recurring operating income | 76A | €379,582 | - | -€379,582 | |
| Operating charges | 60/66A | €1,555,212 | €1,436,842 | -€118,370 | -7.6% |
| Services and other goods | 61 | €529,245 | €440,190 | -€89,054 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €898,605 | €819,159 | -€79,446 | -8.8% |
| Other operating charges | 640/8 | €127,363 | €177,493 | +€50,131 | +39.4% |
| Operating profit (loss) | 9901 | €831,284 | €597,594 | -€233,691 | -28.1% |
| Financial income | 75/76B | €130,997 | €132,241 | +€1,243 | +0.9% |
| Recurring financial income | 75 | €130,997 | €132,241 | +€1,243 | +0.9% |
| Income from current assets | 751 | €66,421 | €119,804 | +€53,383 | +80.4% |
| Other financial income | 752/9 | €64,576 | €12,436 | -€52,140 | -80.7% |
| Financial charges | 65/66B | €47,263 | €109,719 | +€62,457 | +132.1% |
| Recurring financial charges | 65 | €47,263 | €109,719 | +€62,457 | +132.1% |
| Debt charges | 650 | €102,055 | €78,993 | -€23,062 | -22.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€69,790 | €14,081 | +€83,870 | |
| Other financial charges | 652/9 | €14,997 | €16,646 | +€1,649 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €915,019 | €620,115 | -€294,904 | -32.2% |
| Transfer from deferred taxes | 780 | €177,929 | €19,830 | -€158,099 | -88.9% |
| Transfer to deferred taxes | 680 | €94,755 | €285 | -€94,470 | -99.7% |
| Income taxes | 67/77 | €248,960 | €175,225 | -€73,735 | -29.6% |
| Taxes | 670/3 | €257,251 | €178,093 | -€79,158 | -30.8% |
| Tax adjustments and reversals of tax provisions | 77 | €8,291 | €2,868 | -€5,423 | -65.4% |
| Profit (loss) for the period | 9904 | €749,232 | €464,434 | -€284,798 | -38.0% |
| Transfer from tax-exempt reserves | 789 | €60,618 | €59,491 | -€1,127 | -1.9% |
| Transfer to tax-exempt reserves | 689 | €284,265 | €857 | -€283,408 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €525,585 | €523,068 | -€2,517 | -0.5% |
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 6 October 2026 via checked.be.